Infratil and the superannuation fund formed Greenstone Energy to buy the Shell assets.
The renamed company, now called Z Energy, had increased market share from 24% to 32% in the year as it distributed and sold around two billion litres of crude oil and 500 million litres of refined products through its 219 petrol stations and 94 truck stops.
Z Energy also owned a marine refuelling business and maintained operations at Auckland and Christchurch airports, 25% of Fly Buys, an invaluable source of consumer information, and 17.1% of New Zealand Refining, Mr Young said.
Z Energy's first full-year result for the 12 months ended March was an operating profit of $157 million compared with $138 million for Shell in the previous corresponding period. The company had provided market guidance for 2012 of $170 million to $190 million.
"Another pleasing performance was the reversal of falling sales. Last year saw Z Energy record its highest sales in the last five years," Mr Young said.
Although it is best known as an operator of petrol stations, less than 50% of Z Energy's revenue came from those 219 stations. The rest came from the aviation sector, a diesel distribution company and refuelling cruise and fishing ships.
The bank facility provided by ANZ-National, BNZ, Westpac and HSBC would remain in place as a revolving facility to provide funds for Z Energy to complete its considerable capital expenditure programme in the 2011-12 year, he said.
