Full Year 2020 Meridian Energy Ltd Earnings Call Transcript
Good morning, and welcome to Meridian's 2020 Annual Results Call. I'm Neal Barclay, Chief Executive of Meridian Energy, and I'm appropriately physically distanced, just, from Mike Roan, Meridian's CFO, here in our Wellington office today.
The results that we're about to present is a particularly strong one, especially as we manage to shade the FY '19 EBITDAF outcome. And FY '19, as most of you will be aware, was one out of the box. And whilst I know most people on this call probably can't wait till we get to the NZAS bit, you're going to have to just humor us a bit as there's a lot that has occurred in the last 12 months that we want to talk through. But a spoiler alert, probably can't add anything to the stage exit negotiations currently underway.
That said, we aren't getting too carried away of ourselves as conditions have moderated in the second 6 months and clearly, there are a couple of sizable challenges on the horizon. And whilst EBITDAF was up, reported net profit was down by 48%, largely driven by noncash fair value adjustments of
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