Dynamic Business

nzherald.co.nz/business Friday, December 4, 2020 EXCLUSIVE REPORT DELOITTE TOP200 AWARDS COVID-19RESET Kiwi companies springback

LizCoutts Lucie Chairperson of the Year Drummond Mercury Young Executive of the Year

TimWilliams CFOMainfreight Chief Financial Officer of the Year

Lewis Gradon CEOFisher &PaykelHealthcare Chief Executive of the Year Fisher &Paykel Ian Taylor Healthcare VisionaryLeader Companyofthe Year

Deloitte Top200

Congratulations to all this year’s Top 200 winners!

deloitte.co.nz

©2020. For information, contact Deloitte Touche Tohmatsu Limited. top200.co.nz B2 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020

Pressure makes aDiamond

Covid-19 has taught us all agreat deal Hemisphere’s biggest agricultural show BusinessNZ and our project sponsors, and, premier business awards when their own about resilience. As acountry, as Fieldays which was held virtually, and, to Auckland Business Chamber CEO diaries were under pressure. businesses and personally. (for once) did not see the reports team up Michael Barnett whose relationship with The Herald Business Reports team Regular Herald Business Reports at dawn to drive down to Mystery Creek the Cordis hotel assisted with date shifts. wishes all readers, contributors and readers will have noticed the publication for KPMG’s Leaders’ breakfast. The Infrastructure report shifted from sponsors asafe and Covid-free Christmas dates of the 2020 reports were out of sync. The last two months have been a August to November to coincide with and New Year holiday season. On March 6, we published abumper pressure cooker. InfrastructureNZ’s annual Building We’re looking forward to coming back edition of the Herald’s Project Auckland, The Mood of the Boardroom CEOs Nations symposium which was held in recharged in the New Year with our first jam-packed with exclusive insights into Election Survey and breakfast event was person. report — Project Auckland —and the the city’s infrastructure developments as deferred twice. First, due to Auckland’s We collaborated with the Aotearoa accompanying annual sponsor luncheon. it prepared for 2021’s Year of Events; move back into alert level 2, then when Circle to produce Financing the Future. Finally, my special thanks to the core revelations of aplanned new city at Drury the General Election was deferred from Our final project for 2020 was the Herald reports team: Tim McCready, and more. Three weeks later, New Zealand September 19 to October 17. Deloitte Top 200 Awards and the Dynamic Natalia Rimell, Isobel Marriner, Richard was in alert level 4lockdown. Thanks here to Finance Minister Grant Business report. Dale, Graham Skellern, Bill Bennett and The annual May Infinz Awards were Robertson and his then sparring partner, As judging panel convenor, Iwould like Tim Wilson. postponed (and with that the Herald’s National’s Paul Goldsmith, who kept their to thank independent directors Cathy You aced it. annual Capital Markets report). diaries flexible, and debated in front of a Quinn and Jonathan Mason, Forsyth Barr The reports did not resume again until deliberately sparse audience of CEOs (we managing director Neil Paviour-Smith and Fran O’Sullivan late June with Agribusiness 2020;this was were still at alert level 2) who had to Direct Capital CEO Ross George for making Executive Editor published 10 days after the Southern register in advance. Aspecial shoutout to time to comprehensively judge these Herald Business Reports

InsideDynamicBusiness: the 2020 DeloitteTop 200 winners Dynamic Business

Executive Editor: Fran O’Sullivan Writers: Bill Bennett, Duncan Bridgeman, Liam Dann, Tim McCready, Tamsyn Parker, Natalia Rimell, Graham Skellern Subeditor: Isobel Marriner Layouts: Isobel Marriner Cover: Richard Dale Proofs: Natalia Rimell Advertising: Tim Wilson Deloitte Top 200 Awards Deloitte CEO Thomas Tim McCreadyruns WhyisFisher & Liam Danntalks with What makesatop Liz Coutts: An Judging convenor: Pippos: Timetoreset, his ruler overthe Paykel Healthcare CEOofthe Year Lewis CFO?Tamsyn inclusive and Fran O’Sullivan reconnect,rebuild — 2020DeloitteTop 200 the standout Gradon —B16 Parker talkswith decisive chair —B19 Judges: Ross George, Cathy Quinn, B12 awards company? Duncan Tim Williams —B18 Jonathan Mason, Neil Paviour-Smith —B13 Bridgeman reports Judging research: Tim McCready, —B14 Natalia Rimell NZ Herald Media Partnership Manager: Emily Travers “NZ Herald Premium houses the best journalism in New Zealand and gives readers access to exclusive, unique and agenda-setting content, written by experts that you trust. Premium gives you full access to nzherald.co.nz, including aselection of content from some of the world’s leading publishers. “We’re proud to partner with the Beca,the leader in BestGrowth Strategy Young Executiveof Diversityand Graham Skellernon DeloitteTop 200 Deloitte Top 200 award programme Business &Most Improved the Year: Natalia Inclusion: SkyCity Visionary LeaderIan Indices —B29-B38 and bring the success of New Sustainability —B20 Performance — RimelltalkstoLucie Entertainment to the Taylor —B26 Zealand businesses to the B21-B22 Drummond —B23 fore —B24 forefront.” nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B3 From Covid to climate

This is my and in the future be ways of pro- ducing meat and milk proteins with generation's an even smaller greenhouse gas foot- Dynamic nuclear-free print. Of the remainder of our green- Business moment, and Tim McCready house gas emissions, transport makes Iam up about 40 per cent. It is agrowing contributor, with household trans- thas been three years since determined port emissions increasing by 15 per Prime Minister Jacinda Ardern cent between 2011 and 2017. called climate change “my gen- that we will Carr says this will be one of the I eration’s nuclear-free moment”. major challenges that will go to the tackle it head While the previous Government heart of both the allocation of capital was unable to declare aclimate emer- on. by private vehicle owners, fleet oper- gency in the last term —believed to Jacinda Ardern, ators and government infrastructure be because Labour’s coalition partner August 2017 providers. New Zealand First blocked it —she “Converting ground transportation has now made it apriority with a to low or no emissions is a100 plus declaration of aclimate emergency. billion-dollarinvestment challenge Since Covid swept the world, it has over the next 30 years,” he says. done alot to emphasise the social and “Known technologies exist. They larg- economic inequalities that exist glob- ely require electrification, and that ally. The harsh reality of the electrificationneeds to be provided lockdown exposed that, even in New from renewable energy sources, un- Zealand, women and low wage less it is to continue to contribute to workers were most impacted by job Jacinda Ardern greenhouse gas emissions.” losses and reduced work hours. speaks with US Navigating our economic recovery Similarly, the relationship between President-elect from Covid-19, while finding solutions climate change and inequality will Joe Biden. for our climate change challenges will see those who are disadvantaged Photo /AP require asubstantial and coordinated suffer disproportionately from the response. This will mean making sure adverse effects of global warming. forward to working closely with her Speaking recently at the Institute is to be done, by who, and by when,” capital is deployed to support the The need for action to achieve New on common challenges, including of Financial Professionals in New he said. new age, new technologies, and new Zealand’s vision of athriving, climate- tackling climate change. Biden has Zealand (Infinz) conference, Climate New Zealand emits about 80 and necessary ways in which we resilient, low emissions future is named ex-US Secretary of State John Change Commission chair Dr Rod million tonnes of carbon dioxide- conduct business. widely understood. Kerry —one of the leading architects Carr said the commission’s current equivalent greenhouse gases every Covid-19 exposed major weak- The same areas that New Zealand of the Paris climate agreement —as programme of work is to produce the year, and under the international nesses in our society. But it has also used to successfully respond to the his climate envoy. first emissions budget out to 2035 — accounting rules sequesters about 10 given us the impetus to make funda- Covid-19 outbreak are needed to “America will soon have agovern- and to the extent that we are not on million tonnes, largely through fores- mental changes that will address in- address global warming: listening to ment that treats the climate crisis as track to achieve our domestic targets try. Nearly half of those emissions equality and fuel an economic recov- scientists, public policy and interna- the urgent national security threat it and global obligations, advise on a come from agriculture. ery that is long-lasting and sustain- tional co-operation. is,” said Kerry. reduction plan that will reduce those The challenge for New Zealand, able. Without ahandbrake on the When US President-elect Joe Biden This break from the Trump admin- emissions having regard to awide says Carr, will be that although our Government —and with arenewed spoke with Ardern for the first time istration’s climate policy will put our range of impacts. form of pastoral agriculture may be impetus from international leader- since the US election last month, he Government to the test, and necessi- “It is important to understand that one of the most efficient ways of ship to deliver —now is the time to spoke positively about her handling tate that our ambition reflects our climate action is now mainstream producing meat and milk protein in make sure New Zealand isn’t left of the pandemic and said he looks action. conversation, and understand what pastoral agriculture, there may now behind. B4 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 ‘An amazing moment for humanity’

Bill Bennett freight and passenger flights were compressed an entire year’s worth of cancelled, recalls Hill. innovation into less than amonth. hroughout the pandemic, “These were our main source of “You had to get your VPN (virtual HP country manager Oliver logistics. So, we pivoted. During private network) systems to be able Hill says his company never March and April, it felt as if every HP to cope. And then get everybody on T lost sight of its sustainability employee was alogistics person. Our video calls. goals. salespeople didn’t need to do much “It wasn’t just anormal amount of “We are going to defeat Covid-19,” selling, we used them to help serve data traffic either, there’s to be more Hill recounted to the Herald.“That’s customers. They found out what data traffic than ever before because going to be an amazing moment for people needed, then worked to get people were making back-to-back humanity. them to people as fast as possible.” video calls using Zoom and Microsoft “But global warming, climate “The other thing we managedto Teams. change and diversity are all issues do for our customers, partners and HP’s technology played an import- that are here to stay. We’ve continued resellers was to offer extended credit ant direct role in the fight against. The to focus on these issues and will do and more flexible payment terms. We company is best known for laptops so in 2021. wanted to make sure we were sup- and printers, but it also makes indus- “We’re proud we were certified by porting business and helping with trial 3D printing systems. Rainbow Tick this year for our work cashflow problems. For some of our Hill says this was used around the with LGBTQI and we partneredwith enterprise customers we moved world to manufacture the personal TupuToa to help with our Ma¯ori and them on to an as-a-service model so protective equipment used by front- Pacific strategy. These are going to be they could roll out new technology line health workers dealing with important topics.” fast”. Covid-19. That gave people who were Hill works for alarge global oper- Hill says his staff worked hard ation. At times that means reporting during this time to make sure HP back to colleagues in the United could get its technology into the ”If the pandemic happened 10 States. The New Zealand Covid-19 hands of the people who needed it. years ago, it would have looked experience is in stark contrast with Yet he singles out the company’s very different. what Hill’s counterparts see on adaily engineers for special mention. “Our economy was in afar basis. “They were out there in the field worse position, we didn’t have the “You need agreat deal of that Kiwi working with emergency services ultrafast broadband network humbleness to deal with this,” he says. and other essential services keeping infrastructure in place, there “Other people are going through a the country running. It was ascary weren’t enough laptops out terrible situation. They get to hear time for those people, they put them- there, we didn’t have today’s about what is happening here on their selves on the frontline.” video-conferencing tools. news and they are aware of how it HP managed to meet the demand “The networks stood up; is in New Zealand. and solve the problems even though they’d never been stressed like “Many of them are full of praise for employees were working from home. that before. Igive credit to the what we are doing. Even so, you have That took less adjustment than internet service providers who to try and not talk about how good expected. made that happen. Collectively things are here.” Says Hill: “We learned alot. Most these things all made business There’s alot on HP’s agenda for the of all we learned we can be pro- work. next year. Yet, Hill says sustainability ductive from home, or anywhere. “I’m proud that as acountry remains key. “Next year we will be And that goes for our New Zealand we chose to prioritise health and ramping that up and we will be team and our entire organisation. put people first, but our economy working with the government to do “If you told me before this year that is only in adecent state today so. The government now has aman- the entire global company could because of the technology that date to do this as well.” work from home for nine months and was in place.“ —Oliver Hill, HP Hill currently leads the NZ leader- still have very strong results, Iwould ship team and is aboard member of have never believed it was possible. HP New Zealand. But we’ve shown it is. less aware of the technology an op- Passionate about diversity and in- “And it’s not just HP. Isee that portunity to glimpse into the future clusion, Hill is heavily involved in HP almost every customer we talk to of manufacturing. NZ’s internal business impact net- Getting everything to work,overnight, pretty much says the same thing: New Zealanders will get another work groups. productivity is up, employee satisfac- HP-developed glimpse of the future This has enabled greater inno- across muchofthe economycompressed tion is up.” this summer as the America’s Cup vation, by bringing together different There is now alevel of trust within yacht races get underway. HP is the people from across the organisation, an entire year’s worthofinnovation into New Zealand between employers laptop and printer technology part- and fuelled by different backgrounds, and employees. Hill says this was the ner for Emirates Team New Zealand. perspectives, and experiences. lessthan amonth. problem in the past, employers didn’t Hill says it gives the company a He also has aparticular interest in think people would be productive chance to show the world what it can sustainability and was recently Oliver Hill working from home. When there do to help make the boat go faster. appointed as amember of the wasn’t any choice in the matter, they He says that while it looks like a TechCollect NZ interim board to work for laptops, monitors and computer in demand. This was true in New had to trust, and it went well. yacht race, behind the scenes every- on initiatives to help minimise and accessoriesatatime when busi- Zealand and around the world,” he Running atechnology company thing is digital, so it’s actually atech- manage e-waste (electronicwaste). nesses sent workers home and says. like HP gave Hill afront row seat nology race. HP has the good fortune to operate schools told students to continue Yet dealing with the increased observing how New Zealand busi- This will give HP an opportunity one of the industry sectors least af- their lessons using remote learning. demand was not without challenges. nesses turned on adime to embrace to show people what technologies fected by the pandemic.ItisNew “When the government Getting stock to New Zealand was new ways of working. like machine learning and artificial Zealand’s leading PC brand. That announcedthe lockdown, anything difficult. “Getting everything to work, over- intelligence can do for their com- means it benefited from high demand to do with working from home was “There was areduction in air night, across much of the economy panies.

DAMIEN VENUTO FRAN O'SULLIVAN LIAM DANN DUNCAN BRIDGEMAN TAMSYN PARKER GRANT BRADLEY DigitalBusinessEditor EditorialDirector -Business BusinessEditor at Large Head of PremiumBusinessContent PersonalFinance Editor Deputy BusinessEditor

THE BEST IN THE BUSINESS. SUBSCRIBE TO NZ HERALD PREMIUMFOR NEW ZEALAND’S LEADING BUSINESS NEWS &ANALYSIS × nzherald.co.nz/business nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B5

Transformation in acrisis

Bill Bennett of communicating with the whole everyone’s roles as long as we could. Dame Margaret’s report suggests, a meetings meant that people got more firm than sending emails when you “We have some people who were matter of poor managementpractices insight into their colleague’s lives. ommercial law firm Russell couldn’t meet in person. “This shift to vulnerable, they wouldn’t be able to by afew managers. The video conferencing cameras McVeagh was deep into a embrace technology in all its guises do their jobs during lockdown.They There are always times in alegal showed people’s homes and their C major transformation pro- and learning how to successfully were kept on at full pay. We didn’t practice where some extended hours living rooms. Inevitably that meant gramme when the Covid-19 work remotely has been aclear posi- reduce anyone’s hours and we didn’t are necessary: legal cases or commer- meeting colleague’s children, seeing pandemic hit. tive from Covid, not only for Russell reduce anyone’s pay. We felt we were cial transactions might have tight their pets. Chief executive officer Jo Avenell McVeagh,but for the industry”. doing the right thing by our people deadlines. To get abetter understand- This is something that would not says the law firm’s response to the Soon after the level 4lockdown and we were also doing our bit for ing of the issue, there was apush for otherwise have happened. It brought Covid-19 crisis proved to be areal test began, Avenell had adiscussion with New Zealand.” people to record all their time. people within the firm much closer of how far it had come on its trans- her board. “We looked at how we Avenell says this paid off in terms Avenell says it all came down to together and introduced an element formation path and atest of its culture wanted to emerge from the crisis and of trust. Internal measurements of wellbeing. “If we’ve got people work- of empathy for what others have to reset following Dame Margaret decide on the most important employee engagement are very posi- ing long hours, we now have visibility deal with on aday-to-day basis. Bazley’s report. priorities. It was easy to react to tive. of that. It means we can actively For Avenell this was the silver “We feel positive about the year events.” Trust is central to Russell Mc- manage people’s workloads and lining in the Covid pandemic, it and the outlook for next year because “At the time things were changing Veagh’s transformation programme. share the work around. If other helped build relationships within the we feel like our culture has stood up fast and there was agreat deal of The previous two years have seen people are not working long hours, firm. and has been tested and we’ve come pessimism,” says Avenell. the law firm invest in afar-reaching they pick up some of the slack. When “Often work can feel cold and through that,” says Avenell. “Then came news about busi- programme designed to rebuild trust people have to work long hours, we impersonal, you can forget you’re Like many other businesses oper- nesses cutting jobs, cutting wages and in the firm’s reputation and its leaders. give them recognition, we record the living in everyday reality. With Zoom, ating in Auckland’s CBD, Russell forecastingsubstantial revenue Along the way it has changed its hours worked and, more importantly, the first conversation people would McVeagh had ashort practice run for reductions. The context was fear and culture and governance. It has also once the transaction or case is fin- have at the start of the call centred the pandemic. uncertainty. changed its technology and its way ished, make sure they take that time around questions like ‘how are you’. In October 2019, afire at SkyCity “We were clear that we wanted our of working. off. Having our partners, senior leaders —atthe International Convention people to feel we had done the right Shortly before the pandemic, Rus- She says the trial could have been and myself sharing some of the Centre which was under construction thing. We wanted our clients to know sell McVeagh set up an extended put on hold until after Covid. But, it challenges of lockdown created a —saw streets closed. Fire officers we were there for them. Our business hours policy. There had been aseries was more important to have visibility level playing field. asked workers to stay away from the remained in good shape. We wanted of workshops with all the company’s while people are working at home. “We realised we are all just human area. to hold our heads up high. This staff to design the policy. “It’s acritical “We carried on with the trial and beings having ashared human ex- “It tested our ability to work re- formed the backdrop for all our de- part of the response to Dame Mar- it’s been agreat success. We think perience. It meant sharing vulnerabil- motely,” recalls Avenell. cision making.” garet’s report because it gets to the we’ve got something that’s really dif- ity and coming at work matters from “We could see if our technology Choosing not to take the govern- heart of the company’s culture. One ferent out there in the market: recog- amore compassionate lens. This and remote working tools were fit for ment wage subsidy was an easy, early of the issues was junior lawyers work- nising and valuing people’s time. strengthened our connection”, she purpose. This included broadband decision. “We just said this isn’t de- ing long hours.” We’ve now got checks and balances says. networks and even simple things like signed for us. It’s there for other Avenell was brought into Russell to manage that better. People are making sure everyone had their getting recognition and are taking the Recruitment laptops and took them home at night. We didn’twaste the SkyCity fire crisis. The time off.” Pandemic pressures meant that “We didn’t waste the SkyCity crisis. In the last six months of the trial, many Russell McVeagh clients were The combination of learning from combination of learningfrom that and partners, staff and human resources asking for more senior lawyers and that and having already invested have started having new conver- partners to work on their projects and heavily in our culture meant that by having already invested heavily in our sations like: ‘do you really need to willing to pay for the experience. CEO the time Covid-19 came around, we work those hours?’ Avenell says over time this could were in good shape.” culture meant thatbythe time Covid-19 There’s been amove to only change the firm’s business model, it Early this year Russell McVeagh allowing it when the demand is client- could mean there’s aneed for more invested in Zoom video conferencing came around, we were in good shape. driven and if it isn’t, people are told senior lawyers, fewer juniors. technology. “We installed it in all our to go home. Yet she says the company has long offices, meeting rooms and on the Jo Avenell had apractice of nurturing young laptops. The power of that was it Human touch people. “We decided to keep our allowed us to keep everyone con- people who need it much more than McVeagh from NZ Post to lead the Aside-effect of the switch to remote scholarship programme going. We’ve nected and close,” she says. us. Our people and our clients ac- firm’s transformation programme. working during the Covid-19 pan- taken our summer clerks on this year “Teams were having daily knowledgethat.” She says when she joined the law demic has seen Russell McVeagh as we always have done. We will need catchups. Ihad firm-wide calls once Avenell says Russell McVeagh firm, it wasn’t clear if long working become more humanised and less to see how this works over time and aweek. It was amore effective way wanted to go further “by preserving hours was asystemic issue or, as hierarchical. Avenell says Zoom how it might change”. B6 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Breaking the regulatory ice

Judith Collins government-led programmes as they New Zealand for those in the tech typically don’t deliver positive sector and create afast-track rowing New Zealand’s results. But Idothink there are some technology skills visa to make it technology sector is akey simple things the Government can easier for our tech companies to lever to growing the wealth, and should be doing to support our recruit the talent they need. G wellbeing and prosperity of tech sector. Ibelieve we also need aPHD our country. The tech sector revolves around scholarship scheme to attract the best According to the OECD, average good people and strong businesses. tech students from around the world. wages in New Zealand are athird less In both cases we need to nurture The final aspect to consider is our than they are in the United States at home-grown talent while also regulatory environment and critical present, and about afifth less than attracting the best and brightest from infrastructure. New Zealand is well Australia. New Zealand is in the overseas. Prior to the election, Iset placed to be a“regulatory icebreaker” bottom half of the OECD when it out some ideas around how we can for new technologies like driverless comes to average wages. do this. cars and drones. We are asmall, Unfortunately, increasing wealth Firstly, we need to attract more English-speaking, and relatively in this country isn’t as simple as New Zealanders to study what is wealthy country. Trialling new Wellington decreeing ahigher known as Stem subjects: Science, products or technologies here will minimum wage. No industry can Technology, Engineering and Maths. give tech companies agood afford to pay its workers more than While we will always need aportion understanding of whether or not their what that industry earns on average of political science and history technologies will work in larger per worker. majors, in modern times we have markets, without the risk that trialling In order to grow our wages, we seen ashift away from core Stem elsewhere may bring. Our need to grow the productivity of our subjects. parliamentary system allows us to be workers. This means for every hour The Government can do two more nimble and move faster than worked, more is able to be achieved. things here. Instead of broad projects many other Western democracies. This is where the tech sector like Fees Free, we should target a Establishing a“regulatory ice- comes in. portion of our tertiary spending to breaker” unit in government that can Technology is the highest-paid provide scholarships for those temporarily override regulation in a sector out of all our major export studying Stem subjects. This should select area can support companies to industries. According to Seek.co.nz, be aimed at attracting students from come to New Zealand. For example, employees in the technology sector lower decile schools and populations acontrolled three-month trial of a earn on average $96,000 per year. who aren’t traditionally attracted to new technology could be done in This is similar to mining, where the tech sector. Wellington alone. If the trial is employees earn $92,000, and ahead Government tertiary spending can successful, broader regulatory of farming at $70,000 and tourism at also support the establishment of change can then be enacted. The $53,000. more tech graduate schools. When previous National Government It is far easier for New Zealand to New Zealanders complete a invested in our ultra-fast broadband increase productivity by growing We need to convince more of the world’s top talent bachelor’s degree in aStem subject network. Across all areas of the sectors that are already highly we need them to be able to stay at economy, National believes the productive already, rather than and growing companies to come here. We should home while they study advanced Government always has arole to attempting to increase the loosen our investor class visa to provide asmoother subjects like robotics or artificial provide quality infrastructure to productivity of industries that intelligence. Leaving to do post- allow people and businesses to thrive. currently have lower incomes. pathway into New Zealand for those in the tech graduate study abroad may mean our The final piece in supporting our And the good news is the sector and create afast-track technology skills visa to brightest minds never come back. technology sector will be to complete technology sector has few barriers to Secondly, we need to convince the rollout of ultra-fast broadband growth. The sector does not require make it easier for our tech companies to recruit the more of the world’s top talent and and improve rural connectivity to at land or mineral resources, and does growing companies to come here. We least 100 mbps. not face environmental limits. talent they need. should loosen our investor class visa ● Judith Collins is the leader of the Iamnot in favour of big Judith Collins to provide asmoother pathway into National Party. nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B7 In anew start-up age, Aider leads the pack

Don Whiteside

sthe Covid-19 pandemic continues to reshape busi- nesses around the world, A there has been aclear recognition of the need to embrace technology, innovate and do things differently. From cash flow to sales, staffing to accounting needs, rapid changes in business dynamics have made the need for real-time insights into busi- nesses’ performance more important than ever. Recognising this growing reality, ANZi Ventures —the investment arm of ANZ Banking Group —has this month made asignificant investment in an Auckland artificial intelligence start-up called Aider. The company’s app is adigital assistant for businesses, collating data from applications like Xero, Google Analytics, and Shopify, along with other data from social media, or even the news or weather. Using artificial intelligenceand machine learning to understand how the business runs —even anticipate problems before they happen —Aider can play asignificant role in helping business managers and their financial advisors make informed decisions. These instant insights —delivered via text or voice-to-text —can save valuable time, allowing owners to focus on other important aspects of running and growing their business. While many innovative fintech start-ups have rightly identified niche opportunities to disrupt and improve the delivery of financial services, few have the level of trust or the customer base of existing banks. With aproven record of looking after customers’ money, along with strong technical teams, existing digi- tal products and the capacity to meet regulatory requirements —banks are being recognised as the perfect part- ners for fintech start-ups. ANZ’s investment in Aider allows the start-up to further develop and innovate its offering. Initially ANZ will refer customers to Aider, but in time, it could poten- tially integrate Aider’s software into ANZ’s own offerings in away that benefits business customers. Despite the Covid-19 lockdowns and the uncertainty and disruptionto business, 2020 has seen continuing strong investment activity in start- ups in New Zealand, with ANZ’s in- Brendan Roberts, CEO and Founder of Aider with Prime Minister Jacinda vestment in Aider just one of anum- Ardern (top); developed on Auckland’s North Shore, Aider helps business ber of similar deals. managers and their financial advisors with real time insights that help make PwC’s November 2020 Startup In- better decisions. vestment magazine noted that 2020 was likely to see more than $100m financial fallout from the global pan- being able to make the most of alocal of investment going into start-ups in demic. investment climate eager to back and New Zealand, on par with previous Software systems like Aider can help develop these new technologies. years. adapt quickly to dynamic business The export of software and It recorded $33.6 million of start- conditions and are capable of rapidly services was worth over $2b to New up investment in the first half of 2020, re-tooling their services to meet Zealand in 2019, up 47 per cent on with 42 per cent of this focussed on changes in customers’ needs or regu- 2017. “SaaS” or Software as aService tech- lations, competitive rivalry or chang- It is clear that with the right sup- nology. ing device or internet usage. port and investment, start-ups like Even before Covid-19 accelerated Start-ups that demonstrate adapta- Aider have the potential to play an the pace of change, the global market bility and agility, while staying fo- exciting and vital role in New Zea- for SaaS —cloud-based software sys- cused on their particular niche or land’s economic revival. tems for companies —has been grow- objectives, will see success in what ing rapidly, and is expected to be is anew and exciting start-up age. ● Don Whiteside is Head of Emerging worth more than $317 billion by 2022. The pandemic has highlighted the Technologies for ANZi. Paying asubscription to access an Start-upsthat need for businesses to have digital application over the internet —often offerings, while the combination of Sources: through aweb browser —rather than demonstrate adaptability artificial intelligence, machine learn- -www.pwc.co.nz/pdfs/2020pdfs/ having to host it on acompany’s own and agility, while staying ing and voice assistants like Alexa, Siri startup-investment-magazine- servers, enables businesses of all sizes or Google Assistant make these november.pdf to access powerful software with focused on their services increasingly easy to use and -www.prnewswire.com/news-releases/ minimal upfront costs. particular niche or accessible globally. global-software-as-a-service-saas- Small companiescan now access Previous financial crises have market-report-2020-market-was- software and insights that were once objectives, will see shown us that innovation is often valued-at-134-44-bn-in-2018-and-is- only accessible by large corporations. born out of economic uncertainty expected-to-grow-to-220-21-bn-at- In many ways the world is only success in what is anew and there are clear indications the a-cagr-of-13-1-through- now waking up to the fact that data and exciting start-up age. disruptioncaused by Covid-19 will 2022-300970629.html is the new oil. have the same effect. -www.stats.govt.nz/information- Cloud-based systems like these are Don Whiteside Start-ups in New Zealand look to releases/information-and- expected to become increasingly benefit from the brain gain of communication-technology-supply- popular, especially in these uncertain returning Kiwis, often with extensive survey-2019 economic times as we experience the global start-up experience, while also B8 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 The courage to embrace change

Rob Campbell recognising the numbers or the needs. image on everyone else’s behalf? Nor by just reporting. Nor by winning Covid-19 has caused many people, “Fortune calls awards for each step we make. It many businesses and many countries Istepped forth from the shadows to the requires dedicated and ongoing to pause and reflect. Time to reflect on marketplace attention, embedded in our business the actions which got us here. The Merchants and thieves, hungry for plans and actions. And it is not aprocess danger is that we are allowed back onto power… which can be effected “top down”. It the ‘global economy’ playing field Gentlemen, he said must engage and be led by people having not learned any lesson. Idon’t need your organisation, I’ve throughout the business. In Dylan’s In the boardrooms of “the shined your shoes terms, “our hearts must have courage marketplace of merchants and thieves”, I’ve moved your mountains and for the changing of the guards”. Iamnot convinced that this is fully marked your cards You might think that acasino is an understood. Many of us have had to But Eden is burning, either getting odd place to reflect this aspiration. But think hard about changing our business ready for elimination it is also precisely here, in big business, practices, to pivot our business models. Or else your hearts must have courage This is good and necessary work. We for the changing of the guards”. It is risky to not reflect might label it recovery. It might be Bob Dylan, Changing of the Guards considered the commercial equivalent and incorporate the of government spending on social, nmytime as Chair of SkyCity diversity which business and infrastructure projects in Entertainment Group, no matter the name of recovery. how much money we make, how surrounds you. Diversity My hope is that our boardrooms will I big and bright our buildings, or nourishes and protects. see this as an opportunity to reset. I how popular our entertainment, Iwill think that this reset is needed around consider myself afailure if we do not sustainability of nature just as it is look, feel and act to the people who in the heart of commerce, in “the around social equity within the work here, play here and stay here marketplace of merchants and thieves, business and within the community much more like our community, than hungry for power” that the importance within which it operates. we have in the past and are today. Here and opportunity for change is greatest. This reset will only really happen if in “the marketplace of merchants and As in nature, so in society and in we also have afull “changing of the thieves, hungry for power” we must business, it is risky to not reflect and guard” at all levels of power. Power and change. incorporate the diversity that surro- business are directly linked. How we SkyCity is incredibly diverse. Our unds you. Diversity nourishes and run our companies is an expression of staff speak and write in over 50 protects. power over information and resources languages. Chinese, Indian and Filipino We have many positive reasons to and ways of thinking about them. staff are among our largest ethnicities. welcome the “changing of the guard”. Unless we diversify this to reflect the We have many Ma¯ori and Pasifika staff. Increasingly it is recognised that there inherent diversity of our communities We have LGBT people, about even male is agenuine “diversity dividend” which we will fail to reset. and female, some gender diverse and we have denied ourselves in the past. Ihave personally made apriority of some with disabilities. It really is extraordinarily myopic, to achieving some real progress on this But we have major challenges in the point of wilful blindness, that changing of the guard within gover- diversity and inclusion across every business would deny itself the skills, nance and management of the organi- measure. For the SkyCity Board and insight, and behaviours of everyone sations where Iwork in the next year. management, it is asignificant task to who did not look, sound and think like Diversity is literally ablessing of lift representation at all levels and to the boss. In aworld where old, white, nature. It makes no sense to ignore it. reflect the diverse cultures, identities university educated males (like me) It is destructive to suppress it. Let’s and attributes of our community —not make up less than 2per cent of the embrace it. Let our hearts have courage just in numbers, but in how we work global population, why should we be for the changing of the guards. and in the services we offer. This does the ones to keep on trying and being ● Rob Campbell is Chair, SkyCity not happen, we know, by just allowed to make the world in our own Entertainment Group.

8733 PEOPLE, 290 BRANCHES, 26 COUNTRIES

Shapingyourfuture supply chain nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B9 Will diversity initiatives survive in apost-Covid era?

Maxine Kelly oogle faced abacklash in Anew May after eight current and former employees accused G the tech group of paring world back diversity and inclusion pro- grammes in order to avoid criticism from conservatives. The employees alleged that, since of work 2018, the team delivering internal Diversity and Inclusion training had been reduced and some vacancies on The pandemic has changed the world the team left unfilled, while some of work as we know it. Reducing programmes had been cut back or human contact has led to the mass dropped completely —aclaim Google adoption of working from home and denied. Melonie Parker, chief divers- accelerated reliance on digital ity officer at the tech group, told NBC technology. Meanwhile, thousands of News at the time: “We’re really workers have been forced to move to maturing our programmes to make new industries and recession has sure we’re building our capability.” highlighted the need for mental health Later that month, the police killing support at work. So what jobs are likely of George Floyd in Minneapolis to be in demand in the economy of triggered awave of international the future? The FT asked experts and Black Lives Matter protests against companies for real life examples: racial injustice. This forced business leaders to look more closely at not Head of health and wellbeing only whether their efforts on divers- Rachel Warwick, global head of culture ity and inclusion were adequately and engagement at Ocado, says the supporting their staff, but also pandemic shone an “additional spot- whether they have apositive impact light” on employees’ health and on wider society. wellbeing. The UK online grocer is The scramble to slash costs in creating anew role to unify the response to Covid-19 has piqued con- approach across the business. “The cern that D&I could slip down, or even pandemic has made people more off, companies’ agendas. At the same aware of the human that is behind a time, some leaders are looking to tap role,” she says. In any company, data the positive value of inclusivity, savvy individuals with expert especially as the pandemic heralds a That’s the whole and inclusion consultancy,says the pandemic. “But we will not be communication skills will be needed to more fragmentedworkplace in which many companies recognise D&I reducing our commitment to D&I.” manage these concerns across the more staff work from home. problem ... initiatives are “a mechanism for gen- Debbie Klein, group chief market- organisation. “Actually how we gather The crisis has exposed how some erating belonging in avery uncertain ing, corporateaffairs and people data to inform what this role will focus companies view D&I as nice to have considering future”. officer at Sky, says switching to run- on is so important,” Warwick says. rather than acore value, says Pragya Not all successfulD&I initiatives ning events virtually actually enables “How do we proactively communicate Agarwal, adiversity consultant and diversity and require ahuge budget, she adds. the UK broadcaster to be more inclus- —whether you are working remotely author of Sway: Unravelling Uncon- Businesses can “marshal” their ive. “This is great because it allows or you are on the front line —how do scious Bias.“That’s the whole problem inclusivity as kind women or LGBT+ affinity groups for even more people to access them and you proactively give information to with considering diversity and creative input. “It is away of continu- we’re no longer limited by seating people at the right time so you can inclusivity as kind of abuzzword or of abuzzword or a ing to keep that drumbeat for the space on site,” she says. support their health and wellbeing?” afluff concept,where people just talk importance of this stuff going,” she Sky says it is continuing to track about it as abox-ticking exercise.” fluff concept, where says. diversity across its workforce every Chief bias officer Companies with diverse leader- Maxine Williams, global chief quarter. It is also conducting monthly As the pandemic pushes companies ship teams have been found to gen- people just talk diversity officer at Facebook, says surveys to monitor wellbeing and towards technology, artificial intelli- erate greater revenues from inno- Covid-19 has rendered inclusion assess whether the company needs gence is likely to spread even faster vation —anattribute that will prove about it as abox- more important and it is focusing on to tailor its actions by gender, eth- —and it will need to be managed. crucial for businesses to emerge from this and allyship to foster greater nicity, sexual orientation, gender “Wherever you have amarketplace the crisis successfully. ticking exercise. cohesion across its employee com- identity, age or ability. In the wake model that is powered by AI, you will Employees are also more likely to munities. “We’ve called for allyship in of the George Floyd killing, it has always need to be proactively thinking go the extra mile —orgive “discretion- Pragya Agarwal, diversity consultant support of the rise in xenophobia, created an internal diversity action about bias and where it can emerge,” ary effort” —ifthey trust their em- especially among our Asian Pacific group and an independent external says Brian Hershey, head of enterprise ployer. As well as potentially damag- workplace recalibrates and the Islander and black communities.” advisory group that will advise it on strategy at Gloat, an employee net- ing acompany’s reputation, crimping stigma around flexible working Facebook’s employee resource how the broadcaster can “deliver real work for businesses. He says this will workplace diversity programmes at recedes. Jennifer Brown, founder and groups are adjusting activities such as and lasting change”. lead to the emergence of “chief bias the same time as furloughing workers chief executiveatJBC, aUSdiversity meetings and summitsinresponse to Workers with disabilities stand to officer” roles, ajob that will help risks eroding this trust and jeopard- benefit greatly from remote working, mitigate against potential bias in AI but ising extra effort from their remaining JBC’s Ms Brown says. Removing the also be used to reach business staff at such avaluable time. barriers of commuting and inade- objectives, such as diversity metrics. The early signs are not encourag- The new world of work quate facilities at many workplaces, ing, however. According to asurvey for example, could help tackle under- Head of remote of global D&I leaders by McKinsey, 27 Furloughing: Companies should Fearless, aUKdiversity employment in this demographic. The transition to flexible working is per cent reported their organisations have aD&I lens on decisions consultancy “There’s just so much access that was creating demand for roles that help have put diversity initiatives on hold around furloughing and Beware stereotypes: Remote not possible before,” she says. manage the move, as well as the future because of the pandemic. redundancies to ensure they are working could mean staff rely However, the experience may not hybrid workforce. “The head of remote Adiversity and inclusion expert at not inadvertently cutting more on stereotypes and build be as positive for those with invisible is probably an operational title, one North American financial insti- disproportionately from under- one-dimensional impressions of differences: for example, aconsultant someone who oversees this tution says though the business has represented groups. “Everybody’s some colleagues. “We’re not really in the tech sector reports seeing organisational change to the remote not reduced its internal D&I budget, watching the choices that seeing the people in other contexts neurodiverse colleagues struggle world,” says Raj Choudhury, professor it has cut back its sponsorship of companies are making right now.” besides just [virtual] meetings, so with video conferencing. at Harvard Business School. external events, many of which have —Jennifer Brown, JBC we don’t have an opportunity to Diversity may suffer in the short Choudhury says the individual will been postponed as aresult of the Professional inequality: Younger get to know them.” —Pragya term as hiring slows and staff are laid have to set guidelines on what pandemic. “When we were looking at workers or those from lower- Agarwal, author of Sway: off, but the longer-term outlook for knowledge is “codified”, or written the return on investment, we were income backgrounds may not Unravelling Unconscious Bias recruitment could be positive. Com- down. “The head of remote can looking at, ‘what are we really going have asuitable working Community engagement: panies will be less likely to “appoint convince people this is necessary and to get out of this relationship, given environment, equipment or Employee resource groups tend to for fit”, says Agarwal, as hiring by make sure everyone has the tools to the situation we’re in?’” broadband at home. “Although focus on business development, video means there will be less em- do this.” The company has turned its focus working from home might be the workforce or community —the phasis on first impressions and cer- to increasing diversity across its suitable for some, we need to have latter could have amore pronoun- tain biases will be muted. Data scientist supply chain and the inclusion aspect the opportunity of an office space, ced role post-pandemic. “Affinity Businesses have a“huge opportun- There is ahuge opportunity for data of D&I has been “elevated” across its as this is better for many others.” groups will be mobilised around ity” to make D&I apriority, she adds. scientists to create tools to replicate workforce. “We’ve actually been —Michaela Greene, development community engagement and “What the pandemic’s done is what human beings were doing in working with our employeeresource and communications director, philanthropy more significantly.” — highlighted some of the socio- face-to-face interactions before. groups to understand what are the Roundhouse, aLondon arts venue D&I expert at aNorth American economic inequalities and ...it’s Choudhury says the push to reduce specific needs of those communities Sponsorships/partnerships: “It’s financial institution showcased that we need [diversity human contact and social distance is and how could we help them.” imperative brands don’t drop their Leadership: Amore empathetic and inclusivity] more than ever.” likely to increase demand for tools that sponsorship deals, akey source of style of leadership will emerge The pandemic will reveal whether replace human interaction. “The fact Workplace winners funding for organisations like from the crisis as managers realise organisations view D&I as an asset or that the world is going remote creates The reimagining of the workplace Pride, as it really matters now more they don’t have all the answers. aliability. Those in the former camp ahuge opportunity for data scientists provides opportunities for certain than ever —this is what it means “Leaders will emerge from some are likely to discover how powerful to create tools to replicate or replace groups and puts inclusivity centre to be an effective ally.” —Sara unexpected places.” —Jennifer adiverse and supportive workforce what human beings were doing in stage. In numbers terms, women Chandran, founder of Fresh and Brown, JBC can be as they emerge from this crisis. face-to-face interactions earlier on.” arguably have the most to gain as the —Copyright Financial Times —Copyright FT B10 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Changing theface of banking

