Z Energy Limited (NZX:ZEL) announced its results for FY20 for the year ended 31 March 2020, where results have shown that-
- Historical NPAT fell to negative NZD88 million compared to profit of NZD186 million on pcp. The fall was due to several factors including lower retail fuel margins, COVId-19 costs and drop in refined margins.
- Replacement cost EBITDAF fell by NZD68 million and stood at NZD366 million while replacement cost NPAT was NZD44 million, down by NZD134 million.
- Net operating cash flow decreased by NZD110 million reaching to NZD159 million.
- Final dividend for FY20 was cancelled, so the full dividend for FY20 was 16.5 cents per share.
ZEL is in the process of raising equity capital of NZD350 million via placement and SPP to fight COVID-19 along with reducing operating costs and increasing cashflows.