VECTOR REPORTS SOLID HALF YEAR RESULTS

creating a new energy future




VECTOR REPORTS SOLID HALF YEAR RESULTS
Vector continues to invest in a smart and efficient network
for the benefit of customers
• Adjusted EBITDA
1
of $185 million, up 7%
2

• Total capital expenditure $238 million, up 6%
2

• Interim dividend 9.25 cents per share
3

• Underlying net profit after tax up 29%
2

• Reported group net profit after tax was $22 million
2
, including a $60 million
impairment of the gas distribution business, driven by a regulatory decision to
lower returns on these assets and higher interest rates impacting the valuation
• Future cashflows to be set by the Commerce Commission in 2024, critical to
enabling investment in Auckland’s electricity network for growth, reliability,
decarbonisation and climate resilience until 2030
Vector Group (NZX: VCT) today announces its result for the first half of the 2024 financial
year.
Vector Group chief executive Simon Mackenzie said: "Vector’s financial performance for the
six months to December reflects a solid result across our regulated networks and gas trading
business segments, driven by higher revenues. Adjusted EBITDA for the group, which
excludes the capital contributions customers pay for new connections on the network, was
up 7% to $185 million.

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. Adjusted EBITDA excludes capital contributions. See the interim financial statements for further details or click on
this link to see Vector’s policy.
2
Numbers are reported against continuing operations with the current and prior year comparatives being adjusted to exclude
the operations of Bluecurrent (previously Vector Metering) which was sold on 30 June 2023 and also Natural Gas which is
currently classified as held for sale with a conditional sale date of 1 July 2024.
3
The dividend will be paid to shareholders who are on the register at 28 March 2024, with payment made on 9 April 2024.
market release
27 February 2024

creating a new energy future



“Underlying net profit after tax was up 29% on the prior period, however the reported group
net profit after tax was $22 million as it includes a $60m impairment of our gas distribution
business. This impairment was driven by the Commerce Commission’s regulatory decision to
lower future returns to owners of gas distribution networks, and interest rate changes.

“Our interest in Bluecurrent is accounted for as an investment in an associate. The business
is currently ahead of our performance expectations. Our 50% share of their net loss is $9
million, reflecting the gearing, depreciation and intangible asset amortisation policies of the
new entity. Vector is expecting to receive distributions each year from the joint venture with
these cash flows being recognised through our cashflow statement, not in our profit and
loss.”

"We’ve entered into a conditional agreement to sell the remaining assets of the natural gas
trading business. As we have regularly communicated, the volume of gas traded has been
reducing over recent years as legacy contracts have come to an end. We expect the sale to
complete on 1 July 2024, for a sale price of $9.7 million.

The company will pay an unimputed interim dividend to shareholders of 9.25 per share. With
key regulatory decisions impacting future cash flow yet to be determined, the board has been
unable to consider revisions to the dividend policy at this time.

Later this year, the Commerce Commission will decide on the allowable revenue for our
regulated electricity business from 1 April 2025, which will then be set for the next five years.

“Vector’s focus is on the interests of our customers, and we aim to continue to invest in the
smartest and most efficient way possible, to enable the energy transition in a way that’s more
affordable for customers, as well as being commercially sustainable,” Mr Mackenzie said.

“While significant investment is needed now, our strategy uses digital technology,
international partnerships, such as with Amazon Web Services, and innovation, to get more
out of our electricity network, rather than only building traditional infrastructure. We will keep

creating a new energy future


advocating for regulatory and policy changes which, alongside our strategy, have the
potential to avoid around $3 billion of extra cost to Auckland customers by 2050
4
.

“Our future revenue, and the debt we can raise, determines how much we can invest in the
network. The Commission’s decision later this year is therefore critical for our customers,
shareholders, and for the future of the electricity network. Globally there's recognition of the
need to make these decisions with pace and urgency. The opportunity for the Commission is
to create the right environment for Vector, and other lines companies, to invest enough in
energy infrastructure that we are not left playing catch up years down the track, when
resilience, electrification and decarbonisation are even more critical and the cost burden on
customers could be prohibitive.”

Key financial information
Business segment H1 FY23 H1 FY24 % change
Regulated networks
- Adjusted EBITDA
- New electricity and gas connections
- Gross capex

$197m
9,203
$197m

$201m
10,061
$220m

+2%
+9%
+11%
Gas trading
5

- Adjusted EBITDA
- LPG sales (tonnes)

$6m
22,535

$13m
24,415

+119%
+8%

FY24 guidance
Auckland growth is expected to continue, and we are now tracking towards 16,000 new
electricity connections in FY24. Connections and infrastructure activity remain elevated,
necessitating significant capital expenditure. We are currently tracking towards the high end
of the range for adjusted EBITDA, communicated in August last year, of $350m-$365m.


4
Analysis in Vector’s 2023 TCFD report quantifies the financial impact of a failure to efficiently manage peak
load, based on network build costs that could otherwise be deferred.
5
As the natural gas trading business has been classified as discontinuing operations, it is no longer reported in the Gas
Trading segment

creating a new energy future


ENDS
Vector’s interim financial statements are available here: vector.co.nz/reports


Investor contact
Jason Hollingworth, chief financial officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928

Media contact
Matthew Britton, communications manager, 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 600,000 residential and
commercial customers across New Zealand. Vector has a leading role 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

---

Financial and
Operational Results
HALF YEAR ENDING 31 DECEMBER 2023
27 FEBRUARY 2024

Disclaimer
This presentation contains forward-looking statements.
Forward-looking statements often include words such as “anticipates”, “estimates”, “expects”,
“intends”, “plans”, “believes” and similar words in connection with discussions of future operating
or financial performance.
The forward-looking statements are based on management's and directors’ current expectations
and assumptions regarding Vector’s businesses and performance, the economy and other future
conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. Vector’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
2

Agenda
3
•Overview of Financial Performance
•Financial Performance
•Segment Performance
•Outlook & Market Commentary
•Q&A

OVERVIEW OF FINANCIAL
PERFORMANCE
4

Overview of financial performance
5
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to the appendix of this presentation.
H1 refers to the period ending 31 December. FY24 refers to Financial Year 24 with Period ending 30 June 2024.
Revenue
559
571
173
185
63
22
225
238
159
181
57
55
7
7
5
2
7
128
95
32
4
92
99
260
188
FY23FY24FY23FY24FY23FY24FY23FY24FY23FY24
Adjusted
EBITDA
Capital
Expenditure
Operating
Cashflow
NPAT
Discontinued
Operations
Metering
Discontinued
Operations
Natural Gas
Variance
excludes
Discontinued
Operations
+2%+7%+6%+14%-66%
+29% excluding
Impairment
Figures shown in
$NZD Millions
H1 FY24 vs H1 FY23

FINANCIAL PERFORMANCE
6

Earnings from continuing operations are up
$12m or 7%
7
*Corporate and Other includes Corporate, VTS, HRV, PowerSmart and Vector Fibre. Corporate and Other is not a reportable segment
173
+4
+6
+1185
FY23Regulated
Networks
Gas
Trading
Corporate
and Other*
FY24
H1 Year on Year Adjusted EBITDA Movement ($M)

