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2009 Annual Report

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2009 Annual Report ANNUAL REPORT 2009 PGG WRIGHTSON LIMITED www.pggwrightson.co.nz ANNUAL REPORT 2009 PGG WRIGHTSON LIMITED 02 Chairman and Managing Director’s Report 10 Operational Review 16 Board of Directors 18 Group Leadership Team 20 Directors’ Responsibility Statement 21 Corporate Governance Code 25 Financial Information 32 Notes to the Financial Statements 84 Audit Report 85 Statutory Disclosures 94 Shareholder Information 02 PGG WRIGHTSON LIMITED ANNUAL REPORT 2009 PGG WRIGHTSON LIMITED ANNUAL REPORT 2009 03 CHAIRMAN AND MANAGING DIRECTOR’S REPORT 2009 The Company reported net operating trading items – the impact of fair value adjustments on earnings after tax of $30 million for the year investments and the costs associated with the Silver Fern ending 30 June 2009. Farms (SFF) settlement. The Company performed very well during the first six Despite the operating challenges, the result months of trading, however, customers responded to confirms the underlying strength in the tougher market conditions and outlook by seriously the business with solid performances from reducing their spend. This was particularly marked many of the Company’s divisions in the face during the April – June quarter, where there was fierce competition for the reduced business putting increased of a rapidly declining market late in the pressure on margins. While many of the businesses financial year. have performed well, those exposed to dairy have suffered accordingly. Nevertheless, the results reflect the difficult operating environment that exists in the countries where the EARNINGS Company does business. The impact of the worst The operating performance was affected by a range of global recession in 70 years on the rural sector and non-trading items, which meant the Company reported the significant slowdown in dairy activity towards the an accounting loss. Net profit after tax (NPAT) was a loss end of the reporting year, had a detrimental effect on of $66.4 million, compared with last year’s $73.2 million PGG Wrightson’s (PGW) performance. The operating reported profit. performance was further impacted by a range of non- The table shows the reconciliation of the operating profit to reported net profit after tax (NPAT). 2009 ($M) 2008 ($M) EBITDA 76.7 89.2 Discontinued business 4.3 (5.3) Depreciation/amortisation (6.5) (6.1) EBIT 74.5 77.8 Interest (31.4) (22.6) Taxation (13.1) (22.3) NOPAT 30.0 32.9 NZS performance fee - 17.8 NZS share revaluation (39.2) 18.9 SFF (49.6) - Capital gain on sale of wool business 17.6 - Restructuring and discontinued (10.3) 0.7 Other* (14.9) 2.9 NPAT $(66.4)m $73.2m *Other reflects IFRS fair value adjustments, writedowns and equity earnings from associates 04 PGG WRIGHTSON LIMITED ANNUAL REPORT 2009 PGG WRIGHTSON LIMITED ANNUAL REPORT 2009 05 CHAIRMAN AND MANAGING DIRECTOR’S REPORT CONTINUED Of these, the most directly comparable result on which Operating cashflow of $52 million compared with $26 million UÊ "ÛiÀ`À>vÌÊ>`Ê}Õ>À>ÌiiÊv>VÌiÃÊvÊ>««ÀÝ>ÌiÞÊ to assess performance is the net operating profit after tax the previous year, a significant increase that reflects the $40 million. (excluding the one-off and non-trading items) figure of management of working capital downwards with particular In addition, South Canterbury Finance has agreed to extend $30 million, down $2.9 million or 8.8 percent from improvement in accounts receivable. its debt until 28 February 2013. last year. Total assets of $1.5 billion were in line with last year. In conjunction with the renegotiation of the terms of the The Group NPAT was significantly reduced by one-off Company’s bank facilities, the Company has been reviewing CAPITAL MANAGEMENT PLAN items, largely non-cash totalling $96.4 million – the impact its capital structure and evaluating its options for meeting In June 2009, the Company notified its banking syndicate of of fair value adjustments and a provision for expenses the new bank debt amortisation schedule. incurred in the settlement with SFF. The two major parts a potential breach of its financial covenants as at 30 June, due to adverse trading conditions expected from the last four of this were $39.2 million, related to the revaluation to As part of this review, the Company is continuing to progress months of the financial year. A waiver of financial covenants market price at 30 June 2009 of the Group’s shareholding its previously announced debt reduction programme and is was received from both the banking syndicate and South in NZ Farming Systems Uruguay (NZS) and $49.6 million also considering the sale of selected non-core assets and a Canterbury Finance, before the finalisation of the Company’s related to the settlement of the SFF transaction. potential equity raising. Any equity raising is likely to involve results for the 2009 financial year. both existing shareholders and new investors, and may also The SFF settlement was an important resolution and PGW include the introduction of a new substantial shareholder. Upon receiving