Spark New Zealand Ltd

SPK: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.30	Jrcyv	Spmzvpyx

Spark New Zealand Delivers Fiscal 2014 Result in Line, No Change to Our Medium-Term Estimates

Ross MacMillan ,

Aug 22, 2014

Spark New Zealand released its fiscal 2014 result with operational performance broadly in line with our expectations. Underlying earnings before interest, tax, depreciation and amortisation, or EBITDA, of NZD 936 million was marginally ahead of our NZD 928 million estimate. However, underlying net profit after tax, or NPAT, of NZD 321 million, 13% below the prior year, was slightly ahead of our NZD 304 million forecast. The lower earnings were due to a sustained deterioration in fixed voice services which could not be offset by cost outs and growth in mobile and IT service revenues.

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