NZX Governance Explorer

How Vulcan Steel Limited makes money

Where VSL’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. VSL company profile

How Vulcan Steel Limited makes money — FY2024

Revenue $1.1b · EBITDA $147.6m (13.9% of revenue) · Net profit $40.0m (3.8% of revenue) · Balance date 30 June 2024

Vulcan Steel Limited (VSL) FY2024: where revenue of $1.1b wentRevenue → EBITDA: $147.6mRevenue → Operating costs (net of other income): $916.7mEBITDA → EBIT: $99.0mEBITDA → Depreciation & amortisation: $48.6mEBIT → Net profit: $40.0mEBIT → Interest: $40.1mEBIT → Income tax: $18.9mRevenue: $1.1bRevenue$1.1bEBITDA: $147.6mEBITDA$147.6mOperating costs (net of other income): $916.7m (derived)Operating costs (net ofother income)$916.7m · derivedEBIT: $99.0mEBIT$99.0mDepreciation & amortisation: $48.6mDepreciation &amortisation$48.6mNet profit: $40.0mNet profit$40.0mInterest: $40.1mInterest$40.1mIncome tax: $18.9mIncome tax$18.9m

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).

Vulcan Steel Limited FY2024 figures used in the chart
FY2024AmountStatusNote
Revenue$1.1bReported
Operating costs (net of other income)−$916.7mDerived *Reported operating expenses $227.4m do not reconcile; not used.
EBITDA$147.6mReported
Depreciation & amortisation−$48.6mReported
EBIT$99.0mReported
Interest (net finance costs)−$40.1mReported
Income tax−$18.9mReported
Other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$40.0mReported
  • * operating costs: $916.7m = 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 ($1,064.3m) vs the summary table ($1,064.3m): agree within 2%.
  • Passed: EBITDA − D&A = $99m vs reported EBIT $99m: reconciles.
  • Not met: Reported operating expenses ($227.4m) leave $836.9m, not EBITDA of $147.6m (gap $689.3m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% 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 10 March 2026.

Annual report: FY24 – Annual Report and Financial Statements (PDF, NZX)

Year-on-year EBITDA bridge (FY2023 → FY2024)

Bridge not available: FY2023 is not charted: Figures were not read from a filed annual report (source: not recorded).

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (2 of 5 years from FY2021). The shaded line is the median of 8 other listed Materials 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
VSL ebitda margin by financial year, with peer median-10%5%20%FY21FY22FY23FY24FY25FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: VSL 13.9%; peer median — (1)FY2025: VSL 11.8%; peer median — (1)
EBIT margin
VSL ebit margin by financial year, with peer median-10%5%20%FY21FY22FY23FY24FY25FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: VSL 9.3%; peer median 1.1% (2)FY2025: VSL 9.9%; peer median — (1)
Net margin
VSL net margin by financial year, with peer median-10%5%20%FY21FY22FY23FY24FY25FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: VSL 3.8%; peer median -1.2% (2)FY2025: VSL 1.7%; peer median — (1)

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

VSL margins by year with peer medians
YearEBITDA margin: VSL · peer median (n)EBIT margin: VSL · peer median (n)Net margin: VSL · peer median (n)Note
FY2021—— (1)—— (1)—— (1)Not charted: not from annual report
FY2022—— (1)—— (1)—— (1)Not charted: not from annual report
FY2023—— (1)—7.3% (2)—2.8% (2)Not charted: not from annual report
FY202413.9%— (1)9.3%1.1% (2)3.8%-1.2% (2)
FY202511.8%— (1)9.9%— (1)1.7%— (1)

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: Figures were not read from a filed annual report (source: not recorded).
  • FY2022: Figures were not read from a filed annual report (source: not recorded).
  • FY2021: Figures were not read from a filed annual report (source: not recorded).

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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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