Cash flow Meridian Energy Limited

Equities

MEL

NZMELE0002S7

Electric Utilities

End-of-day quote New Zealand S.E. Other stock markets 2024-09-10			5-day change	1st Jan Change
6.025 ^NZD	+1.09%		-2.35%	+8.75%

08-28	Meridian Energy Limited Reports Earnings Results for the Full Year Ended June 30, 2024	CI
08-27	Meridian Energy Posts 51% Increase in Fiscal 2024 Revenue; EPS Up	MT

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Published financial data: MERIDIAN ENERGY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2020	2021	2022	2023	2024
Revenues - (Utility Template)	3.4B	4.3B	3.7B	3.22B	4.86B
Total Revenues	3.4B	4.3B	3.7B	3.22B	4.86B
Selling General & Admin Expenses, Total	-	-	-	-	-
Depreciation & Amortization - (IS) - (Collected)	312M	303M	293M	294M	334M
Other Operating Expenses	2.66B	3.4B	2.85B	2.77B	3.85B
Total Operating Expenses	2.98B	3.7B	3.14B	3.07B	4.18B
Operating Income (REIT / Utility Template)	429M	595M	561M	154M	673M
Interest Expense, Total	-133M	-5M	63M	-31M	-73M
Interest and Investment Income	1M	-	3M	11M	12M
Net Interest Expenses	-132M	-5M	66M	-20M	-61M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	297M	590M	627M	134M	612M
Gain (Loss) on Sale of Assets	-	-1M	-	-	0
Asset Writedown	-58M	6M	-2M	-8M	-18M
EBT, Incl. Unusual Items	239M	595M	625M	126M	594M
Income Tax Expense	63M	167M	174M	31M	165M
Earnings From Continuing Operations	176M	428M	451M	95M	429M
Earnings Of Discontinued Operations	-	-	213M	-	-
Net Income to Company	176M	428M	664M	95M	429M
Net Income - (IS)	176M	428M	664M	95M	429M
Net Income to Common Incl Extra Items	176M	428M	664M	95M	429M
Net Income to Common Excl. Extra Items	176M	428M	451M	95M	429M
Per Share Items
Net EPS - Basic	0.07	0.17	0.26	0.04	0.17
Basic EPS - Continuing Operations	0.07	0.17	0.18	0.04	0.17
Basic Weighted Average Shares Outstanding	2.56B	2.56B	2.57B	2.58B	2.59B
Net EPS - Diluted	0.07	0.17	0.26	0.04	0.17
Diluted EPS - Continuing Operations	0.07	0.17	0.18	0.04	0.17
Diluted Weighted Average Shares Outstanding	2.56B	2.56B	2.57B	2.58B	2.59B
Normalized Basic EPS	0.07	0.14	0.15	0.03	0.15
Normalized Diluted EPS	0.07	0.14	0.15	0.03	0.15
Dividend Per Share	0.17	0.17	0.17	0.18	0.21
Payout Ratio	238.64	101.17	54.22	445.26	101.63
Supplemental Items
Utility Revenues	3.39B	4.28B	3.69B	3.2B	4.83B
Non Utility Revenues	17M	19M	17M	19M	25M
EBITDA	710M	874M	834M	418M	975M
EBITA	429M	595M	561M	154M	673M
EBIT	429M	595M	561M	154M	673M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	26.36	28.07	27.84	24.6	27.78
Current Domestic Taxes	-	-	-	168M	198M
Total Current Taxes	168M	137M	140M	168M	198M
Deferred Domestic Taxes	-	-	-	-131M	-34M
Total Deferred Taxes	-106M	30M	36M	-131M	-34M
Normalized Net Income	186M	369M	392M	83.75M	382M
Interest Capitalized	-	-	6M	15M	17M
Interest on Long-Term Debt	83M	83M	78M	69M	85M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	1M	2M	1M	1M	2M
Total Stock-Based Compensation	1M	2M	1M	1M	2M

