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196 news results

11/05/2020

Z Energy FY20 Earnings Release and Offer Announcement

Z Energy (NZX:ZEL ASX:ZEL) released its results for the year ended 31 March 2020 today. Z Energy (Z) has reported a Historical Net Profit after Tax (HC NPAT) loss of $(88) million, compared with a profit of $186 million for the previous corresponding period (PCP). The significant decrease in HC NPAT reflects several factors including lower retail fuel margins and reduced refining margins. The loss includes non-cash impairment charges of $96 million, comprising the $35 million impairment of goodwill associated with the Flick investment as previously disclosed and a $61 million impairment of goodwill associated with the Caltex retail supply contracts. The result also includes $33 million of Covid-19 related costs and provisions, an increase of $6m from the $27 million costs and provisions disclosed on 3 April 2020. At an operating level, Replacement Cost EBITDAF1 (RC EBITDAF) was $366 million for the full year, in line with Z’s most recent guidance update, representing a decrease of $68 million (-15%) against the previous financial year (PCP). The RC EBITDAF result includes the $33 million of Covid-19 related costs and provisions.
Z also today announced an equity raise of up to $350 million via the issuance of ordinary ZEL shares comprising $290 million of new shares via a fully underwritten placement and up to $60 million share purchase plan (SPP). The equity raising has been sized with the intention of delivering a robust capital structure that allows Z to navigate the current market conditions while favourably positioning the business to take advantage of opportunities as the New Zealand economy begins to recover from the effects of Covid-19.
Read the full press release here
Find out more here

06/04/2020

Z Energy helps St John keep ambulances on the road during COVID-19 response

06 April 2020

Z Energy is supporting their partner St John Ambulance with free fuel during the month of lockdown to assist with their emergency response to Covid-19.

This means over 700 St John operational vehicles, including 500 ambulances, will be fueled to travel more than 500,00 kilometres, while responding to the public during this vial time.

Z’s General Manager Commercial, Nicolas Williams says that St John is providing a critical frontline service to New Zealand during the lockdown.

“We have had a partnership with St John for almost five years, so we felt it was important to demonstrate our support for their staff and the immense work they do on behalf of New Zealanders every day, but especially in the current extraordinary circumstances.As first responders, St John has an important role to play in the safety and well-being of our communities during Covid-19 and we are pleased to be able to play our part in ensuring they can continue to do that with some financial burden relieved.

”St John Director of Customers and Supporters, Pete Loveridge says Z’s actions illustrate how partners can come together in these unique and uncertain times to help each other help the nation.

“There’s been a lot of talk about being kind to one another and Z’s support of St John with a month’s worth of free fuel genuinely demonstrates kindness, relieving some of our financial pressures during a tough period, meaning we can get on with the business of responding to the nation. Thanks,Z for your generosity and support.”

Both Z and St John encourage all New Zealanders to show their support for essential workers by staying at home and following all official guidelines. 

Media enquiries:

Z Energy External Communications Manager -Victoria Crockford

victoria.crockford@z.co.nz

021 347 833

St John Communications Advisor-Beverley Tse

beverley.tse@stjohn.org.nz

027 318 1553

23/03/2020

Z Energy is an essential service provider and has sufficient fuel supply at all sites

Today, the Government announced that New Zealand is moving to risk Level 4 in the next 48 hours to prevent further community transmission of Covid-19.

Our service stations and truck stops are considered essential services and will be able to stay open to support all New Zealanders.

We have plenty of fuel of all grades at all sites, and as with the supermarkets we encourage the public to fuel up normally.

Pumps will remain open during the self-isolation and we encourage all customers to start pay at pump and contactless payments options (including Fastlane and Sharetank in our Z App) as soon as possible.

We are working on a plan for ensuring that convenience items will be available and will update the community within the 48-hour window on how that will work at different service stations.

For up-to-date information, visit the Covid-19 section of our website. 

Media Enquiries: Victoria Crockford 

09/03/2020

Z responds to oil market changes

Z Energy has been closely monitoring the price of crude after yesterday morning’s news that OPEC and Russia were unable to reach an agreement on production in relation to the impact of Covid-19, which has caused a response in global oil markets that has not been witnessed since the first day of the Gulf War in 1991.

“Being unprecedented in the life of Z as a business, we responded in the immediate aftermath by saying we would act prudently, but sufficiently promptly, which we have done,” says Z CEO Mike Bennetts.

“Yesterday, we put our prices down by up to 6c per litre across 90 percent of our sites. This morning, we’ve responded by putting down prices a further 7 cents per litre across all fuel grades and all sites, including Caltex,” says Mike.   

Z will continue to monitor the situation and respond in a way that reflects all price inputs, including the New Zealand Dollar (NZD), rent and maintenance, shipping and local competition, which, due to the successful proliferation of various competitor models, has been the biggest factor in determining New Zealand’s pump prices for the past year. 

“While this circumstance is unique and we are treating it as such, in general terms the price of crude is not the primary determining factor for pump prices in New Zealand anymore. Gone are the days when Z went up and went down in direct correlation with commodity prices. There has been a fundamental shift due to the success of “no frills” competitors over the past year and the main factor in pump prices is now local competition”, says Mike.

