One NZ FY2023 EBITDAF Guidance Update
On track to exceed FY2023 EBITDAF guidance
Income statement
$ millions
FY2023 Key Trends
•
FY2023
FY2022
PCP
H1
H1
H1
•
Consumer SME
315
290
9%
Enterprise
60
57
5%
Mobile
375
347
8%
Consumer SME - Fixed & ICT
174
195
(11%)
Enterprise - Fixed & ICT
127
109
16%
•
Wholesale & other
83
79
4%
Recurring revenue
758
730
4%
Procurement & One-off revenue
232
225
3%
Total Revenue
990
955
4%
•
Direct Cost
(433)
(439)
1%
Gross Margin
557
516
8%
Operating Expenses
(299)
(274)
(9%)
Normalised EBITDAF**
258
242
7%
Normalised EBITDAF %
26%
25%
1pp
Capex incl. Spectrum
125
211
41%
Market leading total mobile service revenue growth ¹ due to strong acquisition in
post-paid and ARPU increasing as customers move to higher value plans and
roaming returns
Consumer fixed ARPU is stable, but revenue has declined due to the intensely
competitive market
ICT is growing faster than market² due to good momentum in Contact Centres,
public cloud migrations and Security via our partial acquisition of DEFEND
Wholesale revenue uplift due to the continued growth in fixed line capacity
Procurement revenue largely relates to lower margin device revenue with
uplift due to buy back of our retail stores
Operating expenditure increases largely due to in housing of our retail stores
and investment in rebrand to One NZ
Capex decrease largely relates to non-recurring spectrum cost in prior period. IT
project spend mix changed between SaaS and Capital spend
On track to exceed FY23 guidance range of $490 million to $520 million with
estimated growth of ~10% PCP
** Normalised EBITDAF excludes impairment, impact of M&A activity and transaction costs
1 Dec-22 vs PCP, sourced from IDC
2 Relative to incumbents Spark and Datacom, latest reporting periods vs PCP. Spark (December-22) and Datacom (March-22)
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