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

NEW ZEALAND REFINING COMPANY LTD

(NZR)
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New Zealand Refining : Condensed Consolidated Interim Financial Statements

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08/20/2019 | 04:53pm EST

Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 30 JUNE 2019

REFINING NZ INTERIM REPORT 2019

01

Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 30 JUNE 2019

PAGE

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Income Statement

02

The income earned and operating expenditure incurred by the Refining NZ Group

during the six month period

Condensed Consolidated Interim Statement of Comprehensive Income

03

Items of income and operating expense not recognised in the income statement and

hence taken to reserves in equity

Condensed Consolidated Interim Balance Sheet

04

A summary of the Refining NZ Group assets and liabilities at the end of the six month period

Condensed Consolidated Interim Statement of Changes in Equity

06

Components that make up the capital and reserves of the Refining NZ Group and

the changes of each component during the six month period

Condensed Consolidated Interim Statement of Cash Flows

08

Cash generated and used by the Refining NZ Group

Basis of Preparation

09

Notes to the Condensed Consolidated Interim Financial Statements

10

PERFORMANCE

10

1

Operating revenue

10

2

Segment information

11

3

Related parties

13

DEBT AND EQUITY

14

4

Dividends

14

5

Loans and borrowings

15

OPERATING ASSETS AND LIABILITIES

16

6

Property, plant and equipment and intangibles

16

7

Capital commitments

17

8

Provisions

17

9

Cash and cash equivalents

18

10

Trade and other payables

19

11

Employee benefits

19

FINANCIAL RISK MANAGEMENT

21

12

Financial instruments

21

OTHER

23

13

Contingent assets and liabilities

23

14

Events after balance date

23

15

Adoption of NZ IFRS 16 'Leases '

24

Corporate Directory

25

02 REFINING NZ INTERIM REPORT 2019

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

GROUP

GROUP

30 JUNE 2019

30 JUNE 2018

NOTE

$000

$000

INCOME

Operating revenue

1, 2

169,413

147,029

Other income

2

2,179

1,152

TOTAL INCOME

171,592

148,181

EXPENSES

Purchase of process materials and utilities

51,220

37,735

Materials and contractor payments

15,776

13,792

Wages, salaries and benefits

29,653

28,899

Depreciation and disposal costs

52,137

46,216

Administration and other costs

20,893

18,323

TOTAL EXPENSES

169,679

144,965

NET PROFIT BEFORE FINANCE COSTS

1,913

3,216

FINANCE COSTS

Finance income

(24)

(63)

Finance costs

6,767

6,599

NET FINANCE COSTS

6,743

6,536

Net loss before income tax

(4,830)

(3,320)

Add income tax

(1,327)

(498)

NET LOSS AFTER INCOME TAX

(3,503)

(2,822)

ATTRIBUTABLE TO:

Owners of the Parent

(3,503)

(2,822)

EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO

CENTS

CENTS

THE SHAREHOLDERS OF THE NEW ZEALAND REFINING COMPANY LIMITED

Basic and diluted earnings per share

(1.12)

(0.90)

The above Condensed Consolidated Interim Income Statement is to be read in conjunction with the accompanying notes.

03

Condensed Consolidated Interim

Statement of Comprehensive Income

FOR THE SIX MONTHS ENDED 30 JUNE 2019 (UNAUDITED)

GROUP

GROUP

30 JUNE 2019

30 JUNE 2018

NOTE

$000

$000

NET LOSS AFTER INCOME TAX

(3,503)

(2,822)

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to the Income Statement

Defined benefit plan and medical scheme actuarial loss

11

(10,558)

(453)

Deferred tax on defined benefit plan and medical scheme

2,956

127

Total items that will not be reclassified to the Income Statement

(7,602)

(326)

Items that may be subsequently reclassified to the Income Statement

Movement in cash flow hedge reserve

(1,539)

(596)

Deferred tax on movement in cash flow hedge reserve

431

167

Total items that may be subsequently reclassified to the Income Statement

(1,108)

(429)

TOTAL OTHER COMPREHENSIVE LOSS, AFTER INCOME TAX

(8,710)

(755)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, AFTER INCOME TAX

(12,213)

(3,577)

ATTRIBUTABLE TO:

Owners of the Parent

(12,213)

(3,577)

The above Condensed Consolidated Interim Statement of Comprehensive Income is to be read in conjunction with the accompanying notes.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

The New Zealand Refining Company Limited published this content on 21 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2019 20:52:09 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 4,64%
P/E ratio 2019 34,1x
P/E ratio 2020 9,06x
EV / Sales2019 2,25x
EV / Sales2020 2,00x
Capitalization 599 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,26  NZD
Last Close Price 1,92  NZD
Spread / Highest target 35,9%
Spread / Average Target 17,7%
Spread / Lowest Target 4,17%
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