VECTOR ANNOUNCES HALF YEAR GROWTH

creating a new energy future




VECTOR ANNOUNCES HALF YEAR GROWTH
• Group net profit after tax of $102.1 million, $21.6 million or 26.8% higher than
the prior year.
• Adjusted EBITDA of $273.8 million, up $9.3 million or 3.5% on last year.
• Interim dividend 8.25c; imputation at 10.5%
• AWS strategic alliance progresses advanced metering platform
• Improvements in electricity network reliability as measured by SAIDI
• Record capex investment in Auckland growth
• EV smart charging trial hits half-way mark focusing on customer behaviours
and preferences and resulting network impacts

Vector Group (NZX: VCT) today announces a solid result for the first half of the 2021
financial year, with adjusted earnings before interest, tax, depreciation and amortisation
(adjusted EBITDA)
1
of $273.8 million, up $9.3 million or 3.5% on last year.
Vector Chair Jonathan Mason said, “Despite the uncertainties that have arisen due to
COVID-19, the Group has delivered a pleasing start to the 2021 financial year. Group net
profit after tax was $102.1 million, which was $21.6 million or 26.8% higher than the prior
year.

“We are continuing to invest in innovative technologies and infrastructure that support our
customers, with significant levels of activity underway within Vector which will transform the
way we all think about and consume energy. Operationally, we are proud of the concerted
efforts by the Vector team and our field service providers to improve our electricity network
reliability (SAIDI) by 21%.

1
EBITDA and Adjusted EBITDA are non-GAAP measures which the directors and management believe provide useful
information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. See page 22 of the interim financial statements for further details or click on this link
to see Vector’s policy.
market release
23 February 2021

creating a new energy future



“The Board has determined that shareholders will receive an interim dividend of 8.25 cents
per share imputed at 10.5%
2
.”

In February 2020, Vector announced a change to its policy of fully imputing dividends to
partially imputing at 10.5%.

Group Chief Executive Simon Mackenzie said, “The first half of our financial year has
produced a satisfying result, particularly as this is our first half year under the new
Commerce Commission DPP3 regulatory settings which negatively impacted revenue. We
continue to advance our Symphony strategy while continuing to focus on business resilience
and delivery of our essential services during the pandemic.
“We are working closely with our partners to deliver advanced energy solutions, such as the
development of a next-generation advanced meter platform to reduce the processing time for
meter data as well as analytical solutions for retailer customers. These projects are being
delivered as part of our strategic alliance with Amazon Web Services (AWS) which was
announced in July 2020.
“Earlier this month, we reviewed the Climate Change Commission’s draft advice to
government with great interest. We recognise the critical role we, and other electricity
distribution businesses, have to play in the transformation of energy. For several years now,
Vector has been actively investing in the new energy future, through our Symphony strategy,
moving away from a centrally planned system to one that has the customer at the centre,
with much more control over their energy use and solutions. Our focus is very much on how
we enable decarbonisation for our customers and through new energy solutions and
technologies.

“The electrification of transport is critical to accelerate if New Zealand is to achieve desired
carbon reductions. We are now halfway through our EV smart charging trial, which launched
in October 2019, where we are working with participants to trial technology and collect data

2
Further information on imputation credits is available on our website under Industry Updates.

creating a new energy future


on their EV charging preferences and expectations. The trial will help us determine if
optimising EV charging schedules without inconveniencing customers could potentially
alleviate peak demands on the network, a key benefit of which could include avoiding the
need to invest in expensive network infrastructure upgrades.

“With EV uptake expected to significantly increase, the information provided by this trial will
help us continue to provide a reliable electricity supply to meet the greater demand. It will
also assist us to manage this network demand through digital platforms, thereby potentially
avoiding unnecessary additional capital investment in traditional network infrastructure that
could lead to price increases for customers – including those who do not have EVs,” said Mr
Mackenzie.

“We remain vigilant to the risk of COVID-19 in our business and communities, highlighted yet
again by recent developments in Auckland and Melbourne. As an essential service, we have
well developed pandemic protocols and are prepared to adapt quickly to any change in alert
levels both in New Zealand and Australia. We are also talking to the New Zealand
Government about early access to vaccinations for our essential workers, and others, who
work in the community through all alert levels. We have robust and tested procedures in
place to protect our essential workers but acknowledge that keeping safe is up to the whole
community.

“As experienced by many other businesses, the global pandemic has affected our supply
chains through shipping and offshore manufacturing delays, and we continue to work
proactively to secure and increase stock levels.”

Total capital expenditure in the first six months was $260.7 million, up $20.7 million or 8.6%
on the prior period. This reflects our continued investment in infrastructure to support network
integrity, Auckland growth, increasing deployments of advanced meters, commencement of
4G modem upgrades across New Zealand’s advanced meter base, increasing stock levels to
counteract risks associated with global production shortages linked to COVID-19. We
continue to invest in cyber security working with our specialist global partners.

creating a new energy future


“I am also pleased to announce that we have appointed Peter Ryan into the role of Chief
Operating Office Electricity, Gas and Fibre. Peter is a strong leader of network businesses
with extensive experience in the telecommunications sector, most recently in executive roles
at National Broadband Network in Australia, and prior to that in a variety of senior roles at
Vodafone in Australia and the UK. Peter will join us in late March.”

Electricity
Mr Mackenzie said, “Ongoing strong focus and innovation from Vector and our field service
providers has resulted in improved network performance over the half, despite the on-going
challenges of weather, traffic congestion (which delays crews travelling to sites), and
vegetation (including inadequate regulation to enable Vector to control vegetation that
damages lines causing outages).

“Highlights in our electricity business for the half year include working with our field service
providers to complete a significant network automation project, which was launched late in
2020. The new software will allow us to automate the way we track and manage our
electricity assets, so we can better manage our maintenance programme with near real time
information. This is already resulting in both cost and resource efficiencies.

“In Auckland, we continue our undergrounding projects in partnership with Entrust, our
majority shareholder, with the significant Mt Albert initiative due to be completed around the
middle of this year.”

In our regulated business, adjusted EBITDA for the six months to 31 December 2020 was up
$6.7 million (3.5%) to $195.9 million against the prior six-month period. The increase in
adjusted EBITDA has benefited from the retention of loss rental rebates (LRRs). As indicated
at our full year results, LRRs were retained to help limit Auckland electricity customers price
increases and compensate for volume reductions as a result of COVID-19.

