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One Generation Supporting the Next

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One Generation Supporting the Next Annual Report 2017 Report Annual One generation supporting the next. Sustainable Success 1 Here’s what we’ve been doing to help deliver a sustainable future. Contents Chairman’s Report 2-4 CEO’s Report 6-11 Customer Profile – Ausnutria 12-13 Categories and Products 14-15 Redefining Westland’s Purpose 16-17 Shareholder Case Study 18-20 Our Team 22-23 Looking forward to another 80 years 24-27 Environmental Highlights 30-31 Health and Safety 32-34 Five Year Trends 36-37 Board of Directors & Senior Management 38-39 Corporate Governance Report 40-41 Audit Report 42-43 Directors’ Declaration 45 Financial Statements 46-49 Notes to Financial Statements 50-76 Statutory Information 78-79 Directory 80 1 Chairman Pete Morrison We have worked very hard to build The 2016-17 financial year for At the time of writing, the shareholder- Westland Milk Products was initiated governance review process a great future for characterised by challenge and was still underway. It was scheduled change, with new leadership at for presentation to a special meeting Westland. Board and management levels. of shareholders in October 2017. With Westland finishing the 2015-16 year in the unenviable position of Shareholders at the 2016 Annual offering its shareholders the lowest General Meeting, and district meetings payout of any New Zealand dairy in March 2017, asked the Board and company, we began the new financial management team to improve year under considerable financial communications with them. It’s pressure. Understandably, our good to report that recent feedback shareholders were demanding answers suggests this has much improved and and calling for both the Board and shareholders are appreciating receiving management to do much better. more comprehensive strategic and tactical information. In turn, the The departure of our Chief Executive Board has appreciated that Rod Quin in July 2016 began a shareholders have respected the challenging period for the Board as sensitivity of this information. we sought to manage his departure and the recruitment of his As a result of all of this change, replacement, while dealing with the Westland’s year has ended with a sense issues of company performance and of confidence. In partnership with our shareholder pressure for us to deliver management team we have taken this a better result. In retrospect, as I have co-operative from one that was said to shareholders more than once, offering unsustainably low returns, to the Board could have handled this a position where our prediction for the period better. 2017-18 season is industry competitive, setting Westland and its shareholders Within the time that followed, Toni up for a more secure future. Brendish commenced work as our new Chief Executive Officer, Jeremy That said, our final 2016–17 Net Average Edmonds was engaged as the interim Cash Payout of $5.18 was not the result Chief Financial Officer, and I was our shareholders needed, though it elected as Chairman. will not have come as a surprise. At our Annual General Meeting in Toni initiated a review of the company, November 2016, both Board and which has included a change in management warned shareholders that management process, strongly it would not be possible to “close the supported by an introduction of a new gap” between Westland’s performance structure, new ways of working and and that of other New Zealand dairy the fresh talent she has brought to companies in the 2016-17 year. Westland’s Senior Management Team. Shareholders will be watching our In particular, she brought a strong performance carefully to ensure we focus on managing costs and can deliver on our 2017-18 predictions increasing efficiency. and then maintain that competitive position into future seasons. At the same time, the Board “We have a new way of working at concentrated on reviewing its own Parent revenue in the 2016-17 year, performance, finding better ways despite reduced supply, increased by Board and management levels, and of working together, initiating a 8.6%, off improving commodity prices. this has permeated through the staff. governance review and addressing Performance of the Nutritionals and I am seeing and hearing a new Board behaviours so that we could UHT categories was not where we more effectively monitor and hold wanted it to be, however important confidence and culture emerging.” to account not only managerial work was done to lay the foundation for performance, but also our own. increased volume, pricing and positive contribution to payout in 2017-18. 2 3 Chairman Season Highlights / Westgold Butter Pete Morrison Over 1 million The parent company results also show place in a growing and increasingly Acknowledgements an improved cost position, with cost of diverse international market is vital. It is important that I acknowledge sales (excluding inventory revaluation) Our goals have been defined by our new the work of my predecessor, former decreasing by 4.2%, and overheads strategic approach “to offer differentiated Chairman Matt O’Regan. Few people blocks of (excluding depreciation) flat. Underlying products that leverage our heritage and have worked as hard or as long for this overhead expenses reduced by 2%, with location”. We’ve also welcomed co-operative as Matt and I thank him savings more than covering the short Westland’s new purpose: “Nourishment for his huge commitment and wish him term investment in consulting and made beautifully for generations”. well. Director Barry Paterson also Westgold butter other costs to support initiatives to stepped down in this period and his “close the gap”. This link to our heritage, location and service to this company was substantial point of difference is exemplified in our and is appreciated. To Bede O’Connor, Our EasiYo business delivered a net loss shareholders’ performance since our whose term ended during this period, sold in of $5.3m, an extremely disappointing Farm Excellence (FarmEx) standards thanks for all of your hard work. result. This was partially due to the were introduced in the 2014-15 season. To my fellow directors, thank you for impact of Brexit, which reduced As detailed elsewhere in this annual your support. As a new Chairman I have margins in the UK market, and quality report, our shareholders have gone the appreciated your encouragement, your New Zealand issues in other markets. Under Toni’s extra mile. Not only have we been able willingness to share your experience with management, EasiYo management to celebrate our contribution to desired me, and your continued commitment to were tasked with restructuring the water quality standards in Lake Brunner the wellbeing of this co-operative. business to reduce cost and realise being achieved five years earlier than efficiencies intended to return the predicted, but we have also seen To all shareholders, thank you for giving business to profitability. shareholders’ compliance with effluent this newly led and reconstructed Board and irrigation standards lift from 56% to the time it needed to play its role in As part of the process to finalise the 84%, land and nutrient management turning the company around. financial statements for the 2016-17 compliance increase to 77% from 58%, Twice awarded in season, two adjustments were made to and 73% of shareholders now meeting Toni, Jeremy and the Senior Management prior year results. The net effect of the stock exclusion requirements, with Team, thank you for your leadership. 2017 NZ Champions changes to 2015-16 Group opening compliance still improving. retained earnings, and to 2015-16 To all Westland staff; I know, like our of Cheese Awards deferred tax, was an increase of $1.5m to The value of this work to our company shareholders, you have gone through previously reported Group retained cannot be overestimated. some tough and anxious times. Your earnings, with no impact to operating Environmental compliance and Board appreciates your commitment results, cashflow or payout. Full details sustainability is not a temporary issue and willingness to engage with a new are provided in note 27 to the accounts. that gained some prominence during way of doing things, especially the way this 2017 election year. It is an issue that you worked with Powerhouse to In addition to these adjustments, the will be with us long after the election is produce more than 100 ideas to increase company’s underlying balance sheet over because it relates to our very efficiencies and save costs. We could strengthened during 2016-17. licence to continue farming and pass not have done it without you. Capital investment was carefully our businesses and our land on to Thank you. controlled; in conjunction with other future generations. It also helps cash management initiatives. establish our point of difference for This allowed full repayment of all short customers who are increasingly term debt and an improvement in the demanding an environmental bottom debt/equity ratio. line in their audit of our performance. We have a new way of working at We have worked very hard to build a Board and management levels, and great future for Westland – its this has permeated through the staff, shareholders, staff and the communities where I am seeing and hearing a new in which we live, work and play. We confidence and culture emerging. want a future in which we’ll be proud This is something that I believe will to say we work in dairy, proud to make be reflected within our shareholder beautiful, nourishing products, and community as we restore and grow proud to be part of a dynamic company pride in our company and utilise its that will continue to make a vital heritage as an asset. Establishing our contribution to our economy, our Pete Morrison point of difference and securing our communities and our people.
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