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ANNUAL REPORT Freightways Limited and Its Subsidiaries FINANCIAL YEAR ENDED 30 JUNE 2021 Introduction

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ANNUAL REPORT Freightways Limited and Its Subsidiaries FINANCIAL YEAR ENDED 30 JUNE 2021 Introduction Moving you to a better place ANNUAL REPORT Freightways Limited and its subsidiaries FINANCIAL YEAR ENDED 30 JUNE 2021 Introduction An eye on our horizons Our vision for Freightways sets Freightways has always been an entrepreneurial company. We’ve never been out three bold intentions for our afraid to be first to market and to step outside company. We’ll continue to look for traditional boundaries to do so. new ways to move and transform We draw on our amazing teams to grow our things. We’ll keep finding ways revenue and earnings from existing businesses to improve. And our business via organic growth, margin management and efficiency gains. We invest in businesses where decisions will be governed by the our core capability to pick up, process and extent to which we believe they deliver adds value. Our primary investments can achieve the end goals our are typically in synergistic and complementary businesses with smaller cash injections for stakeholders expect of us. embryonic opportunities. Having a goal for everything we do and every relationship we invest in adds purpose and focus to how we do business. There’s always a better place to move towards. Annual Report | Financial Year ended 30 June 2021 Freightways Limited and its subsidiaries | 1 Contents 04 06 04 Highlights 06 Freightways' Growth Strategy 08 The Freightways' Family 10 Chairman and CEO’s Report The topline of FY21. Highlights Our organisational structure 18 Spotlight on our Capabilities 34 Our People 36 Responsibility Framework 48 Community 18 34 50 TCFD 68 Board and Leadership 70 Directors’ Report 81 Financials and Notes Living our purpose every day People are at the heart of everything we do at Freightways 36 48 Non-financial criteria are front of mind in our decision making Supporting the communities in which we work and reporting 68 81 The leaders of our business The full financial story for an eventful year 2 Annual Report | Financial Year ended 30 June 2021 Freightways Limited and its subsidiaries | 3 Highlights The topline of FY 21 Operational Parcel volumes, We were able to demonstrate the resilience of our business this year as we dealt with the impact of COVID-19 and also explored new horizons. courier incomes and Our courier businesses attracted more volume, and our information lines of business grew management brands took the opportunity to introduce efficiencies that increased their profitability. Our waste renewal business was affected by lockdowns, particularly in Melbourne, but we still found inventive ways to grow that part of the business. Big Chill marks first anniversary Average remuneration for our Improved Net Promoter Scores since acquisition in April 2020 couriers improved by % across our business Financial 8 Invested in SaveBoard as part Reduced injuries from ideas assessed through of exploring new horizons for 32 The Startery, our product pick up, process and delivery of development hub 252 → 240 Revenue grew EBITA grew NPAT grew high-value recyclables despite a larger workforce 27% 33.5%* 29.7%* Environmental Total dividends paid this year: Volumes for B2B and B2C Express Pricing for Effort (PFE) finished the Named one of the top 10 carbon On target to reduce fossil-based Developed a science-based target Package deliveries were up year at up from reducers by Toitū Environcare virgin plastic use by for carbon reduction of 50% by 2035 c $ $0.71 % 33.5 / SHARE 1.32 last year 70 * Before change in fair value of contingent consideration for Big Chill and other income and expenses 4 Annual Report | Financial Year ended 30 June 2021 Freightways Limited and its subsidiaries | 5 Freightways Growth Strategy Our strategy on a page Stakeholders: The Freightways Our customers Our team Our shareholders strategy Our communities Our purpose: What we do Our vision: Why we do this Freightways is a business that is always on the move. Across Better outcomes won’t just happen. It takes a conscious effort the Group, we pick up and process physical and digital items from our team to move things forward for our customers, our with a view to delivering them reliably and efficiently for our team, our shareholders and our communities. Our “why” is to “We move you customers. We look to develop our people through career move you to a better place. opportunities. We seek appropriate and sustainable returns to a better place” for our investors. And we look to move the dial for communities through the causes we support; by reducing our emissions and Our vision employing or contracting local people. Our principles Our principles & capabilities: How we work Take Think Work as Three principles guide how our teams and our partners deliver. ownership commercially a family • We take ownership and responsibility at every level for what we do and