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New Zealand POST GROUP Annual Report 2011

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New Zealand POST GROUP Annual Report 2011 annual report 2011 NEW ZEALAND’S annual report 2011 CHANGING WE’RE CHANGING > This document is printed on an environmentally responsible paper produced using ECF pulp sourced from FSC Certified Well Managed & Legally Harvested Forests. Royal Offset Hi-Brite is manufactured at an FSC Certified Mill (Reg.No.SGS-COC-001912) under the strict EMAS & ISO14001 Environmental Systems and carries the internationally recognised environmental EU Flower eco-label. Directory For further information about the contents of this report, please contact: New Zealand Post Group Corporate Affairs Team Private Bag 39990 Wellington Mail Centre Lower Hutt 5045 New Zealand Telephone: +64-4-496 4999 Facsimile: +64-4-496 4479 Email: [email protected] For more information about New Zealand Post’s products and services, please contact: New Zealand Post Customer Services Centre Telephone tollfree: 0800 501 501 Email: [email protected] Website: www.nzpost.co.nz For information about our collectable stamps and coins, please contact: Collectables and Solutions Centre Private Bag 3001 Whanganui 4540 New Zealand Telephone: +64-6-349 1234 Facsimile: +64-6-345 7120 Website: www.stamps.co.nz New ZealaNd POST GROUP aNNUal RePORT 2011 NEW ZEALAND POST GROUP ANNUAL REPORT 2011 Auckland posties arriving at Christchurch Airport to provide support in the wake of the 22 February 2011 earthquake. This is the The New Zealand Post Group comprises It operates predominantly in New Zealand New Zealand Post Limited and its and Australia, and serves a range of New Zealand Post subsidiaries. The Group reports annually government, commercial and personal Group’s Annual Report and half yearly and its previous annual customers in the postal, banking, for the year ended report, for the year ended 30 June 2010, payments, courier, logistics and customer was tabled in the House of Representatives communications management markets. 30 June 2011. on 30 September 2010. There were no significant changes regarding New Zealand Post Limited is incorporated size or ownership in the reporting period. under the Companies Act 1993 and has its This report covers all of the New Zealand headquarters in Wellington, New Zealand. Post Group’s operations in both New Zealand It is a state owned enterprise, with and Australia. 100 percent of its ordinary shares owned by the Ministers of Finance and State-Owned Enterprises on behalf of the Crown. [ 1 ] aNNUal RePORT 2011 TaBle OF CONTeNTS 1 Introduction 2 Table of Contents/Who We Are TABLE OF 4 The Directors 5 Letter from the Chair 7 Group Leadership Team CONTENTS 8 Letter from the CEO 10 Postal Services 13 Kiwibank 15 Store Network 16 Localist 17 Stamps and Collectables 18 Express Couriers Limited 19 Other New Zealand Post Agencies 20 Community Investment 21 Scorecard Targets 22 Five Year Trend Summary 23 Financial Commentary 2010/11 25 Statement of Corporate Governance New Zealand POST GROUP – NEW ZEALAND POST LIMITED OPERATIONS CuSTOMER KIWI GROuP ExPRESS PARCEL DIRECT SOLuTIONS AND HOLDINGS COuRIERS GROuP PTY SERVICES LIMITED LIMITED LIMITED KIWI INSuRANCE LIMITED [ 2 ] TaBle OF CONTeNTS Financial Additional Statements Information 28 Statements of Comprehensive Income 126 Global Reporting Initiative 29 Statements of Changes in Equity 127 In the Workplace 31 Statements of Financial Position 131 Environment 33 Statements of Cash Flows 133 Our Performance in the Community 35 Summary of Significant Accounting Policies 134 Our Approach to Corporate Sustainability 49 Notes to the Financial Statements 136 Directory 115 Auditors’ Report 116 Statutory Information WHO WE ARE NEW ZEALAND POST GROuP FINANCE LIMITED [ 3 ] aNNUal RePORT 2011 The diRectors New Zealand Post Group Limited Board as at 30 June 2011 HON DR MICHAEL JUStINE GAY BRONWYN JOHN CULLEN MA, PhD SMYtH BCOM, CA Chair Deputy Chair Ohope auckland appointed as director on 1/5/2009 appointed as director on 1/5/2006 appointed as Chair on 1/11/20101 appointed as deputy Chair on 1/11/2010 PHILIPPA (PIP) JANE ALAN MICHAEL DUNN DUNPHY BHORtSCI, CFA Mapua auckland appointed as director on 1/11/2010 appointed as director on 1/11/2007 MURRAY IAN DAVID WILLIAM tEMUERA GRIBBEN BA (HONS), MBA (tEM) HALL BSS wellington Taupo appointed as director on 1/11/2009 appointed as director on 1/5/2009 JACQUELINE (JACKIE) DAVID StEPHEN WILLIS MARIE LLOYD BA, BCOM BCA, CA, ICA (AUStRALIA) wellington Sydney appointed as director on 1/11/2010 appointed as director on 1/5/2010 Finance, Risk and Remuneration Investment Committee: Committee: Justine Smyth (Chair) Pip Dunphy (Chair) Michael Cullen Michael Cullen Alan Dunn Tem Hall Pip Dunphy Jackie Lloyd Murray Gribben 1 Dr Cullen was appointed as Chair to replace Rt Hon James Brendan Bolger, ONZ, Hon DLit, who served as Chair from 4/9/2001 to 31/10/2010. [ 4 ] ChaiRMaN’S leTTeR Letter from the Chairman For us, as for many other organisations, the Canterbury earthquakes in September and February had a major impact. Bad