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12 news results

09/07/2020 - General News

Z Energy supports Fuel Industry Bill, encourages faster change to wholesale contracts

Z Energy supports the Fuel Industry Bill and believes it will have positive outcomes for competition and consumers but warns that in its current form it could have a delayed impact and could cause unintended consequences for fuel dealers.

Speaking after his appearance at yesterday’s Finance and Expenditure Select Committee, Z CEO Mike Bennetts said that the proposed timeline for changing wholesale contracts could hold up the flow through of benefits to customers at the pump.

“The way the Bill is currently drafted means that it could take years before any of the changes to wholesale contracts have their intended impact. We want consumers to see the benefits of more competition in the wholesale market as quickly as possible and encourage the government to ensure the Bill achieves that.”

Z is also urging careful consideration of the differences between dealers, who are small to medium businesses owned locally and, in many cases, reliant on support from their supplier, and distributors, who are significant national competitors. Dealers need to be able to have a close relationship with their supplier as in many cases they rely on their supplier’s extensive support.

“Dealers and distributors play a very different role in the retail fuels market and we would urge the Government to take this more fully into account in the final legislation,” said Mike.

Z also strongly encourages an expedited roll out of fully transparent price boards and believes that consumer choice should be protected when it comes to loyalty or reward offers.

“We’ve said throughout the Commerce Commission Market Study and Bill consultation that we fully support transparency and comparability on price boards at retail sites, including requiring prices to be displayed for Premium grades.

“Customer research also shows that, as with nearly all other retail sectors in New Zealand, many motorists value knowing what loyalty or reward offers are available that could make a difference to their purchase. We think that consumer choice is critical and should be safeguarded in the final legislation,” Mike said.

ENDS

Media enquiries: Victoria Crockford, Victoria.Crockford@z.co.nz

 

22/06/2020 - General News

Z Energy gives away week of free coffee to Victim Support staff and volunteers

Z Energy is showing its support for Kiwi volunteers by offering a week of free coffee (or a hot drink of their choice) to Victim Support volunteers and staff to celebrate Volunteer Week 2020.

Z’s Head of Community and Sustainability Gerri Ward says that Z has worked with Victim Support over many years and believes that the role of their organization and other community volunteers is more important than ever as the country recovers from the impacts of COVID-19.

“Volunteer Week gives us the opportunity to recognize how critical our community volunteers are to all of the things that we love about Aotearoa New Zealand – our tamariki, our sports games, our outdoors, our arts and cultural education, our faith-based groups and the community spirit that has been so strongly demonstrated throughout COVID-19.

“Z is a long-term supporter of Victim Support and we wanted to provide something to brighten up the day of all their amazing volunteers who do such important work on behalf of our communities day-in-day out ensuring people get the help they need after trauma or grief. We know that a hot cup of Z Espress coffee or a hot chocolate on a cold day can do just that.”

Z donated a total of $25,000 to Victim Support in 2019 via its community program, Good In The Hood.

ENDS

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

 

19/05/2020 - General News

Z Energy joins Kiwi businesses in call to action to Government

After COVID-19 we can build back better than we were before. Let’s make our recovery truly transformative, now. 

A call to action to the Government from businesses and community groups.

COVID-19 showed that New Zealanders care for one another. We have made sacrifices to protect people’s health, based on science and by taking bold action. We adapted and innovated so we could stay connected, keep working, and support one another. We were reminded of how much we depend on one another, particularly our lowest wage workers who provided essential services.

As we emerge from the challenges posed by COVID-19, we have a chance to build positively on the common purpose we found together. As our representatives in Government, we ask that you now make smart policy and investment decisions that will lay the foundation for a successful, equitable and regenerative future and a more productive and sustainable economy.

Leading into this emergency, we already faced significant challenges. Carbon emissions were not coming down, productivity was not improving, we faced a rising tide of mental distress and addiction, many had insufficient financial resources and resilience to live with dignity , and the aspirations of Māori were still not on an equal footing. As a Government you had acknowledged these issues and to make progress by adopting Treasury’s Living Standards Framework, developing a Wellbeing Budget and in last week’s Rainy Day budget.

We understand that in this time of uncertainty and fear, there is an urgent desire to see Aotearoa New Zealand thrive again, and quickly. But this is not the time to lose sight of the challenges we still face. Instead we have an opportunity to stage a recovery that prioritises our most excluded and disadvantaged, regenerates nature, and gives everyone the opportunity to actively participate in a successful society. 