Gas
In Gas Trading, after adjusting for the sale of the Kapuni gas processing plant and
associated assets, adjusted EBITDA was down 1.4% at $14.6 million due largely to lower

creating a new energy future


natural gas volumes and margins but offset by improved performance from the Ongas LPG
business. The Kapuni sale transaction now appears within the interest line as interest
income on the sale consideration.

Metering
In our metering segment, adjusted EBITDA was $83.1 million, up $7.0 million or 9.2% from a
year earlier. Gains were mostly from the continued rollout of advanced meters, particularly in
Australia. Overall, we are pleased with how well we are tracking in Australia, particularly
given the COVID-19 challenges in Victoria and New South Wales.

“I would like to acknowledge the resilience shown by our Australian team as they respond to
the on-going challenges of the pandemic,” said Mr Mackenzie.

E-Co Products Group, Vector Powersmart and Vector Fibre
Vector Fibre is well positioned to take advantage of the rapidly evolving telecommunications
sector.

HRV has had a steady start to the year with strong customer interest and positive trading.
The $1.6m wage subsidy was repaid in full in October 2020. This was claimed for HRV when
it was unable to operate during alert level 4.

Vector Powersmart continues to be affected by COVID-19 issues which are impacting its
access to work in the Pacific Islands. We are working with government agencies and our
customers to find solutions.

FY21 Guidance
Based on this half year result, we expect FY21 adjusted EBITDA to be increased to the
range of $500-520 million, up from previous guidance of $480-$500 million, provided there is
no further impact of COVID-19 on economic activity, such as extended or frequent
lockdowns.

ENDS

creating a new energy future


Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz
, 021 312 928

Media contact
Matthew Britton, Senior Communications Partner, Vector
Matthew.britton@vector.co.nz
, 021 224 2966



About Vector
Vector is an innovative New Zealand energy company which runs a portfolio of businesses
delivering energy and communication services to more than one million homes and
commercial customers across Australasia and the Pacific. Vector is leading the country in
creating a new energy future through its Symphony strategy which puts customers at the heart
of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker symbol
VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information,
visit www.vector.co.nz

---

FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
Dividend (cents per share)
InterimFinal
•
−
−
•

•
•
•
•
•
•
•
•
•
•
•
•
•
•

699.6
264.5
240.0
80.5
254.0
82.5
647.7
273.8
260.7
102.1
271.3
82.5
RevenueAdjusted EBITDACapital ExpenditureNet ProfitOperating Cash FlowHalf Year Dividend
H1 2021 FINANCIAL PERFORMANCE ($M)
H1 2020
H1 2021

+6.7
-6.2
+7.0
+1.8
H1 2020Regulated NetworksGas TradingMeteringCorporate and Other*H1 2021
H1 2021 ADJUSTED EBITDA MOVEMENT ($M)

80.5
102.1
+6.7
+4.5
-1.2
+3.8
+7.8
H1 2020EarningsCapital ContributionsDepreciation and
amortisation
InterestOtherH1 2021
MOVEMENT IN NET PROFIT AFTER TAX ($M)

$156.0m
65%
$3.0m
1%
$65.0m
27%
$16.0m
7%
$157.1m
60%
$4.1m 2%
$81.8m
31%
$17.7m
7%
GROSS CAPEX BY SEGMENT
Regulated Networks
Gas Trading
Metering
Corporate and Other
H1 2020
H1 2021
H1 2017H1 2018H1 2019H1 2020H1 2021
Net capexCapital contributions
•
•
•

2,6822,7411,9682,2532,4492,7042,974
52.9%
53.4%
43.9%
47.3%
49.6%
52.9%
55.7%
Dec 14Dec 15Dec 16Dec 17Dec 18Dec 19Dec 20
NET ECONOMIC DEBT & GEARING ($M)
Net economic debt ($m)Gearing
•
•
•
FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Bank FacilitiesUSPP
Wholesale BondsPerpetual Capital Bonds
Retail Bonds

189.2
195.9
-18.8
7.1
15.5
2.9
H1 2020Impact of
electricity reset
Other electricity
revenue impacts
(net of
passthrough)
Price increase
offset
OtherH1 2021
ADJUSTED EBITDA MOVEMENT ($M)
•
•
•
•
•
•
•
•
•
−
−
3,003
3,780
3,916
4,583
6,090
5,160
6,625
7,777
1,499
1,550
1,538
1,907
1,656
1,669
1,863
2,027
H1 2014H1 2015H1 2016H1 2017H1 2018H1 2019H1 2020H1 2021
NEW CONNECTIONS
ElectricityGas

20.8
14.6
-6.0
-0.8
1.0
-0.4
H1 2020Sale of KGTPNatural gas
volumes/margins
LPGOtherH1 2021
ADJUSTED EBITDA MOVEMENT ($M)
375
364
358
352
320
302
266
229
203
158
338
300
301
284
248
240
200
185
155
FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
BOTTLE SWAP VOLUMES (‘000 cylinders)
H1H2
•
̅
•
•
−
−
•
•

76.1
83.1
5.9
1.5
-0.4
H1 2020Advanced Meters in
Australia
Advanced Meters in
NZ
OtherH1 2021
ADJUSTED EBITDA MOVEMENT ($M)
•
•
−
−
−
−
•
̅
̅
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
AustraliaNZ

•
−
−
•
−
•
−
•

H1 2016H1 2017H1 2018H1 2019H1 2020H1 2021
Regulated Networks
196.4195.7192.7198.7189.2195.9
Gas Trading
25.223.718.420.720.814.6
Metering
50.855.760.168.176.183.1
Corporate and Other*
-18.9-18.1-21.2-22.8-21.6-19.8
Total Group
253.5257.0250.0264.7264.5273.8

