ANNUAL REPORT 2014/2015 NZTE’S Story 1

G45 AR (2015) NZTE ANNUAL REPORT 2014/2015 NZTE’s Story 1 Annual Report 2014/2015 Contents 02 32 45 Our purpose is simple: to grow NZTE’s Story Performance Measures Financial Statements companies internationally — bigger, better, faster — 02 Executive Summary 32 Our Performance 45 Financial Statements for the benefit of New Zealand. Measurement Framework 04 Our Strategy 49 Notes to Financial 34 Statement of Statements 05 Delivering on our Responsibility Strategy 71 Independent Auditor’s 35 Statement of Opinion 05 Growing companies Performance internationally: 73 Other Statutory The Customer Way Reporting Requirements 12 Matching capital 75 NZTE’s International with opportunities: Network The Capital Way 15 Services 22 Delivered with NZ Inc 22 Special focus areas: Māori and regions 25 Growing and Evolving Internally 25 Evolving our digital knowledge platform and processes 25 Our people 29 Governance and Accountability 30 What We Have Learnt About Companies 31 What We Have Learnt About Ourselves NZTE ANNUAL REPORT 2014/2015 NZTE ANNUAL REPORT 2014/2015 2 NZTE’s Story NZTE’s Story 3 Executive Summary MEASURE 2011 2015 New Zealand Trade and Enterprise • Evolved the way we work with competence. Employee engagement (NZTE) is the Government’s groups of companies, or ‘coalitions’. has again lifted to 81%, up from 69% in international business development As at June 2015, we were working 2011. We continue to believe that the agency. Our purpose is to grow with 24 coalitions, across sectors stronger the employee engagement, companies internationally such as ICT and services, F&B, the better the customer experience. F700 PORTFOLIO TOTAL – bigger, better, faster – and agritech. In February 2015, we underwent a INTERNATIONAL REVENUE for the benefit of New Zealand. • Stepped up our role in facilitating positive Performance Improvement $21b $34b Over the last year, we focused on capital flows from both domestic Framework (PIF) review with reviewers developing and expanding our and international investors into noting, “NZTE has enabled a focused, underlying operating model while targeted sectors and regions. The fast-paced and very effective delivering results for customers. underlying operating model, ‘The transformation involving every aspect In 2014, as part of the Business Growth Capital Way’, is designed to match of the business”. It also gave us a clear Agenda (BGA), the Government willing investors with qualified view of what we need to do to lift our committed an additional investment investment opportunities, and game to the next level of performance. TRADE DEALS of $69m over four years, targeted at measure both deal flow and results. We believe that our results to date increasing the number of companies m b In 2014/15, international revenue for and feedback from our customers tell $403 $1.1 we work with and growing our customers in our F700 portfolio was us we are on the right track. We are international network. The BGA also $34b, up $6.7b from last year, with confident in our operating models of aims to diversify both products and a portfolio growth rate of 8.7%1 . We The Customer Way and The Capital markets. Accordingly, NZTE efforts worked with customers to generate Way and believe that staying true to have been weighted towards the $1.1b in new export deals, over $300m these methodologies will deliver the value added part of the economy, more than last year, and 91% of our greatest impact for our customers. specifically added value food and customers said that we added value to CAPITAL DEPLOYED beverage (F&B), ICT and services, In this coming year, we will continue their business. To support growth, we and specialised manufacturing, as our improvement journey and climb m m helped deploy $866m of capital, with $505 $866 well as attracting investment which to the next level of performance. a potential direct economic impact for benefits New Zealand. We will continue to weight our efforts New Zealand of $1.45b. to support the BGA’s strategy to In keeping with this broad strategy, We have worked in partnership with diversify the economy and develop we have: other NZ Inc agencies including: greater value-add in New Zealand’s • Continued to refine our underlying products and services. To achieve this • MFAT: together we established operating model ‘The Customer success, we need to execute our NZTE G2G Know-How, a joint venture to Way’. Under this framework we strategy with tight focus, detailed F700 INTERNATIONAL take NZ government skills, systems segment customers, discover their discipline, energy and passion. REVENUE GROWTH and know-how to market on a needs, plan for delivery, deliver COMPANIES UNDER $500M REVENUE 2% 8.7% commercial basis. G2G generated services in both in New Zealand $9.37m in its first year of operation. and internationally, and measure results. • MFAT, MPI, Tourism, Education and TPK and the private sector: • Ramped up our efforts to grow to support the launch and evolution our intensively managed portfolio, of the NZ Story. the Focus 700 (F700) from 500 to Andrew Ferrier Charles Finny • The Te Hono Bootcamp, F700 VALUE ADD 700. As at June 2015 we reached Chair, NZTE Board NZTE Board 621 companies, with a goal of a business-led private/public increasing to 700 by June 2016. collaboration aimed at adding 82% 91% We are half way there. value to the Primary Sector. • Boosted our presence in South The internal journey also continues, America, Australia, Saudi Arabia with intensity. In the last year, we’ve Peter Chrisp increased the capability of our staff and China to better serve our Chief Executive, NZTE customers, with further resources in customer-facing roles and we to be rolled out in the coming year. continue to lift business acumen and October 2015 EMPLOYEE ENGAGEMENT 1 International Revenue of F700 companies under $500m 69% 81% NZTE ANNUAL REPORT 2014/2015 NZTE ANNUAL REPORT 2014/2015 4 NZTE’s Story NZTE’s Story 5 Our Strategy Delivering on our Strategy Growing companies internationally: The Government’s Business Growth Over the last year, we have refined our We deliver a range of services to Agenda (BGA) is our light on the hill. strategic framework to better reflect these groups of customers, matched Working alongside other agencies, our dual focus: growing companies to their business needs, which we aim The Customer Way we are a key player in helping to one-on-one and in coalitions, and to deliver at the right time and in the achieve the BGA goal of increasing matching capital with opportunity. right place. exports from 30% to 40% of GDP by We have two sets of customers, the Three enabling platforms are Behind every engagement with our in New Zealand and international Our annual Customer Experience 2025. Our particular areas of focus are growth of whom benefits fundamental to our strategy: our internationalising customers is The markets, to support the customer’s Survey, carried out in March 2015, in the Export Markets and Investment New Zealand: people, our technology and our NZ Customer Way. Rolled out in 2013/14, international growth goals. asked customers to report on workstreams. We need to attract high The Customer Way is our customer whether NZTE has added value to Inc partners. The performance of our We’ve continued to embed The quality investment into all parts of 1. The companies who are growing engagement engine. It is a consistent, their business. For F700 customers, people, supported by a fast, intuitive Customer Way in 2014/15 with internal New Zealand, and to develop internationally either individually or collaborative, problem solving this year’s survey has shown an and secure digital platform is vital to targets set around ingraining key companies that are able to add value in coalitions. approach that is designed to add value improvement in our overall Value Add adding value for our customers. processes, lifting the capability of to volume in an increasingly Asia and accelerate international growth. score, from 89% in 2014 to 91% this 2. Potential recipients of investment We work closely with our NZ Inc our customer facing employees, and Pacific world. We can contribute year. Pleasingly, there was a significant funds, and investors looking to partners on key areas of collaboration, The Customer Way provides a raising quality of engagement and to this by growing companies increase in the ‘top box’ (strongly invest in New Zealand business such as G2G Know-How, the NZ Story framework to capture and understand action plans. internationally – bigger, better, faster – agree) result, rising from 38% to 43%. opportunities. and delivering actions under the BGA. a customer’s business model, strategy for the benefit of New Zealand. We firmly believe that only a joined up The Customer Way applies to our work We also saw the customers’ verbatim and specific targets for key markets. approach with our NZ Inc partners will both one-on-one with customers, and comments reflecting and supporting Then, we wrap around a tailored deliver real impact over time. with groups of customers. The Customer Way approach. package of services, delivered both CUSTOMERS DISCOVER PLAN PERFORM Every customer is unique Customer needs Customised plan Deliver services BUSINESS GROWTH AGENDA Strategy GROW COMPANIES INTERNATIONALLY Brand and Design BIGGER, BETTER, FASTER Discover FOR THE BENEFIT OF NEW ZEALAND Canvas Access to Markets Global Leadership GROWING COMPANIES: MATCHING CAPITAL Access to Capital ONE-ON-ONE AND IN WITH OPPORTUNITY COALITIONS Other NZ Inc. services: – Callaghan Innovation – MFAT – R&D – MPI – Leadership – MBIE RIGHT SERVICE, RIGHT TIME, RIGHT PLACE – Regional Partners – Strategy – Capital – Marketing OUR PEOPLE – Operations – Markets DIGITAL KNOWLEDGE PLATFORM PARTNERSHIP WITH NZ INC. NZTE ANNUAL REPORT 2014/2015 NZTE ANNUAL REPORT 2014/2015 6 NZTE’s Story NZTE’s Story 7 OUR F700 PORTFOLIO These companies have the hunger, intensive, value-adding premium WORKING WITH COMPANIES the ambition and the capability products and services.

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