Arotahi Ki Ngā Tukuhanga Chair and CEO Report: Focused on Delivery
Arotahi ki ngā tukuhanga Focused on delivery Z ENERGY ANNUAL REPORT For the year ended 31 March 2021 Te pūrongo a te Hēmana me Te Taiurungi: Arotahi ki ngā tukuhanga Pg 1 Z ENERGY ANNUAL REPORT 2021 REPORT ANNUAL Chair and CEO report: Focused on delivery Covid-19 delivered a momentous Commercial fuel volumes (primarily challenge to New Zealand, and to Z. It’s marine and jet fuel) are still affected had a real impact on our business, but, in by continued Covid-19 disruptions and the face of this challenge, we have built a with repeated short regional lockdowns stronger, leaner, more resilient business. impacting Retail volumes. Additionally, trading conditions in the final quarter Through Covid-19 Z has focused squarely of FY21 were challenging: intense retail on two things: the safety and wellbeing of competition has continued and crude our people, customers and communities; oil prices have increased substantially, Our strategy is: and delivering against the commitments further compressing margins. we have made to shareholders. Assuming no further Covid-19 lockdowns, To solve what matters for a moving world It has been a year of markedly different we expect to increase earnings in FY22 halves: the first half was a period as we continue to reduce structural costs, of concerted crisis management, by optimising our core business so we can hold our market share, optimise the use recapitalising our balance sheet and of our terminals to improve returns and establishing a new way of working through transition to a low carbon future. deliver new customer offers. At the same time we will manage capital carefully.
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