REGULATED NETWORKSMETERINGGAS TRADINGCORPORATE AND OTHER
1

Supplementary Interim Information
Regulated Networks Adjusted EBITDA
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Electricity190.8174.5169.9172.6172.2170.1177.9168.3174.9
Gas Distribution Auckland24.523.121.423.823.522.620.820.921.0
Total215.4197.7191.3196.4195.7192.7198.7189.2195.9
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Gas Distribution Auckland Volumes (PJ)
PJsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Q13.8 3.9 4.0 4.3 4.3 4.4 4.4 4.4 4.3
Q23.1 3.0 3.3 3.3 3.3 3.3 3.4 3.4 3.2
Q32.4 2.7 2.7 2.7 2.9 2.9 2.9 2.9
Q43.5 3.4 3.4 3.6 3.8 3.9 3.8 3.5
Total12.9 13.0 13.4 13.9 14.3 14.5 14.4 14.3 7.6
Gross New ICPs
# of ICPs (gross)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Q1- - 807 831 982 875 800 832 959
Q2- - 743 707 925 781 869 1,031 1,068
Q3- - 605 948 842 481 705 784
Q4- - 666 837 766 1,028 948 554
Total2,464 3,107 2,821 3,323 3,515 3,165 3,322 3,201 2,027
Data not available prior to FY15
190.8
174.5
169.9
172.6
172.2
170.1
177.9
168.3
174.9
24.5
23.1
21.4
23.8
23.5
22.6
20.8
20.9
21.0
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Adjusted EBITDA
ElectricityGas Distribution Auckland
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Gas Distribution Volumes (PJ)
Q1Q2Q3Q4

Net New ICPs
# of ICPs (net)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Q1620 524 839 616 878 872 560 674 624
Q2415 566 713 727 718 728 700 778 848
Q3508 558 584 809 626 468 378 484
Q4377 892 645 605 126 491 775 382
Total1,920 2,540 2,781 2,757 2,348 2,559 2,413 2,318 1,472
Total ICPs
# Total ICPsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Q194,944 96,768 99,623 102,181 105,200 107,542 109,789 112,316 114,584
Q295,359 97,334 100,336 102,908 105,918 108,270 110,489 113,094 115,432
Q395,867 97,892 100,920 103,717 106,544 108,738 110,867 113,578
Q496,244 98,784 101,565 104,322 106,670 109,229 111,642 113,960
-
100
200
300
400
500
600
700
800
900
1,000
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Net Gas ICPs
Q1Q2Q3Q4
95,359
97,334
100,336
102,908
105,918
108,270
110,489
113,094
115,432
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Total Gas ICPs as at half year

Gas Distribution Lines Revenue
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
H128.327.526.128.528.927.525.525.725.9
H224.419.523.423.625.021.721.622.0
Lines Revenue52.747.049.552.253.949.247.147.725.9
Gas Distribution Adjusted EBITDA
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
H124.523.121.423.823.522.620.820.921.0
H220.215.218.519.520.017.416.316.9
Total44.838.339.943.443.540.037.037.821.0
24.5
23.1
21.4
23.8
23.5
22.6
20.8
20.9
21.0
20.2
15.2
18.5
19.5
20.0
17.4
16.3
16.9
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Gas Distribution Adjusted EBITDA $m
H1H2
28.3
27.5
26.1
28.5
28.9
27.5
25.5
25.7
25.9
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021
Gas Distribution Lines Revenue $m as at half year

Capital Contributions
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Electricity11.115.917.519.229.631.038.341.745.4
Gas0.91.51.32.41.22.82.93.35.2
TOTAL12.017.518.821.630.833.841.245.050.6
Capex
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Electricity61.467.769.868.591.0106.2114.9144.9145.6
Gas5.811.612.911.011.213.410.111.111.6
TOTAL67.279.382.879.5102.2119.6125.0156.0157.2
11.1
15.9
17.5
19.2
29.6
31.0
38.3
41.7
45.4
0.9
1.5
1.3
2.4
1.2
2.8
2.9
3.3
5.2
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Capital Contributions $m
ElectricityGas
61.4
67.7
69.8
68.5
91.0
106.2
114.9
144.9
145.6
5.8
11.6
12.9
11.0
11.2
13.4
10.1
11.1
11.6
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021
Regulated Capex $m
ElectricityGas

---

FINANCIAL PERFORMANCE
$MILLION
31-DEC-20
6 MONTHS
31-DEC-19
6 MONTHSCHANGE
30-JUN-20
12 MONTHS
Total revenue647.7699.6(7.4%)1,294.0
Adjusted EBITDA
1
273.8264.53.5%490.0
Adjusted EBIT140.7133.15.7%227.2
Net prof it102.180.526.8%97.3
Operating cash flow271.3254.06.8%397.3
FINANCIAL POSTION
$MILLION31-DEC-2031-DEC-19CHANGE30-JUN-20
Total equity2,285.92,355.5(3.0%)2,259.7
Total assets6,362.76,158.13.3%6,380.9
Economic net debt (borrowings net of cash and
short-term deposits)2,973.82,704.310.0%2,882.3
KEY FINANCIAL MEASURES
31-DEC-20
6 MONTHS
31-DEC-19
6 MONTHSCHANGE
30-JUN-20
12 MONTHS
Adjusted EBITDA/ total revenue42.3%37.8%11.9%37.9%
Adjusted EBIT/ total revenue21.7%19.0%14.2%17.6%
Equity/total assets35.9%38.3%(6.3%)35.4%
Gearing
2
55.7%52.9%5.3%55.2%
Net interest cover – (adjusted EBIT/net interest
costs) (times)2.42.114.3%1.8
Earnings (NPAT) per share (cents)10.18.026.3%9.5
Dividends declared, cents per share
(fully imputed)8.258.250.0%16.52
1. Refer to Non-GAAP reconciliation on page 22 of Vector’s interim financial statements.
2. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
Total revenue
$6 47.7 MILLION
Operating cash flow
$271.3 MILLION
Financial overview
― 1
Vector Interim Financials 2021Financial overview









.
.
.
.
.
NET PROFIT
for the six months ended 31 December
$ MILLION
TOTAL REVENUE
for the six months ended 31 December
$ MILLION
.
.
.
.
.












