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2013 Annual Report

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2013 Annual Report Annual Report 2013 Helping grow the country Contents 2 Chairman’s Report 4 Chief Executive Ocer’s Review 16 Sponsorship and Marketing 17 Sustainability Report 18 Board of Directors 20 Leadership Team 22 Regional Structure 23 Directors’ Responsibility Statement 23 Corporate Governance 26 Our History 28 Financial Information 92 Independent Auditor’s Report 93 Statutory Disclosures 99 Shareholder Information 101 Corporate Directory CALENDAR Annual Meeting 22 October 2013 Half-year earnings announcement February 2014 Year-end earnings announcement August 2014 NUMBERS AT A GLANCE Year on year Group Operating EBITDA down 17% $45.8m Gross prot down 4% $286.0m Debt reduced by $21.4m $103.9m Net operating cash ow down by $19.3m $39.3m Resumption of dividend payments $24.5m 3.2 cps Goodwill write-down $321.1m Net loss $306.5m Excluding goodwill write-down, prot down $9.8m $14.6m PGG WRIGHTSON BY THE NUMBERS Facilitated more than Forage seed sales sucient to sow more than $1.5 billion in livestock sales. 500,000 hectares. Store footprint covers More than 95% of New Zealand farming. $1 billion in real estate sold. More than New Zealand wide 3,000 network including students trained through Agriculture New Zealand. 99 retail stores. Product range of Exporting seed to 34,000 lines – from gumboots, 47 to fence posts to animal feed. countries across every continent. PGG WRIGHTSON LIMITED ANNUAL REPORT 2013 1 CHAIRMAN’S REPORT 2 PGG WRIGHTSON LIMITED ANNUAL REPORT 2013 OVERVIEW KEY FINANCIAL MEASURES 2013 2012 During the year to 30 June NZ$m NZ$m 2013 PGG Wrightson Revenue 1,131.8 1,336.8 Cost of sales (845.8) (1,038.1) continued the process of Gross prot 286.0 298.7 refocusing on our core Operating EBITDA 45.8 55.2 business, enabling our sta Prot/(loss) for the year 14.6 24.5 to build on the relationships excluding goodwill write-down they have with our customers Prot/(loss) for the year (306.5) 24.5 Net cash ow from operating activities 39.3 58.6 – maximising the value created by the wealth of expertise that the Company, GOODWILL WRITEDOWN LEADERSHIP TRANSITION and our people, possess. This year the Board determined to write o In July 2013 Mark Dewdney assumed the $321.1 million of goodwill that has been role of the Company’s Chief Executive carried on our balance sheet since 2005. Ocer. This goodwill asset was largely created as a Mark’s background and leadership consequence of the accounting treatment credentials within the New Zealand agri- used during the merger that established Operating earnings before business sector are of the highest order. PGG Wrightson. Goodwill is an intangible interest, tax and depreciation We are condent he is the right person to asset and the write-down has no eect build on the excellent work done by his (Operating EBITDA) for on the Company’s day-to-day business or predecessor, George Gould, whose tenure banking arrangements, or bearing on our the year was $45.8 million, as Managing Director helped stabilise ability to generate cash and no impact on compared with $55.2 million the Company as it re-focused on its core our dividend policy. for the year to June 2012. business. In reaching this determination, the Board conducted a detailed review that ACKNOWLEDGEMENTS considered a range of factors, including our PGG Wrightson’s most important asset share price, the speed of recovery in the is its people. Their collective experience, Company’s earnings, and external variables Shareholders will receive technical competence and understanding that inuence our performance. While the of New Zealand agriculture is second to a nal dividend of one Board is condent that the foundations none, delivering enduring benet to our cent per share payable on of the business have strengthened and is customers and shareholders. On behalf optimistic that year-on-year performance 13 September 2013, making of the Board, I extend our thanks to all will improve, we now anticipate that pace of them. a total of 3.2 cents per share of this improvement will be slower than for the year. previously expected. Also, when looking at market signals, the Company’s share price did not reect any value attributable to goodwill, consequently the Board believed it was prudent to take this impairment. Sir John Anderson Chairman PGG WRIGHTSON LIMITED ANNUAL REPORT 2013 3 CHIEF EXECUTIVE OFFICER’S REPORT 4 PGG WRIGHTSON LIMITED ANNUAL REPORT 2013 OVERVIEW As a company solidly Within the context of a As noted by the Chairman, grounded in the primary challenging year for many our people are key to sector, PGG Wrightson’s farmers, the nancial our success. We place fortunes are closely tied to performance under review strong emphasis on sta those of our customers. indicates that our business is capability. Measures of sta fundamentally sound. engagement and customer satisfaction show we are making good progress. OPERATING ENVIRONMENT