DOCSLIB.ORG

Annual Report 2010 Group Limited // Annual the Warehouse

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2010 Group Limited // Annual the Warehouse THE WAREHOUSE GROUP LIMITED THE WAREHOUSE // ANNUAL REPORT 2010 // ANNUAL www.thewarehouse.co.nz www.warehousestationery.co.nz THE WAREHOUSE GROUP LIMITED // ANNUAL REPORT 2010 Peter Ward from The Warehouse South City. Chachi Wiperi from The Warehouse Manukau. Sia Tiumalu from The Warehouse Sylvia Park. Arishma Chand from The Warehouse Sylvia Park. Theresa Stowers from The Warehouse Manukau. THE WAREHOUSE GROUP TWO OF NEW ZEALAND’S MARKET-LEADING RETAILERS, DELIVERING OUTSTANDING VALUE EVERY DAY. Insight Creative Limited. Auckland. Wellington. Sydney. WAR037 10/10 WAR037 Sydney. Insight Creative Limited. Auckland. Wellington. Krishna Siva from The Warehouse Westgate. Hayley Robertson from Warehouse Stationery Manukau. Tony He from Warehouse Stationery Ti Rakau Drive. Lysah An from Warehouse Stationery Manukau. Reon Scharvi from Warehouse Stationery Manukau. Ian Campbell from Warehouse Stationery Ti Rakau Drive. The Warehouse // i Mel Smith from Warehouse Stationery Ti Rakau Drive. Kevin Chui from Warehouse Stationery Ti Rakau Drive. CONTENTS Our Core Purpose ................... 1 Group Overview ...................... 2 ANNUAL MEETING Performance .......................... 3 The Annual Meeting of Shareholders of Chairman and the Company will be held in the Guineas Managing Director’s Report ...... 4 Ballroom, Ellerslie Event Centre, 80 –100 Ascot Avenue, Greenlane East, Auckland, Board of Directors .................. 6 New Zealand, on Friday 26 November 2010 The Warehouse ...................... 8 commencing at 10.00am. Warehouse Stationery .......... 12 This Annual Report is dated 15 October 2010 and is signed on behalf of the Board by: Communities and Environment ....................... 14 Financial Statements ........... 17 Auditors’ Report .................. 64 5 Year Summary ................. 65 Keith Smith Corporate Governance.......... 68 Chairman Statutory Disclosures .......... 75 Our Senior Management ...... 83 Directory ............................ 84 Ian Morrice Managing Director The Warehouse will make a difference to people’s lives by making the desirable affordable and supporting New Zealand’s communities and the environment. By putting the customer first, we will succeed. Everything we do flows from this principle. We enjoy success through working together as one team. People choose to work for us because we care about and recognise individuals. GROUP OVERVIEW EARNINGS PER SHARE AND OPERATING EARNINGS RETURN ON EQUITY AND INVESTMENT 45 40% 200 184.7 37.5 179.3 40 cps 35% 166.8 165.0 160.8 35 29.4 30% 150 cps 24.9 26.9 30 cps cps 25% 10.4% 10.5% 9.9% 25 31.2% 9.3% 9.7% 24.7% 23.4% 20% 100 20 20.0% 15% 15 $ MILLION 58.5 9.6 52.6 55.7 cps 10% RETURN ON EQUITY 50 45.5 38.7 EARNINGS PER SHARE (cents) 10 5 8.5% 5% 0 0 0 06 07 08 09 10 06 07 08 09 10 EBITDA OPERATING CAPEX EBITDA MARGIN DEBT POSITION AND GEARING ADJUSTED NET PROFIT AFTER TAX 97.5 200 80% 100 95.1 85.2 175 70% 83.2 80.9 80 150 140 60% 125 50% 115 60 100 40% 72 $ MILLION GEARING 40 75 30% 29.4% 47 50 25.7% 20% 43 19.3% 20 NET DEBT ($ million) 25 12.8% 10% 9.7% 0 0 0 06 07 08 09 10 06 07 08 09 10 THE BOARD declared A FINAL DIVIDEND OF 8.5CPS, BRINGING THE total ORDINARY % DIVIDEND FOR THE YEAR TO 24.0CPS, UP 3.0CPS OR 14.3% 14.3 PERFORMANCE 2010 2009 $ MILLION $ MILLION MOVEMENT The Warehouse 1,476.2 1,531.1 (3.6)% Warehouse Stationery 193.6 187.2 3.4% Other group operations 8.1 8.4 Inter-segment eliminations (5.2) (5.9) Sales 1,672.7 1,720.8 (2.8)% The Warehouse 112.7 120.2 (6.3)% Warehouse Stationery 8.0 1.6 404% Other group operations 3.3 3.2 7.2% Operating profit 124.0 125.0 (0.7)% Adjusted net profit after tax 83.2 85.2 (2.4)% Ordinary dividends per share 24.0 cents 21.0 cents Special dividends per share 6.5 cents 10.0 cents THE WAREHOUSE WAREHOUSE Stationery • Adjusting for F09’s 53rd trading week and discontinued fresh • Significant turnaround in performance food and liquor categories, sales down 1.4% • Growth in sales and market share • Same-store sales down 2.2% on a like-for-like basis • Same-store sales up 7.8% on a like-for-like basis • Achieved sales increases in growth categories • A number of categories performed well – particularly Technology, • Impacted by contraction of the Music and DVD market including mobile phones, Consumables and Stationery • Increased overall share of the department store sector • Completed brand facelift of all 47 stores • Online launch successful with first-year objectives met • Opened new store in Ashburton. Additional eight stores • Opened small-format store at St Lukes underwent significant interior modernisation • 17 largest stores rebranded ‘The Warehouse Extra’ The Group is a nationwide retailer of scale, comprising two * of New Zealand’s leading retail businesses. The Warehouse THE WAREHOUSE 87STORES accounts for approximately 40% of the department store sector and * AS at 1 AUGUST 2010 7.6% of the total non-food retail market. Warehouse Stationery is an office products retailer and holds an 8% share of its sector. The Group employs nearly 9,000 people throughout New Zealand. 47STORES WAREHOUSE STATIONERY WAREHOUSE Performance // 3 CHAIRMAN AND Managing Director’S REPORT The F10 year once again demonstrated that the Warehouse Group is resilient in difficult times, continuing to deliver consistent earnings and very good cash flows. This strong financial position gives the Board of Directors confidence to increase distributions to shareholders. Sales for the Group were $1.67 billion, down 2.8% on the previous year. WAREHOUSE Stationery After adjusting for F09’s 53rd trading week and discontinued fresh food Warehouse Stationery achieved a significant turnaround in performance, and liquor categories, sales were down 0.6%. Adjusted net profit after reporting sales of $193.6 million up 3.4% on last year. After adjusting tax was $83.2 million compared to $85.2 million in F09, down 2.4%. for F09’s 53rd trading week, sales were up 5.5% with like-for-like same store sales up 7.8% for the year. EBIT for the year was $8.0 million Reported net profit after tax (NPAT) for the year ended 1 August 2010 was compared to $1.6 million in F09. $60.2 million, including a non-cash charge of $22.8 million required as a result of government-announced changes to the income tax deductibility The turnaround in Warehouse Stationery reflects an outstanding of depreciation on certain buildings. This compares to reported NPAT for effort from the team to lift performance. Sales have recovered to the previous year of $76.8 million which included an after tax $7.4 million 2008 levels, driving significant profit recovery for the business. The charge relating to the exit from fresh food and liquor. business continues to perform well and growth plans through category developments and new stores are well advanced. The F10 non-cash charge in respect of the tax deductability of depreciation is included in the Financial Statements to achieve compliance with DIVIDEND Payout International Financial Reporting Standards. The Directors question Dividend policy was reviewed by the Board. Given the company’s ability the appropriateness of this charge and the application of the relevant to continue generating solid operating cash flows in both the short term Standard and its effect on reported results. It is our position that adjusted and longer term the payout ratio was increased from 75% to 90% of earnings is a more appropriate indicator of underlying performance. adjusted net profit. THE