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2020 Annual Report

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2020 Annual Report Moving forward Freightways Limited and its subsidiaries Annual Report Financial Year ended 30 June 2020 Introduction freightways.co.nz This year we’ve successfully Right across our brands, expanded into new areas people stepped in to help We’ve never because we saw opportunities where help was needed. to add value across several Good things happened. sectors. We invested in Big Every day. Chill because we knew there been afraid to Like all businesses, we’ll was growth potential in the respond to the ebbs and food supply chain. We’ve flows of what has happened revamped and strengthened in ways that protect our be the first to do courier businesses like business and respect the NOW to continue delivering expectations of our investors. at the high service levels But entrepreneurship will our customers expect. something – remain our constant. We introduced a trans-Tasman We have always been, air freight service to help and will always be, a exporters deliver to their company that grows on if it’s the right Australian markets. And we the strengths of what we introduced Pricing For Effort accomplish together. (PFE) to ensure our drivers thing to do. take home the earnings they deserve, and the business improved its margin on residential deliveries. Of course the country’s response to the threat of COVID-19 affected us, just like it did all New Zealand businesses. But it also brought out the best in our culture. 2 3 Freightways Limited Annual Report Financial Year Contents freightways.co.nz and its subsidiaries ended 30 June 2020 Contents 06 Highlights 08 Growth strategy 10 Business impacts and actions - COVID 19 14 Chairman and CEO’s report 22 The Freightways family 24 The true cost to serve 12 22 Our people during lockdown: The Freighways family: 26 People Leaning into lockdown A warm welcome to Big Chill 28 International airfreight service 30 Sustainable Development Goals 38 Using data for customers 40 Community 42 KidsCan partnership 44 NOW Couriers 46 Our Board 47 Our leadership team 24 28 38 The true cost to serve: International airfreight service: Using data to re-think our 48 Directors’ report Pricing for effort Keeping the freight moving customer journeys 56 Independent auditor’s report 118 Shareholder information 120 Corporate governance 42 44 KidsCan partnership: NOW Couriers: Can do for KidsCan NOW changes the rules 4 5 Freightways Limited Annual Report Financial Year Highlights freightways.co.nz and its subsidiaries ended 30 June 2020 Lockdown challenged us. 2.7million Hosted 2.5TB of eDiscovery data Processed 2,700,000 kgs of But it also motivated us. every month non-paper destruction Thinking laterally, understanding our capability deeply and acting quickly gave us the ability to pivot in lockdown and take advantage of opportunities that emerged. Lost Time Injury Frequency Rate Improved pricing by $0.73 per item for In COVID-19 Alert Level 3 the unprecedented freight of 10 (LTIFR) residential addressed parcels volumes that passed through the Express Package network - plus the commencement of our international scheduling for our 737 fleet - characterised lockdown for many of our people. Provided 1.4 million kgs of An increase of 50% in residential international airfreight capacity volumes during level 3 lockdown Facilitated 200 staff through leadership Delivered 87% of residential items within development training and 250 leaders through 1 day and 95% within 2 days during the level 3 Mental Health Awareness training online shopping boom 38 million 31.4 Total gross GHG emissions (tCO2e) mail items million kgs per million dollars of revenue Our Business Mail division continues Airfreight volumes increased this year FY13/14 136.64 Year-on-year reduction to perform well despite current (30 million kgs domestically and 1.4 FY14/15 123.02 10.0% market and competitive dynamics. million kgs internationally) with the lift-off FY15/16 Nimbleness and a culture of of our daily trans-Tasman 737 freight 105.01 14.6% customer care keeps brands DX service. Excited by the ability to use our FY16/17 102.93 2.0% Mail and Dataprint in a good position aircraft assets around the clock, the FY17/18 95.57 7.2% leading into 2021. service enabled exporters to get product FY18/19 90.85 4.9% to Australian markets at a time when FY19/20 passenger aircraft freight capacity had 103.40 (13.8%) dropped dramatically. Toitū carbonreduce certified FY20 to be certified in November 2020 FY19/20 emissions excludes Big Chill emissions which will be included from FY21 onwards. FY19/20 total gross GHG emissions per million dollars of revenue increased due to international airfreight flown during the year (see page 28) and the impact of reduced revenue as a result of COVID-19 but with minimal reduction in network emissions to maintain the level of reach and service. 