NPAT from continuing operations is $22m
8
“Other” includes fair value change on financial instruments, share of associates and tax changes
Note that Impairment is non-taxable and year on year we have a higher tax charge
H1 Year on Year NPAT from Continuing Operations Movement ($M)
63
+12-4
-14
+43-60
-19
22
FY23Adj. EBITDACapital
Contributions
Depreciation
and
Amortisation
Net InterestImpairmentOtherFY24

9
Metering Transaction –Recap
•On 30 June 2023, we completed the sale of 50% interest in Vector Metering to QIC. Now known
as Bluecurrent.
•The sale resulted in proceeds of $1.75b to Vector and this was used to reduce debt with gearing
decreasing from 58% June 22 to 33% June 23.
•Vector’s interest in Bluecurrentis accounted for as an investment in an associate with our 50%
share of their NPAT reported as a single line on our P&L. Bluecurrent’searnings are excluded
from Vector’s Adjusted EBITDA.
•Bluecurrenthas arranged a debt facility to fund future meter deployments. We expect
Bluecurrentto distribute a minimum of 85% of free operating cash flow to shareholders. These
cashflows will be recognised through Vector’s cashflow statement but will not show through
the P&L. The Bluecurrentboard has indicated that shareholders could expect to receive
between $80m -$100m of distributions for the FY24 year, with Vector receiving 50% of these
distributions being $40m -$50m.
•The business’s operating performance is currently ahead of expectations. Total meters deployed
is 2.48m (owned and managed) at 31 December (Australia 639k and NZ 1,838k)

Gross capex increase of 6% driven by replacement work
on the Network post last year’s extreme weather
10
•Gross capex up 6% to $238m. Net capex (after deducting contributions) up 13% to $145m
•Contributions down 4% to $93m, largely attributable to lower residential subdivisions and relocation work
•Year on year increase is driven by an additional $31m of replacement capex on the network. This is primarily
driven by work to improve resilience and restore the network post the extreme weather events last year
(severe flooding in January 2023 and cyclone Gabrielle in February 2023)
Note 1. All years adjusted to exclude discontinued operations; 2. Capex figures prior to December 2021 do not include ROU additions.
100
130
128
117
128
145
41
45
51
72
97
93
141
175
179
190
225
238
H1 19H1 20H1 21H1 22H1 23H1 24
Net capex
Capital contributions
Gross Capital Expenditure ($M)
197
220
225-9
+31
+0-9
238
H1 23Networks
Growth
Networks
Replace
ment
Gas
Trading
OtherH1 24
H1 Year on Year Capex Movement ($M)
Gas Trading
& Other
Gross Capex
Networks
Gross Capex

1.97
2.25
2.49
2.74
3.01
3.16
3.41
2.14
44%
47%
50%
53%
56%
57%
59%
36%
-
10%
20%
30%
40%
50%
60%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec 16Dec 17Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23
Net economic debt ($B)Gearing
400
75
100
277
138
574
223
240
170
307
250
225
FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Bank FacilitiesUSPPWholesale Bonds
Capital BondsRetail Bonds
Group debt
11
•Debt and gearing has fallen post the sale of 50% interest in Vector Metering with proceeds used to repay Debt.
•Funds currently on Term Deposit post sale will be used to repay the Wholesale Bonds due in FY24.
Vector’s Standard and Poor’s credit rating remains at BBB+ with a positive outlook
Moody’s credit rating is Baa1 with a positive outlook
Net Economic Debt and Gearing ($B)
Debt Maturity Profile ($M)

SEGMENT PERFORMANCE
12

Network earnings higher
13
•Electricity revenue is higher due to:
−An increase in net connections;
−3.9% increase in volume; and
−Price adjustments reflecting the impact of higher
historical inflation. We are now recovering this
through higher prices as per the regulatory model
•Gas revenue up due to increase in prices following gas
reset
•Maintenance is higher due to increase in vegetation costs
to manage wild fire risks, increase in maintenance of
transformers and higher usage of generators to manage
supply risks
•Total net connections continue to grow with electricity
connections up 2.2% to 619,996 and gas connections up
1.3% to 120,302
•New electricity connections grew by 12.5% to 8,857 and
new gas connections declined by 9.5% to 1,204
197
201
197
+15
+3-7
-7
201
H1 23Electricity
Revenue
Gas
Revenue
Mainte-
nance
OtherH1 24
3.8
3.9
4.6
6.1
5.2
6.6
7.8
6.6
7.9
8.9
1.6
1.5
1.9
1.7
1.7
1.9
2.0
1.7
1.3
1.2
5.3k
5.5k
6.5k
7.7k
6.8k
8.5k
9.8k
8.3k
9.2k
10.1k
H1 15H1 16H1 17H1 18H1 19H1 20H1 21H1 22H1 23H1 24
ElectricityGas
Adjusted EBITDA Movement ($M)
New Connections

Gas Trading earnings benefitted from higher Ongas
LPG margins
14
•Improved performance from the LPG business. Higher
LPG revenue due to higher prices and lower cost of LPG
input prices including CP (Saudi Aramco price) is partially
offset by higher cost of transportation. The international
CP price of LPG has been lower compared to prior period
which has improved profitability
•Overall LPG volumes were up 8.3% to 24,415 tonnes with
bulk and cylinder volumes both higher
•Bottle Swap volumes up 2.3% to 316,884 bottles
swapped/sold
•Liquigastolling volumes down 3.1% to 55,126 tonnes
•Natural gas business has been removed from the gas
trading segment and classified as ‘Discontinued
Operations’ as the natural gas trading book has been
conditionally sold effective July 1, 2024 for a value of
$9.7m.
6
13
6
+6
+1-1
13
FY23On GasLiquigasOtherFY24
Adjusted EBITDA Movement ($M)
Bottle Swap Volumes (‘000 9kg cylinders)
266
302
320
352
358
364
375
356
310
317
240
248
284
301
300
338
305
274
279
506
550
604
653
658
702
680
630
589
317
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
H1H2

OUTLOOK & MARKET COMMENTARY
15

Outlook
16
•Auckland growth expected to continue.
−On track to exceed c16,000 new electricity connections in FY24, up 2,000 from the indication provided in August 23
−Connections & infrastructure activity remain elevated, necessitating significant capital expenditure
•We are currently tracking towards the high end of the Adjusted EBITDA
guidance range provided in August 23 of $350m-$365m
1
.
•The Commerce Commission finalised their Input Methodologies Review in
December 23. It is currently consulting on the next default price path (DPP4)
and how this transition will occur. DPP4 covers the period 1 April 2025 until 31
March 2030.
•A key impact will be the increase in WACC as a result of the increase in interest
rates going from 1.12% in the last reset when rates were at historical lows, to
4.60% now.
•This determination will have significant impacts on the timing of Vector’s
revenue, subsequent investment levels and investor returns.
1. Guidance range includes earnings from Natural Gas.