You can make choices now that accelerate the transition to a healthy, resilient, inclusive, Te Tiriti-based, nature-rich, low carbon way of life that delivers a more productive, sustainable economy. We fear that if you do not, there will be a default to quick-fix decisions that inadvertently lock in the mistakes of the past, likely entrenching disadvantage and degrading nature. It would be an opportunity lost, and a disservice to our country and its people.

As we acted collectively to protect one another over the last seven weeks, we can act collectively again to enhance the future for our young people. Our children and grandchildren will live their adult lives with the choices you make today.

We know the solutions: invest in community resilience and wellbeing; invest in sustainable food systems and regenerative agriculture; shift to a circular, low carbon economy; invest in nature through conservation and biodiversity protection. Do this in partnership with iwi and hapu, and communities.

These solutions will underpin a healthy society, nature that can thrive and a productive, resilient economy into the future, that creates wellbeing for all.

We call on you, our representatives, to have the courage, wisdom and foresight to know that business as usual will not deliver the future we want for each other or for the country we love. Seize the opportunity now to make our recovery plans truly transformative and take New Zealanders with you once again.

As business and civil society representatives we will stand by you as you make these decisions. We are ready to play our part in building this future we can be proud of.

 

11/05/2020 - General News

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 - General News

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 - General News

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 

13/03/2020 - Sustainability news

Waste Watch 2019

Artboard 1 copy 10

Waste starts with us and ends with us. Not only do we pay to dispose of our rubbish, hidden costs come from the impact on our environment, cleaning up rubbish from our rivers and ocean, dealing with air pollution, climate change and the impact on communities if waste is not dealt with responsibly.

Each year the average kiwi sends over 700kgs of household waste to landfill. This puts us in the top 10 list of countries for the most amount of waste generated per person in the world.

We know we can do better. In fact, of all the waste that’s sent to landfill in NZ each year 75% could be reused, recycled or composted.

At Z we’ve committed to reducing waste, to do more with less and to take the full environmental cost of our activities into account in our business. This is most apparent on our retail sites with an annual Waste Warriors competition being run to highlight the top recyclers in the country. Recycling has become BAU for many people and with the largest public recycling scheme on offer through Z’s retail stations we wanted to shift the focus from ‘how much’ to ‘what more’ and focus on sharing top tips for reducing waste with our network of staff, customers and suppliers.

 Capture38

The competition ran from October to November 2019 with 81 sites engaged. Judging completed in January and the 2019 Waste Watch champions are Z Highbrook! The team at Z Highbrook diverted 75% of their waste from landfill through composting and recycling. To engage their staff they created a video highlighting many of the ongoing activities and new opportunities for waste reduction on site. As staff member Jesla points out “Simply asking the customer if they would like a receipt saves paper, which saves trees from being cut down, which helps the quality of our air and environment” as we say at Z – “Giant Strides Start With Small Steps”

Many of these small steps get passed by or forgotten, however the competition is a time to celebrate those at Z and within our communities who go above and beyond to reduce their waste footprint. For example, the team at Z Inglewood who collaborates with a local lady who turns empty milk bottles into lunch boxes for school kids, or the team at Z Picton who, frustrated at the lack of industrial composting facilities available in the area, collect our used Z Espress compostable coffee cups and send them over to Nelson with a team member travelling that way for work.

Z’s Sustainability Champion Camilla Read says: “The passion some of our site staff have for waste reduction is infectious. Their drive to reduce waste on site has the ability to influence not just other staff members but their family and friends as well. Waste is ultimately everyone's problem and we can all be at the heart of the solution by working together, learning from others and sharing ideas and opportunities.”

Camilla says: “There is still a huge challenge with waste management constraints on a national scale. We’re committed to continue to form partnerships to reduce the creation of waste products, for example with our Z Espress KeepCups, and to work with our suppliers to find solutions for problem wastes such as plastics” This year, Z has signed up to the NZ Plastics Packaging Declaration and will be offering customers a solution for recycling lubricant oil bottles in partnership with other major lubricant brands. 

During the waste watch focus in October and November the Z network recycled 196 tonnes of waste (about the same weight as 16 garbage trucks) and sent over 25 tonnes of food waste away to compost facilities (that’s equivalent to 113,000 pies!!)

Congratulations to all the sites, customers and suppliers working with us to reduce waste every day. Check out the infographic below for just some of the stories that staff have shared.

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09/03/2020 - General News

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 - General News

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 - General News

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 

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