WAREHOUSE The Board declared a final dividend of 8.5 cents per share (cps) bringing The Warehouse reported sales of $1.48 billion, down 3.6% compared the total ordinary dividend for the year to 24.0cps, up 3.0cps or 14.3%. to F09. After adjusting for F09’s 53rd trading week and discontinued Due to strong cash flow performance and the availability of accumulated fresh food and liquor categories, sales were down 1.4%. Same-store imputation credits the Directors also declared a special dividend of sales were down 2.2% on a like-for-like basis. The Warehouse achieved 5.0cps, bringing total special dividends for the year up to 6.5cps. The earnings before interest and tax (EBIT) of $112.7 million, down 6.3% final and special dividends will be paid on 17 November 2010 and will on last year. Poor seasonal sales led to significant discounting to clear be fully imputed at a rate of 30%. inventory and to ensure that we started F11 in good shape. Further Lifting the company’s payout ratio is a key factor in achieving our stated margin pressure in the year was also a result of a negative currency aim of providing superior returns for shareholders over the long term. cycle with overseas products costed at an average of 61 cents to the US dollar compared to an average of 70 cents in the previous year. NEW BOARD MEMBER The retail environment remained difficult, with recovery in overall We welcome our new independent director, Mark Callaghan. Mark consumption remaining subdued and patchy. In the first half it was brings extensive fast moving consumable, commercial and marketing clear that specialist retailers would recover at a faster pace than the experience to the Board. He was most recently Managing Director of department store sector and this trend continued into the second half. Cadbury Pty Ltd for Australia and New Zealand. We look forward to The Warehouse increased its overall share of the department store sector, working with him and value the experience he brings to the team. although its share of the total non-food retail market fell slightly (0.2%).
Load more

Recommended publications
  • First Anniversary Snapshot 2018/2019 Our Signatories
    First Anniversary Snapshot 2018/2019 Our signatories Founding signatories Original signatories from public launch in July 2018 First Anniversary Snapshot 2018/2019 New signatories since launch Climate Leaders Coalition Signatory footprint Our signatories Make up nearly Represent 60% Employ more than of NZ’s gross emissions one third of NZ’s 170,000 people private sector GDP 60% “Until joining the Climate Leaders Coalition it was somewhat lonely out there and we were very isolated from other companies’ initiatives around climate change. This initiative has created a family who are very willing to share experiences and provide advice and support. This has made our journey a lot easier.” Tony Gibson, CEO Ports of Auckland 1 First Anniversary Snapshot 2018/2019 Contents 3 A word from our convenor 4 Year in review 8 Climate-X 9 Demonstrating leadership on climate change 10 Events 11 Signatories’ progress against the 2017 Climate Change Statement 14 2019 Statement 15 Join the movement “The vision of Ngāi Tahu is mō tātou, ā, mō kā uri ā muri ake nei – for us and our children after us. The action now required by all of us to address climate change comes in to sharp focus when we consider the effects on those who will follow in our footsteps.” Mike Sang, CEO Ngāi Tahu Holdings Climate Leaders Coalition 2 A word from our convenor Back in 2017 the idea was hatched to create a coalition of New Zealand To show the Coalition means business, we have also released a second pledge businesses who were taking action on climate change to inspire others to do the to reflect the latest science that illustrates the need to limit global warming to same.