ENDS

 

Media queries – victoria.crockford@z.co.nz

Investor queries – matt.hardwick@z.co.nz

 

08/03/2020

Z Energy comment on oil commodity prices and the impact of Covid-19

Z, like many others, is following the significant movements in the oil market. It is clear that the impact of Covid-19 is escalating when it comes to global commodity markets, and that this is now likely being compounded by geopolitical machinations in relation to oil-producing states.

Before Z makes any further detailed comment, we need to understand how the markets will settle.  

What we can say is that we will be reacting prudently, but sufficiently promptly, in relation to the price of crude, as passing through any wild price swings does not benefit anyone.

Z pricing response to Covid-19 to date

All Z service stations across the country have seen a continuous reduction in prices over the past recent weeks, which reflects all of the factors that go into our pricing, including but not limited to the price of crude, the New Zealand dollar and the dominant hyper local competition factors.

27/02/2020

Z Energy response to Government’s Fuel Market Bill

Z Energy (NZX:ZEL) welcomes today’s announcement that the Government is acting quickly on the Commerce Commission’s recommendations following the conclusion of the retail fuel market study in December last year.

Z CEO Mike Bennetts says that the details of the fuel industry bill that have been released today are consistent with Z’s expectations and commentary in December 2019, and that there is benefit to the industry in both the proposed changes and in the certainty of the Bill passing into legislation mid-year.


“As we have stated for some time, we believe that there are competition and consumer benefits to measures such as a Terminal Gate Pricing regime and the display of Premium fuel prices on all price boards. We look forward to working with stakeholders as required in the coming months to ensure a robust set of regulations and piece of legislation. A speedy resolution enables us to move forward and avoids regulatory overhang for all participants,” says Mike.

Z was disappointed to learn that participants will have 18 months once the legislation comes in to display Premium prices when this is something that could be done immediately.

“We find it surprising that it would take 18 months to bring about price transparency. This market study has ultimately been about ensuring positive consumer outcomes, so we believe it is essential that all consumers are able to compare all prices across all sites as quickly as possible. As per our commitment to Minister Faafoi in response to his letter in December last year, we will continue to our work rolling out Premium prices across the Z and Caltex networks by mid-year,” Mike says.


Media enquiries: Victoria Crockford 
Investor enquiries: Matt Hardwick 

13/12/2019

Z makes a move on price board transparency

Z makes a move on price board transparency 

Z Energy has responded to the 5 December Commerce Commission market study report by putting up its first price board that displays all fuel grades, including Premium, at Z Beach Road in Auckland. The board also displays the everyday 6c per litre discount that can be achieved through its Pumped loyalty program. 

Z General Manager of Retail, Andy Baird says that Z is committed to rolling the price boards out across its 340 sites, including Caltex, within the next 6 months.

“We’ve advocated for full price board transparency for some time and have been trialing such signage with select customers to ensure the information displayed is clear. So, we’re very pleased that one of the outcomes of the fuel market study was that this would be mandated across the industry.

“Solving this issue is something that all retailers can and should do quickly. We placed the order for our boards the morning that the final study was published, and we’re excited to be able to get our first board up and deliver further transparency to motorists in Auckland at Z Beach Road in time for Christmas,” says Andy.

Z looks forward to working with customers, industry colleagues and the Government on progressing the Commerce Commission outcomes and its world-class ambitions for the New Zealand fuel industry.

                                                                                                  ENDS

Media enquiries: Victoria Crockford – Victoria.crockford@z.co.nz

 

05/12/2019

Z supports swift action on proposed fuel market changes

Z Energy welcomes the completion of the Commerce Commission’s market study into the retail fuel market.

Z Chief Executive, Mike Bennetts says that Z is pleased about the resolution of the market study and believes many of the recommendations made by the Commission will help to improve on the strong levels of competition that already exist in the retail market.

“We’ve supported this study from the beginning. We’re a New Zealand-owned company and we’re committed to great outcomes for New Zealanders. The conclusion of the study provides us with the certainty to continue taking decisive action on creating the fuel industry of the future on behalf of all motorists and our many Kiwi shareholders,” says Mike.

Z is taking action on increased transparency

Z fully supports the Commerce Commission’s recommendations on increased scrutiny, including price board transparency.

Mike says that Z has already put in an order for the price boards required to display all Premium fuel prices.  

“Our retail team has been given the go ahead to get price boards ordered ready for display, as of this morning. We, like the Government, are committed to acting quickly and in the interest of Kiwi motorists,” says Mike.  

Z is also pleased that Terminal Gate Pricing and an enforceable industry code –recommendations that the company supported following the draft report – are supported by the Commission and by the Government in principle.

“As we’ve said before – we believe that Terminal Gate Pricing, supported by a robust industry code, will assist in creating a more observable wholesale market and enhanced competitive conditions.

“It is our hope that it will also establish the information gathering framework required for the Government to monitor prices more consistently across the market so that data is as accurate as possible,” concludes Mike.

