Full Year 2021 Mercury NZ Ltd Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the Mercury Annual Results Analyst Briefing for 2021. (Operator Instructions) And just please be advised that today's conference is being recorded. But I will now hand the conference over to your first speaker for today, Chief Executive, Vince Hawksworth. Thank you, and please go ahead, Vince.
Thank you, and good morning, everybody, and welcome to the FY '21 Mercury Annual Results Presentation. I'm joined here this morning by William Meek, our Chief Financial Officer, and we'll work through the presentation jointly.
So turning to Slide 3. I'll start there with the highlights. So our EBITDAF result of $463 million was obviously down versus the prior year, reflecting the fourth lowest inflows since 1999 and, obviously, also our Kawerau plant outage. So that outage of 42 days and the low inflows combined with the high spot prices, which occurred due to generally low inflows and also low gas deliverability, resulted in a difficult year
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