REGULATED NETWORKS

GAS TRADING

METERING

CORPORATE AND OTHER

INTER-SEGMENT
250.0
264.7
264.5
273.8
20162017201820192020
0
-100
50
100
150
200
250
300
257.0
ADJUSTED EBITDA
for the six months ended 31 December
$ MILLION

REGULATED NETWORKS

GAS TRADING

METERING

CORPORATE AND OTHER

TOTAL GROUP
― 2
Vector Interim Financials 2021Financial performance trends

CAPITAL EXPENDITURE
for the six months ended 31 December
$ MILLION
OPERATING CASH FLOWS
for the six months ended 31 December
$ MILLION








.
.
.
.
.
17.7
81.8
4.1
157.1
2
0
2
0
2
0
1
9
16.0
156.0
3.0
65.0

REGULATED NETWORKS

GAS TRADING

METERING

CORPORATE AND OTHER
2,361.4
2,973.8
2
0
2
0
2
0
1
9
2,704.32,405.2
SOURCE OF FUNDING – GEARING
as at 31 December
$ MILLION

ECONOMIC NET DEBT

ADJUSTED EQUITY
― 3
Vector Interim Financials 2021Financial performance trends

---

for the six months ended 31 December 2020
interim financial
statements
financial

CONTENTS
Independent Review Report3
Group Condensed Interim Financial Statements
Profit or Loss5
Other Comprehensive Income6
Balance Sheet7
Cash Flows9
Changes in Equity 10
Notes to the Group Condensed Interim Financial Statements11
GROUP CONDENSED INTERIM FINANCIAL STATEMENTS
These group condensed interim financial statements for the six months ended 31 December 2020
are dated 22 February 2021, and signed for and on behalf of Vector Limited by:
Director
Director
And management of Vector Limited by:
Group Chief Executive
Chief Financial Officer
GROUP CONDENSED INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2020 (unaudited)
― 2
Vector Interim Financials 2021

© 2021 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Independent Review Report
To the shareholders of Vector Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 5 to 21
do not:
i.present fairly in all material respects the
Group’s financial position as at 31
December 2020 and its financial
performance and cash flows for the 6
month period ended on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
—the consolidated balance sheet as at 31
December 2020;
—the consolidated statements of profit or loss,
other comprehensive income, changes in
equity and cash flows for the 6 month period
then ended; and
—notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Vector Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to annual audit, regulatory assurance services,
other assurance services, compliance services in relation to R&D tax credits and review of enterprise
management and internal audit processes. Subject to certain restrictions, partners and employees of our firm
may also deal with the group on normal terms within the ordinary course of trading activities of the business of
the group. These matters have not impaired our independence as reviewer of the group. The firm has no other
relationship with, or interest in, the group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.

― 3
Vector Interim Financials 2021– Independent Review Report

4


Responsibilities of the Directors for the interim consolidated financial
statements
The Directors, on behalf of the group, are responsible for:
—the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ
IAS 34 Interim Financial Reporting;
—implementing necessary internal control to enable the preparation of the interim consolidated financial
statements that are fairly presented and free from material misstatement, whether due to fraud or error; and
—assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the interim financial statements are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.


KPMG
Auckland
22 February 2021


― 4
Vector Interim Financials 2021– Independent Review Report

PROFIT OR LOSS
 NOTE
31 DEC 2020
6 MONTHS
(UNAUDITED)
$M
31 DEC 2019
6 MONTHS
(UNAUDITED)
$M
30 JUN 2020
12 MONTHS
(AUDITED)
$M
Revenue4647.7699.61,294.0
Operating expenses4(322.5)(390.0)(717.6)
Depreciation and amortisation(133.1)(131.4)(262.8)
Interest costs (net)(58.7)(64.0)(126.5)
Fair value change on f inancial instruments(2.2)(0.5)(3.4)
Associates (share of net prof it/(loss)) 1.60.10.3
Impairment––(32.0)
Gain on sale of Kapuni gas interests––0.5
Profit/(loss) before income tax132.8113.8152.5
Income tax benef it/(expense)(30.7)(33.3)(55.2)
Net profit/(loss) for the period102.180.597.3
Net profit/(loss) for the period attributable to
Non-controlling interests 1.00.81.9
Owners of the parent 101.179.795.4
Basic and diluted earnings per share (cents)710.18.09.5
― 5
Vector Interim Financials 2021

OTHER COMPREHENSIVE INCOME
 
31 DEC 2020
6 MONTHS
(UNAUDITED)
$M
31 DEC 2019
6 MONTHS
(UNAUDITED)
$M
30 JUN 2020
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period102.180.597.3
Other comprehensive income net of tax
Items that may be re-classif ied subsequently to prof it or loss:
Net change in fair value of hedge reserves6.211.4(20.6)
Translation of foreign operations (0.1)(0.9)3.5
Share of other comprehensive income of associate––(0.1)
Items that will not be re-classif ied subsequently to prof it or loss:
Fair value change on f inancial asset0.5(1.5)(2.8)
Other comprehensive income/(loss) for the period net of tax6.69.0(20.0)
Total comprehensive income/(loss) for the period net of tax108.789.577.3
Total comprehensive income for the period attributable to
Non-controlling interests 1.00.81.9
Owners of the parent 107.788.775.4
― 6
Vector Interim Financials 2021

BALANCE SHEET
 NOTE
31 DEC 2020
(UNAUDITED)
$M
31 DEC 2019
(UNAUDITED)
$M
30 JUN 2020
(AUDITED)
$M
CURRENT ASSETS
Cash and cash equivalents31.829.228.3
Trade and other receivables 83.889.988.6
Contract assets85.696.492.7
Derivatives33.7––
Inventories8.78.09.4
Contingent consideration6.5–5.2
Intangible assets7.84.82.4
Income tax29.552.333.7
Disposal group held for sale–79.2–
Total current assets287.4359.8260.3
NON-CURRENT ASSETS
Receivables1.72.01.7
Derivatives3,654.3112.2220.4
Contingent consideration75.0–79.5
Investments23.922.821.7
Intangible assets51,286.61,340.71,283.4
Property, plant and equipment (PPE)4,497.04,249.94,367.7
Right of use assets (ROU)37.336.435.8
Income tax99.234.1110.0
Deferred tax0.30.20.4
Total non-current assets6,075.35,798.36,120.6
Total assets6,362.76,158.16,380.9
CURRENT LIABILITIES
Trade and other payables199.5199.4201.6
Provisions17.418.927.0
Borrowings3,6458.9629.3374.7
Derivatives3,63.019.29.5
Contract liabilities60.250.553.4
Lease liabilities8.77.98.2
Income tax0.10.20.1
Disposal group held for sale–25.8–
Total current liabilities747.8951.2674.5
― 7
Vector Interim Financials 2021

BALANCE SHEET (CONTINUED)
 NOTE
31 DEC 2020
(UNAUDITED)
$M
31 DEC 2019
(UNAUDITED)
$M
30 JUN 2020
(AUDITED)
$M
NON-CURRENT LIABILITIES
Payables–0.9–
Provisions8.48.17.8
Borrowings3,62,537.72,213.62,760.9
Derivatives3,6192.247.895.4
Contract liabilities29.736.838.6
Lease liabilities30.530.529.6
Deferred tax 530.5513.7514.4
Total non-current liabilities 3,329.02,851.43,446.7
Total liabilities 4,076.83,802.64,121.2
EQUITY
Equity attributable to owners of the parent2,268.02,338.52,242.8
Non-controlling interests in subsidiaries17.917.016.9
Total equity 2,285.92,355.52,259.7
Total equity and liabilities 6,362.76,158.16,380.9
Net tangible assets per share (cents)797.499.395.7
Gearing ratio (%)755.752.955.2
― 8
Vector Interim Financials 2021

