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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 : Government Pipeline Inquiry update

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09/16/2019 | 06:52pm EST

17 September 2019

Media Release

Refinery welcomes the Auckland Fuel Supply Disruption Inquiry report

Refining NZ the owner and operator of the Marsden Point refinery, has today welcomed the publication of the Government Inquiry report into the September 2017 pipeline outage and the resilience of the fuel supply to Auckland.

Commenting, Chief Executive Officer, Mike Fuge said there are learnings around improving the resilience of Auckland's fuel supply into the future and the Company looks forward to working with industry to implement those learnings for the benefit of Aucklanders and all New Zealanders.

"Among its findings the Inquiry concluded that Refining NZ maintained and operated the RAP properly and in keeping with all legal requirements and standard industry practice. We also take pride in the Inquiry's findings around the high standard of the response of our staff and contractors to the pipeline rupture."

Fuge acknowledged the Inquiry's confirmation that the pipeline had been damaged by a digger that should not have been working over the pipeline and that the damage had not been reported: "This underlines the fact that further legislative regulation is needed to protect the pipeline and other essential infrastructure."

The Refinery also concurs with the Inquiry's comments around current fuel storage at the Auckland end of the pipeline especially the urgent need to build jet fuel resilience at Auckland airport.

Said Fuge: "We are pleased that the Inquiry has noted that Refining NZ is working to make timely investment decisions and that we have a clear goal of having new infrastructure in place shortly before it is needed to meet demand, rather than just in time or too late."

ENDS

For further information: Greg McNeill greg.mcneill@refiningnz.com021 873623

Disclaimer

The New Zealand Refining Company Limited published this content on 17 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2019 22:51:05 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