How Vector Limited makes money
Where VCT’s revenue went in FY2024: 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. VCT company profile
How Vector Limited makes money — FY2024
Revenue $1.1b · EBITDA $365.2m (32.0% of revenue) · Net profit $79.9m (7.0% of revenue) · Balance date 30 June 2024
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).
| FY2024 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $1.1b | Reported | |
| Operating costs (net of other income) | −$776.0m | Derived * | |
| EBITDA | $365.2m | Reported | |
| Depreciation & amortisation | −$230.8m | Reported | |
| EBIT | $134.4m | Reported | |
| Interest | — | Not reported | Included in the balancing item. |
| Income tax | — | Not reported | Included in the balancing item. |
| Interest, tax and other items (net cost) | −$54.5m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $79.9m | Reported |
- * operating costs: $776.0m = 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 ($1,141.2m) vs the summary table ($1,141.2m): agree within 2%.
- Passed: EBITDA − D&A = $134.4m vs reported EBIT $134.4m: reconciles.
- Not met: Operating expenses not recorded; costs derived as revenue minus operating profit.
- Passed: Balancing item -$54.5m is 4.8% 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: 2024 Annual Report (PDF, NZX)
Year-on-year EBITDA bridge (FY2023 → FY2024)
Bridge not available: FY2023 is not charted: EBITDA is recorded but neither EBIT nor depreciation is, so the step from operating profit to net profit cannot be placed.
Margins over time
EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (8 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.
VCT peer median below the axis: year not charted (reason in the table). All panels share one scale.
| Year | EBITDA margin: VCT · peer median (n) | EBIT margin: VCT · peer median (n) | Net margin: VCT · peer median (n) | Note | |||
|---|---|---|---|---|---|---|---|
| FY2017 | 38.7% | — (1) | 30.7% | — (1) | 13.8% | — (1) | |
| FY2018 | 40.9% | 19.9% (2) | 13.3% | 4.4% (3) | 11.3% | 1.8% (3) | |
| FY2019 | 39.2% | 24.0% (3) | 20.5% | 16.1% (3) | 6.4% | 4.8% (3) | |
| FY2020 | 44.3% | 19.4% (4) | 24.0% | 10.8% (4) | 7.5% | 3.5% (4) | |
| FY2021 | 49.6% | 11.1% (3) | 28.5% | 7.9% (3) | 15.2% | 3.0% (3) | |
| FY2022 | 50.2% | 15.5% (3) | 28.6% | 5.2% (3) | 12.0% | 7.8% (3) | |
| FY2023 | — | 23.2% (2) | — | 11.3% (3) | — | 2.9% (3) | Not charted: no EBITDA/EBIT split |
| FY2024 | 32.0% | 18.6% (3) | 11.8% | 11.8% (3) | 7.0% | 8.5% (3) | |
| FY2025 | 36.3% | 17.6% (4) | 15.4% | 9.1% (4) | 14.0% | 2.3% (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.
- FY2023: EBITDA is recorded but neither EBIT nor depreciation is, so the step from operating profit to net profit cannot be placed.
- FY2009: Figures were not read from a filed annual report (source: not recorded).
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.