Q2 2024 Operational Update

GENERAL

Mon, Jul 15 2024 08:30 am

Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months ended 30 June 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 30 June continued to track above the Envisory fuel demand outlook at c.840 million litres, c.2% higher than Q2 2023 (821 million litres) and down 81 million litres on the previous quarter in line with seasonality expectations (921 million litres). Throughput is now tracking at 97% of 2019 throughput (on a year-to-date basis).
• Actual jet fuel throughput for Q2 was 9% above the Envisory fuel outlook.
• 16 import shipments were received and discharged during the quarter (Q2 2023: 18).
• No material fuel supply disruption was experienced during the recent power outage to Northland following a transmission tower failure.

A summary of Quarterly throughput by fuel type since commencement of import terminal operations on 1 April 2022 is included as Appendix I.

Conversion and growth project update
• Conversion spend c.$181 million spent to 30 June 2024 (31 March 2024: $169 million).
• Private storage growth capex of c$42.5 million spent to 30 June 2024 (31 March 2024: $38.6 million).
• New customer contract signed May 2024 for the storage and export of transmix. The upgrade will involve incremental growth capital expenditure across 2024 of $12-15 million in FY24 and is expected to generate incremental revenue of approximately $3 million per annum, indexed to PPI.
• Net borrowings decreased to $326 million as at 30 June 2024 (31 March 2024: $333 million).

- ENDS -

Authorised by:
Chris Bougen
General Counsel and Company Secretary

Investor Relations contact:
Anna Bonney
[email protected]

Media contact:
Laura Malcolm
[email protected]