Interim Dividend
17
•Interim dividend of 9.25 cents per
share with no imputation
•Dividend record date of 28 March
2024 and payment date of 9 April
2024
•We have deferred a decision on our
future dividend policy pending
outcome of the Commerce
Commission’s consultation
regarding financeability
Dividend (cents per share)
6.50
6.75
7.00
7.25
7.507.50
7.75
8.00
8.258.258.258.258.258.25
9.25
7.50
7.50
7.50
7.75
7.75
8.00
8.00
8.00
8.00
8.258.25
8.508.508.50
5.50
FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
InterimFinalSpecial

Q&A
ANY QUESTIONS?
18

APPENDICES
19

Segment Results –Continuing Operations
20
1
Corporate and Other is not a reportable segment. Other Movements shown within this column relate to share of associates and fair value
movements as reported in the GAAP to Non-GAAP reconciliation
Networks
Gas Trading
Corporate & Other
1
Inter-Segment
Elimination
Total Group
H1
FY23
H1
FY24
Δ
H1
FY23
H1
FY24
Δ
H1
FY23
H1
FY24
Δ
H1
FY23
H1
FY24
H1
FY23
H1
FY24
Δ
E BI TDA
Revenue excl. Capital
Contributions
369
376
+2%
63
68
+9%
43
45
+4%
(13)
(12)
462
478
+3%
Operating Expenses
(172)
(175)
-2%
(57)
(56)
+2%
(74)
(74)
-0%
13
12
(290)
(293)
-1%
Ad ju ste d E B I TD A
1 9 7
20 1
+2%
6
13
+1 1 9 %
(30 )
(29 )
+5%
-
-
1 7 3
1 85
+7 %
Capital Contributions
97
93
-4%
-
-
-
0
0
+33%
-
-
97
93
-4%
Other Movements
-
-
-
-
-
-
(6)
(15)
-136%
-
-
(6)
(15)
-136%
E B I TD A
29 4
29 4
+0 %
6
13
+1 1 9 %
(36 )
(4 4 )
- 20 %
-
-
26 3
26 3
- 0 %
Cape x
Replacement
87
118
+36%
1
2
+120%
4
6
+57%
-
-
91
126
+38%
Growth
111
102
-8%
2
1
-50%
21
10
-54%
-
-
134
113
-16%
Tota l Ca p e x
1 9 7
220
+1 1 %
3
3
+0 %
24
15
- 38%
-
-
225
238
+6 %

GAAP to Non-GAAP Reconciliation
21
Vector’s standard profit measure prepared under New Zealand 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 (vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with NZ
IFRS (New Zealand International Financial Reporting Standards) 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 or
considered as a substitute for measures reported by Vector in
accordance with NZ IFRS.
Definitions
EBITDA
Earnings before interest, taxation, depreciation, amortisation
and impairment from continuing operations.
Adjusted EBITDA
EBITDA from continuing operations adjusted for fair value
changes, third party contributions, associates and significant
one-off gains, losses, revenues and/or expenses.
Extracted from financial statements
GAAP to Non-GAAP reconciliationH1 FY23H1 FY24
Group EBITDA and Adjusted EBITDA$M$M
Reported net profit for the period (GAAP)-
continuing operations
63.4 21.6
Add back: net interest costs67.8 24.5
Add back: tax (benefit)/expense30.0 40.9
Add back: depreciation and amortisation101.6 115.7
Add back: impairment-60.0
EBITDA262.8 262.7
Adjusted for:
Associates (share of net (profit)/loss)-9.0
Capital contributions(96.7)(92.8)
Fair value change on financial instruments6.4 6.1
Adjusted EBITDA-continuing operations172.5 185.0
Adjusted EBITDA-discontinued operations101.5 7.0
TotalGroupadjustedEBITDA274.0 192.0

END
22

Supplementary Interim Information
Regulated Networks Adjusted EBITDA
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023H1 FY2024
Electricity190.8174.5169.9172.6172.2170.1177.9168.3174.9166.3173.7175.0
Gas Distribution Auckland24.523.121.423.823.522.620.820.921.119.223.326.3
Total215.4197.7191.3196.4195.7192.7198.7189.2195.9185.5197.0201.3
Gas Distribution Auckland Volumes (PJ)
PJsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Q13.8 3.9 4.0 4.3 4.3 4.4 4.4 4.4 4.3 3.9 4.0 4.1
Q23.1 3.0 3.3 3.3 3.3 3.3 3.4 3.4 3.2 3.1 3.2 3.1
Q32.4 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.7 2.8
Q43.5 3.4 3.4 3.6 3.8 3.9 3.8 3.5 3.6 3.5 3.5
Total12.9 13.0 13.4 13.9 14.3 14.5 14.4 14.3 14.1 13.1 13.6 7.1
Gross New ICPs
# of ICPs (gross)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Q1- - 807 831 982 875 800 832 959 644 707 582
Q2- - 743 707 925 781 869 1,031 1,068 1,087 623 622
Q3- - 605 948 842 481 705 784 905 763 707
Q4- - 666 837 766 1,028 948 554 912 652 654
Total2,464 3,107 2,821 3,323 3,515 3,165 3,322 3,201 3,844 3,146 2,691 1,204
Data not available prior to FY15
190.8
174.5
169.9
172.6
172.2
170.1
177.9
168.3
174.9
166.3
173.7
175.0
24.5
23.1
21.4
23.8
23.5
22.6
20.820.921.1
19.2
23.3
26.3
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023 H1 FY2024
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
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Gas Distribution Volumes (PJ)
Q1Q2Q3Q4

Net New ICPs
# of ICPs (net)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Q1620 524 839 616 878 872 560 674 624 368 397 228
Q2415 566 713 727 718 728 700 778 848 788 382 443
Q3508 558 584 809 626 468 378 484 582 30 617
Q4377 892 645 605 126 491 775 382 458 337 240
Total1,920 2,540 2,781 2,757 2,348 2,559 2,413 2,318 2,512 1,523 1,636 671
Total ICPs
# Total ICPsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Q194,944 96,768 99,623 102,181 105,200 107,542 109,789 112,316 114,584 116,840 118,392 119,859
Q295,359 97,334 100,336 102,908 105,918 108,270 110,489 113,094 115,432 117,628 118,774 120,302
Q395,867 97,892 100,920 103,717 106,544 108,738 110,867 113,578 116,014 117,658 119,391
Q496,244 98,784 101,565 104,322 106,670 109,229 111,642 113,960 116,472 117,995 119,631
Gas Distribution Lines Revenue
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
H128.327.526.128.528.927.525.525.725.925.129.132.2
H224.419.523.423.625.021.721.622.022.822.928.7
Lines Revenue52.747.049.552.253.949.247.147.748.748.057.832.2
-
100
200
300
400
500
600
700
800
900
1,000
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Net Gas ICPs
Q1Q2Q3Q4
95,359
97,334
100,336
102,908
105,918
108,270
110,489
113,094
115,432
117,628
118,774
120,302
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Total Gas ICPs as at half year
28.3
27.5
26.1
28.5
28.9
27.5
25.5
25.7
25.9
25.1
29.1
32.2
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Gas Distribution Lines Revenue $m as at half year

