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18 November 2020 Market Announcements Office ASX Limited

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18 November 2020 Market Announcements Office ASX Limited 18 November 2020 Market Announcements Office ASX Limited Level 4 20 Bridge Street SYDNEY NSW 2000 ANZ Bank New Zealand Limited Annual Report and Registered Bank Disclosure Statement Australia and New Zealand Banking Group Limited (ANZ) today released its ANZ Bank New Zealand Limited Annual Report and Registered Bank Disclosure Statement for the year ended 30 September 2020. It has been approved for distribution by ANZ’s Continuous Disclosure Committee. Yours faithfully Simon Pordage Company Secretary Australia and New Zealand Banking Group Limited Australia and New Zealand Banking Group Limited ABN 11 005 357 522 ANZ Centre Melbourne, Level 9A, 833 Collins Street, Docklands VIC 3008 ANZ BANK NEW ZEALAND LIMITED ANNUAL REPORT AND REGISTERED BANK DISCLOSURE STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2020 NUMBER 94 | ISSUED NOVEMBER 2020 CONTENTS Annual Report and Glossary of terms 2 DISCLOSURE STATEMENT Financial Statements 3 Consolidated financial statements 4 Notes to the financial statements 8 Registered Bank Disclosures 72 Directors’ Statement 108 Independent Auditor’s Report 109 ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020 Pursuant to section 211(3) of the Companies Act 1993, the shareholder of the Bank has agreed that the Annual Report of the Banking Group need not comply with any of the paragraphs (a), and (e) to (j) of subsection (1) and subsection (2) of section 211. Accordingly, there is no information to be provided in this Annual Report other than the financial statements for the year ended 30 September 2020 and the audit report on those financial statements. For and on behalf of the Board of Directors: Rt Hon Sir John Key, GNZM AC Antonia Watson Chair Executive Director 17 November 2020 17 November 2020 GLOSSARY OF TERMS In this Registered Bank Disclosure Statement (Disclosure Statement) unless the context otherwise requires: Bank means ANZ Bank New Zealand Limited. Banking Group, We or Our means the Bank and all its controlled entities. Immediate Parent Company means ANZ Holdings (New Zealand) Limited. Ultimate Parent Bank means Australia and New Zealand Banking Group Limited. Overseas Banking Group means the worldwide operations of Australia and New Zealand Banking Group Limited including its controlled entities. New Zealand business means all business, operations, or undertakings conducted in or from New Zealand identified and treated as if it were conducted by a company formed and registered in New Zealand. NZ Branch means the New Zealand business of the Ultimate Parent Bank. ANZ New Zealand means the New Zealand business of the Overseas Banking Group. OnePath means OnePath Life (NZ) Limited. UDC means UDC Finance Limited. Registered Office is Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland, New Zealand, which is also the Banking Group’s address for service. RBNZ means the Reserve Bank of New Zealand. APRA means the Australian Prudential Regulation Authority. the Order means the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014. Any term or expression which is defined in, or in the manner prescribed by, the Order shall have the meaning given in or prescribed by the Order. 2 FINANCIAL STATEMENTS Consolidated financial statements Income statement 4 Statement of comprehensive income 4 Balance sheet 5 Cash flow statement 6 Statement of changes in equity 7 Notes to the consolidated financial statements Basis of preparation Non -financial assets 1. About our financial statements 8 19. Goodwill and other intangible assets 55 Financial performance Non -financial liabilities 2. Operating income 12 20. Other provisions 58 3. Operating expenses 14 4. Income tax 15 Equity 5. Dividends 16 21. Shareholders' equity 60 6. Segment reporting 16 22. Capital management 61 Financial assets Consolidation and presentation 7. Cash and cash equivalents 18 23. Controlled entities 62 8. Trading securities 19 24. Structured entities 63 9. Derivative financial instruments 20 25. Transfers of financial assets 65 10. Investment securities 25 26. Divestments 65 11. Net loans and advances 26 12. Allowance for expected credit losses 27 Other disclosures 27. Related party disclosures 66 Financial liabilities 28. Commitments and contingent liabilities 68 13. Deposits and other borrowings 34 29. Compensation of auditors 70 14. Debt issuances 35 Financial instrument disclosures 15. Financial risk management 37 16. Fair value of financial assets and financial liabilities 50 17. Assets charged as security for liabilities 53 and collateral accepted as security for assets 18. Offsetting 54 3 ANZ BANK NEW ZEALAND LIMITED 2020 ANNUAL REPORT FINANCIAL STATEMENTS INCOME STATEMENT 2020 2019 For the year ended 30 September Note NZ$m NZ$m Interest income 5,568 6,423 Interest