Fiscal Period: June	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	176M	148M	363M	212M	221M
Trading Asset Securities, Total	-	-	-	-	-
Accounts Receivable, Total	347M	516M	432M	347M	548M
Accounts Receivable (Summary Subtotal)	347M	516M	432M	347M	548M
Other Current Assets, Total	142M	253M	282M	188M	282M
Total Current Assets	665M	917M	1.08B	747M	1.05B
Gross Property Plant And Equipment	8.96B	8.75B	7.96B	9.11B	12.29B
Accumulated Depreciation	-365M	-151M	-126M	-118M	-97M
Net Property Plant And Equipment	8.59B	8.6B	7.83B	8.99B	12.19B
Goodwill	-	5M	-	-	-
Other Intangibles, Total	65M	79M	85M	73M	62M
Long-Term Investments - (Utility Template)	-	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	34M	35M	-	-	-
Other Long-Term Assets, Total	265M	222M	377M	213M	238M
Total Assets	9.62B	9.86B	9.37B	10.02B	13.54B
Liabilities
Accrued Expenses, Total	24M	25M	18M	20M	21M
Current Portion of Long-Term Debt	88M	378M	159M	214M	234M
Current Portion of Leases	7M	7M	4M	3M	3M
Current Income Taxes Payable	79M	37M	32M	46M	85M
Unearned Revenue, Current	23M	23M	13M	14M	10M
Other Current Liabilities - (Bank / Utility Template)	427M	640M	500M	423M	651M
Total Current Liabilities	648M	1.11B	726M	720M	1B
Long-Term Debt	1.6B	1.3B	1B	1.02B	1.11B
Long-Term Leases	97M	90M	37M	24M	27M
Deferred Tax Liability Non-Current	1.85B	1.94B	1.93B	2.1B	2.95B
Other Non Current Liabilities, Total	345M	194M	147M	166M	204M
Total Liabilities	4.54B	4.63B	3.85B	4.04B	5.3B
Common Stock, Total	1.6B	1.6B	1.68B	1.71B	1.74B
Retained Earnings	-1.54B	-1.55B	-1.24B	-1.6B	-1.63B
Treasury Stock	-2M	-5M	-7M	-8M	-9M
Comprehensive Income and Other	5.03B	5.18B	5.09B	5.89B	8.15B
Total Common Equity	5.08B	5.22B	5.52B	5.99B	8.25B
Total Equity	5.08B	5.22B	5.52B	5.99B	8.25B
Total Liabilities And Equity	9.62B	9.86B	9.37B	10.02B	13.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.56B	2.56B	2.58B	2.58B	2.59B
ECS Total Common Shares Outstanding	2.56B	2.56B	2.58B	2.58B	2.59B
Book Value / Share	1.98	2.04	2.14	2.32	3.19
Tangible Book Value	5.02B	5.14B	5.44B	5.91B	8.18B
Tangible Book Value Per Share	1.96	2.01	2.11	2.29	3.16
Total Debt	1.79B	1.77B	1.2B	1.26B	1.38B
Net Debt	1.62B	1.62B	841M	1.05B	1.16B
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	20M	21M	56M	55M	60M
Machinery, Total	130M	143M	148M	139M	120M
Full Time Employees	1.02K	1K	925	878	936
Part Time Employees	28	28	31	107	-
Accumulated Allowance for Doubtful Accounts (Supple)	16M	9M	8M	4M	4M

Fiscal Period: June	2020	2021	2022	2023	2024
Net Income	176M	428M	664M	95M	429M
Depreciation, Depletion & Amortization	288M	285M	278M	266M	304M
Total Depreciation, Depletion & Amortization	288M	285M	278M	266M	304M
Amortization of Deferred Charges, Total	24M	18M	22M	28M	30M
(Gain) Loss On Sale of Asset - (CF)	-	1M	-	-	0
Total Asset Writedown	58M	-6M	-	-	-
Stock-Based Compensation (CF)	1M	2M	1M	1M	2M
Change in Accounts Receivable	-34M	-169M	84M	68M	-201M
Change in Accounts Payable	68M	214M	-114M	-95M	273M
Change in Unearned Revenues	7M	-	-10M	2M	-4M
Change In Income Taxes	-1M	-42M	-5M	15M	39M
Change in Other Net Operating Assets (Collected)	-15M	-60M	-1M	-23M	-55M
Other Operating Activities	33M	-240M	-244M	152M	-150M
Net Cash From Discontinued Operations	-	-	-214M	-	-
Cash from Operations	605M	431M	461M	509M	667M
Capital Expenditure	-43M	-76M	-141M	-316M	-281M
Sale of Property, Plant, and Equipment	-	-	2M	2M	-
Cash Acquisitions	-2M	-	-	-	-
Divestitures	-	-	768M	-	8M
Purchase / Sale of Intangible Assets	-20M	-38M	-31M	-13M	-40M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-14M
Cash from Investing	-65M	-114M	598M	-327M	-327M
Long-Term Debt Issued, Total	172M	108M	210M	255M	467M
Total Debt Issued	172M	108M	210M	255M	467M
Long-Term Debt Repaid, Total	-67M	-17M	-692M	-163M	-360M
Total Debt Repaid	-67M	-17M	-692M	-163M	-360M
Repurchase of Common Stock	-2M	-3M	-2M	-2M	-2M
Common Dividends Paid	-420M	-433M	-360M	-423M	-436M
Common & Preferred Stock Dividends Paid	-420M	-433M	-360M	-423M	-436M
Special Dividend Paid	-126M	-	-	-	-
Cash from Financing	-443M	-345M	-844M	-333M	-331M
Foreign Exchange Rate Adjustments	1M	-	-	-	-
Net Change in Cash	98M	-28M	215M	-151M	9M
Supplemental Items
Cash Interest Paid	79M	82M	76M	65M	80M
Cash Income Tax Paid (Refund)	173M	179M	145M	154M	160M
Net Debt Issued / Repaid	105M	91M	-482M	92M	107M
Levered Free Cash Flow	511M	452M	412M	130M	359M
Unlevered Free Cash Flow	594M	455M	373M	149M	405M
Change In Net Working Capital	-76M	108M	107M	-87M	31M

