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The New Zealand Refining Company (CHI) briefings

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Showing 1-9 of 9 published briefings.

Channel Infrastructure NZ (CHI)FY25Released 27 February 2026

Flat revenue, PBT down 12.4% as cash conversion lifts to 79.6%

Earnings softened on a higher tax charge while operating cash flow strengthened, even as leverage drifted up to 3.55x.

Published 18 May 2026

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Channel Infrastructure NZ (CHI)HY25Released 26 August 2025

Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.

Headline NPAT fell 30.1% but mostly on tax normalisation and a discontinued-operations swing, while operating EBITDA was essentially flat.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)FY24Released 27 February 2025

PBT up 6.7%, NPAT down 42.3% on discontinued operation loss

Continuing operations lifted EBITDA 9.1% with cash conversion at 68.2%, while a NZ$12.1m discontinued operation loss masked headline NPAT.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)HY24Released 23 August 2024

NPAT up 46% but PBT slipped 2% as discontinued operation flatters headline

Continuing operations softened and the effective tax rate jumped to 35.0%, even as EBITDA grew 10.5% on stronger jet fuel throughput.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)FY23Released 29 February 2024

FCF of $61.8m drove deleveraging to 3.6x and a 12.0c dividend

PBT rose 47.6% while NPAT rose 100.8% on a lower effective tax rate; the 12.0c payout reached 187.5% of NPAT, funded by free cash flow.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)HY23Released 23 August 2023

PBT up 158% on terminal debut, NPAT down 34% on prior discontinued-ops gain

The headline NPAT decline reflects a NZ$11.6m HY22 discontinued-operations gain; continuing-operations NPAT rose to NZ$14.5m from NZ$5.6m.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)FY22Released 24 February 2023

CHI returned to profit but FCF hit -$73.3m and leverage rose to 4.5x EBITDA

The import-terminal transition delivered $12.0m NPAT and a 7c dividend, but $59.1m of conversion capex was funded by additional borrowing, and the OCF/EBITDA ratio this period is denominator-distorted and not usable as a normal cash-conversion signal.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)HY22Released 25 August 2022

Discontinued operation lifts NPAT 449.7% as pre-lease FCF swings to -$33.7m

Continuing operations earned $5.6m at ~66% EBITDA margin; operating cash flow turned negative, and while net debt to EBITDA stepped up to 10.94x, the OCF/EBITDA ratio itself is denominator-distorted this period and should not be read as a normal cash-conversion signal.

Published 22 April 2026

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The New Zealand Refining Company (CHI)FY21Released 23 February 2022

Transition impairments drove NPAT to -$552.6m despite 44.5% EBITDA lift

Refinery simplification raised EBITDA to $72.8m and cut net debt, but conversion to a fuels import terminal triggered large non-cash charges.

Published 22 April 2026

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