Bin Liu ICBC has deployed artificial intelligence applications in all its he bank of the future main banking businesses, such as is afinancial techno- risk control, customer service, logy company.” The marketing, payments, anti- “Twords of ICBC Presi- money laundering, and ICBC dent Gu Shu still resonate loudly. physical outlets. As one of China’s largest banks by As at September 30 2020, ICBC assets, Industrial and Commercial had total assets of 33 trillion yuan Bank of China has made large-scale (NZ$7.14 trillion) providing investments in the field of financial comprehensive financial technology. products and services to over 8.5 In 2019, ICBC’s technology invest- million corporate customers and ment reached 16.37 billion yuan over 660m individual customers (NZ$3.54b) accounting for approxi- worldwide. mately 2.2 per cent of annual oper- ating income. As at the end of 2019, ICBC had big data system from atraditional 34,800 financial technology person- architecture to an independent, con- nel, accounting for 7.8 per cent of the trollable and distributed architecture, total staff number of the bank. which can provide more reliable and In 2019, ICBC released the Smart high-quality services for operation Banking Ecosystem (ECOS 1.0), which and management. showcased the bank’s financial tech- nology innovation achievements, Blockchain especially the establishmentofthe ICBC’s blockchain research began in dual-core IT architecture of “main- 2015. In 2018, ICBC launched its self- frame +open platform”, which developed financial blockchain tech- marked ICBC entering into the new nology platform —ICBC XI Chain. stage of becoming adigital bank. At present, ICBC has completed 21 As at September 30 2020, ICBC had blockchain application scenarios, in- total assets of 33 trillion yuan (NZ$7.14 volving nearly 80 business applica- trillion) providing comprehensive fin- tions, over 1000 service organisa- ancial products and services to over tions, and funds exceeding 10 billion 8.5 million corporate customers and yuan (NZ$2.166b). over 660 million individual cus- Blockchain can be used to manage tomers worldwide. demolition funds, poverty alleviation ICBC has completed anumber of funds, and charitable donations to industry-first applications in financial realise the circulation and traceability technology (fintech): of information flow, approval flow, ● April 2020 took alead in China and fund flow, and ensure the com- by unveiling aWhite Paper on pliant use of funds. It has now been Blockchain Technology applications applied to Guizhou Precision Poverty in finance —the first of its kind in the Alleviation Funds and Xiong’an Digi- banking sector. The white paper’s tal Business scenarios such as urban publication, amid agrowing focus on construction and charity fund moni- China’s blockchain push, could rev up toring during Covid-19. the economy’s fintech innovation en- ICBC has built the ‘China-Europe gine amid the global Covid-19 pan- e-Single Pass’ cross-border block- demic, market watchers said. Finance chain platform based on blockchain is the most-explored area for technology, and collaborated with blockchain technology-powered ap- ports, banks, regulatory agencies, cus- plication scenarios, according to the toms and others to create across- white paper. border trade financial service ecosys- ● Created a“mainframe +open tem to realise the circulation and platform” dual-core IT architecture. traceability of international trade As China’s first bank with its core document flow, information flow and business processing based on adis- fund flows. tributed cloud platform, ICBC has deployed more than 90 per cent of 5G smart network and robots the bank’s application systems on the In 2019, ICBC’s first full-featured 5G open platform, achieving ahistoric smart branch was unveiled in Suz- breakthrough in the IT architecture tion of bank risk management from interaction technology in the field of hou. It integrated aseries of financial of large banks. “human control” and “machinecon- There is no need to hand-write intelligent customer service in order technology methods including AI. ● Built the first distributed tech- trol” to “intelligent control”. receipts, move your fingers, and to optimise ICBC’s customer care cap- This 5G smart branch is located in nology platform among large Chinese ICBC has used data and techno- most banking services can be acity. Suzhou Industrial Park. There are two banks, and completed the distributed logy to create more than 2000 risk easily handled by robots. Robotic services through WeChat, banking service robots in the branch transformationof138 application sys- control models and more than 4000 Customers can also handle SMS, mobile banking, online banking providing intelligent financial servi- tems in total, fully supportingthe risk indicators, which formulate a various businesses through "face and other channelshave also been ces to customers such as welcome development of key businesses. new smart credit risk monitoring sys- swiping" and other methods, launched. guidance, business processing, and ● Was the first to realise 5G net- tem. ICBC has also launched an in- without having to carry ID cards In the first half of the year, the product marketing. work connectivity in Chinese banks. telligent global anti-money laund- and bank cards. business volume of smart phone The low latency of 5G and the core It unveiled the industry’s first full- ering system, covering 48 countries voice and smart text services was 250 technologiessuch as AI intelligent featured 5G smart online outlet in and regions. million, and the average daily busi- algorithms and autonomous motion Suzhou. ICBC has created the first voice- nificantly improved, covering more ness volume was 1.4 million. planning enable the two robots to ● Blockchain platform is the first print risk control model. Voiceprint target customers. When it comes to natural language proactively enquire customer needs in the industry to pass the certifi- recognitiontechnology was applied ICBC has realised the integration processing, ICBC conducted in-depth and guide related businesses. cation of the Ministry of Industry and in credit card anti-fraud, creating a and service of customer profile in- research on semantic analysis related There is no need to hand-write Information Technology of China, new model of risk management and formation based on its big data ser- technologies and products, and has receipts, move your fingers, and most and the first to be filed with the control. vice cloud. Personal customer mar- applied the research results to banking services can be easily Cyberspace Administration of China. Through telephone banking, ICBC keting profiling provides big data in- scenarios such as mobile banking handled by robots. The ICBC Internet of Things platform handles credit card application, card formation services to the entire bank. voice navigation and fund transfer Customers can also handle various has 1million devices accessed and activation,and due diligence links, Monthly usage covers more than 1 instructions and identification. businesses through ‘face swiping’ and provides massive Internet of Things and uses voiceprint recognition to million customers, with daily average other methods, without having to data support. provide customer managers with number of users exceeding50,000. Robotic process automation carry ID cards and bank cards. In API (application programming customer identification and fraud The customer profiles are displayed In 2019, ICBC put into production an Finally, in terms of top-level design, interface) application,ICBC’s more risk alerts, which comprehensively through traditional PC terminals, tab- enterprise-level robotic process auto- the ‘ICBC Financial Technology De- than 1000 services and products improves the level of smart risk con- lets and mobile phone apps, provid- mation (RPA) platform. The appli- velopment Plan (2019-2023)’ was have been developed into standard- trol and customer experience. ing apowerful tool for customer cation of RPA in ICBC covers more formulated. ised interfaces, which are open to The first batch of credit card voice- managers’ marketing work. than 120 business scenarios across ICBC’s three strategic moves in the more than 2000 partners. With ICBC print anti-fraud scenarios were front-desk, middle-office and back- financial technology field include: financial service cloud, 15 industry launched in four provincial branches Smart customer service end support. First, on May 82019, ICBC Tech- applications including treasury, edu- in June 2020. ICBC has established service systems nology, afinancial technology sub- cation and scenic spots have been such as OCR (optical character recog- Cloud service sidiary, was established, headquar- introduced. The number of tenants Smart marketing nition), customer service robots, ICBC has independently developed tered in Xiong’an. exceeds 20,000. In the field of smart marketing, ICBC natural language understanding and and established adistributed big data Second, on November 42019, the ICBC has deployed artificial intelli- has conducted in-depth research on completed the pilot application of service cloud platform, taking the Financial Technology Research Insti- gence applications in all its main open source and commercial natural language human-computer lead in the industry to transform the tute was established to integrate and banking businesses, such as risk con- machine learning platforms, and in- enhance the power of scientific and trol, customer service, marketing, dependently built ICBC machine The white paper’s publication, amid agrowing focus technological innovation, with mul- payments, anti-money laundering, learning platformsbased on open tiple laboratories such as blockchain and ICBC physical outlets. source artificial intelligence frame- on China’s blockchain push, could rev up the and 5G. works and applied them to scenarios economy’s fintech innovation engine amid the global The third was the release of ECOS, Intelligent risk control such as smart marketing. asmart banking ecosystem, on Risk control in the future must be the Using the AI models, ICBC’s wealth Covid-19 pandemic, market watchers said. November 82019. era of intelligent control, and compre- management and fund products mar- ● Bin Liu is Deputy General Manager hensively promote the transforma- keting response rates have been sig- Bin Liu of ICBC (New Zealand). nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B11

Greg Davidson: “A virtual environment reduces the barriers, it doesn’t matter if the person is next door, on the next floor or in adifferent city.” Pandemic accelerates digital transformation

Bill Bennett gencies to help customers cope. Then trading. Here, ‘trade’ might mean deal- ture-as-a-Service, or IaaS. This is a it became clear that because Datacom Datacom ing with customers, or government technology that lets companiesuse atacom group chief execu- is aservice business, it had customers ● Auckland-based Datacom is New agencies dealing with citizens. their own softwareand data to build tive Greg Davidson says who suffered falling revenues. “We do Zealand’s largest IT services “Most organisations have redoub- systems in the cloud. IaaS gets alot D there is potential for New work for industries, where revenues company. led their efforts to move forward. A of attention. It’s what often springs to Zealand technology com- dropped to asmall percentage of ● It has revenues of $1.3 billion and lot of them have cloud strategies,” mind when there is talk of digital panies to build critical scale by co- what they were before. All you can employsmorethan 6000people. says Davidson. “I hope this new focus transformation strategies. operation. do is figure out what you can switch will help them get abetter under- Datacom has asubstantial IaaS “If you look at the TIN100, (a off to help them economise and find ● Datacomhas astrong presencein standing of the business benefitsthey business. ranked list of New Zealand’s top earn- their way through.” Australia and branchesinAsia, are pursuing through their cloud It’s an essential part of acompre- ing technology firms), few of the Yet it wasn’t all gloomy. Davidson Europe and the Americas. strategies.” hensive IT servicesportfolio yet SaaS organisations listed there compete says Datacom has many customers Not all digital transformation is on gives it an entry into important re- with each other,” says Davidson. and they cover the full gamut, the is next door, on the next floor or in agrand scale. Many New Zealanders gional markets. For Davidson, SaaS “Most of us are focused on growing customers are diversified. At one end adifferent city. That all melts away.” know Datacom through its payroll products offerings like Datacom’s globally and decreasing New Zea- of the spectrum there are airports, at This remote working experience business. Davidsonsays it pays about payroll and local government land’s trade deficit. Finding ways for the other end there are companies has triggered company-wide discus- one-sixth of the nation’s workforce. software, are an area where alocal companies to co-operate and figuring like Foodstuffs and NZ Post. “Their sions on the future of work. “We’re During the lockdown many busi- technology industry can thrive. ways to support them is important.” businesses went through the roof. asking ourselves what pieces of the nesses that still run older on-premise “For alot of organisations SaaS- Datacom navigated the Covid-19 Their key message to us was that they new ways of working will we want payroll systems ran into problems based products are the way to make storm in relatively good shape. needed their systems to keep up with to keep and what have we lost along paying staff when they didn’t have areally big leap,” he says. “Two of the “When it became clear quite how demand that was placed on them”, he the way by working digitally? We’re physical access to their servers. areas we have made the biggest extensive the impact would be across says. looking at what ahybrid of the two Davidson says Datacom’s cloud- investments in is payroll and local all the countries we operate in, it was Datacom’s Australian call centre ways of working might look like for governmentsoftware. In New Zea- an intense period of time,” says David- business also had abusy year. “We asuccessful company,” he says. “We We’re looking at what a land and Australia both of these areas son. “Boards mobilisedinanattempt have abig call centre operation over know tech plays an important role in are heavily influenced by the laws of to understand the impact on the there. Among others, it does work for this. We might not have coped with- hybrid of the two ways of the land. companies that they were respon- the Australian Government. As the out the modern video conference working might look like “We’ve produced apayroll plat- sible for. Executive teams had to pandemic took hold, we were asked and collaboration tools like Microsoft form that is compliant and serves the contemplate some ugly revenue to put more people on the phones to Teams or Slack and Zoom. The same for asuccessful needs of New Zealand and Australia. models and consider what steps deal with the large number of goes for our broadband infra- company. We have local government systems they’d have to take if revenues took enquiries. We knew that some com- structure. If the pandemic happened that are oriented to the needs of New adive. panies had been hard-hit by the five years ago, it would have been a Greg Davidson Zealand and Australia. It was acon- “The key for us was getting as lockdownsand had people who very different experience.” scious decision; we knew there much information we could on what could work in our call centres, so we based payroll platform saw ahuge wouldn’t be the same level of global our customers were thinking. contacted Flight Centre and Qantas Bringing forward digital uptake of new business because cus- investment in platformslike that. “We wanted to know what they and found the people to deal with an transformation tomers needed something that would “And these platforms are sust- were experiencing and the challen- explosion in demand.” The Covid-19 pandemic saw many work seamlessly from either their ainable for use to provide in these ges they faced. We were lucky mak- Davidson says the connection organisations brought forward their phone or ahome computer. markets.” ing an early call to go to remote with the Australian business gave digital transformation plans. The payroll business illustrates the Davidson says local government working. That meant we could focus him one of the biggest lessons of the Davidson says those already on power of software-as-a-service,or has ahuge need for modern plat- on helping customers who were less pandemic.“We have businesses in the path moved forward two or three SaaS, akey strategy for Datacom. The forms and the demand for payroll prepared for the remote side of things both countries, and we felt more years in 2020. company may be abig cloud player remains strong. “The question is what or who had to do alot more to do connected than we ever had before. Others who were at an earlier in Australia and New Zealand, but on are the other areas where local to survive lockdown. Some of them One of the things avirtual environ- transformation stage became more aworldwide scale it is tiny compared providers can find asustainable weren’t ready to trade digitally.” ment does, is that it reduces the focused on the importance of their to the likes of Amazon Web Services space and are there areas where we At first the job was handling emer- barriers, it doesn’t matter if the person strategies and their ability to keep (AWS). AWS specialises in Infrastruc- can scale?” B12 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 2020:Ayearofchallenge. Nowit’s time to reset, reconnect,rebuild

