Can you explain the 400 million profit vs the reported loss?
It places Vodafone NZ's underlying EBITDA (a fuzzy ish measure) at $463 million, their EBITDA after one-off costs are taken into account at $445 million, and their EBIT at $56 million. It doesn't reveal the profit number, but we know what that is from other releases. There is a fair amount of financial engineering going here to take $463 million EBITDA down to a $120 million loss.
I believe this is primarily to do with how their debt and relationships with the parent companies are structured. This is isn't revealed in the slides. Though I do recall a good analysis on NBR. It's behind a pay wall so I can't look it up right now. I will take another look once I'm back at work and see if I can find it.
This is not to say VFNZ is a cash cow - a loss is a loss. But there is more to it than you might think and the underlying profit is certainly there.