the waivers, the Company also commenced was pleased that both companies were able to put the The Company has engaged First NZ Capital and UBS to assist negotiations with its banking syndicate for various disappointment of last year’s events behind them. with this review and expects to provide a further update amendments to its existing banking facilities. The settlement provided certainty for the Company on its plans for meeting the new bank debt amortisation The Company has subsequently renegotiated a revised over the financial exposure resulting from its inability to schedule when the review is completed. complete the transaction. The terms of the settlement banking package with the following terms: were approved by PGW’s banking syndicate. DISTRIBUTION UÊ ÊÌiÀÊ`iLÌÊv>VÌÞÊvÊf£Ç°ÊÊÌ >ÌÊ>ÌÕÀiÃÊÊ The Board decided that there would be no further dividend The decline in operating earnings reflected a much ΣÊÕ}ÕÃÌÊÓä£ÓÊ­«ÀiÛÕÃÞÊfÓÇxÊÊiÝ«À}ÊÊ declared in relation to the 2008-09 year. tougher trading environment in the autumn period, 30 September 2011); with earnings before interest and tax (EBIT) for the year Ài`ÕV}ÊvÀÊfÇÇ°nÊÊÌÊfÇ{°xÊ°ÊÊ/ iÊÀÕ«Ê UÊ Ê>ÀÌÃ}Ê`iLÌÊv>VÌÞÊvÊfÓääÊÊ`ÕiÊÌÊLiÊvÕÞÊ also experienced increased financing costs following the repaid by 31 March 2010 (previously $125 million expiring renewal of facilities during the financial year. on 31 December 2010); Revenue for the year at $1.3 billion remained relatively UÊ ÊÜÀ}ÊV>«Ì>Êv>VÌÞÊvÊfÇxÊÊ­VÀi>Ã}ÊÌÊ strong and in line with last year. Margins were under $85 million for the months of October and November 2009) pressure during the last quarter, as competition increased that matures on 31 August 2011, with the limit and term in a number of business areas. reviewed annually (previously expiring 30 April 2010); and 06 PGG WRIGHTSON ANNUAL LIMITED REPORT 2009 PGG WRIGHTSON LIMITED ANNUAL REPORT 2009 äÇÊÊ CHAIRMAN AND MANAGING DIRECTOR’S REPORT CONTINUED CHAIRMAN AND MANAGING DIRECTOR’S REPORT (CONTINUED) POSITIVE FUTURE FOR AGRICULTURE New Zealand agriculture is uniquely positioned to respond These and other initiatives are driven by a concern for the Despite the present conditions, it is worth to the factors facing global food markets. We possess future of our customers’ businesses and our own success, remembering that the economic importance some of the world’s leading farmers. We have an which are clearly linked. We are prepared to commit of agriculture to New Zealand is set to increase abundance of fresh, clean water and an environment the Group’s resources to influence positive change, which dramatically. Unlike the predictions of the 1980s, that is suited to year round food production. We are is behind our initiatives in the meat, wool and agriculture is not a sunset industry, but is to be the recognised globally as producing high quality food and velvet industries. growth powerhouse of the New Zealand economy our farming systems are seen as comparatively natural for the foreseeable future. and sustainable. We continue to address cost structures and purchasing terms to improve our operating performance. Agriculture is one of New Zealand’s most exciting With its good soil and availability of water, South America During the year we introduced a number of initiatives, and challenging industries and the challenges has particular potential to make significant amounts of including a full replacement of the accounting and that confront the sector today are part of a series land vastly more productive. billing systems for the parent Company, a review of the of fundamental changes occurring in the procurement and outsourcing activities Group-wide and world economy. Ultimately, New Zealand agriculture will increasingly active management of the PGW vehicle fleet, that will be able to secure premiums in the international market. reduce both costs and environmental impacts. The U.N. Food and Agriculture Organisation (FAO) PGW will have many opportunities to play its part to reports that in 50 years time the world will need support customers to overcome the challenges we We have also strengthened our commitment to meet approximately 100 per cent more food than today. face in food production and to help lead New Zealand customer needs by reorganising the resources available If that is not challenging enough it is believed that agribusiness to the fore as a global food producer. at regional management level to coordinate our services only 1 per cent more land will be made available for on a ‘one stop’ PGW basis. We commenced a regular >}ÀVÕÌÕÀiÊÛiÀÊÌ >ÌÊ«iÀ`°ÊÊ1Ì>ÌiÞ]ÊÇäÊ«iÀViÌÊ programme of market research during the year. of the increase will have to come from efficiency CUSTOMERS improving technology. In the face of low-cost, high Our customers are at the forefront of what we do as a We are confident that these and other measures are volume competition, we will need to produce higher business and we are constantly looking for ways to serve preparing the Company to take advantage of the value ingredients and processes and continue to lead them better.
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