Greenstone enerGy – ProGress rePort 2010/11
1
Contents
01 Introduction
14 Chair’s report
16 Chief Executive’s report
20 NZX commentary
24 Highlights
26 Local matters
32 AA commentary
34 Customers matter
40 People matter
46 Communities matter
50 Results matter
(financial overview)
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Greenstone enerGy – ProGress rePort 2010/11
Some Kiwis said ‘fun’, others said ‘family’ or ‘lifestyle’.
The following pages showcase some Kiwis with their
own personal interpretations of ‘what matters’...
1
“We want to
be able to enjoy
our retirement!”
our shareholders
With the Guardians
of New Zealand
Superannuation a 50%
shareholder in Greenstone,
we’re a company that’s
all about contributing
to New Zealand’s long-
term prosperity.
Last year the Guardians and Infratil, our other shareholder,
acquired the ‘downstream’ assets of a market-leading retail
energy brand. This included the entire retail network
and the refining, storage and distribution infrastructure
formerly operated by Shell New Zealand. During this
transition, Greenstone maintained safe operations and
service, and started to transform the company through a
clear vision and purpose.
Greenstone is not just an opportunity to invest in the future
of energy in this country – the returns from Greenstone
going into the New Zealand Superannuation Fund will help
meet the costs of future superannuation for New Zealand.
Jane and Rodney Duncan in front of their own slice of
Kiwi paradise. Although Jane and Rodney aren’t retired
yet, they want to have a good lifestyle when they do.
‘Tui’ (Jonathan Toohill), at Waiinui Beach.
When Tui’s not relaxing, he’d like a good standard
of living with world-class services from all sectors –
including the energy sector.
“respect me –
then I’ll support
you 100%”
What new Zealanders are looking for
We wanted to get off on
the right foot from the start,
so we set about asking
New Zealanders what
they wanted from their
new Kiwi company.
We’ve learned there’s something really distinctive
about being a Kiwi – and in the business world
that translates into a desire from consumers for
companies that reflect who we are and what we stand
for. It’s all about valuing and respecting our people
and our communities, about getting things done, and
about doing the right thing. And it’s about striving
for excellence and being the best we can be. Find out
more information on page 22.
So’o Fue loves working fulltime at the call centre,
where she talks to Kiwis all day. After work, what
matters to So’o is being able to pound the pavements,
as well as living somewhere accessible, clean and
where it’s easy to catch the train home afterwards!
Bringing the answers home
We’ve made a lot of noise
about being a Kiwi company,
and a genuine effort to ‘walk
the talk’ – and you can hear
this when you call Telnet, our
contact centre.
Previously located in Manila, our contact centre is
based in Auckland, creating 12 fulltime Kiwi jobs.
Creating jobs in other ways
As well as creating new jobs for Kiwis directly, we’re
also supporting other Kiwi businesses by appointing
contracts for services to New Zealand companies
wherever we can – find out more on page 26.
“you have to be
reliable & responsible.
Being Kiwi is a bonus”
Gaining new business
A major achievement for us
this year was our successful
tender to reclaim the
Pan Pac business.
Heading in the right direction
An important part of servicing this client, one
of New Zealand’s biggest forestry companies, is
recognising and responding to their diverse
needs ranging from truckstops for the vehicle
fleet to deliveries directly to their forest crews.
Neil Weber, Operations Manager at Pan Pac, believes
having a service provider that delivers both reliable
service and cost competitive pricing really matters.
“We’ve been
shaken to shreds,
but the kiwi spirit
shone through”
responding to the quakes
The real test of a company
can be how it manages the
unexpected and the tragic.
Greenstone responded to
both the September 2010
and the February 2011
earthquakes in Christchurch
that devastated the city.
We had two clear and immediate priorities. The first
was making sure our people in Christchurch were
OK and taken care of. The second was getting our
sites operational as quickly as possible for the people
and organisations, including emergency services,
who needed them.
This taken care of, our thoughts turned to what else
we could do to help the people of Christchurch.
Our response to both quakes has been innovative
and genuinely local – guided at all times by the
principle of doing what matters for people and the
city. See page 46 to find out what we did.
Jeff Waghorn (with ‘Champ’) is operator of eight petrol stations in the
Canterbury area. Jeff is one of the many unsung heroes that we’re proud
to have on our team. After both earthquakes, Jeff was pivotal in enabling
us to support staff and the wider community. When Jeff needs time out,
his favourite place is the mouth of the Waimakariri River.
What’s in a brand?
The Greenstone story –
a New Zealand company
buying a global energy
brand – has made for an
interesting brand story
as we work to reflect our
‘New Zealandness’ and
our values as a nation.
This report will be printed just after we communicate
publicly our decision on the future of our brand, and what
it stands for – a decision we reached after listening to
17,000 Kiwi consumers and hearing what matters to them.
One thing is for certain: our brand will factor in four key
areas to the best of our abilities: alignment with our values
and our purpose; the wishes and needs of Kiwi customers; our
intention to build a strong, world-class Kiwi company; and
the opportunities to tell a compelling local story. These things
matter to us. They also have to matter to our customers.
We want to make it easier for people to make buying decisions
based on values as much as price, to see in our company a
spirit that reflects them and the things that are important
to them, and to feel that, in supporting us, they are actively
helping to grow a distinct and substantial Kiwi company.
Jane Anthony, Marketing Manager at Greenstone
Energy, with one of the people who matters most
to her – her son Will. Jane is determined to develop
a brand that stands for what matters to Kiwis.
Left, Marko believes we
are “changing the rules for
the better” where decisions
are based on what will
benefit New Zealand
and New Zealanders.
“ new Zealanders will respond
positively to a business they
see as one of their own and that
understands what they’re all about.”
Our support for Christchurch
included 100,000 litres of
jet fuel, for flights in and
out of the city.
Building on what we bought
events in Christchurch
While for many customers little appears to have changed,
behind the scenes the move to localise the Shell network
as a world-class Kiwi company has generated exciting
opportunities. At the same time, the fact that the transition
from a multinational to a locally owned and operated
business has taken place without too many hitches shows
the prudence of having brought so much of the local Shell
expertise over to the new entity. It’s a tribute to the experience
and commitment of our management team, their teams
and of course our strong retail and business networks that
our business has, for the most part, continued seamlessly
across the country. Where there have been issues – such as
diesel shortages in the South Island – I’d like to apologise on
behalf of Greenstone Energy to those who were affected.
Sincere thanks for your understanding and patience.
Our hearts continue to go out to the people of
Christchurch. The Board was quick to support the
company’s efforts after the first quake in September,
and following the second quake in February 2011, we
pledged further and ongoing support for our staff, their
families and for the city. On behalf of the Board, I want
to once again acknowledge and thank our people for
the extraordinary commitment and professionalism
they have shown. As a local company, we are here for
the long haul – for Christchurch and for our people.
We will continue to work through the specifics of the
further support we can provide for as long as it takes.
Increasing loyalty
room for growth
In its time at the helm, Shell guided this company
through many changes and initiatives. A key one was
the decision in 1996 to be a foundation member of
Loyalty New Zealand – the company behind the hugely
successful Fly Buys brand. The new owners recognised
from the outset that this programme was a significant asset.
Not only does it provide Greenstone with opportunities
to reward Kiwis in a range of ways, it also offers the means
to better understand the buying patterns and demands
of customers. Expanding the programme this year to
include Air New Zealand is a fantastic example of Kiwi
success stories joining forces to broaden their collective
and individual appeal and thus gain greater loyalty.
We are confident that Greenstone Energy will realise its
goal to be a world-class Kiwi company by building on
what it has bought, listening and responding to what
our customers tell us and adding new ways of doing
business that suit who we are and where we’re going.
The Board is pleased with progress. Already, we’re seeing
our returns improve and our market share in both the
commercial and retail markets climb. There’s room for
steady growth in the future. Clearly, New Zealanders
will respond positively to a business they see as one of
their own and that understands what they’re all about.
Finally, to the many New Zealanders who chose to express
their confidence in us through our retail bond issue and
through their daily decisions around where they shop,
our thanks. We are determined to make you proud.
Greenstone meets around
a third of New Zealand’s
total fuel demand.
Marko Bogoievski
Chair,
Greenstone Energy
Chair’s report:
“Changing the rules for the better”
Welcome to the first Greenstone
Energy annual report. We believe
that for the first time ever, a
New Zealand-owned energy
company is reporting to fellow
Kiwis about what it has been
doing during its first year of
ownership. Such transparency
is a sign of Greenstone’s clear
intention to change the rules for
the better in this country.
Greenstone Energy’s two shareholders – the
New Zealand Superannuation Fund and Infratil
Limited – made the decision to buy the Shell retail
network and the other ‘downstream’ assets because
we saw significant opportunity for development. We
recognised that by applying a Kiwi mindset we could
change how New Zealanders see the market’s biggest
fuel supplier. Importantly, we could also help secure
the country’s energy supplies at a time when some
of our overseas competitors were looking to reduce
their investment in New Zealand. For the Board, it’s
been exciting to oversee the dynamic shift in thinking
that Mike Bennetts and his team have driven into the
business over the last year.
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Mike Bennetts believes
New Zealand needs
substantial companies
to invest in resources
and infrastructure.
“ What you told us made us rethink
the fundamentals of what our
customers want.”