CASH FLOWS
 NOTE
31 DEC 2020
6 MONTHS
(UNAUDITED)
$M
31 DEC 2019
6 MONTHS
(UNAUDITED)
$M
30 JUN 2020
12 MONTHS
(AUDITED)
$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts f rom customers647.5693.41,312.9
Interest received 0.30.42.0
Payments to suppliers and employees(307.1)(373.2)(717.2)
Interest paid(67.5)(64.8)(134.0)
Income tax paid(1.9)(1.8)(66.4)
Net cash flows from/(used in) operating activities 8271.3254.0397.3
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds f rom sale of PPE and software intangibles0.10.30.5
Purchase and construction of PPE(247.6)(221.0)(436.7)
Purchase and construction of software intangibles(30.3)(21.9)(39.7)
Proceeds f rom contingent consideration2.5––
Other investing cash flows–(0.7)(0.3)
Net cash flows from/(used in) investing activities (275.3)(243.3)(476.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds f rom borrowings3,6445.0375.0797.1
Repayment of borrowings3,6(350.0)(296.6)(541.6)
Dividends paid 3(82.5)(83.3)(167.0)
Lease liabilities payments(5.0)(4.2)(8.9)
Net cash flows from/(used in) financing activities 7.5(9.1)79.6
Net increase/(decrease) in cash and cash equivalents 3.51.60.7
Cash and cash equivalents at beginning of the period28.327.627.6
Cash and cash equivalents at end of the period 31.829.228.3
Cash and cash equivalents comprise:
Bank balances and on-call deposits27.724.123.2
Short term deposits 4.15.15.1
31.829.228.3
― 9
Vector Interim Financials 2021

CHANGES IN EQUITY
(unaudited)
NOTEISSUED SHARE CAPITAL$MTREASURY SHARES$MHEDGE RESERVES$MOTHER RESERVES$MRETAINED EARNINGS$MNON– CONTROLLING INTERESTS$MTOTAL EQUITY$M
Balance at 1 July 2019  880.0(0.4)(61.1)(1.5)1,515.417.02,349.4
Net prof it/(loss) for the period––––79.70.880.5
Other comprehensive income––11.4(2.4)––9.0
Total comprehensive income––11.4(2.4)79.70.889.5
Dividends3––––(82.5)(0.8)(83.3)
Employee share purchase
scheme transactions–––(0.1)––(0.1)
Total transactions with owners–––(0.1)(82.5)(0.8)(83.4)
Balance at 31 December 2019880.0(0.4)(49.7)(4.0)1,512.617.02,355.5
Net prof it/(loss) for the period––––15.71.116.8
Other comprehensive income––(32.0)3.0––(29.0)
Total comprehensive income––(32.0)3.015.71.1(12.2)
Dividends––––(82.5)(1.2)(83.7)
Employee share purchase
scheme transactions–0.1––––0.1
Total transactions with owners –0.1––(82.5)(1.2)(83.6)
Balance at 30 June 2020880.0(0.3)(81.7)(1.0)1,445.816.92,259.7
Net prof it/(loss) for the period––––101.11.0102.1
Other comprehensive income––6.20.4––6.6
Total comprehensive income ––6.20.4101.11.0108.7
Dividends3––––(82.5)–(82.5)
Employee share purchase
scheme transactions–0.1–(0.1)–––
Total transactions with owners–0.1–(0.1)(82.5)–(82.5)
Balance at 31 December 2020880.0(0.2)(75.5)(0.7)1,464.417.92,285.9
― 10
Vector Interim Financials 2021

1. Company information
Reporting entityVector Limited is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the NZX Main Board
(NZX). The company is an FMC entity for the purposes of Part 7 of the
Financial Markets Conduct Act 2013. Vector’s condensed interim financial
statements (the interim financial statements) comply with this Act.
The interim financial statements presented are for Vector Limited Group
(“Vector” or “the group”) as at, and for the six months ended 31 December
2020. The group comprises Vector Limited (“the parent”) and its subsidiaries.
Vector Limited is a 75.1% owned subsidiary of Entrust which is the
ultimate parent entity for the group.
The primary operations of the group are electricity and gas distribution,
natural gas and LPG sales, metering, telecommunications and new energy
solutions.
2. Summary of significant accounting policies
Basis of preparationThe interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (NZ GAAP) as
applicable to interim financial statements, and as appropriate to profit
oriented entities.They comply with NZ IAS 34 Interim Financial Reporting.
These interim financial statements do not include all of the information
required for full annual financial statements and should be read in
conjunction with the group financial statements and related notes included
in Vector’s 2020 Annual Report. The interim financial statements for the six
months ended 31 December 2020 and 31 December 2019 are unaudited.
All financial information is presented in New Zealand dollars ($) and has
been rounded to the nearest 100,000, unless otherwise stated.
SeasonalityVector’s electricity and gas businesses are affected by the seasonal
demand for energy, which generally increases during periods of colder
weather. Accordingly, financial results for the first half of the financial
year reported in the interim financial statements are generally more
profitable than those of the second half of the year.
New standard adoptedAmendment to NZ IAS 1: Presentation of Financial Statements
The group has elected to early adopt the Amendment to NZ IAS 1:
Presentation of Financial Statements, Classification of Liabilities as
Current or Non-current retrospectively, effective from 1 July 2020.
Adoption of the amendment has no impact on the group’s financial
results for the six months ended 31 December 2020, and no changes to
comparative information for the six months ended 31 December 2019
and year ended 30 June 2020 were made.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
― 11
Vector Interim Financials 2021