Thomas Pippos which focused less on their people showcased acompetitive advantage. generally impaired the collective Of course, as the market eventu- 020 has changed the course goodwill of their team; that can take ally resettles, competitors will inevit- for many businesses and de- time to win back. ably look to catch the frontrunners monstrated their capability to Leveraging the desire among em- again, as asteady market tends to see 2 operate and adapt in the con- ployees to reconnect is achance to text of aglobal pandemic. regain their support and trust as well The only constant is the Reflecting on the year, it seems as rebuild the team. As businesses go somewhat fortuitous that at the 2019 through the reset process, they can need to change, even as Deloitte Top 200 Awards we acknow- reclarify their course and make it markets settle, to ledged that long-term business suc- clear to their people —aspart of cess is built on the foundational reconnecting with them. constantly ‘build back pillars of resilience and adaptive Ultimately, fostering an environ- better’. capability. ment where people feel secure and It has certainly rung true this year valued for their contribution will in- Thomas Pippos and the finalists in the 2020 Deloitte evitably play akey role in helping Top 200 Awards have demonstrated organisations achieve optimal levels people follow one other, reinforcing outstanding leadershipand true of discretionary effort looking for- the importance of constant inno- depth to get through this most chal- ward, which will often be key in a vation and its implementation in any lenging of times. They are also the business’s success. rebuild. The only constant therefore businesses leading the way in under- Relevant also is that the way we is the need to change, even as standing the need to take time to connected with one another changed markets settle, to constantly “build reset, reconnect and rebuild. overnight. We moved from physical back better”. interaction to solely digital connec- Reset tions, and now anew way of working Conclusion In terms of reset, when Covid-19 hit is in place for many. However, the 2020 has not been smooth sailing. New Zealand and we headed into desire to reconnect in person again Accepting that while some industries lockdown, the first thoughts for many is high and in this desire is an oppor- were impacted far more than others, businesses were often around sur- tunity to regain or enhance that dis- many that had commercial strength vival and the need to make plans for cretionary effort. and resilience, and understood the an immediate uncertain future. need to adapt, managed to navigate Understandably,the focus on stay- since March, businesses are armed cess of many businesses, and during Rebuild the situationfar better than they ing afloat and finding an immediate with nine months of insights to sup- the lockdown periods, some busi- Building back better as we look to the envisaged they would. equilibrium has meant some busi- port informed decision making for nesses went above and beyond in future will need dynamic thinking The Deloitte Top 200 Awards have nesses have not taken the time to the medium and longer term. looking after their people. applied to business strategies and for the past 31 years celebrated the fully reflect or review where they Taking stock of what your organ- Businesses living their values, par- constant revalidation of an organisa- success of our largest Kiwi organisa- should be heading in the medium to isation has faced, how it has re- ticularly people-focused values, that tion’s purpose. It references back to tions and their leadership. 2020 pays longer term. sponded and identifying where to put their people at the forefront of the foundational pillars of resilience homage to those who have faced up Positively, it is never too late to next, is still alogical part of the reset their planning, generally retained and and adaptive capability. to the challenges of Covid-19 to reset stop and make this assessment. For heading into 2021 and beyond. enhanced the goodwill of their em- Covid-19 presented opportunities their business,reconnect with their many, now is actually an optimal time ployees and in turn, often saw the for business which may not have teams and rebuild for the future. to consider that reset. Now allows for Reconnect reciprocation of greater discretionary come about without it, including the the benefit of hindsight as with Covid- Part of reconnection is with teams. effort, even during those tough times. opportunity to differentiate in the ● Thomas Pippos is chief executive of 19 having been active in New Zealand People are fundamental to the suc- By contrast, those businesses market, some finding clear air that Deloitte New Zealand.

DeloitteTop 200

Congratulationstothe 2020 winnersand finalists! Find outmoreabout thewinnersattop200.co.nz

Thank youtoour exclusivemedia partnerand oursponsors: nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B13 Towards astronger future

Tim McCready Beca won the Sustainable Business Leadership award, which recognises ow in its 31st year, the businesses working toward creation of Deloitte Top 200 Awards are long-term environmental, social and well established as the pre- economic value. N eminent platform for show- The judges commended Beca for casing the best of New Zealand busi- putting sustainability at the centre of ness. its operations, recognising its import- They celebrate the depth and range ance 10 years ago when it wasn’t main- of our business community, featuring stream. It was clear Beca recognised the industries and sectors that under- pin New Zealand’s success. This year, the awards recognised Go online at nzherald.co.nz/business to watch video those businesses that have gone be- interviews with top winners in the Deloitte Top 200 yond simply responding and recover- Awards. ing to Covid-19, and are taking the opportunity to transform and rebuild Journalists led by Head of Premium Business Duncan for astronger future. Bridgeman spoke with these winners at yesterday’s While the awards traditionally cul- Winners and Finalists Luncheon at Deloitte’s Auckland minate with ablack-tie gala dinner with offices. some 1100 attendees, the awards this year were amore muted affair. Around 100 of New Zealand’s business leaders how crucial building resilience to clim- attended alunch yesterday at Deloitte ate change is to its business. in Auckland. However, the smaller The Deloitte Top 200 Index consists event by no means took away from the The 2019 Deloitte Top 200 Awards held at Spark Arena. Photo /Dean Purcell. of New Zealand’s largest entities achievements and celebration of the ranked by revenue. These include finalists and winners. been on the executive management strated by Coutts in the way she has Xero was recognised with the Best publicly-listed companies, large un- In ayear that will go down as one team for more than 20 years. dealt with Covid-19 this year across a Growth Strategy award. listed entities, NZ subsidiaries and of the world’s most challenging, Fisher “In January this year, Gradon crea- range of industries to achieve success. The judges said the cloud-based branches of overseas companies and &Paykel Healthcare took out the top ted incisive Covid-19 initiatives which Mainfreight’s Tim Williams was accounting software firm continues to the commercial operations of Ma¯ori award. It was recognised as the Com- turned out to be core treatments for awarded Chief Financial Officer of the grow from strength to strength and is entities. It also includes producer pany of the Year for its outstanding the virus,” said the judges. “In the Year. Williams has held the role of CFO one of the leading technology success boards, co-operatives, local authority response to the Covid-19 pandemic, medical world that put Fisher &Paykel for Mainfreight since 1996 and says stories in Australasia with leading mar- trading enterprises and state-owned ramping up production quickly to Healthcare and NZ on the map.” thinking long-term and being able to ket positions in New Zealand, Australia enterprises. meet external demand and deliver The only award that is given with- see the big picture is critical for the and the UK. The financial figures for the Top 200 products to the market at acrucial out finalists —Visionary Leader —went business and to being asuccessful chief “Its success in this highly competi- and NZ’s Top 30 finance companies time. to Animation Research founder Ian financial officer. tive industry has been driven by pro- have been produced in full toward the This year, the panel of high-profile Taylor. The judges describe Williams as the duct innovation backed by country- back of this report —showing revenue, judges —convened by NZME Head of Established 30 years ago, Animation consummate CFO. “Tim has grown his specific sales efforts in its key markets,” profitability, efficiency and more. Business Content Fran O’Sullivan — Research has become one of Austral- CFO skills even as Mainfreight has they said. These numbers offer insight into how said while Fisher &Paykel Healthcare asia’s leading computer graphics pro- become more complex in its geo- “Xero has managed to achieve close the biggest companies in New Zealand has an advantage in that its non- duction companies. It has revolu- graphic footprint. Tim is respected by to 30 per cent annual sales growth with operate and are accompanied by ex- invasive breathing aids, masks and tionised the viewing of golf, cricket, his peers in the business, by equity asteady increase in profitability and planations and insight from the other hospital hardware products are yachting, motor sport and basketball — analysts in the market, and by his CEO high credibility among analysts who Herald’s team of business reporters. in hot demand —itisthe way it reacted and soon rugby and rugby league — and board,” they said. cover Xero.” The high-level view of the Top 200 and seized the opportunity to turn with its 3D, data-driven graphics over Chorus took out the Most Improved Mercury’s Risk Assurance Officer this year shows total revenues increas- opportunity into success that im- live pictures and has changed the way Performance award this year. The Lucie Drummond was awarded the ing by 1.6 per cent. This compares to pressed the judges. people watch sport forever. As well as judges said though the telecommuni- title of Young Executive of the Year. a4.0 per cent increase in 2019. Under- “The company’s ongoing invest- sport, Animation Research’s latest cations network operator had rela- The judges said they were left in no lying earnings (EBITDA) decreased 7.3 ment in innovation and the develop- innovations include virtual reality tively stable revenues and profitability doubt she is apopular and persuasive per cent, and total profits after tax also ment of leading products underpins its videos to take the fear of MRI scanning this year compared with previous leader in her organisation. What stood dropped 37.3 per cent year-on-year. success, and overlaid with awell- away from children, and the educa- years, it achieved a23per cent increase out to them was that she “could have Thirteen companies made their regarded and high performing man- tional platform Land of Voyagers, in fibre connections that offset the headed for Greenpeace or some other debut on the Top 200 Index this year. agement team, makes it the stand-out which tells the incredible story of continuing decline in copper NGO, but has recognised the business Most notable was Microsoft, which winner this year,” said the Top 200 Ma¯ori migrating across the Pacific connections. world as the place where she can be entered the Index at the highest rank judges. Ocean to New Zealand. “For many years Chorus has been most effective and deliver the most (95th) with revenue of $462 million. It is also why its chief executive, Having been afinalist in the cat- carefully navigating the fibre regula- positive change —and the place she Year-on-year asset growth for the Lewis Gradon,took the award for egory in 2018, Liz Coutts was named tory regime which is inching towards wants to be.” Top 30 finance companies outpaced Chief Executive Officer of the Year. this year’s Chairperson of the Year. She finalisation. This is akey value driver SkyCity Entertainment Group last year’s figures, up 7.9 per cent, but Gradon has spent his entire career currently chairs Ports of Auckland, for Chorus with the company credited took out the Diversity and Inclusion cumulative profits decreased by 7.5 per with Fisher &Paykel Healthcare. After Oceania Healthcare, Skellerup Hold- with making good progress,” they said. Leadership award for its Project Nikau cent. ANZ continues to sit comfortably graduating, he joined the company as ings and Ebos Group and is highly The relative stability and growth in initiative, which commits to employ at the top spot with $169 billion in aproduct engineer in 1983. respected for her governance style, market confidence in the company’s and develop career pathways for assets, outranking its closest competi- Since then he has held engineering which she describes as “inclusive, calm performance saw its share price rally youth, as well as Ma¯ori and Pasifika. tor BNZ by $60b. ANZ also outpaces roles, overseen development of the and decisive”. The judges said these an impressive 77 per cent over the past This is the second time the entertain- all other banks in terms of profit and company’s healthcare range, and has attributes have been clearly demon- year. ment company has won this award. equity. Top 200 judging panel 2020

Fran O’Sullivan ONZM, Judging Jonathan Mason Neil Pavior-Smith Cathy Quinn ONZM Ross George Panel Convenor Jonathan has over 30 years of Neil has 30 years’ experience in Cathy is aformer senior partner and Ross is Managing Director of Direct Fran is Head of Business (Content) for experience in financial management various roles in New Zealand capital Chair of MinterEllisonRuddWatts. Capital, aleading private equity fund NZME and ahigh-profile business roles in the oil, chemicals, forest markets. He is Managing Director of Cathy was made an officer of the which has invested in over 75 columnist. She has astrong interest products, and dairy industries with Forsyth Barr Limited, aleading NZX New Zealand Order of Merit in the companies in NZ and Australia over in New Zealand’s international an emphasis on emerging markets. sharebroking firm and investment Queen’s Birthday honours list in 2016 the last 25 years. He has played akey business success and is afrequent Jonathan was CFO of Fonterra Co- bank. Neil is Chancellor of Victoria for her contribution to the law and role in establishing NZ’s private television commentator. operative, CFO of Cabot Corporation University of Wellington, chair of the women. equity industry, founding Direct Fran was made an officer of the New (a Boston based chemical company), NZ Regulatory Board and past Cathy was the Veuve Clicquot Capital in 1994 following astint as Zealand Order of Merit in the New and CFO of Carter Holt Harvey. director of Chartered Accountants Business Woman Award Winner director and shareholder of the BKW Year’s honours list in 2019 for her Jonathan also served in senior Australia New Zealand (CAANZ), 2010 (New Zealand). Cathy Group in Hong Kong. contribution to business and financial management positions at US director of The New Zealand Initiative is on the board of many of New Ross has been involved in the private journalism. She chairs the NZ US based International Paper from and former director of NZX Limited. Zealand’s biggest companies equity industry across Asia, Australia Council’s Advisory Board and is 1990-2000. He is aFellow of the Institute of including Fletcher Building, Fonterra, and New Zealand since 1987. He is deputy chairman of the Pacific Jonathan is currently adirector of Finance Professionals NZ (INFINZ). Tourism Holdings, Rangatira and currently adirector of avariety of Economic Cooperation Council (NZ). numerous large organisations and an Neil was an inaugural recipient of a Chairs Fertility Associates. Cathy is companies including Bayleys, She has award-winning track record Adjunct Professor of Management at Sir Peter Blake Trust Leadership also amember of the Auckland Perpetual Guardian, Beca, Qestral, in business journalism. the University of Auckland. Award in 2005. University Council. and Mondiale. B14 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Companyofthe Year Fisher &Paykel Healthcare Innovation and investment reap rewards

Duncan Bridgeman Fisher &Paykel nayear that will go down in Healthcare history as one of the world’s darkest, one New Zealand com- I pany shone light on what can be achieved in the face of adversity. Fisher &Paykel Healthcare has long been agreat company and this year it has shown the world why — responding fast and accurately to the Covid-19 virus so its products could be delivered to the market at acrucial time. Yes the company has an advan- tage in that its non-invasive breathing aids, masks and other hospital hard- ware products are in hot demand — but the way it reacted and seized the opportunity is what turned opportun- ity into success. Covid-19 saw demand for its pro- ducts surge, initially driving a37per cent increase in profitability in the 2020 financial year. Last week the company reported an 86 per cent gain in net profit for the first half of this financial year to $225.5m. Fisher &Paykel Healthcare’s share price soared by as much as 95 per cent over the past year, in doing so becoming the first listed New Zealand company to be worth more than $20 billion. The stock only recently dipped as encouraging signs of vac- cine development filteredthrough the markets. In short, as Deloitte Top 200 judge Neil Paviour-Smith remarked, F&P Healthcare hashad an outstanding year. “The company’s ongoing invest- ment in innovation and development of leading products underpins its success. Overlaid with awell- regarded and high performing man- agement team, it is the stand out Zespri winner this year,” Paviour-Smith,who is managing director of Forsyth Barr said. The company has two key pro- biggest achievement in the last six meet the material spike in demand closed, resulting in areduction in new Winning the Company of the Year ducts used in the fight against Covid. months was the extent to which it to help treat Covid-19 patients was patient diagnoses. is just reward for acompany whose The first is ahumidifier that is ramped up production to meet the “nothing short of extraordinary“. He said the company’s “F&P Evora” story began way back in 1934 when attached to ventilators which are extra demand. She noted the company’s caution and “F&P Vitera” masks for obstruc- Woolf Fisher and Maurice Paykel connected to lungs via atube. F&P’s Asked in aconference call what in its earnings guide and its list of tive sleep apnea (OSA) had yet to established Fisher &Paykel Limited system connects the ventilator to that business would look like once the assumptions. reach their full potential. to import Crosley refrigerators, tube and makes sure the gas is at the pandemic was over, Gradon said: “The question that alot of investors The company’s homecare product Maytag washing machines and Pilot right temperature and humidity. “That is the question. and analysts are grappling with is group, which includes products used mantle radios. The company is the world’s largest “In terms of Optiflow and Airvo we how to forecast the earnings profile in the treatment of OSA and nasal The company established its medi- supplier of those humidifiers. had such low growth penetration beyond the Covid pandemic, and high flow therapy in the home, oper- cal division in 1977 and listed on the The second is anew nasal therapy prior to the pandemic, we don’t think what the new norm will look like,” she ating revenue grew 5per cent to NZX in November 1979 following an range called Optiflow, astable, simple that we are anywhere near saturation said. $226.2m. IPO that valued the company at just and soft headgear apparatus which in that market whatsoever.” “Ultimately they don’t know. We As opposed to the hospital product $32 million. has come to replace ventilator use in F&P Healthcare has historically don’t know and Iguess we will keep group, which includes products used Back then no one would have the normal treatment of coronavirus. under promisedand over delivered, learning as the situation develops in acute and chronic respiratory care imagined the medical division would This means hospitals can preserve leading some analysts to predict the globally.” and surgery, operating revenue grew one day be so successful. ICU beds and ventilators for patients company has been conservative in its Gradon, meanwhile,hinted at sus- 93 per cent over the first half of the In 2001 Fisher &Paykel was spilt that really need them. net profit guidance of $400m to tained demand for some of the com- previous financial year to $681m. into two into two separate entities, And, of course, F&P Healthcare is $415m for the full year. pany’s other more traditional sleep- “Sales in hardware and F&P Appliances and F&P Healthcare. the world’s largest supplier of that Forsyth Barr analyst Chelsea ing aid products. consumables continued to track While the healthcare division went nasal therapy. Leadbetter told the Herald last week Since the pandemic started, many surges in Covid-19 globally, as the about its business expanding into Gradon says the company’s the company’s ability to respond to sleep clinics around the world had virus moved across Europe,North overseas markets, the appliances div- America, South America and South ision came under pressure as manu- Asia,” Gradon said. facturers grappled with increasing One thing is clear: Fisher &Paykel costs of production. Delegat Healthcare is having aheck of arun In 2008 at the height of the finan- Group and its commitment to innovation cial crisis, F&P Appliances made the will likely see it in good stead for the tough decision to close its Dunedin future, no matter what happens with plant and shift manufacturing off- Covid. shore. Four years later Chinese whiteware manufacturer Haier Finalist: Delegat Group bought that business for $927m and Consistency is the hallmark of it was delisted from the NZX. Delegat Group, which has earned the But F&P Healthcare forged on, in- crown as New Zealand’s number one itially with Mike Daniell at the helm wine exporter to the world. and now Lewis Gradon, who came up Delegat’s positioning as atop through the ranks having held vari- premium wine company owes much ous engineering positions within the to the vision of its founder and group business overseeing the develop- chairman Jim Delegat and strong ment of the company’s extensive execution by management. product range. The company has grown more F&P Healthcare’s innovative medi- than 21-fold since 2002 and last year cal devices now help tens of millions over 200 million glasses of Delegat’s of patients in more than 120 countries. wine were enjoyed by wine lovers Last year it reinvested approximately around the world. $100m of annual revenue into R&D. Delegat’s strong single-brand nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B15 Companyofthe Year

Zespri

strategy, exporting wine under the fresh fruit year round,” judge Neil Oyster Bay brand has allowed it to Paviour-Smith said. maintain and increase pricing, des- Zespri’s chief executive Dan pite the challenges of wine market Mathieson said the new financial year conditions. had started with amilestone achieve- The company exports wine ment in Shanghai, where the Chinese volumes representing around 95 per government had approved Zespri’s cent of group sales. application for key trademark protec- The company grew its earnings by tion status —the only fruit brand and 25 per cent in the past year, another the only New Zealand brand to be strong result backed by volume recognised like this. growth and margin improvements,” “It is astrong acknowledgement of Deloitte Top 200 judge Neil Paviour Zespri’s profile, market share and Smith said. positive corporate reputation,” he “Delegat continues to successfully told the Herald in August. take advantage of its well-established The past year had been incredibly in-market distribution channels and challenging for the industry and the the consumer trend globally towards company, chairman Bruce Cameron premium wines. said. “This performance resulted in “But it’s also ayear in which we’ve Delegat’s share price increasing by 31 Delegat said in announcing the re- Finalist: Zespri growers —now provides fresh fruit made decisions that will set us up for per cent over the past year with the sults in August. The world’s largest marketer of Kiwi- to more than 50 countries. future success.” company now having delivered a27 The company performed “very fruit had another strong year despite Zespri continues to invest sig- Zespri sold 164.4 million trays of per cent per annum compound re- well” through global disruptions the uncertainty of the coronavirus nificantly in its global supply chain kiwifruit to the world last year. It turn to shareholders over the past 10 caused by the Covid-19 pandemic. pandemic. and in new products, with reported strong market growth glob- years.” Classified an essential business, its Zespri’s profit for the year ended commercialisation of the Zespri Red ally with sales up 10 per cent or $84m Executive chairman Jim Delegat viticulture and winemaking teams March was $200 million compared variety expected to underpin in greater China, up 8per cent or said the record results achieved were were able to complete harvest oper- with nearly $180m the year prior, ongoing success. $52m in Japan, and in Spain sales rose atestament to the strength of the ations and winemaking processes for with sales rising 7per cent to more The average returns per hectare by 5per cent or just over $14m. group’s business model as it con- the 2020 vintage. than $3 billion with its Green and for the Sun Gold fruit reached a The industry’s 27,000 workers in tinued to invest for growth. It said reduced sales in its hospita- Sungold varieties hitting record record $162,000 during the year. New Zealand had found new ways of “Our global team has once again lity channel from March on were levels. “On the back of its refreshed brand working during the Covid-19 pan- shown great resolve and resilience offset by increased sales in retail and The organisation —100 per cent identity Zespri looks set to continue demic to get the job done, Cameron while facing unique challenges,” particularly in e-commerce channels. owned by current and former providing the world with healthy and said.