Keeping everyone in the loop
Greater expectations
What 17,000 New Zealanders told us through the
major research programme that we undertook during
2010 made us rethink the fundamentals of what our
customers want. For example, we learnt that you don’t
like to be asked about specials at the counter. You
told us offers are important. We also found out that
performance-based fuels were not the big drivers for
choice we thought they were.
Your feedback gave us valuable clarity around:
• where we need to go with our retail and
commercial offers
• what being part of the local community really
looks like
• how to contribute to the national debate on
infrastructure
• as a supplier of fossil fuels, the importance of our
role in supporting a sustainable energy future.
These are not things our company is well practised at,
yet. We’ll give them our all but I’m sure we won’t get it
right all the time. I was pleased to see from the research
that people will go on a journey with a local energy
company like ours, but … and there is one … we need
to be straight up when we get things wrong.
So we are trying a bunch of things to open up dialogue,
and find greater opportunities to listen, some of which
are illustrated in this review. Our Facebook site, for
example, is about hearing what our customers are saying,
not just telling them our story. Our response to the
Christchurch earthquake also shows that we want to do
what matters for the local community, not just what is
easiest for those in a corporate head office.
I have been asked a few times why we are publishing an
annual report. After all, there are lots of reasons why we
do not need to develop and distribute this document:
there are no disclosure requirements to meet as we are
not a public company; our competitors don’t do this; it
costs time and money… and so on.
While all these points are true, they are far outweighed
by the responsibility we have as a local company to each
of you. You deserve to know what we are doing with
the capital our shareholders have invested in us and the
funds our bondholders have lent us. You should know
more about the great people inside our company and
why they are committed to doing a great job, what we
are doing to contribute to New Zealand’s economic
prosperity, and what we have done well and not so
well in our first year.
We’ve also asked a couple of well-known stakeholders
to share their thoughts, unedited by us, because we
think that’s the right thing to do. We want to hear and
express a range of views about what matters in the
downstream fuel business.
This industry has historically been quite opaque. What
happens through a complex supply chain is relatively
unknown by most New Zealanders beyond the service
station experience. Nevertheless, at Greenstone we are
committed to greater transparency about the current
issues in our sector, our financial performance, how we
impact local communities and what the big decisions
are that lie ahead for us as a company.
That’s why we’ve also taken the opportunity of this
report to talk openly about our concerns. One is that
current returns in this industry are simply not strong
enough to encourage or enable sustained investment,
and that lack of investment will continue to erode
supply security and customer choice.
What we do makes a big difference to both Kiwi
consumers and businesses. Our sales volumes are evenly
split between consumers at our service stations and all
the businesses in this country that need liquid fuels –
the airlines, contractors, farmers, fishing companies,
ships, truckers, and general industry. So many Kiwis
use our energy because people need to move. The
energy to move powers our economy and our individual
quality of life. And movement requires fuel.
Chief executive’s report:
“new Zealand needs substantial local companies”
It’s my pleasure to give you an
update on where we’ve got to at
the end of our first year. We’re
fortunate to have nearly 100
years of legacy through our
Shell heritage. As new owners,
we recognised the need to honour
both the people who went before
us and the business relationships
and assets we took over on
1 April 2010.
One of the great risks when ownership moves between
parties is that both customers and safety can get lost
in the countless changes that need to take place. So
our primary focus in the first few months of local
ownership was to ensure that momentum inside the
business continued, that customers were looked after
and that our operations ran safely and reliably. I take
it as a sign of success that many people didn’t even
realise that a change in ownership had taken place.
With confidence confirmed, we could then turn our
minds to the challenges of creating a stand-alone
Kiwi company, no longer a mixture of disparate teams
operating as a branch office for a global organisation.
This meant we had to disconnect from Shell Trading, and
find a myriad of ways to plug into local communities.
“ you deserve
to know what
we are doing.”
That goes, I think, to the bigger point. We haven’t
just taken over Shell – we are transforming Shell in
New Zealand from the local arm of a global empire
into a world-class Kiwi company with a workforce
and purpose that we can truly call our own.
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“ the words ‘what matters’
have many perspectives – for
our customers, our people,
and others that we work with.”
Matching listening
with rethinking
In the past year, we’ve matched a lot of the listening
done through our research projects with ample
thinking about our future through our Strategy and
Brand projects. The Shell brand has served us very
well for almost 100 years and we’ve been getting
plenty of feedback about what to do with the Brand
in the future – I am not short of advice in this area!
We have given this a lot of thought and have an exciting
story to tell. Rest assured that we will be telling a very
different Kiwi story.
New Zealand needs substantial companies that are
committed to this country, backed by Kiwis and
that will make the investment in resources and
infrastructure needed to ensure our company moves
forward. Our strategy work has shown us there are
plenty of opportunities to shape a better future for
our company.
The downstream fuel sector is restructuring in front
of our eyes and the mix of participants and assets that
make up our industry will likely be quite different in
a few years’ time. The creation of Greenstone and the
departure of Shell from the retail landscape is the most
tangible example, but there will be more to come.
We are well placed to respond to, and in some cases
catalyse, those changes. Our strategy provides us with a
pathway to do this in a responsible manner. Improving
our financial performance will serve as the foundation
for much needed investment in our customer offers
and infrastructure.
Defining our purpose
Across the company we have had conversations about
why we are here and what we are here to do, where we
are going, and how we will get it all done. In business
speak these are usually known as Purpose, Strategy and
Values. It’s been incredibly exciting to have these sorts
of conversations and to see how energised our people
are when given the chance to generate a bigger future
for a local company.
We have decided our Purpose – the reason why we are
a team and work together here at Greenstone Energy.
Very simply, Greenstone’s purpose is the energy to
do what matters. The “energy” takes two forms – the
obvious physical attributes of our products, as well as
the emotional energy that our people bring to work
every day.
The words “what matters” have many perspectives –
for our customers, our people, and others that we work
with. They are meant to be inclusive and encourage
focus because getting clear on what matters is vital in
today’s competitive market. They also help guide our
people to stop doing what they’ve always done, or what
is easy, and instead to get after the important stuff. And
they’ve inspired us to step back from decisions that may
have worked globally and to make decisions instead
that are good for our customers, such as bringing our
call centre back to New Zealand from the Philippines.
I have been really encouraged by how our people have
engaged with the intent behind our Purpose. As Chief
Executive, it is very satisfying to hear people discussing
what matters for our internal way of working, to hear
marketers challenging whether our programmes will
really matter to our customers, and for the corporate
team to be thinking about what matters to the broader
stakeholder group and how we connect with them in
a meaningful and productive manner.
“The downstream oil
sector is restructuring …
the mix of participants
and assets will likely be
quite different in a few
years’ time.”
Chch
A special tribute to our
people in Christchurch
Events in Christchurch have disturbed every New
Zealander to the core in recent months. I personally
have spent time in Christchurch with our people after
both events, and on both occasions, have been struck
by two things: the massive sadness and devastation
of what has occurred; and the amazing resilience,
commitment and bravery of Cantabrians, including
Greenstone’s people.
We count ourselves hugely fortunate that every one of
our people has been safely accounted for, but we also
know that we have people working in our network
right now who are trying to help people heal, have
damaged or destroyed houses and/or whose children
and partners are worried and traumatised. Somehow,
they have been able to put all that to one side, and
have continued to work and support others, including
each other, despite numerous pressures and adversity.
I can only say that you have my unstinting admiration,
support and thanks.
thanks to all involved
Finally, thanks – to our local shareholders, the 3,500
retail investors who subscribed to our first corporate
bond issue, our ever growing customer base and the
people of Greenstone Energy, from our Board to those
in head office to those in the frontline managing our
65 million customer interactions a year.
One year on, much has changed and much has stayed
the same within our company. But as one of my bosses
once said to me, the best is yet to come…
Mike Bennetts
Chief Executive
Greenstone Energy
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Guest commentary:
“A powerful idea, a welcome addition”
Greenstone is the largest
company to be returned to
New Zealand ownership and
local management and decision-
making for a very long time.
For the last 20 years the large
cash flow, “big” franchises in
New Zealand have been going
one way – from New Zealand
owners to global.
Greenstone is the first “major” in the banking, energy
or media sector to come the other way. In that context
Greenstone is, in my view, very significant, and will
10 years from now, be looked upon as a turning point.
People congregate around powerful ideas, and are
proud of New Zealand success stories. Greenstone has
the potential to be an idea around which this happens.
Brands matter. They are a short, effective way of making
choices. For a long time in New Zealand, most of our
powerful brands have not been our own. Greenstone,
with its name, its identity, and its actions can have a
very positive impact on New Zealand’s sense of self.
Greenstone is not there yet, but has said loudly “we
are going to give it a bloody good crack – back us.”
I, for one, am into it.
Greenstone is also a very welcome addition to the
New Zealand business landscape for a series of reasons
that go well beyond pride. The following come to mind:
Why Greenstone is a very welcome addition to the
New Zealand business landscape
1. Business leadership
2. Confidence
3. Local job creation and talent attraction
4. Identity
5. Providing great investment opportunities for
Kiwis, and helping build a savings culture.
1. Business leadership
Two very long term New Zealand investors –
Infratil and the New Zealand Superannuation
Fund – have come together to invest in and
operate a key business in New Zealand. This was
a bold, brave move demonstrating leadership.