NOTES TO THE INTERIM FINANCIAL STATEMENTS
3. Significant transactions and events
Significant transactions and events that have occurred during the six months to 31 December 2020:
Loss rental rebatesOn 26 August 2020, we released our 2020 Annual Report and noted that
we would be retaining loss rental rebates (LRRs) rather than distributing
these to customers. At that time, we noted that retaining LRRs allows
Vector to offset the impact of any electricity volume reductions on
revenue under the new revenue cap regulatory regime. Consistent with
this approach, Vector has recognised a $5.6 million credit to profit and
loss during the period in respect of this.
During the period, Vector’s board has approved the retention of
additional LRRs in order to partially mitigate electricity distribution price
increases applying from 1 April 2021. This has resulted in Vector
recognising a further $15.5 million credit to profit and loss in the six
months ended 31 December 2020.
Without the retention of the LRRs, any under-recoveries incurred would
be recovered from customers in regulatory years ended 31 March 2022
and 2023 under the new regulatory regime.
As stated in our 2020 Annual Report, any excess LRRs accumulated but
not utilised to mitigate price increases will be distributed directly to
customers at a later date at discretion of the Board. As at 31 December
2020, Vector has recognised a provision for distribution to customers of
$5.6 million.
Government wage subsidyThe group was granted a total wage subsidy of $1.6 million from the New
Zealand Government Wage Subsidy Scheme for Cristal Air International
Limited, one of the group’s wholly owned subsidiaries, in the 2020
financial year. The lump sum payment was recognised in the profit or loss
as a reduction in employee benefit expenses over the 12-week subsidy
period commencing April 2020. $0.3 million of the subsidy was
recognised in the current financial year.
In October 2020, Vector’s board resolved to repay all $1.6 million received
previously to the New Zealand Government. This has been recognised as
an operating expense in the current financial year profit or loss.
Debt programmeThe $350.0 million floating rate notes, credit wrapped by MBIA Insurance
Corporation were repaid on 27 October 2020. These were refinanced as
part of our ongoing debt management activities.
In October 2020, Vector issued $170.0 million of wholesale bonds at a fixed
rate of 1.58% maturing in October 2026.
During the six months ended 31 December 2020, the group drew down a
net of $275.0 million (six months ended 31 December 2019: $375.0 million)
from bank facilities.
― 12
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
DividendsVector Limited’s final dividend for the year ended 30 June 2020
of 8.25 cents per share was paid on 21 September 2020, with a
supplementary dividend of 0.44 cent per non-resident share.
The total dividend paid was $82.5 million.
4. Segment information
SegmentsVector reports on three reportable segments in accordance with
NZ IFRS 8 Operating Segments. The segments and related policies
remain unchanged from those reported in Vector’s 2020 Annual Report.
The reportable segments are:
Regulated Networks Auckland electricity and gas distribution services.
Gas Trading Natural gas and LPG sales, storage, and
transportation.
MeteringMetering services.
3. Significant transactions and events (continued)
― 13
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
4. Segment information (continued)
31 DEC 2020
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
METERING
$M
INTER–
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 321.4113.7109.1–544.2
Third party contributions50.6–––50.6
Other11.1–––11.1
Intersegment revenue1.3–0.7(2.0)–
Segment revenue384.4113.7109.8(2.0)605.9
External expenses:
Electricity transmission expenses(89.7)–––(89.7)
Gas purchases and production
expenses–(68.7)––(68.7)
Metering services cost of sales––(12.5)–(12.5)
Network and asset maintenance (33.0)(3.3)(4.7)–(41.0)
Employee benef it expenses(8.4)(6.1)(5.5)–(20.0)
Other expenses(6.8)(19.0)(4.0)–(29.8)
Intersegment expenses–(2.0)–2.0–
Segment operating expenses(137.9)(99.1)(26.7)2.0(261.7)
Segment EBITDA246.514.683.1–344.2
Depreciation and amortisation(65.8)(6.1)(44.4)–(116.3)
Segment profit/(loss)180.78.538.7–227.9
Segment capital expenditure157.14.181.8–243.0
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
31 DEC 2020
6 MONTHS
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information605.9227.9243.0
Amounts not allocated to segments:
Revenue 41.041.0–
Third party contributions0.80.8–
Employee benef it expenses–(29.1)–
Other operating expenses–(37.0)–
Elimination of transactions with segments–5.3–
Depreciation and amortisation –(16.8)–
Interest costs (net)–(58.7)–
Fair value change on f inancial instruments–(2.2)–
Associates (share of net prof it/(loss))–1.6–
Capital expenditure––17.7
Reported in the financial statements647.7132.8260.7
― 14
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
4. Segment information (continued)
31 DEC 2019
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS TRADING
$M
METERING
$M
INTER–
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 353.0151.2101.7–605.9
Third party contributions45.0–––45.0
Other7.3–––7.3
Intersegment revenue1.5–0.7(2.2)–
Segment revenue406.8151.2102.4(2.2)658.2
External expenses:
Electricity transmission expenses(104.0)–––(104.0)
Gas purchases and production
expenses
–(92.1)––(92.1)
Metering services cost of sales––(12.7)–(12.7)
Network and asset maintenance (35.0)(7.3)(5.0)–(47.3)
Employee benef it expenses(9.5)(7.4)(4.3)–(21.2)
Other expenses(24.1)(21.4)(4.3)–(49.8)
Intersegment expenses–(2.2)–2.2–
Segment operating expenses(172.6)(130.4)(26.3)2.2(327.1)
Segment EBITDA234.220.876.1–331.1
Depreciation and amortisation(64.8)(8.8)(39.4)–(113.0)
Segment profit/(loss)169.412.036.7–218.1
Segment capital expenditure156.03.065.0–224.0
Reconciliation to revenue, prof it/(loss) before income tax and
capital expenditure reported in the f inancial statements:
31 DEC 2019
6 MONTHS (UNAUDITED)
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information658.2218.1224.0
Amounts not allocated to segments:
Revenue 41.341.3–
Third party contributions0.10.1–
Employee benef it expenses–(28.0)–
Other operating expenses–(36.8)–
Elimination of transactions with segments–1.9–
Depreciation and amortisation –(18.4)–
Interest costs (net)–(64.0)–
Fair value change on f inancial instruments–(0.5)–
Associates (share of net prof it/(loss))–0.1–
Capital expenditure––16.0
Reported in the financial statements699.6113.8240.0
― 15
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
4. Segment information (continued)
30 JUN 2020
12 MONTHS (AUDITED)
REGULATED
NETWORKS
$M
GAS TRADING
$M
METERING
$M
INTER–
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 656.9256.4203.9–1,117.2
Third party contributions85.7–––85.7
Other15.6–––15.6
Intersegment revenue2.7–1.3(4.0)–
Segment revenue760.9256.4205.2(4.0)1,218.5
External expenses:
Electricity transmission expenses(200.8)–––(200.8)
Gas purchases and production
expenses–(153.2)––(153.2)
Metering services cost of sales––(25.2)–(25.2)
Network and asset maintenance (68.4)(13.8)(9.1)–(91.3)
Employee benef it expenses(18.9)(13.8)(7.4)–(40.1)
Other expenses(49.5)(37.7)(8.7)–(95.9)
Intersegment expenses–(4.0)–4.0–
Segment operating expenses(337.6)(222.5)(50.4)4.0(606.5)
Segment EBITDA423.333.9154.8–612.0
Gain f rom sale of Kapuni gas interests–0.5––0.5
Depreciation and amortisation(131.2)(14.9)(81.3)–(227.4)
Segment profit/(loss)292.119.573.5–385.1
Segment capital expenditure317.18.2133.3–458.6
Reconciliation to revenue, prof it/(loss) before income tax and
capital expenditure reported in the f inancial statements:
30 JUN 2020
12 MONTHS (AUDITED)
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information1,218.5385.1458.6
Amounts not allocated to segments:
Revenue 74.874.8–
Third party contributions0.70.7
Impairment–(32.0)–
Employee benef it expenses–(54.2)–
Other operating expenses–(66.9)–
Elimination of transactions with segments–10.0–
Depreciation and amortisation –(35.4)–
Interest costs (net)–(126.5)–
Fair value change on f inancial instruments–(3.4)–
Associates (share of net prof it/(loss))–0.3–
Capital expenditure––30.1
Reported in the financial statements1,294.0152.5488.7
― 16
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
5. Intangible assets
Goodwill impairment
assessments
Goodwill is tested at least annually for impairment against the
recoverable amount of the cash generating units (“CGU”) to which
it has been allocated.
As at 31 December 2020, CGUs within the group are: electricity, gas
distribution, metering, natural gas, LPG, Liquigas, communications
and E-Co Products. Management performed impairment assessments
on all CGUs except for E-Co Products at 31 December 2020. No
impairment was found.
6. Borrowings and derivatives
NET
DERIVATIVES
$M
BORROWINGS
$M
Balance at 30 June 2020 (audited)115.5(3,135.6)
Fair value movements:
Foreign exchange rates(175.5)175.5
Interest rates and other fair value changes(47.2)58.8
Repayment–350.0
Drawdown–(445.0)
Amortised costs –(0.3)
Balance at 31 December 2020 (unaudited)(107.2)(2,996.6)
Fair value at 31 December 2020 (unaudited)(107.2)(3,127.8)
― 17
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
7. Financial ratios
Basic and diluted earnings per share
31 DEC 2020
6 MONTHS
(UNAUDITED)
$M
31 DEC 2019
6 MONTHS
(UNAUDITED)
$M
30 JUN 2020
12 MONTHS
(AUDITED)
$M
Net prof it attributable to owners of the parent 101.179.795.4
Weighted average ordinary shares outstanding during the
period (number of shares)999,895,179999,870,623999,876,571
Total earnings per share10.1 cents8.0 cents9.5 cents
Net tangible assets per share
31 DEC 2020
(UNAUDITED)
$M
31 DEC 2019
(UNAUDITED)
$M
30 JUN 2020
(AUDITED)
$M
Net assets attributable to owners of the parent 2,268.02,338.52242.8
Less total intangible assets (1,294.4)(1,345.5)(1,285.8)
Total net tangible assets973.6993.0957.0
Ordinary shares outstanding (number of shares)999,916,418999,882,348999,883,052
97.4 cents99.3 cents95.7 cents
Economic net debt to economic net debt plus adjusted
equity ratio (“gearing ratio”)
31 DEC 2020
(UNAUDITED)
$M
31 DEC 2019
(UNAUDITED)
$M
30 JUN 2020
(AUDITED)
$M
Face value of borrowings 3,005.62,733.52,910.6
Less cash and cash equivalents(31.8)(29.2)(28.3)
Economic net debt2,973.82,704.32,882.3
Total equity2,285.92,355.52,259.7
Adjusted for hedge reserves75.549.781.7
Adjusted equity2,361.42,405.22,341.4
Economic net debt plus adjusted equity5,335.25,109.55,223.7
55.7%52.9%55.2%
― 18
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
8. Cash flows
31 DEC 2020
6 MONTHS
(UNAUDITED)
$M
31 DEC 2019
6 MONTHS
(UNAUDITED)
$M
30 JUN 2020
12 MONTHS
(AUDITED)
$M
Reconciliation of net profit/(loss) to net cash flows from/
(used in) operating activities
Net prof it/(loss) for the period102.180.597.3
Items associated with investing activities
Items associated with investing activities11.71.1(10.0)
Items classified as financing activities
Items associated with lease liabilities––(1.0)
Non-cash items
Depreciation and amortisation133.1131.4262.8
Non-cash portion of interest costs (net)(1.9)(1.4)(7.0)
Fair value change on f inancial instruments2.20.53.4
Associates (share of net (prof it)/loss)(1.6)(0.1)(0.3)
Impairment––32.0
Increase/(decrease) in deferred tax 14.013.827.4
Increase/(decrease) in provisions(9.4)3.511.2
Gain on sale of Kapuni gas interests––(0.5)
Other non-cash items(0.4)(4.3)0.8
136.0143.4329.8
Changes in assets and liabilities
Trade and other payables(1.9)6.5 2.9
Contract liabilities(2.1)(5.0)(0.3)
Contract assets6.95.912.7
Inventories0.70.4(1.0)
Trade and other receivables 3.13.56.9
Income tax 14.817.7(40.0)
21.529.0(18.8)
Net cash flows from/(used in) operating activities271.3254.0397.3
― 19
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
9. Capital commitments
 
