Full Year 2024 Mercury Nz Ltd Earnings Call Transcript
Key Points
- Mercury NZ Ltd (MGHTF) achieved a record EBITDAF result of $877 million for FY24.
- The company completed the integration of Mercury and Trustpower businesses under one brand, enhancing operational efficiency.
- Stage 1 of Kaiwera Downs was completed under budget and ahead of schedule, with Stage 2 now under construction.
- Ngā Tamariki geothermal expansion of 50 megawatts is under construction and progressing well.
- Mercury NZ Ltd (MGHTF) declared an ordinary full-year dividend of $0.233 per share, marking the sixteenth consecutive year of dividend growth.
- The company faces a challenging period ahead with a forecasted EBITDAF of $820 million for FY25, down from FY24.
- Hydro generation was significantly impacted by dry conditions, with a 21% year-on-year decrease in hydro generation.
- Operating expenses rose by $39 million due to new wind assets, asset maintenance, and inflation.
- The company experienced a $16 million trading loss in the first two months of FY25 due to high spot prices.
- Mercury NZ Ltd (MGHTF) is dealing with challenges in the gas market, leading to increased gas costs.
Good day, and thank you for standing by. Welcome to the Mercury annual results analyst briefing 2024 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Vince Hawksworth, Chief Executive of Mercury Limited. Please go ahead.
(spoken in foreign language) and welcome everybody to the FY24 Mercury full year results presentation. I'm Vince Hawksworth. I'm joined by our Chief Financial Officer, William Meek. I want to start just by saying that with this presentation really has three major elements to it, a reflection on FY24, some observations about FY25, and the events surrounding our current situation, and plotting a way towards the future and the opportunities that Mercury continues to pursue.
There's a lot of material in this presentation, so William and I are going to canter through that at a reasonable pace, we know that questions are always valuable. So I'm now on slide 3, which is
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