2. Confidence
Up until this announcement, it was widely assumed
that Shell’s assets would be purchased by an off-shore
company. The fact that New Zealand investors had
the confidence to back themselves to buy a company
back off a global owner and create shareholder
value is an important leadership statement – we
can outperform the ‘globals’. This is something that
needs to be encouraged. Greenstone is the product
of vision and leadership that I hope will set an
example other Kiwi companies follow.
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3. Local job creation and
talent attraction
Having Mike on board as CEO is fantastic.
Greenstone has created an opportunity to attract
a talented Kiwi back to where he always wanted
to work. In this sense, ownership matters. It keeps
the great jobs and the talent local, and the spin-off
effects on the economy and the community
are enormous.
4. Identity
Companies like Greenstone are important
symbolically, representing who we are and what is
possible. They can create a sense of pride and loyalty.
People support local brands. When 42 Below was
Kiwi owned, it was proudly displayed front and
centre in all the coolest bars and restaurants. Today,
in the same bars, it is nowhere. The brand has lost
its “feel”. In the oil industry, the brands have all
“felt” the same – large multinationals a long way
distant from the pulse of New Zealand. I know
that for the first time ever, I take note of which
gas station is which and I keep my dollars local by
filling up at a Greenstone station, knowing that
this is contributing to the success of a company
who has local interests at its heart.
5. Providing great investment
opportunities for Kiwis, and
helping build a savings culture
NZX was thrilled to be able to assist, in some
small way, with Greenstone’s capital strategy.
An incredibly well received retail bond issue
listed on the NZX Debt market literally flew out
the doors – showing again how Kiwis are prepared
to back great Kiwi companies and well managed
companies when given the opportunity to do so.
“ Greenstone has said ‘we are going
to give it a bloody good crack –
back us.’ I, for one, am into it.”
Mark Weldon
CEO, NZX
Greenstone and its NZX offering assists in continuing
the long journey to creating an ‘ownership’ and savings
culture in New Zealand, both at a company level and
personal level. It’s a priority that Kiwi Saver – and I
hope partial floats of SOEs – will also help to install. I
hope that the NZX markets again get a chance to assist
Greenstone with capital raising and value creation in
the New Zealand economy.
More than that, I hope to see Greenstone grow to
become a loved brand, and turn the industry on its
head, in much the same way some of the great game
changers of the corporate world have done with new
owners taking a fresh approach to old industries.
My vote is to go with something new – something
identifiably Kiwi at its core. Something that suggests a
unique way of doing things and that, like the current
name Greenstone, will be here for the long term.
What matters
to Kiwis...
...matters to us
Here, Lindis Jones our GM Corporate is catching
and releasing a brown trout in the Ahuriri River.
We think we have ‘caught’ a great business – now we
need to develop it so it may release many benefits
to New Zealanders in the future.
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What matters
to Kiwis...
our changing sense of who we are
No two ways about it,
New Zealanders are changing;
in fact, the very way we think
about ourselves is changing.
Our cultural identity of the easy-
going, agriculturally creative,
underdog Kiwi has evolved.
We still prize humility, community spirit, loyalty
and kinship, but we have developed a pride and a
confidence in our place in the world; an ambition to
succeed and an interest in celebrating those who do
well either here or overseas. Figuratively speaking,
we’ve left ‘she’ll be right’ behind.
We’re very clear about what we, as a nation, want
from our businesses. We want companies to call
New Zealand home – either literally or spiritually –
and to be involved, to stand by New Zealanders and to
act first and fast to correct anything that goes wrong.
Customers have higher expectations of a company like
Greenstone in terms of doing what’s right. Because
we live and belong here, they expect us to sort out
problems quickly, without fuss and without needing
to be asked.
We listened and we heard
you – loud and clear.
Ground-breaking new research
These are just some of the findings from one of the
largest pieces of research of its kind undertaken
in recent years into the attitudes of New Zealand
consumers. Over the course of nine months, we have
asked 2,500 Kiwis from all walks of life and from right
across the country for their thoughts and opinions on
what matters to them, what’s important to the country
and what counts as Kiwi these days.
Our research captured the opinions of another 14,000
New Zealanders through a range of survey techniques.
What emerged incredibly strongly was a refreshed
sense of our national identity – a way of thinking
about ourselves that we’ve dubbed ‘new Kiwi’. The tall
poppy syndrome is fading. Instead, we’re proud of, and
thirsty for, achievements that are truly world class, that
discover new things and forge new paths. Our new
national role models are organisations that have taken
their business to the world and that compete squarely
and on equal terms with all-comers.
new Kiwi
Quality matters. Our research shows New Zealanders
will embrace and invest in ‘new Kiwi’ companies that
reflect our national aspirations for excellence. But
without that excellence, Kiwi ownership isn’t enough
to earn loyalty – we must deliver both.
Other themes are around being inclusive, celebrating
diversity and always being straight up. New Zealanders
want that sense of community, but we also have a highly
competitive streak that quickly shows its hand.
What new Zealanders expect
In terms of our own business, we gained some valuable
insights about how customers would expect a world-class
‘new Kiwi’ company to behave: be as quick as you can;
recognise that fuel is not a destination for everyone, it’s
an interruption; make timely and appealing offers that
add to people’s sense of value; and above all else, listen.
Thanks to all those who took the time to take part.
Greenstone’s
shareholders
the Guardians of new Zealand
superannuation
The Guardians’ goal is to invest to secure the long-
term prosperity of New Zealanders by partially funding
the costs of future superannuation and so reducing
New Zealanders’ future tax burden. Currently the
New Zealand Superannuation Fund is worth around
NZ$18 billion.
Infratil
Publicly listed Infratil Limited is a core investor in
New Zealand’s infrastructure and utilities with an 85%
Kiwi shareholder base. Infratil’s core strengths are in
the areas of energy, infrastructure, risk management,
supply chains, transport, retail and property.
together
Infratil and the Guardians share a common commitment
to seeing this country succeed over the longer term. At
a time when the New Zealand fuel industry generally
has retrenched, with large-scale service station closures,
reduced investment in infrastructure and declining
service levels, these two organisations are bucking the
trend. They’ve made the decision and the investment to
grow Greenstone based on the precept that New Zealand
must determine its own future and that the future for
this company will be rather different from how it used
to be. They have literally given us the opportunity to
change the future of energy in New Zealand.
T h e l o n g - t e r m b e n e fi c i a r i e s
a r e a l l N e w Z e a l a n d e r s
...matters to us.
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our assets
Greenstone Energy currently has:
• A 17.1% stake in the New Zealand Refining
Company and pipeline which links the Marsden
Point Refinery to the country’s largest and most
important fuel terminal at Wiri in Auckland.
• A share in the pipeline that links the Wiri terminal
in Auckland with Auckland International Airport.
• A share in New Zealand’s coastal fuel shipping
network, port and other regional fuel infrastructure
including bulk storage terminals. This includes
the recent Lyttelton terminal redevelopment.
Costing $25 million, it has three tanks, each capable
of holding 8–10 million litres of fuel.
• 219 Shell-branded service stations.
• 94 truckstops.
• A marine re-fuelling business.
• Operations at Christchurch and Auckland airports.
• The rights to use the Shell retail brand for several
years, if we choose to.
• A 25% share in Loyalty New Zealand (Fly Buys).
• A secure supply of Shell crude products.
Highlights
The journey begins
1 The journey begins – Greenstone Energy takes over
the Shell network on 1 April 2010.
2 One of the largest consumer research programmes
of its kind in New Zealand reveals what New
Zealanders want from their retail service stations.
3 We start landing Kiwi-owned shipments of crude
oil, paid for with real Kiwi money.
4 We create 40 New Zealand jobs by bringing
previously outsourced roles home. We’re also
working with more New Zealand companies
than ever before.
5 Our successful retail bond issue closes oversubscribed
at $147 million.
6 The Fly Buys programme launches the new Airpoints
Fly Buys card.
7 The Fish for Prizes promotion is a huge success with
nearly 2 million entries over nine weeks.
8 We committed to an eight point community
investment programme to help people in
Christchurch following the September 2010 and
February 2011 earthquakes.
9 Greenstone subsidiary, Mini Tankers, signs a deal
to supply biofuels for Air New Zealand’s terminal
services at Auckland Airport.
10 Through a range of fundraising initiatives, we
contribute over $170,000 to Cure Kids.
11 Some 5,000 New Zealanders ‘like’ us on Facebook,
and talk to us through this medium.
12 Greenstone Energy joins the Zero Harm
Workplaces initiative.
13 Environmental incidents end the year at a record
low. After selling 2.5 billion litres of fuel to
commercial and residential customers, there was
a total of ten small spills. All were successfully
cleaned up with no lasting environmental impact.
14 Greenstone brings the call centre back to New
Zealand from Manila creating 12 fulltime jobs.
“ It’s been a great journey so far...”
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Greenstone enerGy – ProGress rePort 2010/11
Greenstone enerGy – ProGress rePort 2010/11
25
Local matters
Talking with local people matters to
our customers... so it matters to us.
Bringing the answers home
Over the last year we’ve worked
hard to create local jobs while
improving our service standards.