31 DEC 2020
(UNAUDITED)
$M
31 DEC 2019
(UNAUDITED)
$M
30 JUN 2020
(AUDITED)
$M
Capital expenditure committed to but not provided
for at balance date132.1122.6127.0
10. Related party transactions
Majority shareholder dividendVector Limited has paid its majority shareholder, Entrust, dividends
of $62.0 million during the period (six months ended December 2019:
$62.0 million, 12 months ended 30 June 2020: $123.9 million).
Outstanding balancesAt 31 December 2020, the group has no material outstanding balances
due to or from related parties of the group (31 December 2019 and
30 June 2020: not material).
11. Contingent liabilities
DisclosuresThe directors are aware of claims that have been made against entities of
the group and, where appropriate, have recognised provisions for these
within the financial statements.
No material contingent liabilities have been identified.
12. Events after the end of the period
Interim dividendOn 22 February 2021, the board declared an interim dividend for the year
ended 30 June 2020 of 8.25 cents per share.
No adjustment is required to these interim financial statements in
respect of this event.
Debt programmeOn 2 February 2021, $375.0 million of new bank credit facilities were
added as part of our debt management programme. The new facilities
replaced $300.0 million of maturing facilities.
― 20
Vector Interim Financials 2021– Notes to the Interim Financial Statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Climate Change
Commission consultation
On 31 January 2021, the Climate Change Commission issued its 2021 Draft
Advice for Consultation (“the Draft Advice”). The Draft Advice sets out a
comprehensive strategy and recommendations for New Zealand to
tackle climate change. Consultation on the Draft Advice is open until
14 March 2021, with final advice due to be presented to the Government
by 31 May 2021. The Government has indicated it intends to make
decisions on what actions it plans to take following receipt of the final
recommendations by the end of 2021. If adopted in their present form,
many of the draft recommendations would have implications for Vector,
particularly its regulated networks and gas trading businesses.
Accordingly, we will continue to engage, monitor and report on this
process where applicable as it progresses.
For details on the Draft Advice, refer to the link below to the official
Climate Commission website: https://www.climatecommission.govt.nz/
get-involved/our-advice-and-evidence/
No adjustment is required to these financial statements in respect of
these events.
Financial statements approvalThe interim financial statements were approved by the board of directors
on 22 February 2021.
12. Events after the end of the period (continued)
― 21
Vector Interim Financials 2021– Notes to the Interim Financial Statements

