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Thread: NZR

  1. #1
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    Default NZR

    Anyone else out there riding this winner? Not a mention anywhere but couple of weeks ago it closed at 1690 and that was high - now 1950. At this rate I can afford to spray diesel on the weeds in my driveway.

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    NZR
    29/04/2004
    ADDRESS

    REL: 1400 HRS The New Zealand Refining Company Limited

    ADDRESS: NZR: Chairman's address to the AGM 29 April 2004

    The New Zealand Refining Company Limited

    Chairman's Address

    This year, I have departed from tradition and have asked the Company's
    General Manager, Thomas Zengerly to provide you with an update on the
    Company's performance and other items of significance that the Company has
    been involved in. I will concentrate on the strategic and governance aspects

    You will note that the agenda is longer than usual. Some of the items will
    no doubt raise issues for some. I will not discuss these items now, but as
    we cover off on the agenda items, we will discuss the items before voting on
    them.

    Firstly though, a comment on our annual accounts. For 2003, we have
    commenced a transition from our traditional focus on financial reporting to
    triple bottom reporting. We as a major industry in New Zealand, recognise
    that stakeholders, want more information and Annual Reports are the
    appropriate place to provide information about Social, Environmental and
    Economic information.

    In February we reported the results for the year. To recap, the company made
    an Operating Surplus before tax of $59.6 million, 2.5% higher than 2002. The
    final dividend was 60 cents, with full imputation credits.

    When combined with the interim dividend of 60 cent we paid out 78% of net
    profit after tax, this is less than what we have achieved in the past but
    still an excellent outcome.

    The directors were concerned that 2004 could be quite a demanding year from a
    financial perspective. High exchanges rates and a major shut down being to
    key factors to consider. We feel far more comfortable now that we have
    completed the first quarter and are well into the second quarter. Refining
    margins have been high and the New Zealand dollar is now weaker against the
    USD. The shutdown is due to commence next week.

    Corporate Governance has been a topic high on the agenda of many boardrooms
    this year. We are in the process of making some changes to Board
    composition, committees etc, in order to comply with NZX rules. This process
    will be completed by the October deadline. I agree with recent comments made
    by the recent comments by Sir Ron Brierley regarding directors reiterate that
    rules and regulations don't make a person honest or make them more
    trustworthy.

    Good Directors and Managers know what is right or wrong and value personal
    integrity very highly. On behalf of the Directors of your Company, I can
    state that we will comply with the rules and appendices of the New Zealand
    Exchange, but I will also add that our standards and requirements for good
    governance have not changed because of these new rules.

    In early 2003, we took steps to ensure the Independence of our Auditors was
    not compromised and adopted many of the principles in Sarbanes Oxley. Our
    Internal Audit programme is comprehensive, based on risk assessments covering
    all aspects of our business. We have extensive quality assurance, safety and
    environmental programmes in place. I am not saying we are perfect - many of
    the aspects like safety is a never ending journey - what I am saying is that
    as professionals tasked with creating long term benefits for stakeholders, we
    are pro-active and we do not wait for rules

    Last year, the Board approved the Future Fuels project which is one of the
    largest industrial projects in New Zealand in the last decade - allocating a
    total of $180 million to the project. Foster Wheeler were appointed the main
    Engineering, Procurement and Construction contactor. Progress to date has
    been good. We are still on target in terms of safety performance, schedule
    and cost. Thomas will provide further details in his presentation.

    Today the Minister of Energy will announce that the Company has been awarded
    1.2 million carbon credits. This is subject to completing a co-generation
    plant at Marsden Point. NZRC staff and HRL, an Australian organisation with
    expertise an

  3. #3
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    I bought this years ago.. couldn't bear to part with it... making me around 10% a year in dividends... a 37% increase in share price... and maybe another decent payout in September. sweet.

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    Back up another 40cps today, clearly on the back of rising prices. Anyone like to suggest a good exit price? I mean at what point does speculation end and common sense take over? I could do with about 40,000 in my pocket to buy up some WRI when they plummet back to 120cps.

  5. #5
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    Seems to still be gpoing pretty well, now I really wish I had bought some in Jan at under $15.

    What happens to this company in terms of exchange rates? I suppose they just pass everything through, but in general they would be better with a higher NZ$?

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    The major shareholding is with the oil companies that control the pump price - oil goes up the pump price goes up - oil comes down, well, wait a few days, think about and then reduce the price. This way the more volatility, the more profit and a big divvy for the shareholders - the oil companies and me. Now at 2,000cps and rising

  7. #7
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    disappointing to see that the STUNNING interim result managed to not even get 1 comment...

    Disc: Hold a few
    Death will be reality, Life is just an illusion.

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    Give us your comments Steve, I am interested

  9. #9
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    Would love to see the interim report or the slip that arrives about the same time as the dividend but I still wait and hope. The money has arrived and thats the main thing.
    Sorry I didn't know you meant the [u]old </u>interim report from last month.

  10. #10
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    Yep, the interim announcement was a month ago and not a squeek on here.

    The interim profit up near 150%, despite the scheduled maintenance shut down. P/E ratio is very reasonable, interim dividend was 5% alone not counting any final dividend.

    My analysis places a share price of up to $30 on this company based on the current fundamentals.

    Craic, you obviuosly follow NZR, what value do you have?

    Who remembers the days when the share price hit $40.00?!
    Death will be reality, Life is just an illusion.

  11. #11
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    Not too long ago we were getting dire predictions from management about the costs of maintenance etc and the fact that profits would be down and the shareholders could not expect the high dividends that they had been getting etc. I wondered at the time if this was a move to reduce the shareholding by reducing the price thus allowing those in the know to clean up. My paranoia knows no bounds but I am glad I hung on to my couple of thousand shares.I see from the half-year report that the number of shareholders has reduced from 2554 to 2415 in the year or 5%

  12. #12
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    Where did all the sellers go yesterday? They all cleared out, and someone stepped up to the plate offering 20,000 @ $25.00 = $500,000!
    Death will be reality, Life is just an illusion.

  13. #13
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    Yes, it is all a bit astonishing. depth shows 5000 buys at the current price or marginally above, and only 400 sells at 2350. And, if this is not a big enough jump, the next sell batch is still as steve reported: 20k @ $25!

    I've only held ~1350 of these since May 02, but they make me very happy... Cheers.

  14. #14
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    NZR's a stock that has been copnsistently been highlighted on this site as a good long term investment - and I have consistently ignored it [B)]

    Well done to its backers!

  15. #15
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    An interesting aspect of the interim report is a reduction in the number of shareholders from 2554 to 2415 or - 5%. This leads me to believe that there is one or more out there with a constant buy order on the market, ready to mop up any lots. I've only got a couple of thousand but they are not getting mine.

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