Year-on-year trading gures in most of our key rural supplies categories were up Most farmers found 2012/13 a tough year. o the back of a strong spring, and our New Zealand suered its most severe irrigation business achieved good growth, drought in almost 70 years, with many winning a substantial share of the new farming regions receiving little rainfall irrigators going onto farms in the Rangitata through the late summer and autumn. South irrigation scheme, which came on- This aected farmers throughout the North stream during the year. Island, as well as regions in the north and west of the South Island. Timing of rainfall in dairying regions is a Export prices for key agricultural factor in the fortunes of our Australian commodities were down on the previous seeds business, and challenging conditions year and, combined with the drought, resulted in poorer than expected sales. on-farm prices for sheep and lambs in Compared to our European competitors, particular were almost 40 per cent lower the relative strength of the New than the previous year. Zealand Dollar continues to weaken our international seeds business. Our business felt variable impacts from the drought. Our livestock business closely Sales revenue for the group decreased, tracks the fortunes of our customers although this had no bearing on and lower livestock values led directly underlying business activity. Sale of the to reduced earnings. Drought results in Agri-feeds molasses business resulted in farmers processing stock at lighter weights it being accounted as ‘equity earnings and in trading more store lambs. It also from associates,’ meaning its revenue is increases the demand for animal feed, no longer recognised in our accounts. In has a mixed impact on animal health and addition, a number of key product lines plant pest issues and reduces discretionary in the retail business are now transacted expenditure; all of which caused varying on an agency basis, meaning that, impacts on our retail business. A late although gross prot generated by these breaking drought, as occurred this season, transactions remains unchanged, only also inuences seed purchasing decisions, commission income is recorded as our as farmers need to generate quick feed revenue rather than the full transaction supplies, selecting faster growing annual value. cultivars rather than perennials that More generally, due to the varied mix of perform over a longer term. wholesale, retail and agency activities that While the Company’s retail, wool and PGG Wrightson and its individual business irrigation businesses performed strongly, units undertake, in isolation, revenue is an seeds, grain, livestock and real estate incomplete performance measure for both faced challenges. the Group and its business units. PGG WRIGHTSON LIMITED ANNUAL REPORT 2013 5 CUSTOMER SATISFACTION STAFF ENGAGEMENT PERFORMANCE INDEX 100% 75% 80% 70% 60% 40% 65% 20% 0% 60% 2011 2012 2013 2009 2010 2011 2012 2013 Customer Commitment Brand Momentum Source: Kenexa NZ Source: Company Research GROUP SUMMARY Selling our nance company, which than 80 survey questions. It provides a was completed in 2011, and collecting good indication of the dedication of PGG For the past three years the over-riding outstanding residual loans. The largest Wrightson sta to the organisation and strategic priority of the Company has been of these, to Crafar Farms, was collected our customers. Benchmarking of our to focus on our core businesses. in December 2012. Subsequent smaller results versus other organisations in the Key components towards achieving this loans were also collected, leaving a sector conrms that we are making good have included: remaining residual balance to 30 June progress in this area. Ensuring that we maintain the 2013 of approximately $11.5 million. We still have work to do to equip sta condence and support of our with the right tools. For example, many OUR PEOPLE customers. frontline sta spend too much time on Refreshing the presentation of our retail Our people are essential to our business manual processes. This is a key focus. Our stores through the review of store layout performance. Their ability to deliver a overall technology strategy therefore seeks to create a more inviting interior look quality service is a function of capability, to update our core systems and equip and feel. motivation and being properly equipped. frontline sta to better service customers Meeting our procurement obligations in We endeavour to provide our people with and automate processes. livestock. the environment, skills and incentives to HEALTH AND SAFETY Re-designing account statements to thrive in these respects. provide greater clarity to customers. In We invest substantially in sta training, Another area of on-going focus is health 2012, following extensive consultation, focused on three vital areas; leadership, and safety, with a need to improve our we revised the layout of our account sales, and technical skills.
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