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, 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
Group EBITDA and adjusted EBITDA
31-DEC-2020
6 MONTHS
$M
31-DEC-2019
6 MONTHS
$M
Reported net profit for the period (GAAP)
1
102.1 80.5
Add back: net interest costs
1
58.7 64.0
Add back: tax (benef it)/expense
1
30.7 33.3
Add back: depreciation and amortisation
1
133.1 131.4
Add back: impairment
1
– –
EBITDA324.6 309.2
Adjusted for:
Associates (share of net (prof it)/loss)
1
(1.6)(0.1)
Fair value change on f inancial instruments
1
2.2 0.5
Capital contributions
1
(51.4)(45.1)
Adjusted EBITDA273.8 264.5
1. Extracted from reviewed interim financial statements
Segment adjusted EBITDA20202019
SIX MONTHS ENDED
31 DECEMBER
REPORTED
SEGMENT
EBITDA
LESS THIRD-PARTY
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
REPORTED
SEGMENT
EBITDA
LESS THIRD-PARTY
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
Metering83.1 – 83.1 76.1 – 76.1
Gas Trading14.6 – 14.6 20.8 – 20.8
Unregulated segments97.7 – 97.7 96.9 – 96.9
Regulated segment246.5 (50.6)195.9 234.2 (45.0)189.2
TOTAL REPORTED
SEGMENTS344.2 (50.6)293.6 331.1 (45.0)286.1
Corporate and other(19.0)(0.8)(19.8)(21.5)(0.1) (21.6)
TOTAL325.2 (51.4)273.8 309.6 (45.1)264.5
― 22
Vector Interim Financials 2021– Non-GAAP Financial Information

CALENDAR AND DIRECTORY
Financial calendar
2021
Record date for interim dividend30 March
Interim dividend paid 8 April
Third quarter operating statistics April
Fourth quarter operating statistics July
Full year result and annual report August
Final dividend* September
Annual meetingSeptember
* Dividends are subject to Board determination.
Investor information
Ordinary shares in Vector Limited are listed and quoted on the New Zealand Stock Market (NZSX) under the
company code VCT. Vector also has capital bonds and unsubordinated f ixed rate bonds listed and quoted on
the New Zealand Debt Market (NZDX). Current information about Vector’s trading performance for its shares
and bonds can be obtained on the NZX website at www.nzx.com. Further information about Vector is
available on our website www.vector.co.nz.
Directory
Registered office
Vector Limited
101 Carlton Gore Road
Newmarket
Auckland 1023
New Zealand
Telephone 64-9-978 7788
Facsimile 64-9-978 7799
www.vector.co.nz
Postal address
PO Box 99882
Newmarket
Auckland 1149
New Zealand
Investor enquiries
Telephone 64-9-213 5179
Email: investor@vector.co.nz
insight
creative.co.nz

VEC225
― 23
Vector Interim Financials 2021– Calendar and Directory

vector.co.nz

---

VECTOR LIMITED
Results announcement

Results for announcement to the market
Name of issuer VECTOR LIMITED
Reporting Period 6 MONTHS TO 31 DECEMBER 2020
Previous Reporting Period 6 MONTHS TO 31 DECEMBER 2019
Currency NEW ZEALAND DOLLAR
Amount (000s) Percentage change
Revenue from continuing
operations
$647,656 -7.4%
Total Revenue $647,656 -7.4%
Net profit/(loss) from
continuing operations
$101,118 +26.9%
Total net profit/(loss) $101,118 +26.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08250000
Imputed amount per Quoted
Equity Security
$0.00967877
Record Date 30 March 2021
Dividend Payment Date 8 April 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.974 $0.993
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to accompanying unaudited financial statements
Authority for this announcement
Name of person

authorised
to make this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number 021 573640
Contact email address john.rodger@vector.co.nz
Date of release through MAP

23/02/2021

Unaudited financial statements accompany this announcement.

---

Vector Limited
Distribution Notice



Section 1: Issuer information
Name of issuer VECTOR LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code VCT
ISIN (If unknown, check on NZX
website)
NZVCTE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 30/03/2021
Ex-Date (one business day before the
Record Date)
29/03/2021
Payment date (and allotment date for
DRP)
08/04/2021
Total monies associated with the
distribution
$82,500,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NEW ZEALAND DOLLARS
Section 2: Distribution amounts per financial product
Gross distribution $0.09217877
Gross taxable amount $0.09217877
Total cash distribution $0.08250000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00439204
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please
state imputation rate as % applied
10.5%
Imputation tax credits per financial
product
$0.00967877
Resident Withholding Tax per
financial product
$0.02074022
Section 4: Distribution re-investment plan (if applicable)
NOT APPLICABLE

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number
021 573 640

Contact email address John.rodger@vector.co.nz
Date of release through MAP

23/02/2021