Telnet now answers the phone on our behalf, and
our decision to bring our call centre back here from
Manila has created 12 fulltime Kiwi jobs. In all, we’ve
created 40 jobs by bringing home roles in treasury
management, marketing, asset management and
credit functions that were all previously undertaken
somewhere else in the world.
We’re also working with more New Zealand companies
than ever before. New Zealand company Integral Axon,
New Zealand’s largest privately owned ICT services
company, is now our IT service desk and desktop
support provider. Gen-i provide our IT support, while
City Care, who take care of our facilities, beat off
international competition to secure their role with us.
And we have partnered with innovative New Zealand
company Fusion Transactive to upgrade and replace
all our point-of-sale systems nationwide. Rollout
started in July 2010 with upgrades at all our truckstops
co-located at service stations, followed by the six stand-
alone truckstops in Alexandra, Balclutha, Methven,
Taumarunui, Waitara and Sylvia Park.
Left, So’o Fue has one
of the 12 fulltime jobs
created when we brought
our call centre home.
taking a stake in our business
Getting to grips with our risks
With a dependence on a low-
margin, high-volume pricing
structure, one of Greenstone’s
key risks is currency and
commodity price fluctuation.
We also needed to quantify and
manage the new risks created
by the Government’s Emissions
Trading Scheme.
“ this was about
Kiwi investors
opting to take a
direct stake in
our business.”
Mike Bennetts,
Chief Executive
Richard Norris joined us from Transpower soon after
we purchased the Shell business to not only help us
identify the company’s key risks, but to align them as
directly as possible with specific aspects of the business.
He points to the great progress in our first year – risks
are now identified and contained, and coverage runs
end to end across Greenstone’s many systems.
“We’ve moved quickly, but carefully,” he says. And
probably none too soon, given continued unrest in
the Middle East, a volatile currency, the fact that we
are landing our own fuel shipments here and petrol
is now well through the $2 per litre barrier. “The
key point is to control as much as we can so that
Greenstone has the greatest level of say over what
customers are paying for their fuel.”
Changing our bank debt
arrangements
When the business was purchased, our debt was held
by one banking syndicate with a single maturity date.
Diversifying the portfolio seemed the most prudent
option, but the global financial crisis meant other
banking options were limited.
In September 2010, in conjunction with ANZ and First
NZ Capital, Greenstone went to the market with a retail
bond issue with the aim of securing $100 million of
funds from domestic investors to repay bank debt and
increase funding flexibility.
We closed oversubscribed at $147 million – an extra-
ordinary response given this was the first bond issue since
the beginning of the crisis by an unrated issuer that was
neither quasi-government nor a top 15 listed company.
As Chief Executive Mike Bennetts observed, “Investors
know us. They come into our stations every day,
and I’m certain that familiarity helped give them the
confidence to want to participate. Even more than that,
this was about Kiwi investors opting to take a direct
stake in our business.”
“Because of their willingness to support us, the
strength of our Kiwi ownership has been reinforced,
our funding lines have been restructured to provide
greater flexibility and we are uniquely positioned to
grow Greenstone into a world-class company.”
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27
the fuel journey
Fuel products are the lifeblood
of our business, so when we
separated from Shell we made
sure our international supply
chain was strong and robust.
Getting it right
We know that to achieve our goal of being a world-class
Kiwi company, we need to nail the basics. The basics for
us are getting fuel to our customers when they need it.
A couple of times during our first year our expanding
market share outstripped our planning – to be blunt,
meeting expectations along with the rise in demand
caught us on the hop.
One of the things you told us was that when things go
wrong, as Kiwis we should act quickly to put them right
– and we’ve done just that, increasing our stock levels to
meet demand.
Crude oil is
extracted
Crude oil is extracted from
beneath the earth’s surface
via oil wells from all over
the world. Most of the
oil we source is from the
Middle/Far East.
sold on open
commodities
market
Shell Trading purchases
barrelled crude oil on the
open commodities market.
Purchased
by Greenstone
energy
Greenstone Energy
forecasts* how much our
customers will need and
purchases this amount of
oil from Shell Trading.
Arrives in
new Zealand
A ship delivers* the crude
oil to the Marsden Point
Refinery near Whangarei
(or the already-refined
product to terminals
around the country).
It’s refined
Distributed
Delivered
retail outlets
The New Zealand
Refining Company, in
which Greenstone Energy
has a 17% share, refines
the crude oil into diesel,
petrol (mogas), fuel oil,
jet fuel and bitumen.
The refined products* are
either piped to Auckland’s
Wiri terminal, or shipped
and pumped into storage
tanks at various terminals
via Coastal Oil Logistics
Limited, jointly owned by
the 4 major oil companies.
Trucks deliver fuel to our
219 service stations and
our 94 truckstops.
Business customers receive
fuel via truck or barge.
Aviation fuel is piped directly
from Wiri to Auckland
International Airport.
Customers can purchase
and pick up product from
stations* or truckstops to
use in everything from
their lawn mower in
Kaitaia, to their Kenworth
in Invercargill.
*Approx. 6 months before customers buy it.
*Approx. 3 months before customers buy it.
* New Zealanders get through over
50 million barrels of refined oil a year.
* Around 48% of our products go to
customers visiting our forecourts.
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29
29
“Completing our
first full cycle –
felt great!”
Rob Freeman
Landed here
by us for us
the new Zealand
refining Company
On 27 June 2010, we landed
the first Kiwi-owned shipment
of 80,000 tonnes (US$53 million)
of crude oil at the Marsden
Point Refinery.
Like the international oil
companies, Greenstone has
an ownership stake in the
publicly listed New Zealand
Refining Company.
As Greenstone’s General Manager of Supply and
Distribution, Rob Freeman, said: “For the first time
in a very long time, a New Zealand-owned company
has paid for and imported a shipment of oil to produce
the transport fuels that keep our country moving.”
It was also our first full cycle: purchasing and paying
for the oil, importing it, having it turned into transport
fuels, and then selling it as more than 100 million litres
of diesel, petrol, jet fuel and fuel oil.
We’re on target to be making around 17 of these
shipments per year.
The Marsden Point Refinery is, by global standards,
relatively small, but also very modern and efficient.
It needs to be: New Zealand has among the world’s
most stringent and demanding fuel specifications,
producing some of the world’s cleanest and highest
quality fuels. It can refine a wide range of crude oil
grades, including heavy, high sulphur crude from the
Middle East and light, low sulphur crude from Asia.
Each company has a processing agreement whereby
production capacity is allocated based on market
share for each product – good news for Greenstone
as market leader in most of our product lines.
In addition to the products refined at Marsden Point,
about a third of our products are imported directly
as already-refined or finished fuels which are
distributed directly to terminals throughout the
country to supplement refinery production.
Below, the Marsden Point
Refinery, situated near
Whangarei, Northland.
“ this really matters to the
new Zealand economy.”
the problems with low margins
Low margins are generally
not talked about openly by any
industry, and particularly this
one – but it’s an issue that needs
to be tackled.
Until the mid-1980s, the fuel retailing industry was
regulated and margins of 50 to 60 cents per litre were
guaranteed (around $1.25 per litre in today’s terms). After
deregulation in 1988, margins were at 30 cents per litre,
and linked directly to investment in individual sites.
Since then, we have seen a price war that has effectively
lead to an ‘importer margin’ of around 15–17 cents per
litre, which has remained static over the last decade.
And let’s not forget that all operating costs – wages,
overheads, transport, product storage, electricity costs
– must be paid out of that margin, and these operating
costs are not static – rather they have continued to
grow. For example, between 2004 and 2008, the average
operating costs for a retail site increased by 40%, while
storage and handling costs increased by more than
40% between 2005 and 2010.
World-class fuel specifications – beyond those for
much of Asia Pacific – also contribute to a higher base
fuel cost in New Zealand.
The upshot is a post-tax margin, or net profit, of
between two and three cents per litre, including the
convenience store retail margins. By contrast, more
than $1 of the pump price currently goes to the
Government in taxes and levies.
So how has the industry made a return? Good question.
Costs have been cut to the point where exiting New
Zealand is a very real option for some companies – that’s
why more than 2,000 service stations have closed, and
more and more sites are un-staffed.
Long-term security?
While consumers may think flat margins are a good
thing, there are long-term term implications for
communities, security of fuel supplies and the
broader New Zealand economy.
History of margins (approximate cents per litre)
Before mid ’80’s
After 1988
since 2000
50c– 60c
30c
15c–17c
What’s happened within the margin over the last few years?
net profits
operating
costs
storage and
handling costs
Net profit, (what’s left over) has reduced
over recent years due to the increasing costs
below. Net profit is currently 2 –3c per litre.
Operating costs include wages, overheads,
transport, product storage and electricity.
These costs have increased (between 2004
and 2008, they grew by 40% on average).
Storage/handling costs have increased
(between 2005 and 2010, they grew over 40%).
New Zealand is a difficult market. We are isolated from
global supply chains and have stringent fuel specifications
– especially compared with Asia – and relatively low
volume potential by global standards. Fair margins are
needed to ensure profitability and success in the industry,
to enable investment in the network and in our offers to
customers, and to deliver commercially acceptable returns
to shareholders that recognise their investment risk.
Our view is that margins must rise in order to assure
security longer term. A rise of just a few cents per litre
in terms of net profit will make a real difference to
ensuring a sustainable, safe and reliable fuel supply
for New Zealand, and choice for consumers.
