Z Energy (NZX: ZEL) announces 1HFY21 Results

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:

ZEL 1HFY21 Results Form

Z Energy 1HFY21 Results Press Release

Z Energy 1HFY21 Investor Presentation

Z Energy 1HFY21 Interim Accounts

Z Energy First Half FY21 Shareholder Update

Souce: Z Energy (NZX: ZEL )

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