NZX Governance Explorer

How Meridian Energy Limited makes money

Where MEL’s revenue went in FY2013: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. MEL company profile

How Meridian Energy Limited makes money — FY2013

Revenue $2.7b · EBITDA $584.8m (21.6% of revenue) · Net profit $295.1m (10.9% of revenue) · Financial year ending June (from the issuer record)

Meridian Energy Limited (MEL) FY2013: where revenue of $2.7b wentRevenue → EBITDA: $584.8mRevenue → Operating costs (net of other income): $2.1bEBITDA → EBIT: $340.3mEBITDA → Depreciation & amortisation: $244.5mEBIT → Net profit: $295.1mEBIT → Interest: $45.2mOther items (net gain) → Interest: $68.3mOther items (net gain) → Income tax: $132.2mRevenue: $2.7bRevenue$2.7bEBITDA: $584.8mEBITDA$584.8mOperating costs (net of other income): $2.1b (derived)Operating costs (net ofother income)$2.1b · derivedEBIT: $340.3m (derived)EBIT$340.3m · derivedDepreciation & amortisation: $244.5mDepreciation &amortisation$244.5mOther items (net gain): $200.5m (balancing item)Other items (net gain)$200.5m · balancingNet profit: $295.1mNet profit$295.1mInterest: $113.5mInterest$113.5mIncome tax: $132.2mIncome tax$132.2m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Meridian Energy Limited FY2013 figures used in the chart
FY2013AmountStatusNote
Revenue$2.7bReported
Operating costs (net of other income)−$2.1bDerived *Reported operating expenses $245.4m do not reconcile; not used.
EBITDA$584.8mReported
Depreciation & amortisation−$244.5mReported
EBIT$340.3mDerived *Reported EBIT $498.1m does not reconcile to EBITDA − D&A.
Interest (net finance costs)−$113.5mReported
Income tax−$132.2mReported
Other items (net gain)+$200.5mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$295.1mReported
  • * ebit: $340.3m = EBITDA − D&A (reported EBIT $498.1m differs; the gap falls into Other items)
  • * operating costs: $2.1b = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($2,711.2m) vs the summary table ($2,711.2m): agree within 2%.
  • Not met: EBITDA − D&A = $340.3m vs reported EBIT $498.1m: does not reconcile.
  • Not met: Reported operating expenses ($245.4m) leave $2,465.8m, not EBITDA of $584.8m (gap $1,881m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $200.5m is 7.4% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

EBITDA bridge, FY2012 → FY2013

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

MEL EBITDA bridge FY2012 to FY2013FY2012 EBITDA: $476.6m$476.6mFY2012 EBITDARevenue change: +$141.0m+$141.0mRevenue changeCost change (derived): −$32.8m−$32.8mCost change (derived)FY2013 EBITDA: $584.8m$584.8mFY2013 EBITDA
MEL EBITDA bridge FY2012 to FY2013: figures
StepFY2012FY2013Effect on EBITDAStatus
FY2012 EBITDA$476.6m$476.6mAs charted
Revenue$2,570.2m$2,711.2m+$141.0mReported
Operating costs (net, derived)$2,093.6m$2,126.4m−$32.8mDerived: revenue − EBITDA
FY2013 EBITDA$584.8m$584.8mAs charted

$476.6m +$141.0m −$32.8m = $584.8m, which equals FY2013 EBITDA of $584.8m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2012 to FY2013

MeasureFY2012FY2013ChangeChange %
Revenue$2.6b$2.7b+$141.0m+5.5%
EBITDA$476.6m$584.8m+$108.2m+22.7%
Net profit$74.6m$295.1m+$220.5m+295.4%
EBITDA margin18.5%21.6%+3.0 pts—
Net margin2.9%10.9%+8.0 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (9 of 9 years from FY2017). The shaded line is the median of 7 other listed Utilities operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
MEL ebitda margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: MEL 33.4%; peer median — (1)FY2018: MEL 24.1%; peer median 28.3% (2)FY2019: MEL 24.0%; peer median 39.2% (3)FY2020: MEL 25.1%; peer median 29.0% (4)FY2021: MEL 17.0%; peer median 11.1% (3)FY2022: MEL 19.1%; peer median 15.5% (3)FY2023: MEL 24.3%; peer median — (1)FY2024: MEL 18.6%; peer median 25.6% (3)FY2025: MEL 12.6%; peer median 23.9% (4)
EBIT margin
MEL ebit margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: MEL 15.3%; peer median — (1)FY2018: MEL 13.8%; peer median 4.4% (3)FY2019: MEL 16.1%; peer median 20.5% (3)FY2020: MEL 15.9%; peer median 14.8% (4)FY2021: MEL 9.9%; peer median 7.9% (3)FY2022: MEL 11.2%; peer median 5.2% (3)FY2023: MEL 15.2%; peer median 6.7% (2)FY2024: MEL 11.8%; peer median 11.8% (3)FY2025: MEL 3.4%; peer median 13.8% (4)
Net margin
MEL net margin by financial year, with peer median-10%15%40%FY17FY18FY20FY22FY24FY25FY2017: MEL 10.1%; peer median — (1)FY2018: MEL 7.3%; peer median 1.8% (3)FY2019: MEL 9.7%; peer median 4.8% (3)FY2020: MEL 5.2%; peer median 4.6% (4)FY2021: MEL 10.0%; peer median 3.0% (3)FY2022: MEL 17.9%; peer median 7.8% (3)FY2023: MEL 2.9%; peer median 4.6% (2)FY2024: MEL 8.8%; peer median 7.0% (3)FY2025: MEL -9.3%; peer median 7.1% (4)

MEL   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

MEL margins by year with peer medians
YearEBITDA margin: MEL · peer median (n)EBIT margin: MEL · peer median (n)Net margin: MEL · peer median (n)Note
FY201733.4%— (1)15.3%— (1)10.1%— (1)
FY201824.1%28.3% (2)13.8%4.4% (3)7.3%1.8% (3)
FY201924.0%39.2% (3)16.1%20.5% (3)9.7%4.8% (3)
FY202025.1%29.0% (4)15.9%14.8% (4)5.2%4.6% (4)
FY202117.0%11.1% (3)9.9%7.9% (3)10.0%3.0% (3)
FY202219.1%15.5% (3)11.2%5.2% (3)17.9%7.8% (3)
FY202324.3%— (1)15.2%6.7% (2)2.9%4.6% (2)
FY202418.6%25.6% (3)11.8%11.8% (3)8.8%7.0% (3)
FY202512.6%23.9% (4)3.4%13.8% (4)-9.3%7.1% (4)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2009: Figures were not read from a filed annual report (source: not recorded).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

Get NZX governance insights in your inbox

Weekly digest of board changes, insider trades, and market signals. No spam. Unsubscribe anytime.