Greenstone enerGy – ProGress rePort 2010/11 31
Guest commentary: A motorist’s view
A successful transition
Mark Stockdale,
Motoring Policy
Team Leader,
The New Zealand
Automobile Association
Incorporated
Greenstone Energy invited Mark
Stockdale from The New Zealand
Automobile Association Incorporated
to share his thoughts.
About AA
The New Zealand Automobile Association represents
the interests of 1.3 million members who collectively pay
over $2 billion in taxes each year through fuel excise and
other levies. The AA’s advocacy and policy work mainly
focuses on protecting the freedom of choice and rights of
motorists, keeping the cost of motoring fair and reasonable,
and enhancing the safety of all road users.
Fuel prices
When it comes to the cost of motoring, fuel is a key
component and price is our members’ main concern.
The AA actively monitors fuel price components and
margins and is regarded as an independent authoritative
voice. We help motorists understand how fuel prices
are set but also believe there is an opportunity for
the industry to better inform the public and improve
transparency. Few motorists realise, for example, that
nearly half the current petrol price is tax.
Fuel efficiency
In an era of rising oil prices, consumers will increasingly
factor fuel price into vehicle purchase and use decisions.
Fuel efficient cars like hybrids and common-rail diesels
will become more popular. And while the majority
of New Zealanders cannot afford to upgrade to these
vehicles, they can still reduce costs by conserving fuel.
In 2010, the AA ran a series of tests that demonstrated
that motorists could reduce their fuel consumption by
30% or more by adopting simple fuel-saving practices.
Oil companies also have a role to play in helping customers
manage fuel costs. The AA would like to see, for example,
service stations actively encouraging customers
to regularly top up their tyre pressure when they’re
filling up which can help reduce fuel consumption.
exploring alternatives
Customers will also be looking to alternative fuels to
reduce their costs and carbon footprint, and while oil
companies in New Zealand are not presently obliged to
supply biofuels, they do have a responsibility to explore
renewable and alternative fuels to improve security of
supply and reduce motorists’ fuel costs and emissions.
Biofuels can also offer a point of difference for retailers,
and, as they become economically viable against higher
mineral-fuel prices, they may offer a cheaper option.
the challenge ahead
The challenge for oil companies will be to manage static
or falling demand resulting from higher fuel prices.
The price spike in 2008 saw a drop in petrol sales, while
the subsequent recession affected diesel demand from
the commercial transport sector. With service station
income linked to sales volumes, this will influence
the level of competition, retail price structure, and
availability of outlets in the future.
For our size, New Zealand is a competitive market well
served by four national oil companies and a smaller
independent chain in the North Island. But the retail
market is going through change, potentially reducing
choice and competition and bringing more regional
price variation. Oil companies are reviewing their
investments in New Zealand and their network pricing
structures. There has been a decline in the number of
smaller privately-owned suburban and provincial sites,
an increase in large sites with cafes and retail space
covering a wider geographic area, and the introduction
of pumps at supermarkets.
In these conditions, motorists will be looking to
Greenstone to keep prices as low as possible just as
Shell previously did, and build on its status as a locally-
owned retailer to develop further points of difference
in the marketplace.
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Greenstone enerGy – ProGress rePort 2010/11
And all this was achieved with minimal disruption
to the business, even as we dealt with other issues
such as the GST change and the Retail Bond issue.
A key reason things went so well was the regular
communications, undertaken face to face, through
newsletters and subsequently via our new Intranet, that
ensured stakeholders inside and beyond Greenstone
understood what we were looking to achieve and why.
We now have a robust framework in place for programme
and project management, investment decision-making,
roles and skills that will serve us well into the future.
Sheena Thomas,
Communications Advisor,
came to the company during
the middle of a major
transition project – from
a multinational to a
stand-alone Kiwi company.
It was critical to us, both for the
integrity of the purchase itself and
to protect shareholders from risk,
particularly in the first year of
ownership, that we achieved a
smooth transition from Shell to
Greenstone Energy.
Our dedicated transition team used a world-class
methodology, approach and tools to successfully
transform us into a strong Kiwi company within
budget, ahead of time and with a higher level of
ongoing operational savings than expected.
As a result, we were able to mitigate significant risks
in our people and capability gaps, safety and crisis
management, IT infrastructure, business continuity
and disaster recovery. New priority capabilities and
functions were also established, including payroll
services, marketing, asset management, IT and treasury.
In total we created 40 new roles in New Zealand that
had previously been offshore. Other key deliverables
included an Enterprise Risk Management framework,
the Business Transformation Office and a comprehensive
Investment framework.
We also enhanced our third party relationships,
leading to a number of Kiwi partners joining us
on the Greenstone journey: Gilbarco and City Care
Limited for our fuel and non-fuel maintenance; Gen-i,
Integral Axon and Fusion 5 for our information
technology needs; Telnet for our customer call
centre; Fusion Transactive and ECL for our major
site systems replacement.
Customers matter
We’re proud to be a new Zealand company
and to be looking after new Zealanders,
at work and on the road.
Business case study
Pan Pac is one of the country’s
biggest forestry companies, based
in Napier. Our relationship
with them goes back more than
20 years, but 10 years ago,
they made the move to another
supplier. Now they’re back.
Right, as part of our
investment in the Pan
Pac business, Greenstone
has built a truckstop on a
new site with an 80,000
litre diesel tank.
They are back after a tender process just over a year
ago, and a key reason for that, says Mark Watson,
Greenstone’s Area Manager, Commercial Fuels, Central
North Island, is Greenstone’s commitment to building
a strong relationship and our willingness to invest.
With such a huge operation, Pan Pac needs three
different types of fuelling: a truckstop for their fleet;
mini tanker services for their smaller tanks and for
their machines; and fuels that need to be delivered
directly to the forestry crews. All up, that’s more than
10 million litres of fuel annually, delivered half to the
forestry crews and half to Pan Pac themselves.
“Anytime you have crews sitting in the forest unable to
work because there’s no fuel, you have huge frustration
and revenue loss,” explains Mark. “Our Northfuels
team, which deals with the forest crews, makes weekly
deliveries to every crew to ensure there’s no downtime.”
As part of our investment in the Pan Pac business,
Greenstone has also built a new truckstop with an
80,000 litre diesel tank, which has its fuel delivered
by Greenstone contractor Hooker Pacific.
One of the things that makes life easier for the customer
is that all three delivery arrangements – to the
truckstop, to the tanks and machines, and to the
crews – take place under a single invoicing system
that promises consistent pricing and less paperwork.
Left, Neil Weber, from
Pan Pac is chuffed to be
able to work with a New
Zealand-owned supplier.
“ ...we reckon we touch every
new Zealander at least once
every day.”
every new Zealander,
every day.
Greenstone’s involvement
reaches much further into
this country’s economy than
its service station network.
From the trucks that bring our exports to port, to the
fuel for the ships in those ports, the bitumen on our
roads and even household products – we reckon we
touch every New Zealander at least once every day.
FlyBuys
A i r p l a n e s
Cruise liners
W a y s w e
m a y r e a c h y o u
t o d a y
Bitumen on motorways
and roads
V e h i c l e s a n d m a c h i n e r y
( F u l t o n H o g a n )
Milk and dairy
(Fonterra trucks)
Service stations
Trains (KiwiRail)
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35
station to station: our retail network
Our 219 service stations
nationwide are by far the most
visible part of what we do and
the most common way New
Zealanders interact with us.
We have a 30% retail market share – the largest in the
country. Many of our sites are in prime locations with
growing traffic volumes – over 80% of our sites pump
more than the industry average of 3.2 million litres of
fuel per year. Twenty-one have pumped greater than
8.0 million litres this past year, and our newly opened
Bethlehem site, just north of Tauranga, is on track to
pump nearly 10 million litres of fuel!
We’ve also opened a new site at Lakeside on Auckland’s
North Shore, another at Waiuku, and one more at
Waiouru is on the verge of opening.
the most successful loyalty
programme in the world
Our involvement in Fly Buys is one of the reasons for
our market leadership – we are the only fuels retailer
in the Fly Buys programme and own 25% of Loyalty
New Zealand, which in turn owns Fly Buys. Fly Buys
is the most successful (by household penetration per
capita) loyalty programme in the world with more than
2.2 million active accounts (75% of all New Zealand
households). On average, each day, a Fly Buys card is
swiped more than 300,000 times.
Every retailer would love to have more conversations
with customers about the things that matter to them,
but most would struggle to do this as effectively as
we can through Fly Buys. This year, for example, we
emailed over one million customers with targeted
offers, for occasions ranging from anniversary
weekends to special retail offers and promotions.
In November 2010, Fly Buys partnered with Air
New Zealand to launch the new Airpoints Fly Buys
card. Importantly, the card brings new motivation
opportunities to the overall Fly Buys customer base,
which has historically tended to be more oriented
towards women and households.
We also offer our customers opportunities to gain
discounts on their fuel through supermarket chain
Progressive Enterprises. Today, more than half of all
our retail fuel transactions involve the use of a Fly Buys
loyalty card and/or a supermarket discount voucher.
Perhaps that’s not so surprising. In tougher times,
consumers look to their brands to deliver value.