6 7 Freightways Limited Annual Report Financial Year Growth Strategy freightways.co.nz and its subsidiaries ended 30 June 2020 Express Package Temperature Controlled Express Courier Aviation Medical P Waste r ic n e k o v - i i u t l B p c e u u D Digital s r t Mailhouse i n s e e s D s e Product M r Destruction a u c i l e S Mail Delivery Document & P eDestruction rocess That spirit shone Online Document Media through this year Back-up & Storage Digital Information in the way our Processing people came together to help each other out Infor ent during lockdown mation Managem Freightways’ market leading brands Express Package Mail Delivery The Information Management Group Our multi-brand strategy in the DX Mail is New Zealand’s only The Information Management Group New Zealand courier market caters dedicated Business Mail specialist; helps businesses protect and add- to a range of customer needs and offering time-sensitive, physical value to the data they entrust us with. delivery timeframes. All share branch postal services, from door-to-door It offers physical storage and networks, air and road linehaul, and to box-to-box. information management services, IT. These brands include New Zealand Our business model as well as digital information Couriers, Post Haste, Castle Parcels, Digital Mailhouse processing services such as NOW Couriers, SUB60, Security Dataprint offers mailhouse-print digitalisation, business process Express, Kiwi Express, Stuck, Pass services and digital mail presentation outsourcing, online back-up and the Parcel and most recently Big Chill is highly responsive platforms across New Zealand. eDiscovery services. Distribution. We also offer airfreight Our technology and solutions capability for our overnight Express transform data into effective Secure Destruction Package delivery service through our Our market leading brands combine density with specialist knowledge in each niche. communications for customers. joint venture airline, Parcelair. Shred-X offers document destruction, We work across a range of business sectors, achieving high levels of quality and efficiency, eDestruction and product destruction through our focus on adding value to how we pick-up, process and deliver. Our strong culture services. The business also provides medical waste services under the and commitment unifies our people and feeds our deep team spirit. That spirit shone through Med-X brand. this year in the way our people came together to help each other out during lockdown. 8 9 Freightways Limited Annual Report Financial Year Business impacts and actions freightways.co.nz and its subsidiaries ended 30 June 2020 COVID 19 Business impact and actions IMPACTS By division ACTIONS Information Management Revenue comparison year-on-year $54 Jul-Mar -0.7% million Apr -19.6% Led the industry with contactless Range of onsite precautionary Of new equity through use of the deliveries measures Dividend Reinvestment Plan and partial May -18.7% payment of the Big Chill acquisition Jun 2.8% Express Package Note: For like for like comparison, $ the Express Package graph Revenue comparison year-on-year excludes contribution from Big Chill Streamlined overtime and use of casual labour Reduced hours worked Elimination of travel and through lockdown discretionary spending Jul-Mar 2.4% Apr -33.0% May 4.8% Jun 10.1% Reduced non-essential Heightened focus on capital expenditure cash collection Savings in salaries, wages and directors fees Network Courier Items by Delivery Point Note: For like for like comparison, the Express Package graph B2B, B2C Mix (in 2020) excludes contribution from Big Chill Rural Business Mar Residential Apr May Jun Range of health and safety measures Jul 1,000 staff worked from home Extended and renegotiated lending facilities 10 11 Freightways Limited Annual Report Financial Year Our people during lockdown freightways.co.nz and its subsidiaries ended 30 June 2020 Our people during lockdown Leaning into lockdown Lorna and Jillian’s stories Some days were much better than It all happened so quickly, says “We had record new business Jillian Hedgman is Regional Sales others, they say, with average Lorna Fisher (National Sales numbers in these months due to Manager for Auckland, overseeing deliveries being around 80 items each, Manager - Business Development our team’s tenacity and customer- sales for North Harbour, West with a peak of around 160 items. centric attitude.” for New Zealand Couriers). Auckland, parts of Manukau, as “We were presented with hundreds “One minute we were working as One of the most humbling solutions well as Whangarei. and hundreds of items every day… normal and then overnight we were Lorna was involved with was for and just when we thought we had Auckland Council, who aligned During lockdown, many customers made progress another large load in COVID-19 level 4, faced with the themselves with Countdown, Spark shifted their focus from B2B (business would arrive.” technical challenges of enabling Arena and New Zealand Couriers to business) to B2C (business to our teams to efficiently look after to send out essential care packages consumer), she says.
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