Gas Distribution Adjusted EBITDA
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
H124.523.121.423.823.522.620.820.921.019.223.326.3
H220.215.218.519.520.017.416.316.917.417.122.1
Total44.838.339.943.443.540.037.037.838.436.345.426.3
Capital Contributions
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023H1 FY2024
Electricity11.115.917.519.229.631.038.341.745.465.692.486.1
Gas0.91.51.32.41.22.82.93.35.26.34.16.4
TOTAL12.017.518.821.630.833.841.245.050.671.996.592.5
Capex
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023H1 FY2024
Electricity61.467.769.868.591.0106.2114.9144.9145.9150.9187.0210.1
Gas5.811.612.911.011.213.410.111.111.613.210.49.5
TOTAL67.279.382.879.5102.2119.6125.0156.0157.5164.1197.4219.6
24.5
23.1
21.4
23.8
23.5
22.6
20.8
20.921.0
19.2
23.3
26.3
20.2
15.2
18.5
19.5
20.0
17.4
16.3
16.9
17.4
17.1
22.1
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Gas Distribution Adjusted EBITDA $m
H1H2
11.1
15.9
17.5
19.2
29.6
31.0
38.3
41.7
45.4
65.6
92.4
86.1
0.9
1.5
1.3
2.4
1.2
2.8
2.9
3.3
5.2
6.3
4.1
6.4
H1 FY2013 H1 FY2014 H1 FY2015 H1 FY2016 H1 FY2017 H1 FY2018 H1 FY2019 H1 FY2020 H1 FY2021 H1 FY2022 H1 FY2023 H1 FY2024
Capital Contributions $m
ElectricityGas
61.4
67.7
69.8
68.5
91.0
106.2
114.9
144.9
145.9
150.9
187.0
210.1
5.8
11.6
12.9
11.0
11.2
13.4
10.1
11.1
11.6
13.2
10.4
9.5
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023H1 FY2024
Regulated Capex $m
ElectricityGas
1 From FY2021 ROU assets have been added
1

---

FINANCIAL PERFORMANCE
$MILLION
31-DEC-23
6 MONTHS
31-DEC-22
6 MONTHSCHANGE
30-JUN-23
12 MONTHS
Total revenue – continuing operations
1
571.0559.22.1%1,082.7
Adjusted EBITDA – continuing operations
1
185.0172.57.2%319.2
Adjusted EBIT – continuing operations
1
69.377.7(10.8%)69.5
Net profit – continuing operations
1
21.663.4(65.9%)101.2
Total revenue – discontinued operations54.6185.1(70.5%)368.4
Adjusted EBITDA – discontinued operations7.0101.5(93.1%)204.1
Adjusted EBIT – discontinued operations7.048.9(85.7%)150.7
Net profit – including discontinued operations26.0100.3(74.1%)1,715.8
Operating cash flow – including discontinued operations188.0260.2(27.7%)517.1
FINANCIAL POSTION
$MILLION31-DEC-2331-DEC-22CHANGE30-JUN-23
Total equity3,793.72,434.355.8%3,958.0
Total assets7,278.56,918.35.2%7,527.6
Economic net debt
2
2,139.53,412.0(37.3%)1,933.0
KEY FINANCIAL MEASURES
31-DEC-23
6 MONTHS
31-DEC-22
6 MONTHSCHANGE
30-JUN-23
12 MONTHS
Adjusted EBITDA/ total revenue
1
32.4%30.8%5.2%29.5%
Adjusted EBIT/ total revenue
1
12.1%13.9%(12.9%)6.4%
Equity/total assets52.1%35.2%48.0%52.6%
Return on assets (adjusted EBITDA/assets)
1
2.5%2.5%0.0%4.2%
Gearing
3
36.2%59.0%(38.6%)33.1%
Net interest cover (adjusted EBIT/net interest costs) (times)3.11.963.2%1.5
Earnings (NPAT) per share (cents) – including
discontinued operations2.49.9(75.8%)171.4
Dividends declared, cents per share9.258.2512.1%22.25
1. Excludes contributions from natural gas and metering which are classified as discontinued operations for all periods presented.
2. Economic net debt is borrowings and lease liabilities net of cash and cash equivalents.
3. 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
$625.6 MILLION
Operating cash flow
$188.0 MILLION
Financial overview
Vector Interim Financials 2024
1









.
.
.
.
.
*
.
NET PROFIT
(including discontinued operations)
for the six months ended 31 December
$ MILLION
TOTAL REVENUE
for the six months ended 31 December
$ MILLION

REGULATED NETWORKS

GAS TRADING

CORPORATE AND OTHER
1

DISCONTINUED OPERATIONS – TOTAL

TOTAL GROUP
264.5
273.8
263.6
274.0
192.0
185.4
188.5
172.0
172.5
185.0
20192020202120222023
0
-100
50
100
150
200
250
300
ADJUSTED EBITDA
for the six months ended 31 December
$ MILLION

REGULATED NETWORKS

GAS TRADING

DISCONTINUED OPERATIONS – NATURAL GAS

DISCONTINUED OPERATIONS – METERING

CORPORATE AND OTHER
1


TOTAL GROUP

TOTAL CONTINUING OPERATIONS
Financial performance trends
1. Includes eliminations of transactions between segments, and with discontinued operations.

* Six-months to 31 December 2023 includes $60.6 million of non-cash
impairment.









.
.
.
.
.
.
.
.
..
.
.
.
.
.

Vector Interim Financials 2024
2

CAPITAL EXPENDITURE
for the six months ended 31 December
$ MILLION
OPERATING CASH FLOWS
(including discontinued operations)
for the six months ended 31 December
$ MILLION








.
.
.
.
.
15.1
3.4
219.6
2
0
2
3
2
0
2
2
24.3
197.4
3.4
91.7

REGULATED NETWORKS

GAS TRADING

DISCONTINUED OPERATIONS – METERING

CORPORATE AND OTHER
3,768.4
1,933.0
2
0
2
3
2
0
2
2
3,412.02,371.5
SOURCE OF FUNDING – GEARING
(including discontinued operations)
as at 31 December
$ MILLION

ECONOMIC NET DEBT

ADJUSTED EQUITY
Financial performance trends (continued)
Vector Interim Financials 2024
3

---

INTERIM FINANCIAL STATEMENTSFOR THE SIX MONTHS ENDED

31 DECEMBER 2023

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 2023 are dated
26 February 2024, 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 2023 (unaudited)
2
Vector Interim Financials 2024

Independent Review Report
for the six months ended 31 December 2021



© 2024 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of Vector Limited
Report on the group condensed interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the group
condensed interim financial statements on pages 5
to 22 do not:
i. present fairly in all material respects the
Group’s financial position as at 31
December 2023 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
group condensed interim financial statements which
comprise:
— the group interim balance sheet as at 31
December 2023;
— the group interim 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

We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”). Our responsibilities are further described in
the Auditor’s Responsibilities for the review of the financial statements section of our report.
We are independent of Vector Limited, in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has also provided other services to the group in relation to the annual audit, regulatory assurance
services, other assurance services, agreed upon procedures and compliance services in relation to R&D tax
credit. 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 2024

4
Responsibilities of the Directors for the group
condensed interim financial statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the group condensed interim financial statements in accordance with
NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of group condensed interim 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 group
condensed interim financial statements
Our responsibility is to express a conclusion on the group condensed interim financial statements based on our
review. We conducted our review in accordance with NZ SRE 2410 (Revised). NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the group condensed
interim financial statements are not prepared, in all material respects, in accordance with NZ IAS 34 Interim
Financial Reporting.
A review of group condensed interim financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”) 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.
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) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these
group condensed interim financial statements.
KPMG
Auckland
26 February 2024
4
Vector Interim Financials 2024