Fishing for customers
We ran some extraordinarily successful promotions this
year designed to boost loyalty and get more people to our
outlets. Of these, the runaway success was Fish for Prizes,
a promotion we ran through October and November 2010.
Normally, if you get 5% of people entering a competition,
you’re happy. Fish for Prizes was up over 25%, an amazing
2 million entries – an entry for half of New Zealand’s
total population.
We think one of the reasons for our success is that fishing
really resonates with New Zealanders. As a Kiwi company,
we get to make decisions here about what people like us
want, rather than having them made for us overseas.
“ retail in today’s
economic climate
is challenging.”
new Zealand
favourites
Around 30% of all our retail transactions are products in
our convenience stores. Another 15% are a combination
of store products and fuel. Here’s the top foods and
beverages you are most likely to buy from us.
Some top sellers (units) – by category
Beverages
V bottle (350ml)
Food
Mrs Mac’s steak & cheese (200g)
Perishables
Rivermill white toast (600g)
Ice-cream
Tip Top choc bar
Confectionery Wrigleys PK orange gum
Chips
Copper Kettle sea salt (40g)
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Greenstone enerGy – ProGress rePort 2010/11 37
A Mini-Tanker delivers
fuel directly to a commuter
ferry via a hose, at Queens
Wharf in Wellington.
This business is all about
flexibility
Bringing fuel to machines,
not machines to fuel
Mini-Tankers, a franchised
diesel distribution business,
is a 100% owned subsidiary
of Greenstone, offering direct
machinery refuelling.
On-site refuelling means less downtime and increased
productivity, as well as reduced fuel consumption, and
environmental and health and safety risks.
Loads ranging from very small amounts to full
truckloads of 7,000 litres go to customers where it’s
impractical to store fuel on site, such as roading and
forestry operations, and those who like the flexibility
and benefits a smaller truck operator provides.
Mini-Tankers also have a supply deal with Biodiesel
New Zealand to distribute B20 – a mix of 80%
mineral and 20% biodiesel – for customers in
Auckland and Christchurch.
At Auckland International Airport, Mini-Tankers
supply Air New Zealand with B20 for equipment like
baggage tugs, generators, forklifts and airbridges. No
diesel is stored on site – Mini-Tankers deliver the fuel,
made from sustainably farmed, used canola cooking
oil, into their gear at the airport every day of the year.
“This business is all about flexibility,” explains Chris
Jarvis of Mini-Tankers. “For some companies that’s
about how they access the fuel they need, for others
it’s about getting access to fuels, like biodiesel, that
enhance their brands and fit with their values.”
“ one third of our non-retail
business involves trucking.”
taking care of business
Investing in trucking
infrastructure
Inevitably, changing demands and continuing
pressures on costs and time-to-market require constant
innovation. One third of our commercial business
involves trucking, and this year we’ve worked hard
and invested boldly to maintain, and in some cases
rebuild, our commercial infrastructure.
We replaced and re-tanked our truckstops in
Palmerston North, Invercargill and Northland.
We also installed fuelling facilities for key clients
including Pan Pac, Regal Haulage, Christchurch
International Airport and Stevensons. And we
worked with Fusion Transactive to introduce a
new card system for our trucking clients to make
transactions easier and faster.
Working for all participants
Not all the major players are participating to the
same extent. By exiting parts of the economy they
may see as low on returns, others have essentially
handed over cost and responsibility for the full
servicing of industries critical to the New Zealand
economy to those that choose to remain.
We’re committing to New Zealand and to doing all
we can to raise productivity in the industry and the
economy. Part of this commitment is being straight
up about the need for fuel margins to begin to enable
investment in the country’s energy infrastructure.
“If it rolls, we have a role.”
For our retail customers, price,
service, fun and rewards are real
incentives. For our commercial
customers, it’s all about what
and when – reliability and
responsibility. The common
theme though is clear: make the
customer the absolute focus of
what we do every day.
the key to our economy
Fuel is such an important part of the economy that
securing supply is a necessity. Given how far we are
from our supply lines, if the other oil companies were
to leave and couldn’t be replaced, the country would
literally grind to a halt.
The strength of a New Zealand-owned company is that
our commitment is to this economy, not a globalised
agenda. We have a direct interest in ensuring that
the country’s supply lines work efficiently – whether
it’s getting visitors here, moving milk from farms to
factories or supermarkets, transporting logs to ships or
building strong roading systems. As David Robinson,
our General Manager Commercial, likes to say: “if it
rolls, we have a role”.
A complex and highly
valuable business
Our commercial business accounts for 1.4 billion litres
every year out of the total 2.4 billion litres we sell. Even
though it operates on big volumes, and adds economies
of scale, the significant working capital and debtors ledger
means that the commercial business must improve
returns to pull its weight.
Getting it right is about having an eye across the entire
economy. Even within each sector of our commercial
business, there are segments that operate and think in
very different ways. Take aviation for instance – airfields
and jets have very different needs. So do fishing fleets
and cruise ships in the marine business.
Across the economy
Commercial
Bulk fuels
Truckstops
Mini-Tankers
Aviation
International flights,
including a major
contract with
Air New Zealand
Helicopters
Flight schools
Marine
Container ships
Cruise ships
Fishing fleets
Ferries
Bitumen
Roading companies
Chemical
Only sulphination
plant in New Zealand
Manufacture surfactants
and detergents
Industrial solvents
and polyols
38
Greenstone enerGy – ProGress rePort 2010/11
Greenstone enerGy – ProGress rePort 2010/11
39
What makes an organisation
effective? We think it’s a clear
purpose and values, rewards
for people’s achievements,
and a working environment
that’s as safe as it can be.
People matter
An inspiring place to work
At the end of our first year,
Greenstone has around 240
employees, and around 2,500
people work on the forecourts
of our service stations.
The vast majority of staff who were with Shell before
the changeover have either stayed with Greenstone or
transferred internationally, meaning our company comes
into this business with all that knowledge and experience.
Of the 20 strong Greenstone leadership team, half are
Shell veterans, and the rest have come from elsewhere.
They bring a diversity of thoughts and experiences in
sectors ranging from telecommunications and banking
to infrastructure and other forms of energy; from
consumer-facing and corporate backgrounds; and from
big and small companies.
“ We’ve got
through a lot in
our first year,
but there is of
course plenty
more to do!”
extraordinary leaders
make a huge difference
Leadership is a big focus for us because of the influence
of leaders on culture. We have built a tailored leadership
framework from scratch to reflect who we are and
where we are going, and to play to our strengths. It is
built around two philosophies: extraordinary leadership
produces extraordinary results; and every single person
can be a leader. It also takes place across three levels:
senior leaders; people leaders; and leading self. In other
words, you don’t have to be a manager of people to
display leadership.
Such a far-reaching realignment of work practices
and priorities takes time and frequent consultation
to ensure people are informed and comfortable with
progress. We’ve got through a lot in our first year, but
there is of course plenty more to do!
Left, Jonathan Hill,
Corporate Communications
Manager, with Rata, at one
of his favourite areas along
Wellington’s rugged
southern coast.
A deep sense of purpose
Our organisational development over the past year
has centred on developing new people practices
that better suit the direction and strategy of our new
company, and our priorities and objectives as a
business and an employer.
Culture underpins every organisation, and this past
year we have all worked on defining Greenstone’s
purpose and values – a much greater level of engagement
for employees who came across from Shell where
these organisational pillars were globally set.
We’ve focused on making the values we work to
reflective of what’s important to us collectively, to
our direction and to the changes we are making
internally. We are shifting the emphasis from processes,
frameworks and policies to a culture where our ways
of working are influenced by the values we work with,
offering greater freedom to achieve strong outcomes.
Values are also a powerful way to unite the wider
organisation, including our retail site staff, and those
people who represent us but don’t necessarily work
for us – for example, our contact centre staff.
Aligning safety to culture
In our industry, safety must be the number one
priority across everything we do.
To mitigate the risks that arose out of leaving behind
Shell’s standards and global performance network, we
took the opportunity to rethink our plans. We were
committed to learning from the legacy policies that had
worked well, initiating new ways of working that align
directly with what we believe and targeting local risks.
We have a dedicated local team with a health and safety
manager. We have also moved from a compliance-
based Health and Safety (HSSE) regime to one centred
on our culture, establishing a tangible link between our
purpose as an organisation and the health and safety
of our people.
The goal is to encourage people to do the right thing
not because they have rules, but because the behaviour
itself feels right. It’s great to be able to report that this
year saw no drop in health and safety performance.
This next year, with our safety culture installed and
maturing, we will move forward to focus on the
health and wellbeing of our people.
Greenstone and
sustainability
Greenstone sells non-renewable
fuels, which is not a great
starting point for a conversation
around sustainability.
But Greenstone is, above all, an energy company and
is committed to making a contribution to a more
sustainable planet. A real contribution; not greenwash.
Sustainability matters to our customers and it matters
to our own people. Over the last year we consulted
with a wide range of experts to develop an approach to
sustainability. We are at the start of a journey and we
commit to reporting back to you on our progress yearly.
For us, sustainability has three components – financial;
communities and people; and environmental.
This report goes into some depth in terms of our
financial sustainability and how we operate in and
contribute to local communities. We will provide more
detail on our community engagement in subsequent
reports. Our financial results are reported six-monthly
via the New Zealand Stock Exchange and are available
on our website.