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©2020. For information, contact Deloitte ToucheTohmatsu Limited. B16 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Chief Executive Officerofthe Year Lewis Gradon —F&P Healthcare Incisive Covid initiatives

Liam Dann ate trends for turning management we assemble the people who can best country ... the second part that’s Zealand on the map,” says George. teams upside down every five years deal with that particular challenge or different is the contribution of our t’s not a‘command and or so, Gradon was very much an opportunity. And that might be from families through all of this. Finalist: Greg Lowe, Beca control’ kind of organisa- internal appointment. anywhere in the organisation. “We’ve had people coming to work For Beca chief executive Greg Lowe “Ition,” says Fisher &Paykel Like Daniell before him, he has “My role is to make sure people are through lockdowns and that means the key to strong leadership of an Healthcare chief execu- spent his whole career with the com- free to be creative and innovative.” their family are supporting every- organisation is having astrong sense tive Lewis Gradon. “It’s not about an pany. After completing aBachelor of Talking about his team Gradon thing at home. We’ve had people of purpose and direction. individual, it’s about being part of a Science degree in physics from the couldn’t be more enthusiastic. working from home, working all dif- “Then you need to be able to group.” University of Auckland, Gradon In fact, when he’s asked about ferent hours. Really all these regularly communicate that to It’s something of an understate- joined the company as aproduct what he’s been most proud of this scenarios involve some support, people in away that they can under- ment to say that Gradon, the winner engineer in 1983. year, he goes beyond the employees some contribution from their famil- stand and that inspires them to com- of the 2020 Deloitte Top 200 Chief Since then he has held various themselves to recognise the effort ies, so no matter how you look at it, mit to it.” Executive of the Year, is not one to engineeringroles and oversaw de- and sacrifices their families have had it’s their family recognising the im- Beca was such adiverse business seek the spotlight. velopment of thecompany’s health- to make. portance of what FPH is doing.” —interms of its geographical spread In fact, he’s at pains to point out care range. “This year has been all about But when it comes to personal and range of sectors it operated in — that he sees himself as just another Prior to taking over as chief execu- Covid. There’s been two sides of the plaudits, he really is areluctant re- that the aim was to set the strategic member of the team at F&P. tive, he was senior vice-president of Covid coin for us. One is about meet- cipient. “We recognise the efforts of direction. But the company certainly has products and technology. ing the demand for those relevant our teams so we struggle alittle bit “Then it’s our people that take us been in the spotlight this year. Gradon has been on the executive products.” with the individual recognition,” he in that direction, in the detailed way It has seen abig rise in its share management team for more than 20 Gradon says even if that had been says. that’s relevant to their sector,” he says. price —upmore than 60 per cent in years. positive in terms of revenue, it had The Deloitte Top 200 judges were “You’ve got to be able to understand the past year —asdemand for its People have amiscomprehension presented its own challenges and in no doubt, however. “Lewis knows people and get people to buy into the respiratory equipment surged. about the chief executive role, he managing acomplex supply chain Fisher &Paykel Healthcare inside direction you want to go.” That has come off the back of a says. “I think the CEO role at Fisher through lockdowns hasn’t been easy. out,” says judge and CEO of Direct The judges certainly felt that Lowe long track record of growth, interna- &Paykel is like all the other roles in But other parts of the business Capital Ross George. had that skill. tional expansionofboth its markets that we think about what is our job, have had the opposite experience, “He has potentially been in almost “He is atrue people person with and supply chains. how do we add value and we con- taking ahit to demand. every role in his 37-year tenure there.” an ability to create consensus,” judge New Zealand represents less than stantly try and improve that ...in that “So we are having both experi- Under Gradon’s guidance Fisher & Ross George said. “This has been one per cent of F&P Healthcare sales regard the CEO role is the same as ences within our business. New Zea- Paykel Healthcare became the first recently recognised with Greg now and the company has seen its every other role.” land is less than one per cent of New Zealand company to have a chairing anumber of business organ- market capitalisation growexponen- It’s not that F&P Healthcare runs revenue so it’s multi-national in terms market cap of $20 billion, the judges isations in their relationships with the tially in the past decade. aflat management structure, says of sales and it’s multi-national in noted. His leadership “provided areal Government.” That has been achieved with arare Gradon, just that it’s very open to terms of supply chains. endorsement for promotion of New Lowe has been with Beca for 16 degree of stability at the management input from all levels of the organisa- “Parts come from all over the Zealand educated internal candi- years. level. tion. “I think if you were sitting in a world so when countries locked dates in Aotearoa.” The company is oneofthe largest Since the healthcare division split room observing, you’d struggle to down that would temporarily affect “In January of this year, Gradon privately owned professional from the appliances division in 2001 pick areporting hierarchy.” our raw materials.” he explains. “The created incisive Covid initiatives services consultancies in the Asia- it has had just two chief executives In that regard it is an agile oper- amazing thing about the last six which turned out to be core treat- Pacific region, operating in 45 —Gradon and his predecessor Mike ation, he says. months for this company has been ments for the virus. countries each year. Daniell. “If we’re working on aparticular the contribution of absolutely every- “In the medical world that put He was previously the Managing And in contrast to modern corpor- topic or making aparticular decision body ...every individual and every Fisher &Paykel Healthcare and New Director Australia for Beca, leading nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B17 Chief ExecutiveOfficer of theYear

Beca’s Greg Lowe was praised as a “true people person”.

Daniel Mathieson spearheaded Zespri’s “rise from the ashes” of Psa. and building services for the region work they are doing on the Waikato world,” Mathieson says. fact there has not yet been any Covid Judge Ross George says Mathieson which included overseeing the deliv- River project to help with Auckland’s The industry has been focused on cases within the industry in New has been the key executive in Zespri’s ery of the $4 billion Victorian water shortage. They were the kind safely delivering one of its largest Zealand. rise from the ashes of Psa 10 years Desalination project, Beca’s largest of things where the work really had crops ever to customers, he says. “When it comes to leadership the ago —“first as global head of sales, design commission. abig impact on people’s lives, he said. “We’ve been fortunate to see very first thing is to build agreat team of and subsequently as chief executive In Australia, he oversaw the deliv- strong demand.” people and then to have those people officer since 2017. ery of a$4b water project in Mel- Finalist: Daniel Mathieson, Zespri Zespri currently sells into 54 really well aligned on the company’s “As an Asia expert, with 20 years bourne and in NZ, multiple major Zespri chief executive Daniel Mathie- countries with offices in 21 and about purpose,” he says. “I think if you can of experience living in Japan, Korea, infrastructure projects in water, elec- son played apivotal role in 300 international staff. do those two things, build agreat and Singapore and afluent Japanese tricity, defence, roading and infra- establishing the demand-led strategy “It’s been fantastic to see our teams team and have them all aligned on speaker, Dan has led Zespri’s solid structure and urban planning.” that has helped Zespri continue to support one and other and to be so what the organisation is all about and growth in China, Japan, Korea, While Covid had presented abig grow its key markets, attract new motivated in spite of the challenges.” how we can deliver value over the Taiwan and other Asia economies. challenge for the company, Lowe consumers, and deliver strong Mathieson says Zespri is very ap- long term, you’ve got the best chance “This in turn has resulted in Zespri says some of the things he’s been returns to growers and regional preciative that it was able to operate of succeeding.” increasing its sales by over 40 per most proud of this year have been economies. through lockdowns and is grateful to Zespri is results-driven, Mathieson cent in his three-year tenure as CEO dealing with quite high-profile issues. “Our biggest priority within that the communities it operates in. says. “So challenging ourselves that and posting record profits and pay- These include the damage to the has been to look after the health and He is proud of the safety measures no matter how good the results are outs to Zespri growers and share- Auckland Harbour Bridge and the wellbeing of our people around the that have been put in place and the today, to be better tomorrow.” holders in each of the last two years.”

Buildingstronger connections

We areproud to introduce our five new partners of 2020: Simon Pilkinton, Caleb Hensman, Michael Taylor, CathShirley-Brown and Kirsten Massey.

Our market-leading partners are collaborative across our teams and with our clients.They each bring a focus that enhances our ability to deliver in the areas that matter most.

RussellMcVeagh

Auckland Vero Centre, 48 Shortland Street P+64 9367 8000 Wellington NTTTower,157 Lambton Quay P +64 4 499 9555

russellmcveagh.com Caleb Hensman Cath Shirley-Brown Property & Construction Corporate Advisory Simon Pilkinton Michael Taylor Kirsten Massey Environment, Planning and Natural Resources Litigation Litigation B18 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Chief Financial Officerofthe Year TimWilliams —Mainfreight The consummate CFO

He describes himself as very goal- Tamsyn Parker orientated. “I am avery driven guy that loves always to take on achal- im Williams says being able lenge when others put up roadblocks to see the big picture and or tell me something is not possible.” think long-term is the key to Like many others Annabellsays T being asuccessful chief fin- this year has been tough because of ancial officer. Covid-19. It is those skills which have helped “For me, the hardest thing has been him take out the award for Chief the inability to travel and connect Financial Officer of the Year at the with family, friends and colleagues.” 2020 Deloitte Top 200 awards. His role has previously involved Williams has held the role of CFO for Mainfreight since 1996 and says thinking long term is critical for the business. “We call ourselves a100-year com- pany. We don’t make short term decisions we make them for the long term.” Williams says good communica- tion is also vital. “In abusiness like ours you have got 260 branchesand you have got to be able to communi- cate with them at all levels ...not just afew technical people within the team of accountants. Ithink that is really quite key.” Strong communication has been even more important this year with the challenges associatedwith Covid- visiting the company’s international 19. “We operate in 26 countries and offices and frequently interacting and each experience has been different. collaboratingwith teams and You have got the New Zealand experi- advisors in several jurisdictions. “I ence which is in hindsight is pretty have adaughter in London that I good. We have got European and would see acouple of times ayear American offices which are in and the separation is hard, and you tougher environments where our realise when you lose your freedom team have to work from home alot or ease of travel how far away we more than we currently do. are here in New Zealand.” “Just trying to understandhow Annabell says his biggest success those different experiences, how we this year has been around personal put it all together and see how it is development. going to operate and work —that is time there was plenty to keep him is incredibly important.” going to turn out to be and make sure “It’s been along journey to arrive really key.” going. “I really still enjoy it tremend- She also believes in bringing her we were really ready to fly out the at agood place of self-acceptance and Williams said it was good to see ously.” authentic self to the job. “You turn up end of it.” aconfidence and belief that IamOK. the systems the company already Deloitte Top 200 Judge and inde- literally as yourself and you are bring- Godfrey-Billy said there was ahuge For over forty-five years Ifocused on had in place enabled him to keep a pendent director Jonathan Mason ing your best to every situation.” opportunity in the market for cloud putting others first. finger on the pulse and make said Williams had been CFO during She was approached by Xero adoption out the back end of Covid. “I had astrong drive for pleasing adjustments as and when needed as aperiod when shareholder returns of founder Rod Drury for ajob with the “If you want an example of why you others in order to be accepted and the country went through the various over 20 per cent per year were the firm after getting know him through should be on the cloud —itispretty was my harshest critic. My perfec- lockdown levels. best in the New Zealand market. the Hi-Tech awards which PwC hard to beat aglobal pandemic. So tionism and drive to be the best “That has been the biggest chal- “Tim has grown his CFO skills even sponsored. we’re making sure we are in the best meant significant personal sacrifice of lenge this year but it has been an as Mainfreight has become more Godfrey-Billy said networkingwas possible position in the product and both time and family in the pursuit interesting challenge —you wouldn’t complex in its geographic footprint. particularly important for building a technology space to really maximise of my career.” say you enjoy it, but it is stimulating, Tim is respectedbyhis peers in the career in aplace like New Zealand that opportunityand create demand From abusiness sense his biggest is agood way to describe it.” business, by equity analysts in the which is small. whenever Covid is finished.” success has been the recognition he Williams says his biggest success market, and by his CEO and board.” “Never ever burn abridge —New She says her biggest success this has received in the last few years this year has been helping steer the Mason said Williams was the con- Zealand is far too small.” year has been Xero’s recently re- receiving two nominations for CFO of business through the Covid-related summate CFO with athorough under- leased half year results. the year. challenges. standing of the financial statements “It really shows the resiliency of “It is very humbling to be nomin- “It shows we have developed the and value-creation drivers, and is the our global subscriber base and the ated and Iamincredibly proud. culture and systems in Mainfreight to company expert on the economics of resilience of the small business econ- Delegat Group is without adoubt a not just survive in times of crisis but capital investments, acquisitions and omy which is ultimately the lifeblood New Zealand success story, becom- to actually thrive which is abit of a expansion plans. of all economies around the globe.” ing now the number one New Zea- cliche Iknow. But in the past, we have Judge Jonathan Mason said even land wine exportertothe world. had earthquakes, bushfires, the GFC Finalist: Kirsty Godfrey-Billy, Xero though Godfrey-Billy’s tenure had “The journey Ihave had over the and now Covid. Kirsty Godfrey-Billy says being agood been relatively short at Xero, her last 15 years has seen the company “Before Covid Ithought Ihad seen chief financial officer is no longer just impact had been significant. list on the NZX in 2006, significant most things. But this was anew one. about having the technical skills, but “Kirsty has been amajor contribu- compound annual sales growth and It was really great to see systems — having the emotional intelligence to tor within Xero on financial leader- seeing how powerful brands can be we do weekly profit reporting so we connect the business as awhole — ship, strategy, and process excel- when you get them right. could really tell how things were and get it humming together. lence. “It has been hard work but achiev- trending very quickly in all those Godfrey-Billy has only been CFO “As aresult, Kirsty has helped ing seven successive years of record branches, in all those countries how of Xero for just over two years but contribute to making Xero one of sales and profits has been extra- things were changing and how we already her impact is seen as being technology’s big success stories in ordinary and the best is still to come.” could make decisions with good in- significant. Australasia, with leading market Judge Jonathan Mason said Mur- formation.” Achartered accountant with 25 When Covid began to hit globally, share in Australia and New Zealand ray had been amajor contributor on It was not just the economics of years’ experience in the finance and Godfrey-Billy began coming up with and arapidly growing position in the the executive team in Delegat’ssuc- the business and the sustainability technology sectors, she joined Xero avariety of different revenue UK.” cess both with its record of creating but the safety of all the team that four and ahalf years ago from PwC. scenarios for the business and look- Mason said Godfrey-Billy was re- superior shareholder value and lead- came into play. “We have come out She says the role of CFOs has ing at how it could match its cost base spected in the market, with peers and ing the NZ wine industry into key the other side looking pretty good.” changed alot in the last two decades. to those scenarios. the board in both New Zealand and export markets including the USA Williams said the company had “It has moved from being very “Luckily we had astrong balance Australia. and the UK. managed to increase its dividend as much aback-office function to being sheet going into it.” “Murray is highly regarded in the well as paying bonuses to staff and areal driver within the business of She said within Xero they were Finalist: Murray Annabell, Delegat NZ and international investment increase base salaries and retain staff. commercial outcomes, driving strat- also focused on looking after their Group communities, within the board and “All those things have been great egy and really helping the business customers and ensuring they could Murray Annabell is passionate about executive team. from amorale and culture perspec- grow and thrive.” access governmentassistance in being achampion for excellence in “Murray and the finance team he tive which is really how we operate Godfrey-Billy said the only way whatever region they operated in as his role as chief financial officer. leads understands the business this business —it’s not just to get that CFOs could do that was by forming well as making sure staff remained Annabell has been CFO at Delegat thoroughly and has created reports short-term profit. It’s to make sure we strong partnership relationships with safe. “From the finance perspective it Group since 2012 and plays acritical that allow Delegat’s to understand are going to keep getting better and the different parts of the business to was really looking at the business and leadership role in helping fund the profitability trends so that decisions better.” maximise the value they provide. making sure we were able to drive global growth trajectory of the busi- can be made with accurate, up-to- Despite being in the role for some “I think that emotional intelligence the business through whatever it was ness. date information.” nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B19 Chairperson of theYear Liz Coutts —inclusiveand decisive

