The wider Z operating group is made up of a number of companies. We are required to disclose financial information for three of our companies, based on different reporting requirements. Below is an explanation about the three companies whose numbers we disclose and the differences between them.
The shareholders have shares, RPS and loans in this entity. When shareholders (particularly Infratil) discuss results they are talking about AEHL. Therefore when Z talks about its results it focuses on AEHL as well.
Results disclosed in the Infratil Investor presentation
In disclosures to bondholders we focus on these numbers. This is the entity that holds the bank debt (which means it incurs the interest on this) and also includes the investment in Refining NZ, meaning it gets a share of Refining NZ dividends and equity earnings.
Accounts filed at companies office and used in bondholder documentation
It is also the entity that has issued the bonds and therefore incurs the interest on the bonds. It doesn’t hold the bank debt nor does it include the investment in Refining NZ. We are required to make New Zealand debt market (NZDX) disclosures on this entity (as the bond issuer).
Accounts filed at companies office and used in NZDX disclosures relating to the bond
* NOTE: This diagram is not representative of all companies in the group and has been prepared to show the different results that are published externally.