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Shell New Zealand Oil Products 2002 profit $87mn

SHELL NEW ZEALAND
Media Statement
For Immediate Release
26 June 2003

Shell New Zealand Oil Products 2002 profit $87 million

In 2002, the Oil Products business sector, consisting of retail, commercial, marine, aviation and LPG businesses produced a net profit of $86.9 million (under NZGAAP) on revenues of $1,663 million in 2002 representing a satisfactory return on assets of 12 percent.

After adjusting for stock holding losses (2001) and stock holding gains (2002), the result, is a reduction in underlying operating performance of $9.0 million over 2001 due to increasing levels of competition in all markets.

Shell’s overall market share for all products in New Zealand was 29.4 percent in 2002 making it the largest marketer of fuel in the country.

Commenting on the Oil Products result, Shell Chairman, Dr. Taylor said, “Shell's businesses delivered a satisfactory year in 2002, reflecting the benefits of the business structural change programme of the previous two years.

“These changes have positioned the business for robust profitability in the face of an incredibly competitive industry environment.”

“The overall Oil Products performance is particularly gratifying. It reflects the huge effort and dedication of staff to developing a robust business in a competitive environment.

“This leadership by Shell has ensured customers receive the most competitive and compelling value proposition while delivering the market recognition deserved by the business.”

ENDS

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