Wednesday 4th November 2020
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Z first half results impacted by COVID-19 lockdowns and weak refining margins. Z responds with structural opex savings, a strengthened balance sheet and enhanced customer experiences to increase competitive position.
Half year result: RC EBITDAF $95m, down 48% versus PCP
Four point improvement plan:
- Reduced costs: On track to deliver $48m of annualised structural cost out. Full year FY22 run rate structural cost out expected to be $60m.
- Hold market share: Focus on volume and enhanced customer experience (CX) delivering volume gains in competitive retail market.
- Monetise scale: Fuel Industry Act passed; Z developing wholesale market to leverage terminal network scale ahead of Terminal Gate Pricing (TGP) introduction
- Manage capital: $347m capital raise completed. Balance sheet strengthened and on track for resumption of distributions post 1HFY22
See the links below for more details:
Souce: Z Energy (NZX: ZEL )
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