    [Show full text]
  • 2021 Investor Day
    2021 Investor Day The Warehouse Group 4 May 2021 Important Disclaimer This presentation is given on behalf of The Warehouse Group Limited (‘the Group’). Information in this presentation: • Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in the Group. Readers should take their own independent professional advice in respect of their objectives, financial position or needs; • Should be read in conjunction with, and is subject to, the Group’s Annual Report, market releases, and information published on The Warehouse Group website (www.thewarehousegroup.co.nz); • Includes forward-looking statements about the Group and the environment in which the Group operates, which are subject to uncertainties and contingencies outside of the Group’s control – the Group’s actual results or performance may differ materially from these statements; • Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; • May contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information; and • Has not been subject to audit or review by an independent third party of the assumptions, data, calculations and forecasts contained in or referred to in this presentation. All information in this presentation is current at the date of this presentation, unless otherwise stated. All currency amounts are in NZ dollars unless
    [Show full text]
  • View Inevitable
    In this Issue December 2016 Who pays the piper? 2 Sky City Entertainment Group AGM 29 AIA appoints its 3rd Future Director 4 Methven AGM 29 2016 NZSA Business Story of the year 5 Vital HealthcareProperty Trust AGM 30 A Message from the Chairman 2016 Beacon Award Winner Anounced 6 Mercury AGM 31 Membership Gift Certificate 8 NZ Oil and Gas AGM 32 A small step towards Commonsense Tax 8 Barramundi and Marlin Global 33 Investors have certainly had an interesting year! I hope for most of you it Environmental, Social, Governance (ESG) 101 - Steel and Tube AGM 34 The latest buzz 9 Delegat Group AGM 34 has been a positive one. The dramas surrounding Pumpkin Patch and especially Company Meetings Airwork Holdings AGM 35 Wynyard will have caught out some, but the correction during October should A2 Milk AGM 11 Tourism Holdings AGM 36 SLI Systems AGM 37 not have surprised market watchers. Political uncertainty around the globe EBOS AGM 13 (and at home) along with likely increases to interest rates and inflation and the Veritas AGM 14 Skellerup Holdings AGM 38 Contact Energy AGM 15 Freightways AGM 39 potential fall in house prices in some overheated areas such as Auckland will Genesis Energy AGM 16 Caught on the Net 40 bring challenges and opportunities. So 2017 certainly promises to be interesting. Comvita AGM 17 Branch Reports Tegel AGM 18 Auckland. 42 For the NZSA, it has been another big year. A highlight (or should that Precinct Properties AGM 19 Waikato 44 really be lowlight?) was our success in removing a sitting director at Rakon.
    [Show full text]
  • HALF YEAR REPORT 2012 Overview Overview
    The Warehouse Group Limited HALF YEAR REPORT 2012 Overview Overview Group OPERATING PERFORMANCE GROUP OPERATING PROFIT $ 67. 9 GROUP SALES UP million 3.3% GROUP OPERATING MARGIN $937.9 MILLION TAX-PAID PROFIT UP 7. 2% 3.3% Group EBIT $54.0 MILLION $76.7 million OVERVIEW 01 Half Year Review 2012 Your Directors are pleased to present the unaudited results for the six months ended 29 January 2012. The strategic direction set out in September 2011 has already started to have a positive impact and we are very pleased to have been able to declare a dividend of 13.5 cents per share. Dear Shareholders SEGMENTAL RESULTS The Warehouse Group Limited (‘Group’) reported a half The Warehouse year net profit after tax of $54.0 million compared to The Warehouse reported a 3.4% increase in sales for $52.3 million in the prior comparable period. Adjusted the half year ended 29 January 2012, with same store net profit after tax for the period was $46.7 million, sales up 2.7%. Operating profit was down 16.1% to compared to $53.0 million last year. $62.1 million, primarily a function of margin pressure The strategic direction set out last September has in apparel, cost inflation and cost investment to provide already started to have a positive impact. Your Board a stable base for the future. understands that the scale of change required to The Warehouse’s operating margin was 7.4% compared reverse long term trends is significant and building to last year, at 9.2%. long term sustainable growth in profits will take time.