debt provisioning could remain an issue well into 2011/12 as the consequences of the earthquakes unfold and other uncertainties continue. While the earthquakes had a commercial impact on New Zealand Post, they also had a deeply personal one, with the tragic loss of life of one of our own – Melissa Neale. IN MEMORIAM – Melissa NEALE Hon Dr Michael John Cullen MA, PhD – Chairman, New Zealand Post he last year has been a difficult > Kiwibank, which has achieved excellent one for New Zealand Post growth since its inception, now faces Group, as it has continued to new challenges as it seeks to diversify position itself for fundamental its services in business banking, Melissa Neale was a passionate, changes to match the way wealth management and advanced dedicated member of the company and TNew Zealanders are now communicating, financial services. she is sorely missed. Melissa died while doing the job she loved, as a Retail doing business, banking and shopping – > New Zealand Post needs to develop Specialist for REAL Aotearoa, when the all while coping with the consequences of digital solutions that leverage its brand February earthquake struck. On behalf the Christchurch earthquakes and the to capitalise on growth potential in the of the entire New Zealand Post Group, fallout from the Global Financial Crisis. digital market. I extend my sympathies to her family, New Zealand Post remains committed to a > The physical customer service network friends and colleagues. vision of bringing New Zealanders together for both banking and postal services with the people and things that matter to needs to significantly evolve to meet them. This vision needs to be achieved while the needs of customers – including I am proud of the way New Zealand Post dealing with four significant challenges the introduction of technology, the responded to the tragic events of 22 February. Despite many of our people being affected, facing the businesses across the Group: simplification of our product ranges, and a renewed focus on services. they had mail operations up and running > There is a significant and ongoing decline quickly. Postal deliveries resumed within Good progress has been made in developing in mail volumes, which continue to fall seven days and our PostShop/Kiwibank plans to address these challenges, which 4.5 percent year on year. We expect this network opened where it could within days. to continue through the decade ahead, are outlined in more detail in the Chief but anticipate that mail volumes will Executive’s report. Financial Result eventually plateau at a significantly lower The Group is focused on growing Kiwibank, A series of significant items, including level than they are today. The global building a sustainable physical network, the Canterbury earthquakes coupled with financial crisis has hastened that decline, diversifying into a digital future, and ongoing weak market conditions, impacted as organisations (including Government delivering a superior customer service severely on our financial performance in departments) sought to make cost savings. experience for New Zealanders. the 2011 financial year. [ 5 ] aNNUal RePORT 2011 ChaiRMaN’S leTTeR The Group posted a net loss after tax Dividend On behalf of the Board, I record my of $35.6 million, though the underlying Dividends declared for the year totalled appreciation of Jim Bolger who stepped performance showed some resilience. $2.07 million compared with $6.4 million down as Chair after nine years, and Shale In particular, the postal business in 2009/10. Chambers, whose term as a Director performed slightly ahead of expectations, ended during the year. The dividend has been calculated in assisted by pricing changes and tight cost accordance with the amended Dividend Acknowledgements management. But Kiwibank’s result was Policy as set out in the Statement of significantly down on the 2010 financial There have been a number of executive Corporate Intent (SCI). It is acknowledged year in challenging conditions. management changes during the year. that the expectation for 2010/11 was to We welcome Ashley Smout who joined Significant items that impacted on this move to the SOE norm of a 60% level of New Zealand Post in February to head up year’s result included: surplus for the dividend calculation, but the new Operations division. Congratulations this was subject to the stability of the credit > The impacts of depressed economic to Gary Woodham who assumed the new rating. While this stability was achieved in conditions and the Christchurch role of Group General Manager, Customer December 2010 through the Government earthquakes required Kiwibank to Solutions and Services division, having providing for capital support in case of increase its bad debt provisioning by formerly been the CEO of Datam. We also need, that involved an unbudgeted facility $67 million compared with last year. welcomed Paul Reid to the new position fee for the redeemable preference shares > The divestment and sale process of of Group General Manager, Innovation of $3.6 million p.a.
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