NOTE
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Continuing operations:
Revenue4571.0559.21,082.7
Operating expenses4(293.2)(290.0)(575.2)
Depreciation and amortisation(115.7)(101.6)(204.7)
Interest costs (net)(24.5)(67.8)(145.7)
Fair value change on f inancial instruments(6.1)(6.4)(13.2)
Share of net prof it/(loss) in joint ventures7(9.0)––
Impairment of goodwill8(60.0)––
Profit/(loss) before income tax62.593.4143.9
Income tax benef it/(expense)(40.9)(30.0)(42.7)
Net profit/(loss) for the period from continuing
operations21.663.4101.2
Net prof it/(loss) for the period f rom discontinued
operations5,64.436.91,614.6
Net profit/(loss) for the period26.0100.31,715.8
Net profit/(loss) for the period attributable to
Non-controlling interests 1.41.01.5
Owners of the parent – continuing operations20.262.499.7
Owners of the parent – discontinued operations4.436.91,614.6
Basic and diluted earnings per share (cents)
Continuing operations102.06.210.0
Discontinued operations100.43.7161.4
Total102.49.9171.4
Profit or Loss
5
Vector Interim Financials 2024

NOTE
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period26.0100.31,715.8
Other comprehensive income net of
tax- continuing operations
Items that may be re-classif ied subsequently to
prof it or loss:
Net change in fair value of hedge reserves(30.4)4.1(3.0)
Translation of foreign operations (2.2)(10.8)(8.2)
Items that will not be re-classif ied subsequently to
prof it or loss:
Share of other comprehensive income of joint
ventures7(7.9)––
Fair value change on f inancial asset(8.8)(2.2)(3.4)
Other comprehensive income/(loss) for the
period net of tax - continuing operations(49.3)(8.9)(14.6)
Translation of foreign operations- discontinued
operations–(0.8)(3.4)
Total comprehensive income/(loss) for the period
net of tax(23.3)90.61,697.8
Total comprehensive income for the period
attributable to
Non-controlling interests 1.41.01.5
Owners of the parent – continuing operations(29.1)53.585.1
Owners of the parent – discontinued operations4.436.11,611.2
Other Comprehensive Income
6
Vector Interim Financials 2024

Balance Sheet
 NOTE
31 DEC 2023
(UNAUDITED)
$M
31 DEC 2022
(UNAUDITED)
$M
30 JUN 2023
(AUDITED)
$M
CURRENT ASSETS
Cash and cash equivalents26.118.389.9
Short-term deposits302.13.5447.1
Trade and other receivables 159.981.0124.3
Contract assets83.886.785.2
Derivatives92.91.14.3
Inventories22.225.921.1
Contingent consideration10.715.911.5
Intangible assets7.55.38.7
Income tax16.536.233.6
Disposal group held for sale5,69.7907.2–
Total current assets641.41,181.1825.7
NON-CURRENT ASSETS
Receivables1.01.667.4
Derivatives976.9110.8107.8
Contingent consideration39.752.449.4
Investment in joint venture7715.9–727.4
Investment in private equity–10.08.8
Intangible assets81,128.11,181.01,208.1
Property, plant and equipment (PPE)4,519.54,270.84,385.3
Right of use assets (ROU)53.319.255.5
Income tax100.289.389.3
Deferred tax2.52.22.9
Total non-current assets6,637.15,737.36,701.9
Total assets7,278.56,918.47,527.6
7
Vector Interim Financials 2024

Balance Sheet (CONTINUED)
 NOTE
31 DEC 2023
(UNAUDITED)
$M
31 DEC 2022
(UNAUDITED)
$M
30 JUN 2023
(AUDITED)
$M
CURRENT LIABILITIES
Trade and other payables192.5185.8271.2
Provisions1.415.620.6
Borrowings3,9240.1–240.6
Derivatives90.91.80.5
Contract liabilities62.394.572.7
Lease liabilities6.96.18.2
Income tax0.80.21.5
Disposal group held for sale5,6–59.8–
Total current liabilities504.9363.8615.3
NON-CURRENT LIABILITIES
Provisions5.45.05.9
Borrowings3,92,025.63,235.42,028.2
Derivatives9170.9187.7160.3
Contract liabilities7.111.311.0
Lease liabilities55.713.656.8
Deferred tax 715.2667.3692.1
Total non-current liabilities 2,979.94,120.32,954.3
Total liabilities 3,484.84,484.13,569.6
EQUITY
Equity attributable to owners of the parent3,778.12,418.63,942.8
Non-controlling interests in subsidiaries15.615.715.2
Total equity 3,793.72,434.33,958.0
Total equity and liabilities 7,278.56,918.47,527.6
Net tangible assets per share (cents)10264.3123.2272.6
Gearing ratio (%)1036.259.033.1
8
Vector Interim Financials 2024

NOTE
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts f rom customers638.6720.11,409.8
Interest received 6.80.65.8
Payments to suppliers and employees(401.4)(384.0)(713.6)
Interest paid(54.8)(75.0)(164.9)
Income tax paid(1.2)(1.5)(20.0)
Net cash flows from/(used in) operating activities 11188.0260.2517.1
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds f rom sale of PPE 0.60.40.9
Purchase and construction of PPE(234.7)(278.7)(601.5)
Purchase and construction of software intangibles(7.2)(19.3)(37.5)
Proceeds f rom contingent consideration4.68.614.2
Proceeds f rom sale of discontinued operations––1,690.7
Cash balance in sale of discontinued operations––(3.0)
Proceeds f rom sale of investment in associate1.41.51.7
Other investing cash flows(15.5)0.10.3
Net cash flows from/(used in) investing activities (250.8)(287.4)1,065.8
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds f rom borrowings3,9–373.0539.0
Repayment of borrowings3,9–(250.5)(1,425.5)
Dividends paid 3(141.0)(86.4)(169.9)
Lease liabilities payments(5.0)(6.0)(12.0)
Net cash flows from/(used in) financing activities(146.0)30.1(1,068.4)
Net increase/(decrease) in cash and cash equivalents(208.8)2.9514.5
Cash and cash equivalents at beginning of the period537.022.522.5
Cash and cash equivalents at end of the period328.225.4537.0
Cash and cash equivalents comprise:
Bank balances and on-call deposits26.121.989.9
Short term deposits 302.13.5447.1
328.225.4537.0
Cash Flows
Discontinued operations The cash flows above reflect the entire Vector group cash flows for the six
months to 31 December 2023 and comparative periods. Refer to note 5 for
separately disclosed cash flows f rom discontinued operations.
9
Vector Interim Financials 2024

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 2022
(audited) 880.0(0.1)58.710.01,465.416.12,430.1
Net prof it/(loss) for the period––––99.31.0100.3
Other comprehensive income––4.1(13.8)––(9.7)
Total comprehensive income ––4.1(13.8)99.31.090.6
Dividends––––(85.0)(1.4)(86.4)
Total transactions with owners––––(85.0)(1.4)(86.4)
Balance at 31 December 2022880.0(0.1)62.8(3.8)1,479.715.72,434.3
Net prof it/(loss) for the period––––1,615.00.51,615.5
Other comprehensive income––(7.1)(1.2)––(8.3)
Total comprehensive income––(7.1)(1.2)1,615.00.51,607.2
Dividends––––(82.5)(1.0)(83.5)
Total transactions with owners ––––(82.5)(1.0)(83.5)
Balance at 30 June 2023
(audited)880.0(0.1)55.7(5.0)3,012.215.23,958.0
Net prof it/(loss) for the period––––24.61.426.0
Other comprehensive income––(30.4)(18.9)––(49.3)
Total comprehensive income ––(30.4)(18.9)24.61.4(23.3)
Dividends3––––(140.0)(1.0)(141.0)
Total transactions with owners––––(140.0)(1.0)(141.0)
Balance at 31 December 2023880.0(0.1)25.3(23.9)2,896.815.63,793.7