expense (2,306) (3,179) Net interest income 2 3,262 3,244 Other operating income 2 807 915 Net income from insurance business 2 - 27 Share of associates' profit 2 - 4 Operating income 4,069 4,190 Operating expenses 3 (1,752) (1,608) Profit before credit impairment and income tax 2,317 2,582 Credit impairment charge 12 (403) (101) Profit before income tax 1,914 2,481 Income tax expense 4 (541) (662) Profit for the year 1,373 1,819 STATEMENT OF COMPREHENSIVE INCOME 2020 2019 For the year ended 30 September NZ$m NZ$m Profit for the year 1,373 1,819 Other comprehensive income Items that will not be reclassified subsequently to profit or loss (6) (33) Items that may be reclassified subsequently to profit or loss Reserve movements: Unrealised gains / (losses) recognised directly in equity 122 (31) Realised losses transferred to the income statement 12 14 Income tax attributable to the above items (36) 15 Other comprehensive income after tax 92 (35) Total comprehensive income for the year 1,465 1,784 The notes appearing on pages 8 to 70 form an integral part of these financial statements 4 FINANCIAL STATEMENTS BALANCE SHEET 2020 2019 As at 30 September Note NZ$m NZ$m Assets Cash and cash equivalents 7 8,248 2,363 Settlement balances receivable 378 193 Collateral paid 1,394 2,324 Trading securities 8 12,797 8,942 Derivative financial instruments 9 9,702 11,666 Investment securities 10 9,893 7,027 Net loans and advances 11 132,698 132,525 Deferred tax assets1 4 327 77 Goodwill and other intangible assets 19 3,092 3,276 Premises and equipment1 590 335 Other assets 625 688 Total assets 179,744 169,416 Liabilities Settlement balances payable 2,950 1,607 Collateral received 1,275 991 Deposits and other borrowings 13 125,061 113,427 Derivative financial instruments 9 8,252 11,042 Current tax liabilities 251 101 Payables and other liabilities1 1,115 1,159 Employee entitlements 143 138 Other provisions 20 389 314 Debt issuances 14 24,439 26,207 Total liabilities 163,875 154,986 Net assets 15,869 14,430 Equity Share capital 21 11,888 11,888 Reserves 118 21 Retained earnings1 3,863 2,521 Total equity 15,869 14,430 1 On adoption of NZ IFRS 16 Leases on 1 October 2019, the Banking Group recognised right-of-use assets of NZ$309 million presented within Premises and equipment and lease liabilities of NZ$333 million presented within Payables and other liabilities. This resulted in a reduction to opening retained earnings of NZ$17 million and an increase in deferred tax assets of NZ$7 million. Comparative information has not been restated. Refer to Note 1 for further details. For and on behalf of the Board of Directors: Rt Hon Sir John Key, GNZM AC Antonia Watson Chair Executive Director 17 November 2020 17 November 2020 The notes appearing on pages 8 to 70 form an integral part of these financial statements 5 ANZ BANK NEW ZEALAND LIMITED 2020 ANNUAL REPORT FINANCIAL STATEMENTS CASH FLOW STATEMENT 2020 2019 For the year ended 30 September Note NZ$m NZ$m Profit after income tax 1,373 1,819 Adjustments to reconcile to net cash flows from operating activities: Depreciation and amortisation 158 81 Loss on sale and impairment of premises and equipment 5 10 Goodwill impairment 28 - Net derivatives/foreign exchange adjustment (1,044) 246 Proceeds from divestments net of intangibles disposed of, classified as investing activities (533) (646) Other non-cash movements 20 (130) Net (increase)/decrease in operating assets: Collateral paid 930 (405) Trading securities (3,855) (918) Net loans and advances (173) (6,059) Other assets (372) 1,136 Net increase/(decrease) in operating liabilities: Deposits and other borrowings 11,634 5,419 Settlement balances payable 1,343 (554) Collateral received 284 146 Other liabilities (112) 53 Total adjustments 8,313 (1,621) Net cash flows from operating activities1 9,686 198 Cash flows from investing activities Investment securities: Purchases (5,569) (2,347) Proceeds from sale or maturity 2,790 1,963 Proceeds from divestments 26 659 747 Other assets (64) (88) Net cash flows from investing activities (2,184) 275 Cash flows from financing activities Debt issuances2 Issue proceeds 2,327 4,010 Redemptions (3,885) (3,909) Repayment of lease liabilities3 (50) - Dividends paid (9) (411) Net cash flows from financing activities (1,617) (310) Net change in cash and cash equivalents 5,885 163 Cash and cash equivalents at beginning of year 2,363 2,200 Cash and cash equivalents at end of year 8,248 2,363 1 Net cash provided by operating activities includes income taxes paid of NZ$691 million (2019: NZ$780 million). 2 Movement in debt issuances (Note 14 Debt Issuances) also includes a NZ$557 million decrease (2019: NZ$418 million increase) from the effect of foreign exchange rates, a NZ$286 million increase (2019: NZ$657 million increase) from changes in fair value hedging instruments and a NZ$61 million increase (2019: NZ$104 million decrease) of other changes.
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