Q2 2024 Operational Update

channelnz.com

NZX RELEASE
15 July 2024

Q2 2024 Operational Update
Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months
ended 30 June 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 30 June continued to track above the Envisory fuel demand
outlook at c.840 million litres, c.2% higher than Q2 2023 (821 million litres) and down 81 million litres
on the previous quarter in line with seasonality expectations (921 million litres). Throughput is now
tracking at 97% of 2019 throughput (on a year-to-date basis).
• Actual jet fuel throughput for Q2 was 9% above the Envisory fuel outlook
1
.
• 16 import shipments were received and discharged during the quarter (Q2 2023: 18).
• No material fuel supply disruption was experienced during the recent power outage to Northland
following a transmission tower failure.


A summary of Quarterly throughput by fuel type since commencement of import terminal operations on 1
April 2022 is included as Appendix I.



1
The Envisory outlook is annual for petrol and diesel. Channel uses 2019 historical data to inform FY24 monthly seasonality. Envisory
Jet outlook is monthly until June 2025.
299
274
249
318
267
255
JetDieselPetrol
Throughput Q2 23 V Q2 24
Million Litres
Q2 23
Q2 24
579
556
498
705
546
509
JetDieselPetrol
Throughput HY 23 V HY 24
Million Litres
HY23
HY24

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Conversion and growth project update
• Conversion spend c.$181 million spent to 30 June 2024 (31 March 2024: $169 million).
• Private storage growth capex of c$42.5 million spent to 30 June 2024 (31 March 2024: $38.6
million).
• New customer contract signed May 2024 for the storage and export of transmix. The upgrade will
involve incremental growth capital expenditure across 2024 of $12-15 million in FY24 and is
expected to generate incremental revenue of approximately $3 million per annum, indexed to PPI.
• Net borrowings decreased to $326 million as at 30 June 2024 (31 March 2024: $333 million).

- ENDS -
Authorised by:
Chris Bougen
General Counsel and Company Secretary
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com


About Channel Infrastructure NZ

Channel Infrastructure is New Zealand’s largest fuel import terminal operator, storing and distributing 40% of
New Zealand’s fuel, including 80% of New Zealand’s jet fuel. We receive, store, test and distribute petrol,
diesel, and jet fuel that our customers import and supply to Auckland and Northland.

Fuels are imported via our deep-water harbour and the jetty infrastructure at Marsden Point and stored in
288 million litres of contracted storage tanks on site. The fuel is then distributed down our 170-kilometre
pipeline to Auckland, or by our customers (bp, Mobil, and Z Energy) via truck into Northland. We underpin the
resilience of New Zealand’s fuels supply chain with our tank capacity, which enables increased storage of
fuel in New Zealand, and through efficient, low-emission distribution of the fuel into the Auckland market.

Our plan for growth includes exploring the manufacture of lower-carbon fuels at Marsden Point to support
the energy transition in New Zealand. Given our proximity to Auckland, and critical role in the jet fuel supply
chain, Channel is well positioned to facilitate the renewable fuel transition in New Zealand.

Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory Limited, provides fuel
quality testing services throughout New Zealand.

For more information on Channel Infrastructure, please visit: www.channelnz.com

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Appendix I – Throughput (since 1 April 2022)
Throughput by quarter
(million litres)


2022


2023

2024
Quarter 1


Jet

280 387
Diesel

282 280
Petrol

249 254
Total

811 921


Quarter 2


Jet

146 299 318
Diesel

275 274 267
Petrol

257 249 255
Total

679 821 840


Quarter 3


Jet

200 314
Diesel

264 261
Petrol

258 263
Total

721 838


Quarter 4


Jet

244 365
Diesel

275 283
Petrol

280 251
Total

799 900