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Annual Report 2012 COVER PHOTO; Bulls in Winter Crop (Sovereign Kale)

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Annual Report 2012 COVER PHOTO; Bulls in Winter Crop (Sovereign Kale) Annual Report 2012 COVER PHOTO; Bulls in winter crop (Sovereign Kale). Contents 3 Chairman’s Report 4 Managing Director’s Review 12 Sustainability Report 14 Board of Directors 16 Leadership Team 17 Regional Team 18 Directors’ Responsibility Statement 19 Corporate Governance Code 22 Financial Information 92 Independent Auditor’s Report 93 Statutory Disclosures 99 Shareholder Information 101 Corporate Directory CALENDAR Annual Meeting 24 October 2012 Half-year earnings announcement February 2013 Year-end earnings announcement August 2013 PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 1 NUMBERS AT A GLANCE p Year on year Group Operating EBITDA up 11.6% $55.2m p Net profit turnaround of $55.2m $24.5m p Net operating cash flow up by $53.7m $58.6m p Retail operating earnings up 16.3% $21.8m q Core debt reduced to $125.3m p Recovery in Real Estate revenues 48.5% q AgriTech operating earnings 21.2% 2 PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 Chairman’s Report OVERVIEW The 2011/2012 financial year endorsed the benefits of getting back to the fundamentals of our core FINANCIAL HIGHLIGHTS business which is providing 2012 2011 $M $M quality service and products Revenue 1,336.8 1,247.2 to clients across New Zealand, Cost of sales (1,038.1) (967.2) Australia and South America. Gross profit 298.7 280.0 Operating EBITDA 55.2 49.4 Net profit after tax was Profit/(loss) for the year 24.5 (30.7) $24.5m, representing a Net cash flow from operating activities 58.6 4.9 $55.2m turnaround from the loss position in 2011 while operating earnings before PGG Wrightson Finance Acknowledgements divestment interest, tax and depreciation On behalf of the Board I would (Operating EBITDA), at $55.2m, Following the sale of PGG Wrightson acknowledge the effort and commitment was an 11.6% improvement Finance Limited (PWF) to Heartland of our staff across the PGG Wrightson Building Society, the Company has made business and geographies. Thanks and compared to $49.4m for significant progress during the past six appreciation also to Managing Director the year ended June 2011. months in exiting the majority of loans George Gould and his management team, Revenue was just over $1.3b, that were held under PGW Rural Capital who have served the Company well with Limited – a special purpose vehicle formed their capable leadership, energy and focus. compared to $1.2b in 2011. to hold certain loans transferred from PWF as part of the transaction. We expect this It is also worth noting the process to be substantially completed by substantial improvement in the end of the calendar year, assuming the net operating cash flow which most significant outstanding loan to Crafar Farms has settled. At the time of printing, was $58.6m compared with the Crafar Farms assets are subject to a $4.9m last year. This reflected sale contract that has received Overseas Investment Office approval. active management of Sir John Anderson AgriServices working capital. Outlook Chairman In a general sense, the financial performance of PGG Wrightson reflects the economic health of the primary sector. We remain confident that the long term fundamentals for agriculture are sound. Notwithstanding the potential impact of external factors and the unpredictable nature of the climate on agriculture, the Board and management are driving for growth and improved earnings in the coming financial year. PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 3 Managing Director’s Report Overview The financial performance by PGG Wrightson for the year under review was vastly improved over the prior year. This was due largely to the commitment shown by our dedicated staff and our loyal clientele. I would like to acknowledge the efforts of our staff and thank our clients for their ongoing business. It is true that a company like PGG Wrightson, enjoying multi-generational client relationships throughout the primary sector, will be affected by the fortunes of those clients. External factors such as livestock prices, dairy payouts, grain prices and real estate activity levels that impact on our clients’ profitability will consequently impact on PGG Wrightson’s performance. During the year, most external factors were positive, which made it easier to produce a better financial result. Some of our clients, including those in the horticultural sector, had a challenging year, particularly kiwifruit growers. Regardless of external factors, some of which benefit us and some which make for more difficult trading conditions, we have not been complacent, driving for higher market share and actively striving to do better than our peers in a competitive environment. In that context it was gratifying to see most of our agricultural services businesses achieve real growth in market share and profitability, achieving a combined 40.5% increase to $46.0m from $32.8m for the prior year. Not