New Zealand Refining : Interim NZ Financial Statements 30 June 2016

Refining NZ Condensed Interim Financial Statements

For the six months ended

30 June 2016 Contents

Condensed Interim Income Statement	1
Condensed Interim Statement of Comprehensive Income	2
Condensed Interim Balance Sheet	3
Condensed Interim Statement of Changes in Equity	5
Condensed Interim Statement of Cash Flows	6
Notes to the Condensed Interim Financial Statements	7
Corporate Directory	17

Condensed Interim Income Statement FOR THE SIX MONTHS ENDED 30 JUNE 2016 (UNAUDITED)

GROUP 30 JUNE 2016	GROUP 30 JUNE 2015
NOTE	$000	$000
INCOME
Operating revenue	2	155,261	203,197
Other income	383	657
Other gains	-	112
TOTAL INCOME	155,644	203,966
EXPENSES
Purchase of process materials and utilities	36,786	28,362
Materials and contractor payments	11,766	13,165
Wages, salaries and benefits	26,779	23,671
Depreciation and disposal costs	41,252	34,283
Other operating (gains)/losses	(85)	158
Administration and other costs	17,107	12,931
TOTAL EXPENSES	133,605	112,570
NET PROFIT BEFORE FINANCE COSTS	22,039	91,396
FINANCE COSTS
Finance income	(104)	(46)
Finance cost	9	7,771	673
NET FINANCE COSTS	7,667	627
Net profit before income tax	14,372	90,769
Less income tax	2,762	25,411
NET PROFIT AFTER INCOME TAX	11,610	65,358
ATTRIBUTABLE TO:
Owners of the Parent	11,446	65,245
Non-controlling interest	164	113
11,610	65,358

EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERS OF REFINING NZ	CENTS	CENTS
Basic earnings per share	3.71	20.91
Diluted earnings per share	3.71	20.91

THE ABOVE CONDENSED INTERIM INCOME STATEMENT IS TO BE READ IN CONJUNCTION WITH THE ACCOMPANYING NOTES.

Condensed Interim Statement of Comprehensive Income FOR THE SIX MONTHS ENDED 30 JUNE 2016 (UNAUDITED)

GROUP 30 JUNE 2016	GROUP 30 JUNE 2015
NOTE	$000	$000
NET PROFIT AFTER INCOME TAX	11,610	65,358
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to the Income Statement
Defined benefit actuarial (loss)/gain	10	(21,699)	7,934
Deferred tax on defined benefit actuarial loss/(gain) that will not be reclassified to the Income Statement	6,076	(2,221)
Total items that will not be reclassified to the Income Statement	(15,623)	5,713
Items that may be subsequently reclassified to the Income Statement
Movement in cash flow hedge reserve	(5,166)	(3,912)
Deferred tax on movement in cash flow hedge reserve that may be subsequently reclassified to the Income Statement	1,446	1,095
Total items that may be subsequently reclassified to the Income Statement	(3,720)	(2,817)
TOTAL OTHER COMPREHENSIVE (LOSS)/INCOME, AFTER INCOME TAX	(19,343)	2,896
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD, AFTER INCOME TAX	(7,733)	68,254
ATTRIBUTABLE TO:
Owners of the Parent	(7,897)	68,141
Non-controlling interest	164	113
(7,733)	68,254

THE ABOVE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME IS TO BE READ IN CONJUNCTION WITH THE ACCOMPANYING NOTES.