what we can improve. • We think commercially about the deals we make so that they make sense for our customers, our contractors, our Our capabilities business and our shareholders. Strive for Deliver Love our Act like an efficiency reliably customers entrepreneur • We work as a family by supporting people, by prioritising their safety and wellbeing and by doing everything we can to ensure they get home safe each day. We depend on our capabilities to deliver what our customers, What we do investors and communities expect. We’re efficient. This critical capability enables us to move around 100,000,000 items through our various businesses every year. We are reliable. We Express Business Information Waste target flawless execution which enables us to shift multiple Package Mail Management Renewal items through multiple touchpoints in our network, across two nations, every day. We act like entrepreneurs. We recognise and execute on high-value opportunities. We always look forward and up. Pick up, Process and Deliver 6 Annual Report | Financial Year ended 30 June 2021 Freightways Limited and its subsidiaries | 7 Freightways Family Our organisational diagram A family Express Package of brands Our market-leading brands Express Package combine shared infrastructure Our multi-brand strategy in the New Zealand courier market caters to a range of customer needs and delivery timeframes. All share branch networks, air and road linehaul, and IT. These with specialist knowledge in each r P brands include New Zealand Couriers, Post Haste, Castle W e ic iv k a niche. We work across a range of l l Parcels, NOW Couriers, SUB60, Security Express, Kiwi Express, - i s e u a t D Stuck, Pass the Parcel and Big Chill Distribution. We also p e business sectors, achieving high M offer airfreight capability for our overnight Express Package R s e delivery service through our joint venture airline, Parcelair, s levels of quality and efficiency, n e and our linehaul partner, Parceline. This year we continued to e n i implement our Pricing For Effort approach. w through our focus on adding value s a u l to how we pick-up, process and Business Mail B deliver. Our strong culture and DX Mail is New Zealand’s only dedicated Business Mail specialist; offering time-sensitive physical postal services commitment unifies our people from both door-to-door and box-to-box. Process and feeds our deep team spirit. Dataprint offers mailhouse-print services and digital mail presentation platforms across New Zealand. Our technology We draw on all of that to continue and solutions transform data into effective communications to evolve our businesses to meet for customers. the changing needs of Information Management The Information Management Group (TIMG) helps businesses our customers. protect and add value to the data they entrust us with. It offers physical storage and information management services, as well as digital information processing services such as digitalisation, business process outsourcing, online back-up and eDiscovery Info nt services. This year we increased the utilisation of our storage rmation Manageme facilities by leasing out spaces for 3PL and other uses. Waste Renewal Shred-X offers document destruction, eDestruction and product destruction services. We also provide medical waste collection and processing services under the Med-X brand. This year we continued to find new ways to transform what would once have been waste into new products. 8 Annual Report | Financial Year ended 30 June 2021 Freightways Limited and its subsidiaries | 9 Chairman & CEO's Report Full year review A focus on progress An updated purpose – We move you to a better place – articulates in our courier and waste businesses. Coupled with service "If last year was about resolving our approach. As a group of businesses, we are motivated standards that we believe are superior to those of any of our the many and varied challenges by progress. Whether we are shifting physical and digital items competitors, our businesses have enjoyed both organic growth for our customers, helping our people further their careers, and market share gains. increasing returns for our investors or moving the dial for posed by COVID-19, this year That positive mindset has also been at play in other parts communities, our focus is firmly on what’s ahead. focused on moving forward. of the business. Our information management business in This year, we continued to set new expectations for our Australia has achieved a solid turnaround, despite ongoing There were still lockdowns and customers, and to lift income and drive levels of career lockdowns. It has improved profitability by focusing on aspirations for our people. We delivered healthy returns greater efficiencies. other issues to deal with, but for our investors, and made plans to continue to reduce our Mark Troughear The growth in medical waste in Australia is a great example emissions. In FY21, we worked hard to further reduce the Chief Executive Officer of growth through innovation.
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