Here, we want to highlight a starting point snapshot of
some key measurements in the area of our health and
safety and environmental performance. These numbers
provide a benchmark we will report against and build
upon on an ongoing basis.
Key indicators
Lost time injuries
4
Spills
10 – no lasting
environmental impact
Average age of
underground tanks
(800 across retail network)
15 years
40
Greenstone enerGy – ProGress rePort 2010/11
Greenstone enerGy – ProGress rePort 2010/11 41
Greenstone’s governance
our Board
Greenstone’s Board of Directors
draws on a wide range of
experience in infrastructure,
energy, retail and corporate
governance to provide guidance
for setting long-term strategy
and overseeing our performance.
Alan Dunn – Director
Alan brings substantial retail management and leadership
experience to the Board having been CEO and Chairman
of McDonald’s New Zealand from 1993 to 2004.
Subsequently he became Chicago based VP Operations,
then Regional VP Nordics and Managing Director Sweden,
retiring from McDonald’s in 2007 after 30 years. Alan
now manages his own business, Trumpeter Consulting,
which specialises in business leadership and development.
He is also a Director of New Zealand Post, Burger Fuel
Worldwide, along with a number of private companies.
Peter Griffiths – Director
Peter recently retired from BP New Zealand Ltd after
a successful 21 year career. His previous roles included
General Manager BP Papua New Guinea; Commercial
Manager for BP New Zealand’s Fuel and LPG interests;
and Terminal Operations Manager. For the last 10 years
he was Managing Director of BP New Zealand Ltd
and also Chairman of BP South West Pacific Ltd. Peter
has previously served on the boards of New Zealand
Refining Company Ltd, Liquigas Ltd and Bitumix Ltd.
He is currently a Director of Wanganui Gas Ltd,
New Zealand Oil and Gas Ltd, and New Zealand
Diving and Salvage Ltd.
Marko – Chairman
Alan – Director
Pa u l – D i r e c t o r
Peter – Director
Lib – Director
Marko Bogoievski – Chairman
Marko is CEO of both Morrison & Co and Infratil.
He joined Morrison & Co in 2008 from Telecom
New Zealand where he was Chief Financial Officer,
responsible for corporate finance, M&A and group
strategy. He is a Director of Infratil, Infratil Energy
Australia, Victoria Electricity, TrustPower and
Auckland International Airport. Marko previously
worked for a number of years in New York after
earning his MBA from Harvard.
Paul Fowler – Director
Paul recently retired as the founding CEO of Nyrstar
NV, the world’s largest producer of zinc metal. Prior to
this he was COO of Zinifex Ltd, an Australian zinc and
lead mining and smelting company. Paul has also been
CEO of Fletcher Challenge Forests and Carter Holt
Harvey Forests. Prior to joining Fletcher Challenge
in 1996, Paul spent 15 years with BP in a variety of
executive roles including crude oil trading, strategic
planning, refining and retail marketing. During his
career Paul has lived and worked in the USA, UK,
Australia and New Zealand. He holds dual citizenship
in New Zealand and the USA. Paul has previously
served on the boards of New Zealand Refining
Company Ltd and Evergreen Forests Ltd.
Lib Petagna – Director
Lib Petagna is an Executive Director and COO
of Morrison & Co. Lib has extensive transactional
experience across multiple sectors and has led a
number of acquisitions and divestments in the
airport, energy and transport sectors in Australasia
and Europe. He has led Morrison & Co’s entry into
wholesale funds management and the agriculture
sector. He is also the Chairman of New Zealand Bus,
New Zealand’s largest public transport operator
and a Director of HRL Morrison & Co, Infratil
Property and Fisher Funds Management.
signing up
for zero harm
In July 2010, around 75 New Zealand business leaders,
including leaders from other members of the Infratil
family and our own Chief Executive Mike Bennetts,
signed up for the Business Leaders’ Health and Safety
Forum’s vision of ‘Zero Harm Workplaces’. This was
launched by the Prime Minister in Auckland.
The Forum is focused on improving safety leadership
and on delivering zero harm workplaces in New
Zealand. This is entirely consistent with Greenstone’s
own commitment to best practice health and safety.
Alongside membership to the Forum, and reviewing
our health and safety programme, we’ve been working
closely with regulators to establish more meaningful
relationships and to ensure we have all the practices
in place to do the right thing by everyone associated
with our business.
www.zeroharm.org.nz
42
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Greenstone enerGy – ProGress rePort 2010/11
43
Greenstone’s management
The Greenstone Energy senior
management team reports to the
Board on overall performance
and is responsible for the day-to-
day running of the company’s
national operations.
Lindis fly fishing in
the Ahuriri River
Rob at
Coronet Peak
David horse riding at Operiki
Mike catching snapper at
Omaha Beach
Huma at Bluff
Mark F. sailing on
the Hauraki Gulf
Mark E. visiting Queenstown
Rhoda at the Ellerslie races
Mike Bennetts – Chief executive
Lindis Jones – GM Corporate
rob Freeman – GM supply and Distribution
Mark Forsyth – GM retail
Mike became Chief Executive of Greenstone Energy
after 25 years with BP in a variety of downstream roles
in New Zealand, China, South Africa, the UK and
Singapore. His last role was as CEO of BP’s Eastern
Hemisphere supply and trading business.
David robinson – GM Commercial
David joined Shell in 1994, with a variety of commercial
management roles in New Zealand, Australia and the
UK. He is a Director of Greenstone subsidiary Mini
Fuels and Oils Limited. David is responsible for all
business-to-business activities, including Aviation,
Marine, Bitumen, Chemicals, Bulk and Shell Card Fuel.
Lindis joined Greenstone from ANZ National Bank
where he was the Head of Property. Prior to that, he was
with Shell for 13 years, primarily in retail operations
and strategy in Europe, Asia and New Zealand. Lindis
is responsible for Strategy, Corporate Communications
and Regulatory Affairs.
Huma Faruqui – GM Capability and
organisational Development
Before moving here from the UK in late 2003, Huma
worked in HR roles for Deutsche Bank, Cater Allen/
Abbey National Bank and Deloitte. In New Zealand she
has held HR leadership roles with Vero Insurance and,
most recently, Telecom.
Before moving to New Zealand, Rob held senior
management roles in Shell Australia in commercial
marketing, services, distribution and logistics. He is
a Director of Wiri Oil Services Ltd and New Zealand
Oil Services Ltd. Rob is responsible for the fuel supply
distribution chain, from sourcing in international
markets to domestic distribution and supply.
Mark edghill – Chief Financial officer
Mark has worked in finance and business development
roles with Coopers & Lybrand in the UK and Sydney,
and James Hardie in Sydney, Manila, and Amsterdam.
In 2001 he moved to Crown Castle as Director Finance
and Company Secretary, before spending time as a
Director for a Brisbane-based aid industry start-up.
Mark held management positions with Shell in
New Zealand, the UK and Ireland. He oversees
Greenstone’s 219 service stations and 94 truckstops,
as well as marketing, brand and asset management.
Mark is a Director of Loyalty New Zealand Ltd.
rhoda Holmes – GM transition and operations
Rhoda worked for Infratil in the lead-up to the purchase
of Greenstone, building the new organisation’s transition
and operations plan. Rhoda has over 25 years’ experience
in the Information Technology and Telecommunications
industry in the UK, Australia and New Zealand.
Rhoda has been responsible for managing the transition
workstream in disconnecting from the Shell Global
business and setting Greenstone up as an independent
stand-alone company.
44
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45
Communities
matter
new Zealand communities are our
communities. We stand by our people.
We stand by what they do. And when
new Zealanders are in trouble we’ll be
there, right alongside the next person,
doing our bit to make sure things are
as good as they can be.
responding to the Christchurch quakes
When the big shake hit
Christchurch in the early
hours of 4 September 2010, most
of our operations came through
largely unscathed and we
were back in business within
days thanks to a huge effort
by site staff, retailers, territory
managers and engineers.
By keeping our sites running, we helped families to check
on one another, emergency services to operate, and
people to move about and assist with the clean-up effort.
At the end of September we gathered together a group
of site staff, retailers, commercial customers, suppliers
and Greenstone staff to talk about how we could help
their communities. Here is what they came up with:
• We contributed towards psychological support
for members of the community.
• We contributed to the rebuilding costs of the
Kaiapoi Rugby League Clubrooms, which
doubles as an after-school childcare centre.
• We set up a School Principals’ Fund and contributed
a total of $10,000 to four local schools.
• We helped fund a transport provider for children
whose schools had been closed to get them to
their temporary school location.
In conjunction with our maintenance partners
City Care, we helped fund the rebuilding of the
Halswell Primary School playground.
•
• We made a $10,000 donation to the Kaiapoi
Volunteer Fire Brigade
• We helped people who were part of the Kaiapoi
Volunteer Fire Brigade who had been affected.
• We donated $10,000 worth of our people’s time
to reconstruction and community projects in the
city and suburbs.
Halswell School
received a donation of
$10,000 to help rebuild
the kids’ playground.
Left, Jeff Waghorn,
operator of the Kaiapoi
station said he was “thrilled
to be able to help”.
