Z Energy FY21 results announcement

Z delivers on earnings commitment during year affected by Covid-19

* Full year result: HC NPAT $57m, up 165% versus PCP
* RC EBITDAF $238m, down 35% versus PCP
* Structural cost savings of $49m achieved, exceeds original target
* Equity capital raise of $347m, paid down bank debt, decreased leverage
* Final dividend of 14 cents per share for FY21 declared, dividends reinstated for FY22
* FY22 RC EBITDAF guidance $270m to $310m, FY22 dividend 19 to 23 cents per share

Z Energy (NZX: ZEL ASX: ZEL) today announced its earnings for the financial year to 31 March 2021.

Z Energy (Z) reports its earnings on an historic cost (HC) as well as replacement cost (RC) basis. Statutory financial statements are reported on an historic cost basis in accordance with NZ IRFS, however replacement cost accounting is the globally used non-GAAP industry standard to measure financial performance.

Historical cost net profit (loss) after tax (HC NPAT) was $57m for the full financial year, up 165% from a loss of ($88m) in the prior corresponding period (PCP).

Z reported replacement cost earnings before interest, depreciation, and amortisation (RC EBITDAF) of $238m, down 35% from $366m in the PCP. Z’s replacement cost net profit after tax (RC NPAT) was $3m, down 93% from $44m in the PCP.

Total marketing volume for the full year was 3,086 million litres, down 22% compared to the PCP, largely in Jet, Bitumen and Marine.

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Announcement PDF