    [Show full text]
  • Disclosure of Beginning to Have Substantial Holding
    Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To NZX Limited and To The Warehouse Group Limited (WHS) Date this disclosure made: 21 May 2021 Date on which substantial holding began: 21 May 2021 Substantial product holder(s) giving disclosure Full name(s): Forsyth Barr Limited (FBL), Forsyth Barr Group Limited (FBGL), Forsyth Barr Investment Management Limited (FBIM) Summary of substantial holding Class of quoted voting products: Ordinary shares (WHS) Summary for FBL, FBGL, FBIM For this disclosure,— (a) total number held in class: 31,610,858 (b) total in class: 346,843,120 (c) total percentage held in class: 9.113% Details of relevant interests Details for FBL and FBGL Nature of relevant interest(s): The relevant interest is the power to acquire and dispose of, or control the acquisition or disposition of, 31,120,089 shares in WHS. This relevant interest was acquired when FBL and FBGL entered into a block trade agreement on 21 May 2021 with Foodstuffs (Auckland) Nominees Limited, Wardell Bros & Coy Limited and Cash Wholesalers Limited (Block Trade Agreement). A relevant agreement document is attached under regulation 139 (see pages 4-22). For that relevant interest,— (a) number held in class: 31,120,089 (b) percentage held in class: 8.972% (c) current registered holder(s): Foodstuffs (Auckland) Nominees Limited (10,373,363 shares), Wardell Bros & Coy Limited (10,373,363 shares), Cash Wholesalers Limited (10,373,363). (d) registered holder(s) once transfers are registered: unknown 1 Details for FBIM Nature of relevant interest: The relevant interest arises under various investment management agreements to which FBIM is a party in its capacity as the manager of the Forsyth Barr Investment Funds and as a provider of discretionary investment management services (DIMS).
    [Show full text]
  • 1 ISSN 1179-4275 August 2011 NOT the 9 OCLOCK NEWS
    ISSN 1179-4275 August 2011 NOT THE 9 OCLOCK NEWS Members will no doubt have watched with morbid fascination as the British gutter press tactics have been dragged into the harsh light of day recently. The NZSA constantly reminds people that good governance is the keystone without which the whole corporate castle can come crashing down. Rupert Murdoch, an octogenarian Australian who became an American primarily for business purposes, and the rest of his motley bunch have provided a clear example of why this is all so important. Murdoch built his empire from Australia, and despite some debt issues in 1992, he has now accumulated a vast media empire. To put this in perspective, worldwide he controls over 70 major newspapers ( including the Times and Wall St Journal), two book publishers (HarperCollins is one), 3 music publishers, 30 major magazines, 17 TV studio/network conglomerates, over 80 major TV channels and over 30 major internet channels. There is much, much more as well. In short, pretty much anything you read, watch or hear will have his influence on it. He has also in the past, been quite successful at “avoidance.” In 1999 it was reported that despite earning over a billion pounds per annum for the previous 11 years, he had paid no net corporate tax. The Murdoch empire has two classes of shares. Only one of these has voting rights. The Murdoch family owns about 35% of News Corp, but nearly all are voting shares, effectively giving him absolute control. The huge 17 member board is dominated by Murdoch and 3 of his children.
    [Show full text]
  • Hypermarket Lessons for New Zealand a Report to the Commerce Commission of New Zealand
    Hypermarket lessons for New Zealand A report to the Commerce Commission of New Zealand September 2007 Coriolis Research Ltd. is a strategic market research firm founded in 1997 and based in Auckland, New Zealand. Coriolis primarily works with clients in the food and fast moving consumer goods supply chain, from primary producers to retailers. In addition to working with clients, Coriolis regularly produces reports on current industry topics. The coriolis force, named for French physicist Gaspard Coriolis (1792-1843), may be seen on a large scale in the movement of winds and ocean currents on the rotating earth. It dominates weather patterns, producing the counterclockwise flow observed around low-pressure zones in the Northern Hemisphere and the clockwise flow around such zones in the Southern Hemisphere. It is the result of a centripetal force on a mass moving with a velocity radially outward in a rotating plane. In market research it means understanding the big picture before you get into the details. PO BOX 10 202, Mt. Eden, Auckland 1030, New Zealand Tel: +64 9 623 1848; Fax: +64 9 353 1515; email: [email protected] www.coriolisresearch.com PROJECT BACKGROUND This project has the following background − In June of 2006, Coriolis research published a company newsletter (Chart Watch Q2 2006): − see http://www.coriolisresearch.com/newsletter/coriolis_chartwatch_2006Q2.html − This discussed the planned opening of the first The Warehouse Extra hypermarket in New Zealand; a follow up Part 2 was published following the opening of the store. This newsletter was targeted at our client base (FMCG manufacturers and retailers in New Zealand).