iz Coutts is ahighly regarded crop that was 25 per cent bigger at director with over 20 years’ aprice that was one per cent higher experience in governance than last year, and we did that with L roles across public and private some channels to market being enterprise. closed to us,” he says. “We had to open She currently chairs Ports of Auck- new channels, we had to be fast on land, Oceania Healthcare, Skellerup our feet, and we had to use digital Holdings and Ebos Group and is highly advertising particularly effectively. respected for her governance style, To achieve our growth targets in a which she describes as “inclusive, calm really difficult world was incredibly and decisive”. satisfying.” The Deloitte Top 200 judges say these attributes have been demon- Finalist: Patrick Strange strated by Coutts in the way she has Patrick Strange says achair can only dealt with Covid-19 this year across a be as good as their board and man- range of industries to achieve success, agement, and his nomination as a and, it is what distinguished her as finalist for Chairperson of the Year is 2020 Chairperson of the Year. areflection of the board and manage- “Skellerup has had another year of ment of those companies he chairs. strong performance, and Ebos Group’s Strange brings extensive experi- total shareholder return over the past ence in regulated infrastructure to his decade exceeds 20 per cent per an- current chairperson appointments at num,” says Deloitte Top 200 judge and Auckland International Airport and independent director Cathy Quinn. Chorus. He enjoys these roles be- Coutts has been on the board of cause they are both important infra- many of NZ’s leading organisations, structure companies for New Zea- and her dedication to governance saw land. her appointed an Officer of the New Zealand Order of Merit in 2016. She enjoys being involved in indus- tries that have asignificant impact on the economy. “Each one of the com- panies Iaminvolved in plays akey role —whether it be in amarket or an industry,” she says. The judges say Coutts is someone who regularly moves from adirector role to then chairing the audit and risk committee of an organisation, and then becomes chair. She has held many of her directorships for along period of time —she joined the Skellerup board in 2002 and appointed chair in 2017, became director of Ebos Group in 2003 and chair in 2019, and joined the board of Ports of Auckland in 2010, becoming “We have seen with Chorus the the first woman to chair the port in clear benefits of the fibre network 2015. during the Covid lockdown, and the Coutts says one of the things that airport is the driver of both our keeps her interested in her roles are business and leisure travel,” he says. the people on the board and in man- The Deloitte Top 200 judges say agement. “That’s what keeps you there he is an inclusive chair that brings out —you are interested in the people the best in his fellow directors and you’re working with and you feel like management teams. you have akey role to play to make “Patrick is seen as achair that has adifference,” she says. been effective in building relation- This year, Coutts says the biggest ships with Government for the organ- challenge with Covid-19 was dealing isations he chairs —heisseen as an with the unexpected on such aglobal honest straight shooter in govern- scale. “We all have risk registers that ment circles,” says judge Cathy Quinn. include pandemics, but to actually Strange says this year has been operationalise something and bring it Coutts says it has been very difficult Finalist: John Loughlin companies that are very mature.” particularly busy, with both com- into effect when it hasn’t been done to manage, but “regardless of that we John Loughlin says he enjoys work- Judge Cathy Quinn says Loughlin panies facing very different and sig- before on such ascale has been dif- just have to keep calm, keep focused ing with businesses that are trying to is regarded as awise head in the nificant challenges due to Covid-19. ficult because of the unpredictability,” and get through this.” Despite it being do things where he senses there is primary sector who has helped a “The airport had ahuge loss of she says. “And now we are thinking atough role, she says she relishes the an aspiration for performance and a variety of businesses deal with chal- income which required the board and about what next year is going to look challenge because of the incredibly drive to do things that are special. lenging circumstances and then pros- management to respond very quickly like, how it will affect us, how and when important role the Ports of Auckland Loughlin has had abroad govern- per and is among the reasons he has with cost changes but also with the the world’s economy will open up and plays in New Zealand’s economy. ance career with afocus on the been chosen as afinalist for raising of capital to address the bal- what will the future be like —wetry Aged care provider Oceania Health- primary sector, infrastructure and Chairperson of the Year. “It’s not an ance sheet,” he says. to predict that but it is hard.” care is another business that has logistics. easy industry given that Mother The judges say the capital raise Each of the companies Coutts chairs required intense management over the He currently chairs Powerco, Nature can play ahuge influence in and the speed at which it was done have been affected differently. pandemic in order to keep its oper- EastPack, Rockit Global, Hop Revolu- any year and that global markets, at avery uncertain time has seen Skellerup Holdings provided an ations functioning and its residents and tion, Coda Group, as well as the Meat trade barriers and protectionism are Auckland International Airport well early warning about Covid-19 because staff safe. matters largely beyond the control of positioned to manage through the of its operations in China, Italy and “We worked hard with residents to any domestic player or NZ Inc.,” she uncertainty brought to the business elsewhere around the world. make sure they still had agood experi- says. from the impact of Covid-19. “We have been at the forefront ence and could communicate with All of Loughlin’s companies were Strange notes that the challenges internationally with this global pan- their family and friends virtually,” she classified as essential businesses dur- faced by Chorus were different. While demic, learning what has been says. “We put in alot of extra support ing the lockdown. He says trading its income wasn’t significantly impac- happening around the world from in- so we could do their shopping for them through Covid meant massive uncer- ted, the rollout of fibre had to stop ternational staff,” she says. “It has given and keep up their communication.” tainty, new risks, and significantly during the lockdown and its us huge insight into what is happening Communication has been critical increased degrees of difficulty. contractors needed to be supported. globally.” for all her companies this year — “EastPack and Rockit had to pick He says the highlight for him at The rubber goods manufacturer “People were working at home and fruit at alert level four while Chorus has been the performance of was able to mostly continue to operate they were working alone… it wasn’t just maintaining social distancing,” he the fibre network under huge load throughout the worldwide lockdowns physical support but emotional sup- says. “We had to operate pack houses while so many New Zealanders had because of the critical nature of many port that people needed.” which have been designed for people to work from home during the Covid- of its products. The strength and resili- When asked to name ahighlight in to stand shoulder-to-shoulder —that 19 lockdown. “It was absolutely un- ence of its agri-business helped it to her governance roles this year, Coutts was no longer possible and we had constrained and fault free, which is achieve net profit on par with last says it is the way the companies she to find new ways to operate as well agreat reflection of the build that has year’s result. chairs have been able to continue with as navigate asupply chain to market gone on,” he says. Chairing Ports of Auckland is not an business as usual while operating in a Industry Association. where there was disruption at ports.” The judges noted that the Chorus easy task and it requires strong and totally different way. “I like an exciting challenge,” he He says while the uncertainty was share price has risen by 77 per cent courageous leadership to advocate for “I have been so impressed with says, noting that can come in many dramatic and the degree of difficulty in the past 12 months. it. This was made even more challeng- some of our leaders around the world different ways. “In some cases, it was massively elevated, these kinds “This performance has been recog- ing this year when the worldwide surge with what they have achieved. comes from early stage companies of challenges make life exciting and nised with its win in the Most in consumer demand resulting from “It’s quite amazing when you get like Rockit and Hop Revolution, but they provided some of the most Improved Company category this the pandemic created challenges for all something like this global pandemic also in the infrastructure area where satisfying outcomes for the year. year,” says Quinn. ports around the world. how well everyone pulls together.” there are significant challenges in “At Rockit we packed and sold a —Tim McCready B20 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Sustainable BusinessLeadership

Beca —buildingresiliencetoclimate change

Tim McCready Beca Vector eca is motivated by its pur- pose to “make everyday bet- ter” and avalues-driven cul- B ture to deliver transforma- tional solutions with its clients and rise to the challenge of sustainability. Beca is one of Asia-Pacific’s largest independent advisory, design and engineering consultancies. It has over 3300 employees in 21 offices around the world, and has delivered projects in more than 70 countries. It says the most positive impact it can have on the planet is to work with its clients, its people and its communities to help deliver transformational solutions and succeed in asustainable way. The Deloitte Top 200 judges com- mended Beca for putting sustain- ability at the centre of its operations; even recognising sustainability’s im- which span the Auckland region. portance 10 years ago when it wasn’t Vector says its approach to mainstream. The judges said it is clear sustainability is to deliver innovative, that Beca recognises how crucial long-term solutions for its share- building resilience to climate change holders, customers, partners and is to its business, and this is one of suppliers to build shared resilience, the key reasons the firm has been reduce its carbon footprint and help chosen as winner of the Sustainable regenerate the environment. Business Leadership award. It has been taking an active lead- “Sustainability requires both mid- ership role in how it decarbonises and term foresight and acritical assess- electrifies transport while maintain- ment of its current practices,” says ing the reliability and affordability of Top 200 judge Ross George who is energy. managing director of Direct Capital. Energy systems in New Zealand “Beca balances these two elements and globally are under pressure to and has the ability to encourage respond to the uptake of new con- clients to do so in their projects as sumer energy technology, electrifi- well.” cation of transport, demands for de- The award highlights businesses wastewateroverflow by New Zealand’s critical challenges and one of the key reasons it was chosen carbonisation,increased consump- that are working towards the creation approximately 80 per cent. moving to aprosperous, circular and as afinalist for the Sustainable Busi- tion of renewable energy and energy of long-term environmental, social Beca says an important focus for equitable economy. These include ness Leadership award. poverty. and economic value. The judging the Central Interceptor is maximising transport, electricity,agriculture and Last year, Kathmandu Holdings’ The judges say Vector’s business criteria covers governance, long-term opportunities for long-term forestry and social infrastructure. original brand and namesake is centred in the middle of adigital perspective, integration of ESG (En- sustainableoutcomes. Its services in- The judging panel commended Kathmandu became the largest and technological revolution and that vironment, Social, Governance) con- clude the integration of sustainability Beca for not only encouraging Australasian retailer to achieve B this puts it in agreat position to look siderations and projects to support requirements into all project areas to sustainability and climate change Corp certification —the stringent cer- at acleaner energy future. sustainable development. support the eventual delivery of an within its own organisation, but for tification process as part of the Cer- “Vector is not frightened of facing In Beca’s most recent sustainability ‘Excellent’ rating under the Infra- working alongside its clients and tified BCorporations movement. disruption during atime where de- review, Chair David Carter and CEO structure Sustainability Council of communities to continually chal- BCorps implement the Global carbonisation is acceleratingand its Greg Lowe say: “The global challenges Australia (ISCA) Infrastructure lenge and improve sustainableout- Reporting Initiative, an independent customers are increasingly aware of facing our world present numerous Sustainability Rating Tool. One key comes. standards organisation that helps this,” says judge Ross George. opportunities for Beca and our clients requirement of this is to complete a businesses, governmentsand others While some energy companies are to mitigate risks, adapt, evolve, inno- carbon footprint baseline for the pro- Finalist: Kathmandu understand and communicate their taking a“wait and see” approach, vate, and thereby make everyday ject, from which carbon reduction Kathmandu Holdings is aglobal out- impacts on issues such as climate Vector has introduced its “Sym- better for future generations.” initiatives from the design and con- door, lifestyle and sports company. change, human rights, governance phony” strategy to address this dis- Beca was one of 60 founding signa- struction phases will be measured. As agroup, it owns outdoor adven- and social wellbeing. Kathmandu will ruption and create anew energy tories to the New Zealand Climate Beca’s sustainability team recently ture brand Kathmandu, North Ameri- need to re-certify every three years future. Leaders Coalition that commited to put together athink piece on how can hand-made footwear wholesaler to maintain the status. Vector says this strategy enables voluntary action on climate change. New Zealand’s post-Covid recovery Oboz and Rip Curl surfwear. In its 2020 Sustainability report, it to drive better environmental, The firm set acarbon target, com- and rebuild opportunities could sup- This year, the group launched its Kathmandu says that being aBCorp social and economic business out- mitting to reducingits emissions 32 port decarbonising New Zealand and first combined sustainability report. comes with alot of responsibility, but comes such as energy affordability, per cent by 2030 from a2018 baseline contribute to afuture of sustainable Inside, Kathmanduchair David Kirk acknowledges that without that re- decarbonisation and the circular —consistent with the need to keep prosperity. and CEO Xavier Simonet say despite sponsibility right at the top, it can be economy, aligned to the UN planetary heating below two degrees. The think piece says, “The scale of the impacts of Covid-19, all three easy to overlook. Sustainable Development Goals. It has adopted an absolute emissions investment we are making and the brands have made significant strides By 2025 it aims to become alead- Vector is an active participant in reduction approach, to include those legacy of this for future generations, in sustainability this year. ing Global BCorp and integrate cir- the Aotearoa Circle, Sustainable emissions Beca has direct control means it is critical that we take this “Covid-19 threw many challenges cular economy principles within its Finance Forum, Sustainable Business over, as well as indirect emissions opportunity to significantly acceler- to our brands, but each of them have business. Council and Climate Leaders’ Coali- from its full supply chain. This ate the decarbonisation of our econ- found ways to learn from these Back in 2014 Kathmandu also be- tion. includes building energy efficiency, omy. By taking this approach, our challenges and make the most of the came the first Australasian company In the past year it has reduced its its global supply chains, the vehicle recovery will support amore prosper- opportunity to rethink the way we to join the internationally renowned carbon footprint by 23.6 per cent. fleet, business travel and even how ous, equitable and sustainable operate,” they say. Fair Labor Organisation as part of a Earlier this year, Vector’s renew- its employees get to and from work. society.” The Top 200 judges commended commitment to enhance its social able energy business Vector Power- Initiatives introduced by Beca in- It identified eight key transitions Kathmandu for boldly making compliance programme and use ethi- Smart worked alongside Watercare to clude recommendingits staff to use that would best enable New Zealand sustainability commitments and note cal suppliers. deliver New Zealands’s first floating public transport to visit clients, reduc- to rapidly shift to alow-emission the firm has begun putting actions in “These accreditations confirm solar array on the Rosedale waste- ing the number of vehicles it has and economy, while simultaneously place to embed sustainability right Kathmandu’s commitment to balanc- water treatment pond. replacing them with more fuel- creating jobs, addressing many of throughout the organisation. This is ing human, environmental, transpar- The array was opened in October efficient models. Its Hamilton office ency, and profit considerations,” says and features more than 2700 solar even has aworm farm on site, which judge Ross George. panels and 4000 floating pontoons. converts food scraps from the kit- Across its other brands, other ad- It will generate 1486MWh per year chen to bottled fertiliser. vances from KathmanduHoldings —the equivalent of 200 average New Beca has made astrategic re- this year include Oboz launching its Zealand homes and enough electric- sponse to the critical challenges New first range of footwear containing ity to power aquarter of the energy Zealand’s most populous city faces. recycled materials and algae boom plant —with zero emissions. Beca says it wants to help Auckland insoles and Rip Curl celebrating its The Battery Industry Group (BIG) grow sustainably, and is working with Kathmandu 20th anniversary of its planet day. is another sustainability initiative led clients includingAuckland Council, Inside this year’s sustainability re- by Vector. Auckland Transport, Watercare, port, Kirk and Simonet say that Launched last year, BIG is across- Panuku and NZ Transport Agency to Kathmandu Holding’s brands will be industry collaboration to design deliver sustainable solutions to the able to leverage their strengthsto reuse and recycling solutions for challenges the city faces. work together for an even greater large batteries, commonly found in One example is New Zealand’s positive impact. electric vehicles or in stationary en- largest wastewater project, the Cen- ergy storage. tral Interceptor. It is an integral part Finalist: Vector BIG now has more than 140 organ- of Watercare’s long-term wastewater Vector is New Zealand’s largest dis- isations and individuals as members strategy for the region. The 13km tributor of electricity and gas. across energy, waste, transport and tunnel is expected to decrease It owns and operates networks battery industries. nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B21 Best Growth Strategy

