Investor Presentaiton
2021 v 2020 EBITDA COMPARISON
44% increase in EBITDA, at Fee Floor revenue
NZ$M
80
70
60
50
40
40
30
50.4
220
20
10
(1.1)
Net Fee Floor
Impact
1.5
Infrastructure
Income
EBITDA FY
2020
12
1.
2.
(9.5)
Other Income¹
22.8
16.5
Net Cost
Reduction²
(7.8)
Strategic
Review &
Conversion
Costs
Non Cash Release
Non-cash
release includes
"cash out" of
legacy balance
sheet items and
gain on
electricity
hedges
Operating
costs were
c.15% lower than
FY20 and c.30%
lower than FY19 as a
result of the refinery
simplification
REFINING NZ
2021 ANNUAL RESULTS
PRESENTATION
72.8
Other income in FY20 included COVID wages subsidy (FY21: nil) and gain on sale of carbon units
Excluding natural gas and other pass-through costs and Strategic Review and conversion costs
EBITDA FY
2021
10
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