The Commission has acknowledged that good levels of innovation in the industry are providing customers with increased choice and Z is committed to continuing with its innovation work to improve customer experience to the benefit of our customers.

ENDS

Media enquiries: Victoria Crockford – Victoria.crockford@z.co.nz  

13/11/2019

Z opens first Habitual Fix on a highway site

Z Energy has opened the first ever Habitual Fix on a highway to give commuters and holiday makers a healthy option at the popular Bombay stop-over south of Auckland. 

Habitual Fix opened on 13 November in the new Z Bombay service station at the Bombay Motorway Service Centre. It’s a first for Z and for the New Zealand healthy food franchise, which until now has been available only in urban environments.

Z’s GM Retail, Andy Baird, says people driving through one of Auckland’s busiest commuter and traveller stopovers at Bombay deserve a healthier option. 

The upwards of 40,000 vehicles driving north and south on this stretch of motorway every day will now have a choice to get fresh, healthy food quickly instead of the traditional fast-food highway options on offer nearby, says Andy.  

“Anyone whose been stuck in Auckland traffic knows you don’t get free of it until you’re over the Bombay Hills. With the new Habitual Fix and Z on the southern side of the road, Aucklanders can get to the end of the motorway, take a breather knowing they’re passed the traffic, refresh and get on their way home, or off on holiday. 

Habitual Fix at Z

Habitual Fix counter at Z

Andy says service stations are known for sugary snacks and limited fresh options, while the Kiwi Habitual Fix with its fresh salads, sandwiches and smoothies,hasn’t been easily accessible for those on the road. 

We’ve heard New Zealanders say for a long time they want healthy choices on the go,meanwhile demand for quick options in stopovers like Bombay is unabating. People shouldn’t have to choose between fast and healthy, so we’ve paired up with Habitual Fix to offer a solution in this busy spot. 

Z Bombay, which opens this week,is the first of Z’s new-look stores on a highway where customers will also have access to ZEspress barista coffee, a picnic area, a New Zealand Post depot, and forecourt service from 10am-5pm. The site will employ 15 people. 

Z Bombay is a bus stop for Intercity buses as well as a hub for those traveling to the rapidly growing Waikato town of Pokeno. 

Fresh, healthy choices when you’re on the road are hard to find and that’s not cool for our health as a nation. Now atZ Bombay when people fuel up their vehicles for their journeys, they can fuel their bodies with healthy food too.” 

“We’ve opened in time for summer at the gateway to Hamilton, Bay of Plenty and the Coromandel so that Habitual Fix is available for the tens of thousands of holiday makers heading in and out of Auckland on roadies this summer,” says Andy.  

Z Bombay and its Habitual Fix is a trial as Z experiments with ways to make its retail stores better for customers.If Habitual Fix proves to be a popular alternative to the fast food nearby, Z will look to roll out more Habitual Fixes in other convenient commuter locations. 

30/10/2019

Sharetank gives Kiwis control to pre-purchase fuel on their terms

For the first time in New Zealand people can now use a virtual fuel tank to buy fuel in advance, putting more control in the hands of consumers to choose when they buy fuel and at what price. No longer are consumers constrained by the size of their tank.

Z Energy has co-created the virtual fuel tank, named Sharetank, with customers and frontline staff and is trialling it from today through Z App.  

People can use Sharetank to pre-purchase Z fuel, rather than waiting for their tank to be empty. They can then use their virtual Sharetank litres later, to fill up at any Z service station.

Z’s Chief Innovation Officer, Scott K Bishop, says until now Kiwis have largely had to accept the current price of fuel and were limited to when they could buy it by the room in their tank.

“We know customers get frustrated when they fill up and the next day their local service station’s fuel price drops because of changes in the exchange rate, costs or local competition. Sharetank lets customers choose to buy fuel when the price is right for them. It’s great for budgeting.”

“Sharetank really is a win-win for our customers. If the pump price goes up after they’ve bought Sharetank litres, customers save as they’ve already locked in cheaper litres. If it goes down, customers will be alerted when they go to fill up and can choose to save their Sharetank litres for another day,” Scott says.

Z’s Chief Customer Officer, Jane Anthony, says using a virtual tank also saves time for people who drive across town to get a better price.

“Customers’ time is precious so when they pre-buy through Sharetank they’ll automatically get the lowest Z pump price within 30 kilometres of their location and won’t need to travel to get it. They can buy from the couch, work, the passenger seat or wherever suits them.”

Customers can top-up their tank with up to 1,000 litres of each of their chosen fuel types (Z Diesel, Z91 Unleaded or ZX95 Premium Unleaded), store it virtually until it’s needed, and choose to share access to their tank with up to 5 friends, whānau, people in the community or employees.

“In the past there hasn’t been an easy way to share fuel. With Sharetank you could bring family home for the holidays, send the kids off to Uni, pay for your apprentice’s fuel, share sports team travel costs or split fuel costs between flatmates who share a car, to name a few,” Jane says.

Z will use the trial to evolve and improve the Sharetank offering based on customer feedback following launch. Learn more at: https://www.sharetank.co.nz.

 

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