NZX Governance Explorer

How Tower Limited makes money

Where TWR’s revenue went in FY2016: operating costs, depreciation, interest and tax, and what was left as net loss. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. TWR company profile

How Tower Limited makes money — FY2016

Revenue $266.2m · EBITDA $26.2m (9.8% of revenue) · Net loss $21.5m (-8.1% of revenue) · Financial year ending September (from the issuer record)

Tower Limited (TWR) FY2016: where revenue of $266.2m wentRevenue → EBITDA: $26.2mRevenue → Operating costs (net of other income): $240.0mEBITDA → EBIT: $19.8mEBITDA → Depreciation & amortisation: $6.4mEBIT → Other items (net cost): $19.8mIncome tax credit → Other items (net cost): $4.9mNet loss → Other items (net cost): $21.5mRevenue: $266.2mRevenue$266.2mEBITDA: $26.2m (derived)EBITDA$26.2m · derivedOperating costs (net of other income): $240.0m (derived)Operating costs (net ofother income)$240.0m · derivedEBIT: $19.8mEBIT$19.8mDepreciation & amortisation: $6.4mDepreciation &amortisation$6.4mIncome tax credit: $4.9mIncome tax credit$4.9mNet loss: $21.5mNet loss$21.5mOther items (net cost): $46.2m (balancing item)Other items (net cost)$46.2m · balancing

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).

Tower Limited FY2016 figures used in the chart
FY2016AmountStatusNote
Revenue$266.2mReported
Operating costs (net of other income)−$240.0mDerived *Reported operating expenses $87.4m do not reconcile; not used.
EBITDA$26.2mDerived *
Depreciation & amortisation−$6.4mReported
EBIT$19.8mReported
Interest (net finance costs)−$0Reported
Income tax credit+$4.9mReported
Other items (net cost)−$46.2mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net loss-$21.5mReported
  • * ebitda: $26.2m = EBIT + depreciation & amortisation
  • * operating costs: $240.0m = 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 ($266.2m) vs the summary table ($266.2m): agree within 2%.
  • Passed: EBITDA − D&A = $19.8m vs reported EBIT $19.8m: reconciles.
  • Not met: Reported operating expenses ($87.4m) leave $178.8m, not EBITDA of $26.2m (gap $152.6m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item -$46.2m is 17.4% 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.

Annual report: Annual Report (PDF, NZX)

Year-on-year EBITDA bridge (FY2015 → FY2016)

Bridge not available: EBITDA isn't a meaningful measure for banks, insurers and property trusts; sector-specific measures (net interest margin, combined ratio, FFO) are not yet held.

What changed from FY2015 to FY2016

MeasureFY2015FY2016ChangeChange %
Revenue$305.6m$266.2m−$39.4m−12.9%
EBITDA$44.3m$26.2m−$18.1m−40.9%
Net profit-$6.6m-$21.5m−$14.9mn/m
EBITDA margin14.5%9.8%−4.7 pts—
Net margin-2.2%-8.1%−5.9 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

Net profit as a share of revenue for each year whose figures passed the checks (7 of 9 years from FY2017). The shaded line is the median of 0 other listed Financials insurers, 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.

Net margin
TWR net margin by financial year, with peer median-10%5%20%FY17FY18FY20FY22FY24FY25FY2017: TWR -2.6%; peer median — (0)FY2018: not charted — operating lossFY2019: not charted — unexplained residualFY2020: TWR 3.3%; peer median — (0)FY2021: TWR 4.9%; peer median — (0)FY2022: TWR 4.5%; peer median — (0)FY2023: TWR -0.3%; peer median — (0)FY2024: TWR 13.4%; peer median — (0)FY2025: TWR 14.1%; peer median — (0)

TWR   peer median   below the axis: year not charted (reason in the table).

TWR margins by year with peer medians
YearNet margin: TWR · peer median (n)Note
FY2017-2.6%— (0)
FY2018—— (0)Not charted: operating loss
FY2019—— (0)Not charted: unexplained residual
FY20203.3%— (0)
FY20214.9%— (0)
FY20224.5%— (0)
FY2023-0.3%— (0)
FY202413.4%— (0)
FY202514.1%— (0)

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.

  • FY2019: After placing every reported line, $312m (103% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
  • FY2018: EBIT is -$7.5m. This layout does not draw an operating loss.

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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.

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