New Zealand Refining : Condensed Consolidated Interim Financial Statements

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

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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.