10
Vector Interim Financials 2024

Notes to the Interim Financial Statements
1. Company information
Reporting entityVectorLimited is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the NZX Main Board
(NZSX). 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 2023. 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, 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 2023 Annual Report. The interim financial statements for the six
months ended 31 December 2023 and 31 December 2022 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.
3. Significant transactions and events
Significant transactions and events that have occurred during the six months to 31 December 2023:
Input methodologies reviewOn 13 December 2023, the Commerce Commission released its final
decision on the Input Methodologies Review (“the IM Review”) which is
relevant to Vector’s electricity and gas distribution businesses. The final
decision confirmed a reduction in the weighted average cost of capital
(WACC) percentile for gas distribution businesses f rom 67% to 50%.
Discontinued operations
held for sale
In December 2023 Vector Gas Trading Limited signed a conditional
agreement with Nova Energy Limited for the sale of the remaining
contracts in the natural gas business as at the completion date, 1 July 2024.
Vector expects the conditions to be satisfied prior to completion. Refer to
note 6 for further details.
11
Vector Interim Financials 2024

Notes to the Interim Financial Statements
3. Significant transactions and events (continued)
Regulatory quality thresholdsFor the regulatory year to 31 March 2023, Vector was in breach of SAIDI due
to the network outages relating to cyclone Gabrielle and the Auckland
floods of March 2023.
Vector and other electricity distribution businesses are in discussions with
the Commission regarding treatment of these exceptional events f rom a
regulatory perspective. We were tracking well below the regulatory SAIDI
limits up to the 27 January 2023 floods. Our view is that given the
exceptional nature of the flood and cyclone events there is sufficient
uncertainty as to whether the Commission will take any action in relation to
the 2023 technical breach of SAIDI, that the criteria for raising a provision
has not been met.
Loss rental rebatesVector distributed loss rental rebates (“LRRs”) of $17.9 million to customers
on the Vector electricity network in September and October 2023 at
$30 per customer.
The new transmission pricing methodology (TCM) came into force on
1 April 2023. Under the new TCM, distributors are required to pass through
settlement residue to their customers, being retailers or directly billed
customers on a monthly basis. Therefore, Vector is no longer able to apply
LRRs to offset volume shortfalls, or distribute LRRs to end users.
Debt programmeDuring the six months ended 31 December 2023, the group made no
drawdowns (six months to 31 December 2022: drew down a net of
$373.0 million) f rom the bank facilities.
DividendsVector Limited’s final dividend (including special dividend) for the year
ended 30 June 2023 of 14.00 cents per share was paid on 14 September
2023. Both of these dividends were unimputed. The total dividend paid was
$140.0 million.
Liquigas Limited, a subsidiary of the group, paid dividends of $1.0 million to
the company’s non-controlling interests during the six months to 31
December 2023.
4. Segment information
SegmentsVector reports on two reportable segments in accordance with NZ IFRS 8
Operating Segments. The reportable segments are:
The reportable segments are:
Regulated Networks Auckland electricity and gas distribution services.
Gas Trading Natural gas and LPG sales, storage, and transportation.
Since Vector’s Annual Report for the year ended 30 June 2023, the natural
gas business has been reclassified as held for sale and is no longer included
in the Gas Trading segment. Details of the natural gas business can be
found in note 6. Comparative information has been updated to reflect
this change. There have been no other changes to the two segments
and policies.
12
Vector Interim Financials 2024

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2023
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
TOTAL
$M
External revenue:
Sales 376.568.3444.8
Third party contributions92.5–92.5
Segment revenue469.068.3537.3
External expenses:
Electricity transmission expenses(93.9)–(93.9)
Gas purchases and production expenses–(33.7)(33.7)
Network and asset maintenance (41.5)(3.6)(45.1)
Employee benef it expenses(10.8)(5.9)(16.7)
Other expenses(29.0)(12.4)(41.4)
Segment operating expenses(175.2)(55.6)(230.8)
Segment EBITDA293.812.7306.5
Depreciation and amortisation(84.5)(5.6)(90.1)
Impairment of goodwill(60.0)–(60.0)
Segment profit/(loss)149.37.1156.4
Segment capital expenditure219.63.4223.0
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
31 DEC 2023
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information537.3156.4223.0
Elimination of transactions with discontinued operations(2.2)–
Amounts not allocated to segments:
Revenue 35.635.6–
Third party contributions0.30.3–
Employee benef it expenses–(31.5)–
Other operating expenses–(40.5)–
Elimination of transactions with segments–7.4–
Depreciation and amortisation –(25.6)–
Interest costs (net)–(24.5)–
Fair value change on f inancial instruments–(6.1)–
Share of net prof it/(loss) in joint ventures–(9.0)–
Capital expenditure––15.1
Reported in the financial statements571.062.5238.1
13
Vector Interim Financials 2024

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2022
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
TOTAL
$M
External revenue:
Sales 349.662.8412.4
Third party contributions96.5–96.5
Other19.3–19.3
Segment revenue465.462.8528.2
External expenses:
Electricity transmission expenses(91.5)–(91.5)
Gas purchases and production expenses–(36.0)(36.0)
Network and asset maintenance (34.8)(3.4)(38.2)
Employee benefit expenses(8.8)(5.7)(14.5)
Other expenses(36.8)(11.9)(48.7)
Segment operating expenses(171.9)(57.0)(228.9)
Segment EBITDA293.55.8299.3
Depreciation and amortisation(78.8)(5.5)(84.3)
Segment profit/(loss)214.70.3215.0
Segment capital expenditure197.43.4200.8
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
31 DEC 2022
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information528.2215.0200.8
Elimination of transactions with discontinued operations(3.9)––
Amounts not allocated to segments:
Revenue 34.734.7–
Third party contributions0.20.2–
Employee benef it expenses–(31.4)–
Other operating expenses–(39.6)–
Elimination of transactions with segments–6.0–
Depreciation and amortisation –(17.3)–
Interest costs (net)–(67.8)–
Fair value change on f inancial instruments–(6.4)–
Capital expenditure––24.3
Reported in the financial statements559.293.4225.1
14
Vector Interim Financials 2024

Notes to the Interim Financial Statements
4. Segment information (continued)
30 JUN 2023
12 MONTHS (AUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
TOTAL
$M
External revenue:
Sales 690.4118.8809.2
Third party contributions187.3–187.3
Other27.7–27.7
Segment revenue905.4118.81,024.2
External expenses:
Electricity transmission expenses(184.2)–(184.2)
Gas purchases and production expenses–(67.1)(67.1)
Network and asset maintenance (75.2)(6.5)(81.7)
Employee benef it expenses(18.4)(11.3)(29.7)
Other expenses(68.7)(22.9)(91.6)
Segment operating expenses(346.5)(107.8)(454.3)
Segment EBITDA558.911.0569.9
Depreciation and amortisation(157.7)(11.0)(168.7)
Segment profit/(loss)401.2–401.2
Segment capital expenditure422.69.5432.1
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
30 JUN 2023
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information1,024.2401.2432.1
Elimination of transactions with discontinued operations(7.6)––
Amounts not allocated to segments:
Revenue 65.165.1–
Third party contributions1.01.0–
Employee benefit expenses–(62.5)–
Other operating expenses–(78.1)–
Elimination of transactions with segments–12.1–
Depreciation and amortisation –(36.0)–
Interest costs (net)–(145.7)–
Fair value change on financial instruments–(13.2)–
Capital expenditure––80.6
Reported in the financial statements1,082.7143.9512.7
15
Vector Interim Financials 2024

