MERCURY’S OPERATIONAL EARNINGS WERE UP $36 MILLION TO $294 MILLION.
CHAIR & CHIEF EXECUTIVE UPDATE. PRUE FLACKS // CHAIR VINCE HAWKSWORTH // CHIEF EXECUTIVE
Mercury’s results for the six months ended 31 December 2020 demonstrate the resilience of our earnings in a volatile market. Increases across all key financial measures are due to careful management of generation and retail portfolios, astute contract trading and ongoing cost control. This was achieved despite lower hydro generation as a consequence of a continuation of low hydro inflows. FINANCIAL RESULTS Mercury’s operational earnings (EBITDAF1) were up $36 million to $294 million. Contributing to this result was a higher energy margin associated with additional trading profits and higher mass market yields as we adjusted the balance of our portfolio, offset by 108 GWh lower overall 1. EBITDAF: Earnings before net interest expense, tax expense, depreciation and amortisation, change in the fair value of financial instruments, gain on sale and impairments.
MERCURY INTERIM REPORT 2021
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