all external factors were favourable to our business. Weather conditions in most parts of Australia in which we do business were the most difficult on record, not just this year but last year as well. This impacted negatively on margin and profitability in our Australian seeds business partially explaining why our AgriTech Group of companies, consisting primarily of Seed and Grain, produced operating EBITDA of $30.1m compared with $38.2m last year, a decrease of 21.2%. The AgriTech Group of companies is working diligently to restore margin and profitability as we head into the coming growing season. Taking all factors into account, including external factors over which we have less control, I am very proud that PGG Wrightson was able to produce operating EBITDA of $55.2m, with NPAT at $24.5m - a significant $55.2m improvement on the year prior. 4 PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 DIVISIONAL REVIEW AgriServices FINANCIAL HIGHLIGHTS JUNE 2012 JUNE 2011 Operating Operating NZ$m Revenue EBITDA Revenue EBITDA Livestock 133.2 18.0 139.6 16.4 Retail 593.8 21.8 568.6 18.7 Wool 87.0 3.3 41.0 (0.9) Insurance 3.1 2.6 3.5 3.0 Real Estate 26.0 2.0 17.5 (0.8) Irrigation & Pumping 29.8 2.4 23.6 2.1 Ag NZ 5.0 1.8 4.7 1.5 South America 18.7 3.1 22.4 3.1 Other 0.6 (9.0) – (10.3) AgriServices 897.2 46.0 820.9 32.8 Retail were also strong performers while market share for the business increased in several PGG Wrightson operates its Retail business categories. under two brands, PGG Wrightson Rural Supplies and Fruitfed Supplies. Fruitfed Supplies Fruitfed Supplies experienced a difficult Rural Supplies year, reflecting the decline in grower Rural Supplies had a strong year, benefiting returns across the major market categories from increased sales on the back of positive of pipfruit, kiwifruit, grape and vegetables. growing conditions through spring and The high New Zealand dollar and summer. The resulting pasture cover level oversupply in grapes in the wine industry led to increased feed conservation sales as continued to impact this sector, whilst farmers turned their surplus grass into hay the presence of PSA disease, particularly and silage. Capital expenditure categories on the gold kiwifruit varietal, remains of fencing and water reticulation products cause for concern. On a positive front the PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 5 Managing Director’s New Zealand wine surplus reduced and The appointment of key staff in dairy grape grower returns are lifting for the 2012 livestock procurement, particularly in the Review Continued harvest. The release of new varieties for Manawatu / Taranaki region, assisted in grafting to replace the PSA impacted area achieving a 35% improvement in dairy of the gold kiwifruit crop is also positive for cattle volumes handled for the season and the industry. Overall, Fruitfed’s market share 59% increase in earnings for dairy. Live dairy remains strong and it is well positioned to cattle export also contributed strongly benefit from market recovery. to earnings. With the Silver Fern Farms procurement contract in its third year, the Livestock business is tracking well towards achieving As New Zealand’s largest livestock team, its procurement targets. PGG Wrightson employs almost 300 The traditional saleyards business representatives trading in sheep and beef, throughout New Zealand remained the dairy, deer, standardbred and genetics. Their strongest contributor to the overall result core function is to facilitate the sale and as farmers opted to channel their sheep purchase of livestock through saleyards and and cattle to auction to maximise returns. in private sales, as well as procuring and Online livestock trading site AgOnline – drafting prime stock for meat processors. New Zealand’s only dedicated livestock The business, including live dairy cattle auction channel – provided another export, standardbred and velvet, achieved convenient option for selling livestock with a stand out financial performance for the online innovations such as New Zealand’s 2011/2012 year, contributing $18.0m to first real time ‘Helmsman’ auction for cattle, operating EBITDA assisted by high livestock plus internal livestock quotes, ‘for sale’ and prices and market share gains particularly in ‘wanted to buy’ going live externally on the dairy livestock business. AgOnline. 6 PGG WRIGHTSON LIMITED ANNUAL REPORT 2012 Wool NZ Wool Price – 2009 to 2012 The financial year under review was about reintegrating the wool operations 700 into the PGG Wrightson Group, focusing 600 primarily on its core brokerage and export 500 businesses. The financial year was a positive one, with an increase in revenue 400 contribution to the Group of $46.1m. COF NZC 300 Post year-end pricing has been impacted 200 by a drop-off in export orders as both 100 Europe and China were caught holding Jun-10 Jun-11 Jun-12 Apr-10 Apr-11 Apr-12 Oct-09 Oct-10 Oct-11 Feb-10 Feb-11 Feb-12 Dec-09 Dec-10 Dec-11 stocks of higher-priced processed wool Aug-09 Aug-10 Aug-11 Aug-12 Source: BBNZ products.
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