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Annual Report 2002 STOCK EXCHANGE for the YEAR ENDED 30 JUNE 2002

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Annual Report 2002 STOCK EXCHANGE for the YEAR ENDED 30 JUNE 2002 NEW ZEALAND Annual Report 2002 STOCK EXCHANGE FOR THE YEAR ENDED 30 JUNE 2002 Brought to you by Global Reports Chairman’s Report 1 Chief Executive Officer’s Report 5 Financial Statements 8 Directory 16 Member Firms of the Exchange 17 NZSE services and prices 18 Ten year summary 20 The Board is committed to delivering an NZSE entity which encourages and grows New Zealand’s capital markets. We will continue to work with the Government for the betterment of the market. Demutualisation will mean that the NZSE is in a far better position to deliver value to New Zealand. Brought to you by Global Reports CHAIRMAN S REPORT Simon Allen, Chairman GLOBAL ECONOMIC PERFORMANCE COMBINED WITH OTHER MAJOR FACTORS INCLUDING THE SEPTEMBER 11 TERRORIST ATTACKS AND GOVERNANCE ISSUES HAVE LED TO POOR PERFORMANCE IN ALL MAJOR MARKETS. The past year has seen significant changes SUMMARY OF THE YEAR within the capital markets and at the New Ended 30 June 2002 Zealand Stock Exchange. Alongside and partly interdependent with Dollars in thousands 2002 2001 +/– demutualisation, the Board has initiated a Revenue 10,277 9,344 +10% change process within the organisation. Expenses before tax* 9,938 8,066 +23% Significant changes to the Board occurred Surplus/(deficit) –515 747 –169% during the year. Members’ funds 6,503 7,018 –7% As part of our previously signalled move to a commercial Board structure of smaller size * Excluding non-recurring expenses. and with a greater balance of non-broking Directors, three long standing Directors, Eion Edgar, Malcolm Brown and Hamish Taylor stood down and were replaced by three non-broking commercial Directors, Andrew Harmos, Lloyd Morrison and Tim Saunders. A very special note should be made of the significant contribution made by each of those who have stood down. Another major change was the resignation of the Chief Executive, Mr Bill Foster, after thirteen years service to the NZSE and the markets. Bill has made a major contribution and led the NZSE to be one of the lowest cost providers of exchange services in the world. The Board was delighted to appoint Mr Mark Weldon as Chief 1 Executive, effective 4 June 2002. Brought to you by Global Reports As you will see from Mark’s report he is charged with driving a lot of changes in our markets and setting the strategy and structure of the NZSE to meet the needs of our markets. Under Mark’s guidance, a new structure has been formed and significant new hires have been made. The NZSE has engaged in discussions and consultation on a series of issues including market structures and regulatory issues. The interdependence of many parties in achieving good outcomes for corporates, investors and others who participate in these markets requires the NZSE to develop good working relationships. This is happening. The NZSE has publicised its intention to demutualise, a precursor to many of the changes which are needed to cultivate a healthy New Zealand capital market and a healthy NZSE. The demutualisation vote will be put to members on 16 October 2002. A significant amount of preparatory work has been undertaken by many people in this process. The Board unanimously supports demutualisation. Should the proposal succeed, it will empower the Board to initiate a restructure of the NZSE at a future date. We have previously indicated that this is likely to be in the first quarter of 2003. The Board is committed to delivering an NZSE entity which encourages and grows New Zealand’s capital markets. We are confident that we have gone a long way to establishing the structure and resourcing as a foundation for delivering these outcomes. Simon Allen Chairman 2 Brought to you by Global Reports SOURCES OF INCOME BREAKDOWN OF MEMBERS’ FUNDS During years ended 30 June EXPENDITURE As at 30 June In millions of dollars During years ended 30 June In millions of dollars In millions of dollars 10 10 7 9 9 6 8 8 7 7 5 6 6 4 5 5 3 4 4 3 3 2 2 2 1 1 1 0 0 0 98 99 00 01 02 98 99 00 01* 02 98 99 00 01 02 From members and other sources Other operating costs From listing fees Computer system costs * Excluding non-recurring expenses TOTAL ASSETS NUMBER OF TRADES MEMBERSHIP NUMBERS At 30 June During years ended 30 June BY TYPE In millions of dollars In thousands At 30 June Number 10 750 500 9 675 450 8 600 400 7 525 350 6 450 300 5 375 250 4 300 200 3 225 150 2 150 100 1 75 50 0 0 0 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 