Notes to the Interim Financial Statements
5. Discontinued operations held for sale
On 30 June 2023, Vector completed the sale of a 50% interest in its
New Zealand and Australian metering business to investment vehicles
managed and advised by QIC Private Capital Pty Limited (QIC).
The assets and liabilities of the metering operations were presented as
a disposal group held for sale in the interim financial statements for the
six months ended 31 December 2022.
The disposal group was presented as discontinued operations in the
interim financial statements for the six months ended 31 December 2022
as well as in the 2023 Annual Report. The profit or loss shows these periods
as comparatives.
6. Discontinued operations held for sale
In December 2023 Vector Gas Trading Limited signed a conditional
agreement with Nova Energy Limited for the sale of the remaining
contracts in the natural gas business as at the completion date, 1 July 2024.
Vector expects the conditions to be satisfied prior to completion.
Vector has determined that the natural gas business meets the criteria to
be classified as non-current assets held for sale, and this classification has
been made f rom December 2023. The assets of the natural gas business
relating to the contracts to be sold are presented in the balance sheet of
the interim financial statements as a disposal group held for sale.
The natural gas business was previously included in the group gas trading
segment. The result of the disposal group for the six months to 31 December
2023 is presented in the profit or loss of the interim financial statements as
discontinued operations. Comparatives have been restated to show the
discontinued operations separately f rom continuing operations.
Profit and loss of discontinued operations – natural gas
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Revenue54.656.8109.6
Operating expenses(47.6)(49.9)(93.7)
Depreciation and amortisation–(0.1)(0.1)
Impairment(0.6)––
Profit/(loss) before income tax6.46.815.8
Income tax benef it/(expense) (2.0)(1.9)(4.4)
Net profit/(loss) for the period attributable to owners
of the parent4.44.911.4
16
Vector Interim Financials 2024

Notes to the Interim Financial Statements
Profit and loss of discontinued operations – natural gas
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Capital expenditure of discontinued operations – natural gas–––
Cash flows from discontinued operations – natural gas
Net cash flows f rom/(used in) operating activities7.12.213.1
Net cash inflow/(outflow)7.12.213.1
Disposal group held for sale
31 DEC 2023
(UNAUDITED)
$M
Assets
Intangible assets9.7
Total disposal group assets held for sale9.7
PoliciesVector classifies a disposal group as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use. The disposal group is measured at the lower of carrying
amount and fair value less costs to sell.
The two criteria that must be met to classify a disposal group as held for
sale are:
– The disposal group is available for immediate sale in its present
condition; and
– The sale transaction is highly probable.
A disposal group held for sale is also reported as discontinued operations if
it meets the below criteria:
– It is a component of the groups’ business, the operations and cash flows
of which can be clearly distinguished f rom the rest of the group.
– It represents a separate major line of business or geographical area of
operations.
Impairment on
reclassification to
held for sale
The goodwill allocated to the natural gas business has been reclassified
as held for sale at 31 December 2023, resulting in an impairment of
$0.6 million.
6. Discontinued operations held for sale (continued)
17
Vector Interim Financials 2024

Notes to the Interim Financial Statements
7. Investment in joint venture
EQUITY INTEREST HELD
INVESTEEPRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
31 DEC
2023
31 DEC
2022
30 JUN
2023
Bluecurrent
Bluecurrent Holdings NZ LimitedHolding companyNew Zealand50%–50%
Bluecurrent Holdings (Australia)
Pty LtdHolding companyAustralia50%–50%
Movement in the carrying amount of joint venture
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
$M
Opening carrying value727.4––
Fair value recognised through sale of 50% interest in
metering operations––498.4
Shareholder loans5.4–229.0
Share of net prof it/(loss)(9.0)––
Share of other comprehensive income(7.9)––
Closing carrying value715.9–727.4
PoliciesA joint venture is where Vector shares joint control over an entity or group
of entities and has rights to the net assets of the arrangement.
Investments in joint ventures are accounted for using the equity method.
BluecurrentVector’s interest in Bluecurrent consists of a 50% ownership of Bluecurrent
Holdings NZ Limited and Bluecurrent Holdings (Australia) Pty Limited
respectively which is jointly controlled with QIC Private Capital Pty
Limited (QIC).
Vector has assessed that the contractual arrangement governing
Bluecurrent meets the criteria of a joint venture.
18
Vector Interim Financials 2024

Notes to the Interim Financial Statements
8. 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 2023, CGUs within the group are: electricity, gas
distribution, natural gas, LPG, Liquigas, Fibre, Vector Technology Solutions
(VTS) and E-Co Products. Management performed impairment assessments
on electricity, gas distribution, natural gas, LPG, and Liquigas CGUs at 31
December 2023. The remaining CGUs are to be assessed at 30 June 2024.
No impairment was found for the electricity, LPG and Liquigas CGUs.
The group has recognised an impairment loss of $60.0 million in respect of
goodwill allocated to the gas distribution CGU. The impairment reflects the
Commerce Commission’s final Input Methodology decision which resulted
in a reduction in the weighted average cost of capital (WACC) percentile for
gas distribution businesses f rom 67% to 50%. This results in a decrease in
future revenues for the gas distribution CGU.
The recoverable amount of the gas distribution CGU has been determined
based on value in use. Post-tax discount rates of between 6.6% and 6.9%
(31 December 2022: 6.5% and 6.8%) have been applied in determining the
recoverable amount for the gas distribution CGU.
We have previously disclosed the risks and uncertainty associated with the
Government’s Emissions Reduction Plan (ERP), possible implications for the
gas industry and therefore the risk that Vector’s gas assets may need to be
impaired in the future. We are waiting for further information f rom the new
Government on the ERP so we can assess any implications on the carrying
value of Vector’s gas assets. Vector has $149.7 million of goodwill allocated
to its gas businesses at 31 December 2023.
9. Borrowings and derivatives

NET DERIVATIVES
$M
BORROWINGS
$M
Balance at 30 June 2023 (audited)(48.7)(2,268.8)
Fair value movements:
Foreign exchange rates(41.1)41.1
Interest rates and other fair value changes(2.2)(38.0)
Balance at 31 December 2023 (unaudited)(92.0)(2,265.7)
Fair value at 31 December 2023 (unaudited)(92.0)(2,299.7)
PoliciesThe carrying value of borrowings includes the principal converted at
contract rates (face value), unamortised costs, and a fair value adjustment
for the component of risk that is hedged. The carrying values of derivatives
are the fair values excluding any interest receivable or payable, which is
separately presented in the balance sheet in other receivables or
other payables.
The fair value of borrowings and derivatives is calculated by discounting the
future contractual cash flows at current market rates that are available for
similar financial instruments. Borrowings and derivatives are classified as
level 2 on the fair value hierarchy.
19
Vector Interim Financials 2024