    [Show full text]
  • View Their Documen- Increases on Several Occasions
    In this Issue December 2013 The Pennies and the Pounds 1 The best and the worst of the NZX50 since The Pennies and the 2009 3 NZ Windfarms AGM 25 The 2013 Beacon Award 4 Skellerup Holdings AGM 25 Pounds Takeovers Panel provides easy to read guides 5 Kathmandu AGM 26 New Regulations for providers of custodial Pumpkin Patch AGM 26 espite changing to decimal currency in 1967, here is services 5 Barramundi Fund AGM 27 an old saying that still rings true. “If you watch the Company Meetings Marlin Global Fund AGM 27 pennies, the pounds will take care of themselves”. In Telecom AGM 6 Precinct Property AGM 28 D other words, do the small things well and the big outcomes Fletcher Building AGM 7 Contact Energy AGM 29 will eventually follow. Hellaby Holdings AGM 8 Chorus AGM 30 Mighty River Power AGM 9 Vital Healthcare Property Trust AGM 30 When it comes to their shareholders, it seems that some Michael Hill International AGM 10 AWF SGM 31 companies are forgetting this maxim. Over the past year we Ebos AGM 11 Bathurst AGM 31 have seen increasing evidence of inadequate or potentially Sky City Entertainment AGM 12 NZ Oil and Gas AGM 32 misleading information being provided in resolutions and TeamTalk AGM 13 Auckland International Airport AGM 33 notices of annual or special meetings. In most cases this is Heartland Bank AGM 14 Caught on the Net 34 unlikely to be a deliberate attempt to confuse shareholders. Cavalier Corporation AGM 15 Branch Reports But it does raise questions about, if the company can’t get Freightways AGM 16 Auckland 35 the small things right, what are they doing with the big stuff.
    [Show full text]
  • Annual Report 2020
    Financial Report 2020 Financial Statements This annual report covers the performances of Auckland International Airport Limited (Auckland Airport) from 1 July 2019 to 30 June 2020. This volume contains our audited financial statements. Overview information and a summary of our performance against financial and non-financial targets for the 2020 financial year are obtained in a separate volume, which may be accessed at report.aucklandairport.co.nz. 1 Financial report 2020 Introduction Auckland Airport is pleased to present the financial results for the year to 30 June 2020. This was a year of contrasting halves with the first half dominated by the company embarking on a historic period of infrastructure-related transformation and the second Financial report impacted by the travel restrictions put in place to mitigate the effects of the COVID-19 outbreak. The eight-month period to February 2020 was a period of transformation for Auckland Airport, with key milestones reached in the airport infrastructure upgrade, including the commencement of four of our eight key anchor projects. Auckland Airport also focused on delivering meaningful customer improvements including launching new automated pre-security gates, the continued rollout of check-in kiosks and the completion of the international departures upgrade. International air connectivity continued to grow in the eight-month period to February 2020 with new or enhanced services launched to Vancouver and Seoul. Regrettably, domestic passenger volumes marginally fell during the first half reflecting increased yield management by airlines and the impact of Jetstar’s exit from regional services. Following the global outbreak of COVID-19 and the subsequent imposition of travel restrictions from February 2020, Auckland Airport took a number of decisive measures to withstand the challenging and unparalleled operating environment.