The second quake in February was a huge blow to
everyone. There was so much hope that Christchurch
was once again finding its feet and on the road to
recovery. After that tragic event, we pledged to continue
to invest in our Christchurch operations and to support
the rebuilding of Christchurch. We also quickly
reassured our own people that their jobs were all safe.
Within a week, we had 16 retail sites and all six of our
truckstops up and running, and we were continuing
to re-open retail sites. Only three sites were so badly
damaged that they were closed for an extended period
of time. Throughout those traumatic days, our Mini-
Tankers continued to work extended hours refuelling
machines and generators for the recovery operations.
As the only energy company with terminal facilities
remaining in Timaru, Greenstone’s terminal proved
an essential lifeline for the city. Trucking fuel from
Timaru instead of from Dunedin saved days of
delays and meant strong enough fuel supplies across
Christchurch and our sites to see us through a period
of unprecedented panic buying.
Once again, it took a massive effort by all our teams
across the country, but we managed to keep a steady
supply of fuel coming through to the people of
Christchurch under the most testing of circumstances.
Following the February quake we:
• Committed to keeping our operations and all jobs
in the city.
• Actively supported our people on the ground on
an ongoing basis.
• Provided free fuel to emergency services, emergency
generators and earth-moving equipment.
• Donated 100,000 litres of jet fuel to Air New Zealand
to enable humanitarian flights in and out of the city.
• Froze the price of fuel for more than three weeks in
the city despite sharply rising oil and fuel prices.
©
F
Y
D
North Shore – Foundation
for Youth Development
Waipuna Hospice received
over $4,000
supporting
good work
Late last year, when we asked
Bay of Plenty locals to vote for
their favourite charity, we got
a huge response.
We said we’d donate one cent per litre from all the fuel
sold at our new Bethlehem site during its opening month
to five local charities.
Waipuna Hospice received the greatest number of votes
and over $4,000 of the $7,200 raised.
Charity
Waipuna Hospice
Volunteer Fire Service Omokoroa
Homes of Hope
Bethlehem Foundation
Lions of Bethlehem/Te Puna
% of votes
56%
18%
12%
8%
5%
In a similar initiative for the opening of Shell Lakeside
on the North Shore at the end of October, four local
North Shore charities benefited:
Charity
North Shore Hospice
North Shore Hospital
Foundation for Youth Development
Parent Port Inc Takapuna
% of votes
56%
20%
15%
6%
46
Greenstone enerGy – ProGress rePort 2010/11
Greenstone enerGy – ProGress rePort 2010/11 47
“ you can still talk about those
decisions with the people affected
by them with respect.”
Dealing with
tough stuff
Below, how the
Waikouaiti service
station was damaged.
Sometimes, tough decisions need
to be made – but even then there
is still an opportunity to salvage
something from the situation.
When our Waikouaiti service station was extensively
damaged by an accident, there was really no option
but to close the site, which was already suffering from
declining sales.
Both the Palmerston and Waikouaiti sites had been
small, low-volume sites that simply couldn’t cut it in
today’s competitive, low margin market. Greenstone
had just completed a $215,000 investment on a fit-out,
including new pumps and a shop upgrade, of the
Palmerston station to ensure its long-term viability. So,
with Waikouaiti out of action, we extended operating
hours at Palmerston, and most of the Waikouaiti staff
transferred there.
We understood only too well that local people were
upset that the Waikouaiti site had been closed, but there
was no economically viable way to revamp both sites.
In the words of Greenstone Energy’s General Manager
Retail Mark Forsyth, it was either one site upgraded or
both sites shut.
Business requires tough decisions sometimes, but as
Mark says, you can still talk about those decisions with
the people affected by them with respect. People won’t
always like or agree with what you’ve done, but they will
remember that you took the time to listen to what they
had to say.
A face on facebook
Social media offer Greenstone
simple and direct ways to
listen to our customers and
to the community – and a
striking point of difference
from our competitors.
At present, nearly 6,000 New Zealanders ‘like’ us on
Facebook. There, we share stories, tell people about
promotions and ask questions about what’s going on
for them on our Wall. But mainly, we listen.
In turn, people feed back to us their experiences,
tell us what they have heard about the company
and send in photos. They tell us what they like and
what they don’t like – about our company or life in
general. It’s also a great opportunity for customers
and even staff to ask questions, and for the answers
to be shared with everyone.
As a proudly New Zealand company, Facebook
strikes us as a really simple way to talk things over.
That can’t be a bad thing.
www.facebook.com/ZenergyNZ
Jonathan Devine
R e d N o s e ‘ b a k e - o f f ’
c o m p e t i t i o n
Above, our Christchurch
staff getting into the Red
Nose Day spirit!
sticking our nose in
This year we partnered with
Cure Kids to bring back Red Nose
Day, an inspiring event funding
research into life threatening
diseases affecting New Zealand
children and their families.
Since its formation, Cure Kids has funded over $25 million
of research to help save thousands of lives and improve
the quality of many more.
It didn’t take much to get our retail staff right into the
spirit of the cause and they set about selling badges, car
noses and Cadbury Jaffas with a passion. The overall
goal was to raise $1 million, with 100% of the purchase
price of Red Nose merchandise going directly to Cure
Kids. Our efforts in store and other fundraising events
contributed over $170,000 of the total raised.
Above, Our Miramar
retailers generously
donated an extra 5c
per unit sold directly
to Cure Kids.
48
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49
results matter
We’re committed to providing our shareholders
and investors with an appropriate return
on their investment. At the same time, by
securing our company, we protect new
Zealand jobs and strengthen the role we
can play in this country’s future.
Financials:
1. Crude and Pump Prices
2. Indexed Annual Motor Spirit Sales
nZD/barrel
$/litre
160
140
120
100
80
0
1
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M
0
1
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A
0
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0
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– Dubai Crude NZD
– Pump Price – Regular Petrol (RHS)
2.30
2.10
1.90
1.70
1.50
104
102
100
98
96
0
1
r
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0
1
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1
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1
1
r
a
M
– Industry (excl. Greenstone)
– Greenstone
3. Indexed Annual Diesel Sales
4. Gross Refining Margin
115
110
105
100
95
0
1
r
a
M
0
1
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p
A
0
1
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0
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1
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1
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– Industry (excl. Greenstone)
– Greenstone
nZD/barrel
25
20
15
10
5
2005
2006
2007
2008
2009
2011
5. Earnings Before Interest, Taxation, Depreciation, Amortisation and
Financial Instruments (EBITDAF)
$m
200
150
100
50
1. Crude prices have risen rapidly since mid-February as a
result of uncertainty in the Middle East, combined with
a weakening New Zealand dollar following the February
Christchurch earthquake. Pump prices have lagged these
crude price increases.
2. Annualised petrol sales volumes have increased since
Greenstone bought the retail network from Shell, despite
a small decline in total industry sales.
3. Greenstone has won significant new commercial contracts
from our competitors during our first year of operation.
Charts 4, 5 and 6 show performance figures for Shell (New Zealand)
for their last full five years of operation, from the year ending
31 December 2005 to the year ending 31 December 2009.
Figures for 2011 are Greenstone’s figures for our first full year
of operation ending 31 March 2011.
4. The Gross Refining Margin (GRM) is the difference in value
between the products produced by a refinery and the value
of the crude oil used to produce them. The GRM is affected
by international crude and product prices.
2005
2006
2007
2008
2009
2011
5. Current Cost earnings (EBITDAF) have improved despite
6. Return on Average Capital Employed (ROACE)
20%
15%
10%
5%
0%
2005
2006
2007
2008
2009
2011
volatile oil prices and the February Christchurch earthquake.
Current Cost EBITDAF is an industry-accepted measure of
operating profitability. EBITDAF is calculated by taking net
income and adding back interest, taxes, depreciation,
amortisation, and financial derivative expenses.
‘Current Cost’ is calculated on the basis that as fuel is sold, a
roughly similar amount will be purchased. This differs from
‘Historic Cost’, which uses the cost of fuel sold on a first-in,
first-out basis.
As Greenstone constantly sells fuel and buys product to
replenish our inventory, Current Cost earnings are a more
relevant measure of the company’s performance.
6. ROACE is the rate of return on capital employed in the
business (the long-term funds supplied or invested by the
creditors and owners of the company). Capital employed
can be defined as the total of non-current liabilities and
owner’s equity. An investor can compare this return to
alternate investments with similar risk profiles.
2011 ROACE is impacted by fair valuation of assets as
required by accounting standards, and by Greenstone’s
higher cost of debt capital.
Bank covenants
Greenstone continues to trade comfortably within all bank
covenants, designed to satisfy our bankers that we are generating
sufficient cash to cover our interest (fixed) costs, that we have
sufficient liquidity to fund our working capital requirements,
and that our debt is within acceptably managed levels.
report for bondholders
A more detailed financial report for Greenstone’s bondholders
will be produced in June. This will be sent to bondholders as
well as posted on the NZX website.
50
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Greenstone enerGy – ProGress rePort 2010/11 51
Join us on the
next stage of
our journey...
Visit www.z.co.nz
Thanks for reading the year that was –
Greenstone Energy Limited
3 Queens Wharf
PO Box 2091, Wellington, 6011
0800 474 355
www.facebook.com/ZenergyNZ
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Greenstone enerGy – ProGress rePort 2010/11 53
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Greenstone enerGy – ProGress rePort 2010/11