Notes to the Interim Financial Statements
10. Financial ratios
Basic and diluted earnings per share
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Net prof it f rom continuing operations attributable to
owners of the parent20.262.499.7
Net prof it f rom discontinued operations attributable to
owners of the parent4.436.91,614.6
Net profit attributable to owners of the parent24.699.31,714.3
Weighted average ordinary shares outstanding during
the period (no. of shares)999,973,657999,973,657999,973,657
Earnings per share f rom continuing operations2.0 cents6.2 cents10.0 cents
Earnings per share f rom discontinued operations0.4 cents3.7 cents161.4 cents
Total earnings per share2.4 cents9.9 cents171.4 cents
Net tangible assets per share
31 DEC 2023
(UNAUDITED)
$M
31 DEC 2022
(UNAUDITED)
$M
30 JUN 2023
(AUDITED)
$M
Net assets attributable to owners of the parent 3,778.12,418.63,942.8
Less total intangible assets (1,135.6)(1,186.3)(1,216.8)
Total net tangible assets2,642.51,232.32,726.0
Ordinary shares outstanding (number of shares)999,973,657999,973,657999,973,657
Net tangible assets per share264.3 cents123.2 cents272.6 cents
Economic net debt to economic net debt plus adjusted
equity ratio (“gearing ratio”)
31 DEC 2023
(UNAUDITED)
$M
31 DEC 2022
(UNAUDITED)
$M
30 JUN 2023
(AUDITED)
$M
Face value of borrowings 2,405.13,414.12,405.1
Lease liabilities62.619.765.0
Less cash and cash equivalents(328.2)(21.8)(537.0)
Economic net debt2,139.53,412.01,933.1
Total equity3,793.72,434.33,958.0
Adjusted for hedge reserves(25.3)(62.8)(55.7)
Adjusted equity3,768.42,371.53,902.3
Economic net debt plus adjusted equity5,907.95,783.55,835.4
Gearing ratio36.2%59.0%33.1%
20
Vector Interim Financials 2024

Notes to the Interim Financial Statements
11. Cash flows
Reconciliation of net profit/(loss) to net cash flows
from/(used in) operating activities including
discontinued operations
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
30 JUN 2023
12 MONTHS
(AUDITED)
$M
Net prof it/(loss) for the period:26.0100.31,715.8
Items associated with sale of discontinued operations
Gain on sale of discontinued operations classif ied as
investing activities––(1,509.9)
Costs of sale of discontinued operations classif ied as
operating activities––(30.1)
Items associated with investing activities
Items associated with investing activities20.4(20.5)(31.6)
Non-cash items
Depreciation and amortisation115.7154.2258.1
Non-cash portion of interest costs (net)(8.2)(3.6)(7.1)
Fair value change on f inancial instruments6.16.413.2
Associates (share of net (prof it)/loss)9.0––
Impairment60.6––
Increase/(decrease) in deferred tax 35.334.159.3
Increase/(decrease) in provisions(19.1)(6.4)(0.6)
Other non-cash items3.4(12.1)2.7
202.8172.6325.6
Changes in assets and liabilities
Trade and other payables(84.9)9.697.1
Contract liabilities(14.3)(9.6)(31.7)
Contract assets1.4(3.4)(2.1)
Inventories(1.1)(1.7)3.1
Trade and other receivables 31.46.5(27.5)
Income tax 6.36.48.4
(61.2)7.847.3
Net cash flows from/(used in) operating activities including
discontinued operations188.0260.2517.1
21
Vector Interim Financials 2024

Notes to the Interim Financial Statements
12. Capital commitments
31 DEC 2023
(UNAUDITED)
$M
31 DEC 2022
(UNAUDITED)
$M
30 JUN 2023
(AUDITED)
$M
Capital commitments at end of period - continuing operations170.4164.2138.4
Capital commitments at end of period -
discontinued operations–63.6–
Total capital commitments170.4227.8138.4
Capital commitmentsCapital commitments includes capital expenditure which has been
committed to, but not provided for at balance date.
13. Related party transactions
Majority shareholder
transactions
Vector Limited has paid its majority shareholder, Entrust, dividends of $105.1
million during the period (six months ended December 2022: $63.8 million,
12 months ended 30 June 2023: $125.8 million). Vector has also paid $10.7
million of loss rental rebates to Entrust during the period, which were
distributed to network customers.
Outstanding balancesAt 31 December 2023, the group has no material outstanding balances due
to or f rom related parties of the group (31 December 2022 and 30 June 2023:
not material).
14. 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.
15. Events after the end of the period
Interim dividendOn 26 February 2024, the board declared an unimputed interim dividend
for the year ended 30 June 2024 of 9.25 cents per share.
No adjustment is required to these interim financial statements in respect
of this event.
Financial statements
approval
The interim financial statements were approved by the board of directors
on 26 February 2024.
22
Vector Interim Financials 2024

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 f rom 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-2023
6 MONTHS
$M
31-DEC-2022
6 MONTHS
$M
Reported net profit for the period (GAAP)- continuing operations21.6 63.4
Add back: net interest costs24.5 67.8
Add back: tax (benef it)/expense40.9 30.0
Add back: depreciation and amortisation115.7 101.6
Add back: impairment60.0 -
EBITDA – continuing operations262.7 262.8
Adjusted for:
Associates (share of net (prof it)/loss)9.0 -
Capital contributions(92.8)(96.7)
Fair value change on f inancial instruments6.1 6.4
Adjusted EBITDA- continuing operations185.0 172.5
Adjusted EBITDA- discontinued operations7.0 101.5
Total group adjusted EBITDA192.0 274.0
23
Vector Interim Financials 2024

Segment adjusted EBITDA20232022
SIX MONTHS ENDED
31 DECEMBER
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
Gas Trading
12.7
- 12.7
5.8 -
5.8
Regulated segment293.8 (92.5)201.3 293.5 (96.5)197.0
TOTAL REPORTED
SEGMENTS
306.5 (92.5)214.0 299.3 (96.5)202.8
Corporate and other(43.8)14.8 (29.0)(36.5)6.2 (30.3)
TOTAL- CONTINUING
OPERATIONS262.7 (77.7)185.0 262.8 (90.3)172.5
TOTAL- DISCONTINUED
OPERATIONS7.0 - 7.0 101.5 - 101.5
Total group269.7 (77.7)192.0 364.3 (90.3)274.0
GAAP TO NON-GAAP RECONCILIATION (CONTINUED)
24
Vector Interim Financials 2024

Calendar and Directory
FINANCIAL CALENDAR
2024
Record date for interim dividend28 March
Interim dividend paid 9 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
110 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

VEC256
25
Vector Interim Financials 2024

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 2023
Previous Reporting Period 6 MONTHS TO 31 DECEMBER 2022
Currency NEW ZEALAND DOLLAR
Amount (000s) Percentage change
Revenue from continuing
operations
$571,061 +2.1%
Total Revenue $625,611 -15.9%
Net profit/(loss) from continuing
operations excluding non-
controlling interests
$20,188 -67.7%
Total net profit/(loss) excluding
non-controlling interests
$24,601 -75.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.09250000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 28 March 2024
Dividend Payment Date 09 April 2024
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.643 $1.232
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Refer to accompanying unaudited interim 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

27/02/2024

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 28/03/2024
Ex-Date (one business day before the
Record Date)
27/03/2024
Payment date (and allotment date for
DRP)
09/04/2024
Total monies associated with the
distribution
$92,500,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NEW ZEALAND DOLLARS
Section 2: Distribution amounts per financial product
Gross distribution $0.09250000
Gross taxable amount $0.09250000
Total cash distribution $0.09250000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.0000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.03052500
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

27/02/2024