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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  New Zealand Refining Company Ltd    NZR   NZNZRE0001S9

NEW ZEALAND REFINING COMPANY LTD

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New Zealand Refining : Appointment of Chief Executive – Mike Fuge

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06/18/2018 | 07:08pm EST

19 June 2018

Appointment of Chief Executive - Mike Fuge

Following an International search, Refining NZ is pleased to announce the appointment of Mike Fuge as its new chief executive.

Mike is a kiwi (originally from Northland) with significant international and local experience in oil and gas, electricity and hydro generation.

Mike is currently the Chief Executive of Pacific Hydro based in Melbourne. Pacific Hydro is a global renewable energy owner, operator and developer which has over 1 gigawatt of renewable projects in operation or construction. It operates across Australia, Chile and Brazil, with an EBITDA of over $200m and employs some 350 staff. Prior to joining Pacific Hydro, Mike was the Chief Operating Officer at Genesis Energy. Mike also had many years working for Royal Dutch Shell Group both in New Zealand and overseas. The Board believes that Mike has the leadership skills and experience to lead the Refinery in the coming years and to contribute to the initiatives which arise from the Government's commitment to zero carbon emissions in the context of the business of the Refinery.

A date for Mike to take up his new role has yet to be finalised, but is expected to be no later than Q4 2018.

The Board is grateful to Sjoerd Post for his outstanding leadership over his tenure. The Refinery is in a stronger position today than when he took over as chief executive; having overseen major investment projects, significant shuts and Sjoerd brought real focus to environmental initiatives. Sjoerd has agreed to stay on for a period beyond his intended departure date (July 31st) to assist in the interim.

Further information: Greg McNeill

Communications and External Affairs Manager

T: 094325115; M: 021 873623; E: greg.mcneill@refiningnz.com

Refining NZ

Port Marsden Highway, Ruakaka, Northland 0171, Private Bag 9024, Whangarei 0148, New Zealand Telephone: +64 9 432 5100 Email:corporate@refiningnz.comwww.refiningnz.com

Disclaimer

The New Zealand Refining Company Limited published this content on 19 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 June 2018 23:07:07 UTC

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Financials (NZD)
Sales 2019 371 M
EBIT 2019 38,8 M
Net income 2019 17,6 M
Debt 2019 235 M
Yield 2019 4,60%
P/E ratio 2019 34,5x
P/E ratio 2020 9,15x
EV / Sales2019 2,27x
EV / Sales2020 2,02x
Capitalization 606 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,26  NZD
Last Close Price 1,94  NZD
Spread / Highest target 34,5%
Spread / Average Target 16,5%
Spread / Lowest Target 3,09%
EPS Revisions
Managers
NameTitle
Michael Fuge Chief Executive Officer
Simon Christopher Allen Chairman
Denise M. Jensen Chief Financial Officer & Secretary
Robin Baxter Engineering Manager
Vanessa Cynthia May Stoddart Independent Director