    [Show full text]
  • PGG Wrightson 2015 Annual Report
    Annual Report 2015 Helping grow the country CONTENTS INTRODUCTION PGG Wrightson Snapshot 2 Chairman & Chief Executive Officer’s report 4 OUR COMPANY Board of Directors 10 Executive Team 12 Dairy – special report 14 The year in review 15 UPDATE ON OUR STRATEGY 22 PGG WRIGHTSON IN THE COMMUNITY 24 FINANCIAL INFORMATION Key financial disclosures 27 Directors’ Responsibility Statement 28 Additional financial disclosures including notes to the financial statements 37 CALENDAR Independent auditor’s report 75 Annual Shareholders’ Meeting GOVERNANCE 28 October 2015 Corporate Governance 76 Half-year earnings announcement Statutory disclosures 81 23 February 2016 Shareholder information 87 Year-end earnings announcement CORPORATE DIRECTORY 89 9 August 2016 leaders in the field ‘One-PGW’ PAGE PAGE PAGE Wayne Nichol 17 Camron Meade 19 Ina Nukutai 21 Technical Nutritionist and Agronomist, National Sales Manager, National Logistics Manager, PGG Wrightson Seeds PGG Wrightson Real Estate PGG Wrightson Wool TOTAL REVENUE OF $1. 2 billion GROUP OPERATING EBITDA +18% (excluding earnings of associates) on prior year million FULLY IMPUTED DIVIDENDS OF $69.5 cents Seed & Grain i Livestock i Retail i % % % PER4 SHARE FOR THE YEAR 19 15 7 PGG Wrightson’s results show sustained momentum in challenging times. PGG WRIGHTSON LIMITED ANNUAL REPORT 2015 1 Announcement of the New/refreshed PGG WRIGHTSON Retail premises in Kaikohe, acquisition Pukekohe, Katikati, Stratford, of a 50% interest in SNAPSHOT Eketahuna, Murchison, Temuka, Agrocentro, a market- and Water premises
    [Show full text]
  • View, Especially When Things Are Heading South
    ISSN 1179 -4275 February 2012 Trying our Patience A key reason for forming the NZSA ten years ago was to leverage the voice of small shareholders. That of course is still relevant today - perhaps more so since institutions have become larger shareholders in proportion to the total. That trend that will likely continue with the advent of KiwiSaver. However, the institution’s imperatives may be very different from individual’s. They may be less likely to take a long term view, especially when things are heading south. They also often take their lead on voting issues from external groups such as MSCI who took over the business of Risk Metrics, themselves listed in the USA. As a consequence there is a perception of a lack of critical analysis and independent thought by this group of large shareholders. Nowhere is this more evident than in matters of remuneration where it is rare to see institutions protesting that enough is enough. When it comes to director’s fees and executive pay, the influence of so-called independent advisor reports can also be critical to the outcome of any vote. Rises in fees and executive pay have far outstripped wage growth and company performance over the past couple of decades. Where we used to have differentials of 15 or 20 times average worker’s pay to total CEO pay, it has now reached nearly 100 times locally, and is much worse in some other countries, particularly the USA. Every time we have a huge rise the excuse is that some independent advisor report show XYZ are well behind their peers and need an increase.
    [Show full text]
  • Yovich & Co. Market Update
    Jarrod Goodall (FSP 198885) Yovich & Co. Market Update January 23rd 2017 NZX 50G All Ords Shanghai FTSE Dow NASDAQ NZDAUD NZDUSD OCR Previous Month 6881.22 5719.14 3103.64 7142.83 19762.60 5244.57 0.9623 0.6929 1.75% Week Close 7048.47 5709.70 3123.14 7198.44 19827.25 5283.94 0.9483 0.7168 1.75% Change 2.43% -0.17% 0.63% 0.78% 0.33% 3.20% -1.45% 3.45% 0.00% Market Themes The NZ Market eked out a gain for the past week of two points and extended its winning streak to five weeks. The best performing stocks locally were Arvida (up 4.62%), Infratil (up 3.91%) and Summerset (up 3.49%). Across the ditch the All Ordinaries index fell 1.16% with the financials starting to reverse some of their gains that they made in December. The Trump Pump has continued this year but lost steam in the past week as we headed into the inauguration and Trump taking control of the White House. The UK market had a tough week as a rally in the pound saw traders take profits, despite the fall in the market, Financials remained in favour. Both in the UK and the broader European area, Banks are seen as a possible winner if markets are de-regulated. The USD has traded to its highest level since November as traders look towards Trump with expectations of stimulatory spending, inflation and interest rate rises in the world’s largest economy. Investment News Preferred NZ Shares With the New Zealand market consolidating on a very strong first half of 2016, many stocks are still sitting at elevated levels.
    [Show full text]