The New Zealand Superannuation Fund and Infratil have pulled out a $50 million dividend from petrol station chain Z Energy, which expects 2014 earnings to rise by as much as 10 percent.
In a statement by Infratil after the close of trading, the service station chain's shareholders took a special dividend on June 25, which has been taken into account in Z Energy's forecast earnings before interest, tax, depreciation and amortisation of between $195 million and $215 million in the year ended March 31, 2014, from $295 million in 2013. The guidance assumes Z Energy keeps its 17 percent stake in the New Zealand Refining Co.
Dividends of between $80 million and $90 million are forecast for the 2014, implying adjusted net profit of between $100 million and $112.5 million based on Z Energy's dividend policy. It expects capital expenditure of between $95 million and $100 million and net borrowings of some $295 million as at March 31.
Listed infrastructure investor Infratil said there no was no change in its own forecast earnings of $520 million to $560 million in 2014.
Infratil and the NZ Super Fund are looking to reduce their stake in Z Energy, with work underway for a potential float of between 40 percent and 60 percent in the third quarter.
Shares in Infratil rose 0.7 percent to $2.275 today, before the announcement.
(BusinessDesk)
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NZ Super Fund, Infratil pull $50m special dividend from Z Energy ahead of float
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