Fiscal Period: June	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.78	3.82	3.65	0.99	3.58
Return on Total Capital	3.88	5.36	5.11	1.38	4.99
Return On Equity %	3.34	8.31	8.39	1.65	6.03
Return on Common Equity	3.34	8.31	8.39	1.65	6.03
Margin Analysis
Gross Profit Margin %	25.08	16.97	19.15	25.54	15.53
SG&A Margin	-	-	-	-	-
EBITDA Margin %	20.85	20.34	22.52	12.97	20.08
EBITA Margin %	12.6	13.85	15.15	4.78	13.86
EBIT Margin %	12.6	13.85	15.15	4.78	13.86
Income From Continuing Operations Margin %	5.17	9.96	12.18	2.95	8.83
Net Income Margin %	5.17	9.96	17.93	2.95	8.83
Net Avail. For Common Margin %	5.17	9.96	12.18	2.95	8.83
Normalized Net Income Margin	5.45	8.58	10.58	2.6	7.88
Levered Free Cash Flow Margin	15.01	10.52	11.13	4.03	7.39
Unlevered Free Cash Flow Margin	17.45	10.59	10.06	4.63	8.33
Asset Turnover
Asset Turnover	0.35	0.44	0.39	0.33	0.41
Fixed Assets Turnover	0.39	0.5	0.45	0.38	0.46
Receivables Turnover (Average Receivables)	10.33	9.96	7.81	8.46	10.85
Short Term Liquidity
Current Ratio	1.03	0.83	1.48	1.04	1.05
Quick Ratio	0.81	0.6	1.1	0.78	0.77
Operating Cash Flow to Current Liabilities	0.93	0.39	0.63	0.71	0.66
Days Sales Outstanding (Average Receivables)	35.42	36.66	46.72	43.16	33.73
Long Term Solvency
Total Debt/Equity	35.25	33.94	21.8	21.1	16.7
Total Debt / Total Capital	26.07	25.34	17.9	17.42	14.31
LT Debt/Equity	33.39	26.57	18.85	17.47	13.82
Long-Term Debt / Total Capital	24.68	19.84	15.47	14.43	11.85
Total Liabilities / Total Assets	47.18	47	41.05	40.26	39.11
EBIT / Interest Expense	3.23	119	-8.9	4.97	9.22
EBITDA / Interest Expense	5.39	176	-13.32	13.55	13.38
(EBITDA - Capex) / Interest Expense	5.07	160.8	-11.08	3.35	9.53
Total Debt / EBITDA	2.5	2.01	1.44	3.01	1.41
Net Debt / EBITDA	2.25	1.85	1	2.5	1.18
Total Debt / (EBITDA - Capex)	2.66	2.21	1.72	12.14	1.98
Net Debt / (EBITDA - Capex)	2.4	2.02	1.2	10.11	1.66
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.46	26.17	-6.56	-14.67	50.71
Gross Profit, 1 Yr. Growth %	1.91	-14.54	2.46	39.97	-8.38
EBITDA, 1 Yr. Growth %	-18.39	23.27	-2.68	-49.88	133.25
EBITA, 1 Yr. Growth %	-30.81	39.02	-2.94	-72.55	337.01
EBIT, 1 Yr. Growth %	-30.81	39.02	-2.94	-72.55	337.01
Earnings From Cont. Operations, 1 Yr. Growth %	-48.08	144.57	8.67	-78.94	351.58
Net Income, 1 Yr. Growth %	-48.08	144.57	55.14	-85.69	351.58
Diluted EPS Before Extra, 1 Yr. Growth %	-48.08	144.57	8.34	-79.02