New Zealand Refining : Financial Statements 2020

REFINING NZ

CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2020

Contents

CONSOLIDATED FINANCIAL STATEMENTS

Page

Consolidated Income Statement 1

Consolidated Statement of Comprehensive Income 2

Consolidated Balance Sheet 3

Consolidated Statement of Changes in Equity 5

Consolidated Statement of Cash Flows 7

Notes to the Consolidated Financial Statements 8

INDEPENDENT AUDITOR'S REPORT 56

Consolidated Income Statement

FOR THE YEAR ENDED 31 DECEMBER 2020

GROUP	GROUP
2020	2019
$000	$000
233,937	344,861
11,810	3,514
245,747	348,375
82,119	98,082
19,992	31,340
61,532	61,247
31,681	39,471
195,324	230,140
50,423	118,235
87,218	99,931
223,697	-
310,915	99,931
NET (LOSS)/PROFIT BEFORE FINANCE COSTS AND INCOME TAX	(260,492)	18,304
FINANCE COSTS
Finance income	(176)	(44)
Finance cost	11,096	13,489
NET FINANCE COSTS	10,920	13,445
NET (LOSS)/PROFIT BEFORE INCOME TAX	(271,412)	4,859
(73,133)	694
(198,279)	4,165
(198,279)	4,165
CENTS
(63.5)	1.3
(63.3)	1.3

NOTE

INCOME

Revenue 4

Other income 4

TOTAL INCOME EXPENSES

Purchase of process materials and utilities Materials and contractor payments Wages, salaries and benefits Administration and other costs TOTAL EXPENSES

EARNINGS BEFORE DEPRECIATION, IMPAIRMENT, FINANCE COSTS AND INCOME TAX

Depreciation and disposal costs Impairment of assets

TOTAL DEPRECIATION, DISPOSALS AND IMPAIRMENT

Income tax

NET (LOSS)/PROFIT AFTER INCOME TAX ATTRIBUTABLE TO:

Owners of the Parent

EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERS OF THE NEW ZEALAND REFINING COMPANY LIMITED

3, 4

20

11 10,11

6

Basic earnings per share 7

Diluted earnings per share 7

THE ABOVE CONSOLIDATED INCOME STATEMENT IS TO BE READ IN CONJUNCTION WITH THE NOTES ON PAGES 8 TO 55.

Consolidated Statement of Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2020

NET (LOSS)/PROFIT AFTER INCOME TAX

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to the Income Statement

GROUP	GROUP
2020	2019
$000	$000
(198,279)	4,165
Defined benefit plan actuarial (loss)/gain	20	(4,130)	7,681
Deferred tax on defined benefit actuarial loss/(gain)	6(b)	1,156	(2,151)
Total items that will not be reclassified to the Income
Statement	(2,974)	5,530
Items that may be subsequently reclassified to the
Income Statement
Movement in cash flow hedge reserve	22	11,092	(3,094)
Deferred tax on movement in cash flow hedge reserve	6(b)	(3,106)	866
Total items that may be subsequently reclassified to
the Income Statement	22	7,986	(2,228)
TOTAL OTHER COMPREHENSIVE INCOME, AFTER
INCOME TAX	5,012	3,302
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE
YEAR, AFTER INCOME TAX	(193,267)	7,467
ATTRIBUTABLE TO:
Owners of the Parent	(193,267)	7,467

NOTE

THE ABOVE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IS TO BE READ IN CONJUNCTION WITH THE NOTES ON PAGES 8 TO 55.