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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 : Refinery gets go ahead for Solar Farm

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10/29/2019 | 09:52pm EST

30 October 2019

NZX Announcement

Refinery gets go ahead for Solar Farm

Refining NZ the owner operator of the Marsden Point Refinery is to proceed with the construction of a $37 million solar farm after receiving the approval of its Board.

The 31 hectare farm will be New Zealand's largest and will supply 26.7 MW or around 10% of the Refinery's total electricity need.

Chief Executive Officer, Mike Fuge described the solar farm as a significant step towards a sustainable future for the refinery which would reduce electricity costs and reduce the carbon intensity of the Company's refining operations. That in turn, will improve the Refinery's position in the global refining market against larger international competitors.

"Tapping into solar generated electricity is expected to shave around $3-4 million from our annual grid electricity bill and will reduce the CO2 emissions associated with the refining operation by a further 18,000 tonnes per year," he said.

The farm will be funded via a combination of non-recourse project debt funding and equity of around $10

million from the Company (previously estimated at $12-$15 million). Construction is expected to get underway before the end of the year and be completed by December 2020.

ENDS

For further information: Greg McNeill

Communications and External Affairs Manager greg.mcneill@refiningnz.com

021 873623

Disclaimer

The New Zealand Refining Company Limited published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 02:51:06 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 2,25x
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 1,94  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