Xero —solutionsfor smallbusinesses

Graham Skellern

loud-based accounting software firm Xero, nearing its 15th year of operating, Craig Hudson C sees itself as acatalyst of change for small businesses as it continues its impressive growth. Craig Hudson, managing director of Xero New Zealand and Pacific Islands, said the Covid pandemic showed the importance of moving to the cloud to complete daily tasks. “Over the past six months, we have supported small businesses and en- couraged them to adopt technology on trust. Our branding connection and advocacy in the market has been Greg Lowe crazy. We have become acoach in the cloud. Finalist: Beca “By using analytics and data, we Professional services firm Beca, are able to overcome businesses’ un- founded by returning serviceman certainty, fear and anxiety and pro- Arthur Gray in 1920, has been cele- vide insights and security for their brating its centenary this year —and future. We can add aportfolio of it just keeps growing into an interna- products to solve their daily tasks,” tional force. said Hudson. Auckland-based Beca nowhas “If you want to make aloan appli- 3500 staff, representing 75 different cation, then just push the (Fast Capi- professional disciplines, operating tal) button. Cash flow is the main out of offices in eight Asia-Pacific problem for the small businesses, and countries, and they deliver projects we can speed up payments, if they digitally to another 45 countries use the Pay Now button. Payments around the world. will take 14 days instead of the usual Beca has just picked up its first 28 days and this cash can be global client, building acommon reinvested back in the business.” software platform for one of the Xero, New Zealand born and bred world’s largest manufacturing com- but now listed on the Australian ASX, panies at its 270 productionplants in continues to grow from strength to 100 countries. The platform manages strength. It recently reported its half- and co-ordinatesthe capital invest- year 2021 result, showing revenue ment going into the plants, and Beca increased 21 per cent to $409.8 provides support from Melbourne million, operating earnings (EBITDA) and Auckland, as well as ahelp desk climbed 86 per cent to $120.8m, and in Singapore. net profit reached arecord $34.5m. “There is abig increase in interest Since it moved across the Tasman globally for delivering products and to the ASX market in February 2018, services digitally,” said Beca group Xero’s share price has soared NZ$100 chief executive Greg Lowe. “When the and is currently trading around A$130 lockdown occurred and the com- (NZ$137). It is enough for Xero to win puters and screens were being the Best Growth category in the emptied from the offices for home, I Deloitte Top 200 Awards. was abit concerned whether our Top 200 judge and independent technology and internet providers director Jonathan Mason said Xero is would hold up. one of the leading technology success “We had 3500 people in eight stories in Australasiawith leading countries working from home. How market positions in New Zealand, were they going to work together on Australia and the UK. “Its success in design, verificationand delivering this highly competitive industry has being encountered by small busi- Jacqui Coombes, director for New retailer increased revenue by 13.9 per products to clients? We learned alot been driven by product innovation nesses. We want to encourage the Zealand and group human resources, cent to $14.99 billion, representing about having resilience and keeping backed by country-specific sales businesses to use amultitude of said the team of 4500 has done total store sales growth of 14.7 per teams connected, and it worked efforts in its key markets. technology to help their lives. amazingly well working together cent, and operating earnings before really well,” Lowe said “Xero has managed to achieve “Xero is racing to get 80 per cent over the last few months. The team tax (EBITDA) by another 13.9 per cent Judge Jonathan Mason said Beca close to 30 per cent annual sales penetrationinthe New Zealand mar- focus has kept the business going to $1.85b. Bunnings has experienced has been afixture in the New Zealand growth with asteady increase in ket and to onboard as many through the Covid crisis. five-year compound annual growth business community, with the major- profitability and high credibility accountants and bookkeepers as we “We went online in the third week rate in revenue of 8.5 per cent and ity of the company owned by em- among analysts who cover Xero.” can. We have been talking to some of the first lockdown —itwas new EBITDA of 10.5 per cent. ployees in the highly-skilled markets Operating with astaff of 3000, of them for 10 years and they are to the team and they rose to the Across New Zealand Bunnings has of infrastructure and building. Xero has grown its subscribers to 2.45 saying ‘I’m ready now’,” said Hudson. challenge. We were categorised as an 46 small and large format stores Even as the lockdown disrupted million, an increase of 19 per cent in Xero now offers an ecosystem of essential business but could sell only including trade centres, and employs Beca’s ability to travel and visit its the six months ending September, more than 800 third-party apps and certain products. That was tricky but more than 4500 team members.Ithas projects in New Zealand, Australia and it spent almost $140m on product 200-plus connections to banks and closed 10 small format stores in the and Asia, it was able to switch to development. other financial partners. Small busi- last 12 months, incurring about $70m virtual project engineering and has In New Zealand, Xero increased ness owners and their advisors have costs for those moves and for rolling posted strong growth in sales and subscribers by 13 per cent to 414,000 access to real-time financial data out the digital programme. profitability for the past two years with revenue of $64m. Australia anytime, anywhere on any device. Judge Jonathan Mason said both absolutelyand relative to its key crossed amilestone with 21 per cent This year Xero was included in the Bunnings has experienced impress- competitors. increase to 1.01m subscriberspro- BloombergGender Equality Index ive revenue growth over the past 10 Beca, which has recently expan- ducing $184m revenue, the UK has and recognised by IDC MarketScape years both absolutely and relative to ded with full-serviceoffices in Palm- 638,000 subscribers worth $107m, as aleader in its worldwide SaaS and key competitors. erston North, Nelson, Queenstown, North America 251,000 and $29m cloud-enabled small business finance This is through acombination of Dunedin and Hawke’s Bay, has revenue, and the rest of the world and accounting applications. picking great locations for its stores, reached annual turnover of $600 136,000 worth $27m. developing an extensive selection of million, with 30 per cent of the The Australian Taxation Office Finalist: Bunnings inventory for its retail and wholesale revenue earned offshore. Single Touch Payroll initiativeand Householdhardware retailer customers (it stocks more than “We’ve pretty much grown 15 per the roll-out of JobKeeper stimulus Bunnings Warehouse hardly missed 45,000 products), and being highly cent year on year since the early payments by the Australian Govern- abeat during the Covid-19 crisis, competitive on prices and costs, 2000s,” said Lowe. “Any one year we ment contributed to continuedstrong rolling out digital initiatives to keep backed by strong marketing cam- are completing about 5000 projects demand in cloud accounting across their Do-It-Yourself and trade cus- paigns through multiple media chan- for 1100 clients.” the Tasman. tomers satisfied. Jacqui Coombes nels. He said Beca is seeing growth in Hudson said New Zealand had a When Covid struck, Bunnings “Despite the business disruption professional services for the defence net growth of 22,000 subscribers for quickly advancedplans and rolled we did what we could and I’m proud due to the Covid lockdown, Bunnings sector in Australia and New Zealand, the first time since 2017, and Xero has out click and deliver and contactless of what we achieved,” said Coombes. has posted another strong perform- and also in the health and education between 55 and 60 per cent of the drive and collect services, as well as Bunnings,established in Western ance in 2020, taking advantage of the sectors here in New Zealand. small business market, for companies aproduct finder app. For commercial Australia in 1886 and opening its first increase in home renovations, and “We are also seeing clients taking with up to 20 staff. customers, it introduced adigital self- warehouse in Melbourne in 1994, has making it easier to buy products amore holistic approach and “We are incredibly grateful that 13 checkout option via mobile. It also continued to grow in the rapidly through the deployment of aclick integrating spatial, transport, social years of hard work is paying off and has an online marketplace, Bunnings changing environment. and deliver service and an and health planning, such as building we can concentrate on the problems MarketLink. For the year ending June, the ecommerce platform,” Mason said. awhole new city at Drury.” B22 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 MostImprovedPerformance Chorus Keeping thecustomers satisfied

ratios where our competitors were Graham Skellern doing better than us. We had to understand our costs of doing busi- elecommunications net- ness, reduce them in some areas, and work operator Chorus, get our profit in line with revenue.” created in 2011 following the T demerger from Telecom NZ, has made sterling progress to ensure most New Zealanders benefit from ultrafast broadband (UFB). Chorus was chosen by the govern- ment to build afibre network for about 830,000 premises, initially for the 24 cities and large towns, and then the second stage for smaller com- munities. It is already ahead of that schedule, and has won the Most Improved category of the Deloitte Top 200 Awards. “We have just passed the mile- stone of having more people con- nected to fibre than those on copper connections,” said Chorus chief executive JB Rousselot. “And 17 per cent of the fibre consumers have Jeremy Hood gone straight to the best, high-speed plan.” AsureQuality, which plays an in- He said the company has focused tegral role in maintaining the on customer satisfaction and em- country’s important foodsupply, ployee engagement and “we are reduced its international exposure by pleased that we have had some good forming ajoint venture with French outcomes. During the Covid certification company, Bureau lockdown there was alot of pressure Veritas. on the network and we did the right They now jointly run food testing thing by keeping people connected laboratories in Australia, Singapore, —it’s something that the industry Vietnam, Indonesia, Malaysia and does well.” Thailand. By the end of September, Chorus’ “We are doing pretty good now fibre optics cable passed 947,000 financially —similar to what it was premises, up from 931,000 in the last year which was arecord,” said three months between April and May isation of $3.7 billion. We have just passed the the breadth of our offering.” The Hood. “We were an essential service this year. An even more significant Deloitte Top 200 judge Neil company now has 1100 staff and 350 during the Covid lockdown and our statistic when considering amulti- Paviour-Smith said while the 2020 milestone of having working in the call centre. team of 1800 kept working.” dwelling unit or single office block is financial year saw Chorus’ revenues more people connected The industry challenger, 2degrees, Formed in 2007 from the merger counted as one premises. and profitabilityrelatively stable was recently recognised by Cam- of Asure New Zealand and Operating with ateam of 870 staff compared with prior years, the com- to fibre than those on paign Asia as New Zealand’stop telco AgriQuality, Asure Quality provides located in Auckland, Hamilton, Well- pany achieved a23per cent increase copper connections. brand and was the only telco in the inspection, certification and food ington and Christchurch and using in total fibre connections which offset Colmar Brunton Top 20 reputation testing and other specialist services. contractors, Chorus completed the continuing decline in copper JB Rousselot (Chorus) index. The business can be traced back to 16,000 new installations in the Sep- connections. For the past year ending December 1875 when sheep inspectors were tember quarter, bringing the total to “For many years Chorus has been grees, said “the company has made 31, 2degrees increasedprofit from employed by the Crown Lands De- 47,000. The 757,000 connections ser- carefully navigatingthe fibre regula- asignificant impact on the industry; $19.6m to $28.6m and operating earn- partment. viced 1.226 million customers, up tory regime which is inching towards it’s been almost unrecognisable as ings (EBITDA) grew 12 per cent to Asure Quality’s 4000 customers from 725,000 and 1.209m in the April- finalisation. This is akey value driver we’ve moved away from the duopoly $147.5m, from $131m. range from producers, processors, May quarter. for Chorus with the company of Telecom (now Spark) and The company, which launches 5G wholesalers,retailers and regulators Chorus’ goal is to reach 1m credited with making good progress.” Vodafone over the past 11 years. at the end of next year, has arranged along the food supply and represent connections and service 1.36m cus- The relative stability and growth “We’ve gone above and beyond asharing agreement where it uses its industries such as dairy, meat, tomers within two years, and extend in market confidence in the com- expansion and become acompany of own spectrum via partner infra- poultry, seafood, horticulture and UFB to 87 per cent of the population. pany’s performance saw its share substantial size. We are the only top structure to serve pockets of New wine. It also provides services to By then it would have built anetwork price rally an impressive 77 per cent tier telco with a100 per cent Kiwi- Zealand not covered by its national forestry, live animal export and of 54,000km of fibre. over the past year. based call centre and we have had mobile network. biosecurity. With fibre broadband reaching The agreement has seen an in- With an eye on the whole food speeds of 100Mbps or more, it means Finalist: 2degrees crease in mobile traffic as customers supply chain, AsureQuality’s services users can connect multiple devices Telecommunications provider 2de- enjoy the benefits of improved include audit, farm assurance, train- and have no problem playing, grees has been niggling away at its services in less populated areas and ing, assurance mark traceability, watching, listening,and working at market for more than adecade with on regional roads. The 2degrees diagnostics, and laboratory testing, as the same time. the motto “fighting fair” and has now national mobile network reaches 98.5 well as inspection and certification. In its recent presentation to the become asignificant player in the per cent of the population. In the 2020 financial year ending UBS Australasia Virtual Investor con- country’s mobile and broadband Judge Neil Paviour-Smith said 2de- June, AsureQuality’s revenue ference, Chorus said Covid-19 was services. grees delivered its strongestever increased slightly to $255.9m from driving awareness of fibre reliability The company invested more than result in the past year, delivering 11 $254.02m, and its operating expenses and capacity as more people worked $1 billion to complete the rollout of per cent growth in mobile and 32 per were similar at $220.2m. Its gross from home, and it was lifting its its national mobile and broadband cent increase in fixed broadband profit fell from $33.03m to $27.02m, connections intensity in the present networks,and it has become afull- subscribers, and driving a46per cent and net profit decreased from $25.9m 2021 financial year. The strongest service provider to not only uplift in profitability. In ahighly com- to $19.95m. growth was in Auckland with a70per consumersbut also businesses and petitive market, New Zealand’s third Judge Neil Paviour-Smith said the cent uptake in fibre, and Chorus had corporatessuch as Auckland Airport mobile network provider has grown growing importance of food safety, contracted 25 greenfield properties. and governmentagencies including its customer share with afocus on testing and inspection serviceshad Chorus has provided operating the Reserve Bank and Ministry of higher value, post-pay connections seen AsureQuality deliver record earnings (EBITDA) guidance of Primary Industries. It provides and expanding opportunitiesto revenues and record operating profit- $640-$660m for the present financial broadbandtonearly 110,000 homes. Mark Aue bundle its products with home ability in the past year. year compared with actual earnings Back at the start of 2013, 2degrees broadband, he said. Revenue was favourably impac- of $648m for the 2020 year ending didn’t feature on the broadband mar- agenuine focus on customer care and ted by high demand for live animal June. Gross capital expenditure is ket share, dominated by Spark and experience —and providing value in Finalist: AsureQuality exports, continuation of the M expected to be between $630m and Vodafone. By the second quarter of product innovation and pricing. Over the past two years, state- owned Mycoplasma. bovis response pro- $670m after peaking in 2018 and 2019. this year, 2degrees had 7per cent of “During the Covid crisis, we re- enterprise AsureQuality has gramme and implementation of Revenue for the last year was $959m, the market, while Spark had fallen moved broadbandcaps and waived implemented arenewal strategy to nationwide tuberculosis testing down from $970m in the 2019 finan- from 48 per cent (in 2013) to 38 per late payment fees. We work with get its fundamental business well services. cial year. cent and Vodafone from 29 per cent anybody and would not disconnect balanced —and now it is ready to go These services and record results Chorus’ share price has climbed to 24 per cent. 2degrees had also them, even now, if they are suffering into growth mode. were delivered notwithstanding the from the March 23 low of $5.995 to grabbed 8per cent of the fibre market from economic hardship.” “We took ahard look and saw we challenges from Covid-19 which around $8.24, after reaching ahigh of share, with Spark at 35 per cent, Aue said customers continueto didn’t have asustainable business,” caused variable demand from cus- $9.22 on September 16. Chorus is one Vodafone 18 per cent and Vocus 15 appreciate simplicity. “We spent last said AsureQuality interim chief tomers for food testing and additional of the top 15 biggest companies on the per cent. year celebrating our 10th anniversary executive, Jeremy Hood. “We saw a costs in operating procedures,said NZX exchange with amarket capital- Mark Aue, chief executiveof2de- by refreshing our brand to highlight number of areas including financial Paviour-Smith. nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B23 YoungExecutive of theYear Lucie Drummond —Mercury NZ Popular and persuasive leader

Natalia Rimell Infratil’s $3.4 billion acquisition of Vodafone NZ —marked him out as ercury NZ’s Risk Assur- acontender in this year’s awards. ance Officer Lucie Massively challenging Ross is Infratil’s Group Financial Drummond is the 2020 Controller and afinalist in the 2020 M Young Executive of the experiences ...I’vefound that Deloitte Top 200 Awards’ Young Year in the 2020 Deloitte Top 200 Executive of the Year category. Awards. those are the times when I’ve He was heavily involved in the Drummond joined Mercury more acquisition —which was done via a than four years ago, initially as learned the most. consortium with Brookfield Asset governance and sustainability mana- Management —including making due ger before being promoted to risk Lucie Drummond diligence on aspects of the equity assurance officer six months later. raise as well as overseeing several She drove the delivery of the re- post-completion workstreams. newable energy company’s first inte- The deal involved a$700 million grated business plan. This began in raise in new equity and over $1b in 2015, when she reviewed what in- new debt. vestors were seeking, delving into the The judges said “Matthew can reasons capital providers were look- already claim some remarkable ca- ing for afocus on long-term reer highlights and his involvement sustainability and discovering Mer- in Infratil’s acquisition of Vodafone cury could increase its value by was notable. evolving “more explicit integrated “He demonstrated ahigh degree of thinking”. responsibility and capability within a She worked with arange of in- company that is regularly in the thick ternal stakeholders to identify key of some of NZ’s biggest business drivers of value creation and in 2019 deals.” took the next step by devising aplan Infratil is alisted infrastructure that aligned Mercury’s operational investment company managed by H. activity with its strategicintent. R.L. Morrison &Co. Ross has been The Young Executive of the Year Infratil’s financial controllerfor more judges were left in no doubt that than four years and also supports its Drummond is apopular and persuas- Institutional Investor programme. ive leader in her organisation and felt Two of his goals over the past 18 strongly that she has “a rare combina- months were to enhance Infratil’s tion of passion and technical capa- Risk and ESG frameworks and sup- bility that made her stand out as this port the acquisition and integration year’s Young Executive of the Year”. back in 2014 when she ran her first one the opportunity to do their best They praised him as “a fascinating of Vodafone New Zealand, which was The judges said what stood out to large project —Mercury’s Retail work and bring their “whole self to example of someone with aspecialist completed in May 2019 and was the them about Drummond was that she Transformation. She said she learned work”. She hoped it would inspire skillset who has worked hard to ex- largest corporatetransition in the last “could have headed for Greenpeace early that “even if you aren’t aline other young women and those work- pand their capacity for leadership. decade in New Zealand. or some other NGO, but has recog- manager, you need to dedicate sig- ing in the sustainability and risk areas. “He has clearly succeeded and Ross has made anumber of posi- nised the business world as the place nificant time to having really open “The fact that I’m on the executive plays akey role within Kiwi Wealth, tive enhancements to the company’s where she can be most effective and conversations and being visible and team of one of the largest companies having successfully moved from Risk and ESG framework, including deliver the most positive change — available to the team”. in New Zealand, is quite remarkable,” operating in an acting capacity to a liquidity and funding analysis and and the place she wants to be”. Judge and independent director she says. permanent appointment in the CTO enhanced reporting relating to port- Drummond has abiology degree Rob Campbell said, “Drummond’s “I’m hoping that Ican inspire some role.” folio composition. It is now in use with aspecialisation in environmen- views are deeply held and deeply other people who work in this field Ward set out to understand the assessing all investment and divest- tal science as well as alaw degree. thought through. She is about busi- to continue to work in this field, current state of the company’s tech- ment decisions and has provided She worked for two years as are- ness as it will be in the future. We liked because your voice can be heard.” nology in order to create an appro- clarity in complex decision-making source management lawyer then her collaborative approach to busi- priate strategy for its future including moved to the UK where she worked ness issues and finding holistic a“technology roadmap” to deliver the in an environmental law team focus- solutions”. growth and retention the business ing on climate change and large en- Asked to name her biggest needs to prosper. ergy projects. achievement to date, Drummond The disruption of Covid-19 sparked At Mercury, she worked closely says she is always pushing to work arapid change in the company’s tech with the group financial controller outside of her comfort zone. innovation. Acloud-based telephony and the sustainability manager. This “Taking on things outside my areas call centre was implemented in just resulted in changes to Mercury’s of expertise, working on things like two weeks, enabling the call centre 2030 goals, as evidenced in their retail transformation programmes. staff to be able to work from home 2020 Annual Report with two pages They’ve been massively challenging during the lockdowns. covering their Integrated Reporting experiences. But I’ve found that those Ward is proud of his team’s framework focusing on five pillars: are the times when I’ve learned the achievements: “Putting faith in customer and partnerships (social & most.” people’s capabilities and balancing relationship); kaitiakitanga (natural, Her goals include building on her the line between giving them the manufactured); people (human, intel- existing strengths to provide value in freedom to grow and make mistakes lectual) and; commercial (financial). how the company achieves its out- whilst also supportingand mentoring In July, Drummond was hand- comes through the way she leads, them where necessary.” picked by chief executive Vince learning more about the Ma¯ori world Kiwi Wealth is aNew Zealand- Hawksworth to lead the ateam de- view and establishing relationships based wealth and investment com- veloping an initiative —“Thrive” — with Mercury’s iwi partners, as well pany owned by Kiwibank. It is in the processes. Akey part of his role is to which is areview of the business’ as identifying opportunities that can Finalist: Craig Ward, Kiwi Wealth top 8Kiwi Saver providers and keep his teams resilient in times of operational excellence, to strengthen aid her scaling the company’s contri- Kiwi Wealth Chief Technology Officer employs 200 people with 250,000 high pressure —agood example being the company’s existing positive bution to New Zealand’s long-term Craig Ward left school at 16 and went customers and over $8 billion funds during the Vodafone transition where impacts as well as applying acritical sustainability. straight into an IT apprenticeship as under management. the company was also progressing lens in order to improve and align “I’d really love to expand my work the Dot-com era was taking off. Ward has gathered ateam of data the NZ Bus, Snapper and Perth Energy company resources with its around the future of energy to be a He moved to New Zealand adec- analysts and scientists to clean up sales processes as well as working to aspirations. broader strategic portfolio as well.” ade ago from the UK, doing ashort data and provide real business intelli- complete the FY2019 Financial “Lucie is able to achieve clarity by Drummond said she felt inspired stint at the TAB before moving to gence and insights to customer and Statements and Annual Report. listening with empathy and demon- to submit an application for the Gareth Morgan Investments —later product teams. Ross is clearly passionate about strating curiosityinher questions,” award in response to Mercury’s sup- Kiwi Wealth —working his way up Results include being the first Infratil. said Hawksworth. “She has alaser-like port of its employees offering every- to become CTO eight months ago KiwiSaver provider to be granted a “It’s aprivilege to have what Ithink focus on the goal, the ability to keep reporting directly to CEO Ian Burns. robo advice exemption from the is the best job in New Zealand and the horizon in focus and at the same His career history has been “kind FMA. An award-winning tool “Future on that basis I’m excited about mov- time ensure the team has the momen- Rob Campbell, Joan Withers of hands on technology,engineering, You” allows realistic predictions for ing through our organisation”. He has tum to overcome organisational re- and Liam Dann judged the infrastructure, abit of development, retirement income based on high ambitions including one day sistance. Young Executive of the Year so kind of “on the tools”, says Ward, KiwiSaver contributions, fund type, becoming CFO. “Lucie is able to understand the award. who leads ateam of 40 and is a“firm Government contributions, partner “He appears to be on apath to detail and wrestle with the ambiguity Due to her connection with believer in hiring people smarter than details as well as taking into account higher executive positions and he has without leaping to conclusions—she Mercury and potential for you”. property and other assets. been given increased responsibility is the epitome of leaders of the fu- perceived conflict, Withers The Young Executive of the Year within his existing role,” said the ture.” stood down from the final judges were impressed by Ward’s Finalist: Matthew Ross, Infratil judges. “His passion for Infratil and Drummond said she gained valu- decision. “strong executive leadership and suc- Matthew Ross’s work on one of New the people he works with was im- able insight into team management cess in his field”. Zealand’s biggest business deals — pressive.” B24 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Diversityand InclusionLeadership SkyCity Entertainment

