Financial
Commentary.

Mercury’s financial performance for the 12 months to 30 June 2018 set another record, with EBITDAF of $561 million, an increase of $38 million on the previous financial year. This record result was underpinned by the highest North Island hydro inflows and total generation in the company’s history, the disciplined management of costs and strong execution of work programmes across the business.

In May FY2018, Mercury completed a $50 million share buyback (15.6 million shares) at an average price of $3.21 per share, bringing total shares held as treasury stock to 39.6 million (2.7 %).

Mercury also completed the purchase of a 19.99% stake in NZX and ASX listed generator, Tilt Renewables Limited, for $144 million or $2.30 per share. Post year end, Mercury announced with Infratil a joint takeover offer for all the shares in Tilt. If the takeover is successful, Mercury’s equity interest in Tilt will remain at 19.99%.