Non-current assets Member Firms Current assets Individual Full Members Individual Associate Members 3 Brought to you by Global Reports MARKET CAPITALISATION MARKET INDEX – NZSE40 GROSS INDEX As at quarters' end to 30 June 2001, then months' end to 30 June 2002 As at quarters' end to 30 June 2001, then months' end to 30 June 2002 In billions of dollars 60 4,500 40 3,000 20 1,500 98 99 00 01 02 98 99 00 01 02 MARKET TURNOVER BY VALUE MARKET TURNOVER BY VOLUME By quarters in years ended 30 June. In millions of dollars By quarters in years ended 30 June. In millions of shares 9,000 3,000 8,000 2,500 7,000 6,000 2,000 5,000 1,500 4,000 3,000 1,000 2,000 500 1,000 98 99 00 01 02 98 99 00 01 02 4 Brought to you by Global Reports CHIEF EXECUTIVE OFFICER S REPORT Mark Weldon, Chief Executive Officer CHALLENGES AND OPPORTUNITIES The NZSE is a critical institution. It sits right at the heart of the capital markets and is essential to the growth of New Zealand companies and the New Zealand economy, which if such growth is to occur, will be capital market led. As a stock exchange, the NZSE should have no natural enemies. If it performs well, everybody is better off. However, upon returning to New Zealand, I found that this was not the case. It would be fair to say that the media was ill disposed toward us, and most people I met had a diatribe of past ills they were keen to report. To some extent this represents the overly close brand identity of the NZSE with the market, as well as cultural mistrust generated in 1987, and valid criticism. Going forward we need to recognise and address all these causes, and create the right platform for growth and open communication. The NZSE therefore aims to become one of the most respected companies in the country, attracting top-tier talent and developing a reputation for innovation and leadership. If we do not accomplish these things we will have failed not only ourselves, but the New Zealand economy in general. THE PAST YEAR During the last year the foundation was set for growth by the decision not to merge with the ASX. As proposed, the merger would have entailed a closure of the NZSE, all trading to be done out of Sydney, and all trades to be done in $A. This would have been a terribly bad outcome for the New Zealand capital markets. Companies would have found it a stepwise function harder to raise capital and receive analyst coverage. Brokers would have been under pressure to rationalise. The penumbra of jobs surrounding the capital markets such as law, accounting and finance would have been largely shipped offshore. Finally, the New Zealand capital markets would have been regulated and constructed from Australia, with little or no regard to the idiosyncrasies of the New Zealand economy, and with little impetus to design custom solutions for this market. Also coming out of the merger was a clear imperative at Board 5 level for change within the NZSE itself. It was largely this imperative that led to my appointment. Brought to you by Global Reports GOING FORWARD If I was to describe the mandate behind my appointment it would be to work in a collaborative way with all the key stakeholder groups in the New Zealand capital markets, to create and implement a clear set of plans that will put the capital markets in a place from which they can lead the New Zealand economy into and through a new growth phase. As is well known, New Zealand has amongst the lowest proportion of listed equity to GDP among the OECD countries. This is important because it goes to both the size of the opportunity, and the need to be creative in order to solve it. New Zealand did not grow up in the industrial revolution, our economy looks different than the countries we usually compare ourselves to, and we need to adapt our capital markets accordingly. In terms of actual initiatives, there are a tremendous amount of things that we need to pursue. Some of the key initiatives include: Market structure. We have recently put out an initial proposal for a second board that we have provisionally called “AX”. This market will be designed to replace the New Capital Market, and is constructed in such a way that it will appeal to a wide set of new possible constituents, in particular, co-operatives and the small and medium sized companies currently on the so-called ‘unlisted’ market. Products. The NZSE is committed to working with the broking community to develop a liquid derivatives and options market in New Zealand. Initially this would comprise probably just one forward instrument based on a well constructed index.
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