Investor Presentaiton
CASH FLOW
NZ$M
•
•
300
Operated cash neutral, with equity raise reducing net debt
REFINING NZ
2021 ANNUAL RESULTS
PRESENTATION
250
(32)
32
(47)
200
Operating Cashflow'
Capital
Expenditure1/2
Equity Raise
150
258
241
231
100
50
50
Net Debt FY 18
Net Debt FY19
Net Debt FY20
184
Net Debt FY21
The Company successfully operated cash neutral at the Fee Floor, including turnaround and Strategic Review/conversion costs
Capital expenditure of $32m included $13m of maintenance turnaround costs associated with the main crude distiller and the first statutory
inspection of the petrol manufacturing unit (CCR)
•
Lower net debt includes proceeds from the successful equity raise to fund private storage
1
Includes costs of the Strategic Review and Terminal Conversion costs less lease payments
2
Capital expenditure is net of proceeds from sale of intangibles
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