Claire Walker SkyCity Entertainment Project Nikau —changing lives

Natalia Rimell demonstrating good innovation.” initiative, even in the event they do redundancies to other employees wish to, aid the transition back to The team worked on getting mana- not continue with the programme: who wanted to leave, we were able work with their Ta¯wariwari (Flexible) kyCity Entertainment Group’s gers and employees within SkyCity’s “The strategy to change and modify to offer redeployment options to all Working Policy, and pay up to $154 Project Nikau initiative has 2860-strong workforce to understand will change the lives of the youth they these vulnerable young employees.” per week per child for childcare if the S taken out the Deloitte Top the need for engagement with youth have in their cohorts,” the judges said. primary caregiver returns to work for 200 Diversity and Inclusion employment. SkyCity’s Claire Walker explains, Finalist: Synlait Milk at least 20 hours aweek, up until the Leadership award for 2020. Atoolkit —“Nga¯Kete eToru” “Covid has impacted everyone but for Synlait Milk is afinalist in the 2020 child turns three (when the govern- Project Nikau is an initiative to (Three Baskets of Knowledge) —was some the implications are far greater. Deloitte Top 200 D&I Leadership ment subsidy kicks in). employ and develop career used to aid understanding on how to The analogy that, due to Covid every- award for their Ma¯tua and Ta¯wari- So far, Synlait has paid out over pathways for youth (15- to 24-year best support disadvantaged youth in one has taken astep down arung on wari (Parental and Flexible Working) $290,000 in parental leave top-ups, olds) with afocus on Ma¯ori and the workplace. The first 15 the ladder, is agood one. Policy. $117,000 on partners’ leave and a Pasifika. participants were enrolled in June “For those already on the bottom Synlait Milk’s company mission is further $65,000 on childcare. Te Roopu Ma¯ori oSkyCity, aMa¯ ori 2019. Afurther 15 followed in Septem- of the ladder, the consequences are “doing milk differently for ahealthier The category judges were im- resource group, sits alongside and ber, with 20 more enrolled in Febru- far greater; this being the group who world”. This prompted Synlait direc- pressed by how far the policy supports the Project Nikau initiative. ary 2020 bringing the total to 50 and were most disadvantaged pre-Covid.” tor Ruth Richardson and CEO Leon surpassed government requirements. This is the second year that the exceeding the initial target of 30 Walker says while it’s tempting in Clement to ask how the company “The initiative goes well beyond entertainment company has snagged participants. these challenging times to reduce could deliver the mission without statutory requirements —including the award. In 2018, SkyCity earned The participants go through a investment in community, environ- more female representation within its topping up paid parental leave, pro- top spot for Tahuna te Ahi. personalised training and upskilling ment and people-related initiatives leadership. viding partners with paid leave, and Former CEO Graeme Stephens and programmefor the initial 6months that bolster social license, social li- Synlait Milk has over 1000 em- continuing KiwiSaver contributions Chief People and Culture Office Claire of their employment. Each partici- cense is more critical than ever. ployees throughoutNew Zealand. In and annual leave accrual.” Walker decided to target Ma¯ori and pant receives adedicated support At the beginning of 2020, SkyCity’s early 2019, 34 per cent of senior They also say the benefits of the Pasifika youth employment to help person, mentoring and pastoral care team of 5000 employees was made leaders were women. There was a16 policy to the company include staff deliver on the company’s character as well as cultural support. up of 58 per cent under 36 years old. per cent pay gap with male coll- retention, employee loyalty, connec- and culture goals. Since its launch, the Auckland- The eldest employee was 83; 56 dif- eagues. The goal is to close this gap tedness and aculture of fairness and ASkyCity team discovered that based programmehas been evalu- ferent languages were spoken, 6per to five per cent or less by 2023. kotahitanga (unity). 13.6 per cent of young people aged ated twice. cent identified as being part of the Synlait discovered parents who Company HR Manager Trish Telfer between 15-24 were not in education, One external evaluator said, “It is LGBTQI+ community, and the went on parental leave, wanted to said of the policy: “Research shows employment or training in 2018; the clear that the team driving the project workforce was evenly split male and stay informed; to be able to attend that women’s career progression is year the programme was conceived. has taken the notion of ‘village’ to female. The top three ethnicities were special events; assured their income often impacted by taking time off to Of these 29,400 people, 35 per cent heart, and the practice of Chinese, New Zealand and Indian in wouldn’t drop to the statutory rate; raise children. This is one way we’re were Ma¯ori and Pasifika. whanaungatanga was prevalent that order. wanted more flexible working arra- trying to mitigate that.” The team’s objective was to em- through all levels of the programme.” “Overnight, our business shrank by ngements, and also to not have to On being afinalist she said: “We’re ploy 30 young people in sustainable The SkyCity team are pleased with 25 per cent and, consequently we worry the cost of childcare would thrilled to be afinalist in the Deloitte full-time roles giving them an employ- the results to date, especially when reduced our workforce by 900 team prevent their return to work. Top 200 Diversity and Inclusion cat- ment opportunitywhere previously taking into account the difficulties members,” said Walker. The new policy was announced to egory. they had experienced exclusionor that Covid-19 has brought to the busi- The management team modelled employees at an all-staff meeting. Synlait is committed to ensuring difficulties in getting ajob. The overall ness community. the impact on gender balance and Synlait has committed to: an inclusive workplace and our goal was to create aproven Commun- Some 66 per cent of participants minority groups of the different ways ● top up the primary caregiver’s Ma¯tua policy is aimed at helping ity and Corporate Pathways Model remain employed with 32 per cent of to approach the selection criteria for government-paidparental leave to parents, particularly mothers, return which can be scaled and replicated. these employed for 12 or more redundancy such as ‘last in, first out’, full salary for 26 weeks; to the workforce and ease the finan- SkyCity engaged with over 30 ex- months, 36 per cent were employed or skills-based selection. ● give partners two weeks of paid cial burden of childcare. ternal organisations, assessed avail- for 7to11months and 48 per cent “Of real concern was the impact of leave (on top of annual leave); and “We thought we had something able internal support, employed a for 6months. This is a20per cent using ‘last in, first out’ on Project ● continue KiwiSaver special; being afinalist confirmed that youth mentor and worked with the higher retention rate than that of the Nikau, our youth employment pro- contributions, ensure annual leave we did.” Ministry of Social Development to company’s general employee reten- gramme which had seen 50, accrual (holding the monetary value They have seen a100 per cent source suitable participants. tion rate. predominantly Maori, young people prior to taking leave) and annual pay return to work since launching the The Diversity and Inclusion judges The D&I judges were impressed from disadvantaged backgrounds reviews for employees who are on policy and have seen an increase of said “SkyCity has recognised the im- with the scalability of the programme join SkyCity in what was for many leave. thenumber of women in leadership portance of partnerships and have as well as the lasting effects this will their first experience of employment. They will also help those on par- roles rise by 38 per cent which they tested and iterated their programmes, give to those enrolled under the “Ultimately, by offering voluntary ental leave to stay connected if they say is adirect result of attracting more nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B25 Diversityand InclusionLeadership

our initiatives mean to them person- Synlait Kathmandu ally. When ateam member feels safe to bring their whole selves to work and various stresses associated with that are removed, they can focus on their work, and contribute more to the business. There is ashared sense of pride in Kathmandu and we see teams working together more effectively and producing greater innovation.” Since they initiative began they have created a‘transitioning at work’ policy as well as supporting two team members in their transition journey and sponsored LGBTQI+ community events outside of the organisation including the Christchurch Pride Stonewall 50th Anniversary Gala Din- ner. They have also looked to engage the Rainbow community outside of the brand, partnering with Rainbow organisations Qtopia in New Zealand women thanks to the policy. They that team members and customers gagement, organisational develop- workforce “do not feel the need to and Minus 18 in Australia and have have also closed the gender pay gap represent many different sexual and ment, and monitoring. hide, mask or downplay any aspect worked with companies Health Qual- from 16 to 13 per cent, which the gender identities in the LGBTQI+ com- The initiative is led by Learning of their physical, cultural, spiritual or ity &Safety Commission and Voda- judges praised. munity. and Development Manager Kelly emotional self at work” and 93 per fone Rainbow Whanau in Christ- One of the company’s “new mum” Kathmandu saw this as an oppor- Hopkins. Kelly’s starting point was to cent feel trusted and respected. church sharing ideas and creating employees, who utilised the policy, tunity to differentiate themselves by form a“Kampers” team including as With the help of the then team’s plans for potential future collabora- said: “I used to think having achild being inclusive, raising awareness many identities as possible and only transgender employee, Alannah, tions. could be career-limiting —not at and recognising the contribution of seeking out employees with varied the Kampers created alogo for the The judging panel said, “Kathman- Synlait.” the rainbow community. diversity including sexuality and gen- initiative that incorporates both the du is working hard to build rainbow They set out athree-year plan to der identities. Rainbow and Trans Pride flag colours community inclusion and celebra- Finalist: Kathmandu make themselves the “Next Level The scheme was broadened to the as well as avideo entitled “This is Me” tion. It has demonstrated great en- Kathmandu’s Rainbow Inclusion in- Inclusive Employer”, aiming to estab- rest of the company’s 2000 team which includes adiverse array of thusiasm and energy… itiative has seen it chosen as afinalist lish both arainbow employee net- members located in Australia, the US people from within the company, “There has been great buy-in and in the Deloitte Top 200 Diversity and work and Rainbow Tick accreditation and the UK. More than 12 per cent including Alannah. Posted on the engagement and the programme has Inclusion award. —acertification that ‘is about of the global workforce that have company’s Facebook page inspiring been supported by senior leaders The global outdoor lifestyle brand accepting and valuing people in the become Rainbow Kampers. positive comments including one within the company, which has re- specialising in clothing and equip- workplace, embracing the diversity ANovember 2019, survey re- customer that said: “What agreat post sulted in aclear culture shift. ment has astrong foundation built on of sexual and gender identities’, vealed 17.4 per cent of respondents no wonder Ilove this store you are “This is aground-breaking pro- sustainability. Its core values lie which they achieved in March 2020. identified as belonging to the LGBTQI such apositive example for your gramme in the Rainbow community.” strongly in its “diverse team of differ- Kathmandu showed that they +community, with identities ranging diversity and ethical perspective. Going forward, the company looks ent backgrounds, experience, and were fully successful in the from gay/lesbian, pansexual, gender Thank you”. to spread further awareness across its identities”. certifications’ five areas: strategy and fluid, transgender to sapiosexuality. Hopkins is proud of this: “We can other brands Oboz and Rip Curl in The Rainbow initiative was born policy, employee engagement and The same survey also showed that see from the reactions of our team order to bring their group portfolios of acompany-wide understanding organisational support, external en- 87 per cent of Kathmandu’s global members and customers how much in line.

At SkyCity it’sour people whoare shaping ourfuture and we’reinnovating to build sustainable employment opportunities forall.

Ourdiverseworkforcechallenge legacythinking with newwaysofworking,new technologiesand newwaysofprovidingoutstandingservicetoour guestsevery day.

Project Nikau is oneofour innovativepeopleand cultureprogrammes supportingand empowering young people to createopportunities to start a career with SkyCity.

Ourteams focus on our values of OwnIt, Share It andLiveIt–theymaketheir mark, theymakea skkycityi careers.com differenceand theymakemagic moments happen. skycityentertainmentgroup.com B26 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Visionary Leader Ian Taylor Bringing aworld-class team together

Graham Skellern is actually leading, and how far to the the game for viewers. For instance, finish line. we can show the line aputt took on ounder Ian Taylor was deter- The Dunedin animators are pres- the green and get the reaction: ‘Holy mined that Animation Re- ently busy completing simulations of shit, he did that’,’’ Taylor said. search Ltd would stay put in Team New Zealand’s recently laun- “The World Wide Web is the elec- F Dunedin because that’s ched second generation AC75 boat tronic highway that allows us to do where he wants to live. From the deep named Te Rehutai. what we do and to go out into the south of New Zealand, his innovative “Our team is taking the live feed world from Dunedin,” said Taylor. company has taken on the world and and putting the data and graphics Animation Research has become changed the way people watch sport over the pictures and sending them one of Australasia’s leading computer on television and other viewing back to the golf course and out to the graphics production companies — platforms forever. world within half asecond. That’s amongst other projects are Formula Animation Research’s talented One racing car and air traffic control team of 35 has livened up, even Thethought simulators, and the latest, virtual real- revolutionised, the viewing of golf, ity videos for taking the fear of MRI cricket, yachting, motor sport and leadership is all Scanning away from children, and the baseball —and soon rugby and rugby educational platform the Land of league —with its 3D, data-driven over the place. We Voyagers on thevoyager.co.nz graphics over live pictures from the Land of Voyagers, to be gifted to Virtual Eye sports division. haveinnovationin primary and intermediate schools, There’s the famous wagon wheel tells the incredible story of Ma¯ori which shows where the batsman’s ourDNA. migrating across the Pacific Ocean — runs came from in his century; there’s the largest body of open water on the the lines of the ball to show whether Ian Taylor planet —toNZ. Taylor said: “We the cricket umpire made the right lbw weren’t told the story at school. They (leg before wicket) decision; there’s amazing,” said Taylor, who founded didn’t have any technology, but they the tracking graphics to show how far Taylormade Productions in 1989 and had innovation and vision —they the professional golfers drive the ball Animation Research ayear later. understood the ocean stars, they or how good that putt was on the “What we are doing is explaining were celestial navigators.” European and United States PGA to people who are sitting at home how Taylor, born in Kaeo in Northland tours; and there’s the data on driving good these players and sailors are. and brought up in the East Coast lines, acceleration, braking, gear shifts That’s why they are the couch po- Raupunga community of Nga¯ti and driver G-forces in motor racing. tatoes and are not out there partici- Kahungunu and Ngapuhi descent, Animation Research made pating. We saw an opportunity to was genuinely surprised at being America’s Cup sailing exciting. As make television coverage better. named the Visionary Leader in the well as other animations, the firm “With the graphics, we can display Deloitte Top 200 Awards. But he’s relays aconfiguration of the courses the players’phenomenal skills and very proud of what his team has and lines through them to show who achieve agreater understanding of achieved. He said: “The idea of a

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singular leader doesn’t make sense. Ican see all the people who have KAL-Q-LATED joined me in the footsteps. Without those footsteps, we wouldn’t be RISK PAYS OFF where we are now. “Thirty years ago we sent Paul Ian Taylor likes to say, in the words Sharp and Stu Smith to the United of Lord Ernest Rutherford, “We States to write the original codes for didn’t have the money, so we had the America’s Cup on ahalf amillion to think. We didn’t discover the dollar machine —there was no com- digital world: it discovered us. We puter big enough to do the job in New had already decided that we would Zealand. take on the world from Dunedin. “They are still working in the busi- Someone invented the Internet, ness, and now you can do the job on and gave us our highway. We have an iPhone. The whole company is been travelling it ever since.” built on software developed by the The Deloitte Top 200 judges were amazing professor Geoff Wyvill and not fazed by Taylor’s modesty. his students in the Otago University They said the charismatic computer graphics laboratory. Geoff entrepreneur has not only built produced the first ray tracing cutting-edge digital technologies software package in the world. to animate and track the world’s “I was just asinger in arock and glamour sports: America’s Cup, roll band. How would Iknow and golf, cricket and motor sports, but think about something like digital has done it through leading a data and turning it into pictures that world-class team. people understand? I’ve had the priv- couldn’t bring himself to leave Dun- to see better and to visualise what “Taylor’s personable leadership ilege of being the storyteller. The team TAYLOR/ ARL edin. Instead, he formed Taylormade cannot be seen. We create animation style is not only uniquely Kiwi but wrote the story and Iget to tell it.” Productions making regional tele- both as art and as scientific illustra- it is inspiring to any New Zealander And tell it, he does. “My vision was ACHIEVEMENTS vision commercials and corporate tion.” who aspires to build aglobal finding aplace to live in, Dunedin, and videos. Taylormade Productions formed a company headquartered in NZ,” creating jobs that are really cool so ● Bachelor of Law degree from When TVNZ closed its Dunedin joint venture, Animation Research, the judges said. they will stay forever. University of Otago. studios, Taylor bought them with a with the university in one of the first It was not all plain sailing. He put “When you make the decision to ● TVNZ presenter, writer, $500,000 bank loan. Taylormade attempts to turn academic intellec- his own capital on the line to buy run abusiness, it’s really important producer and director for 12 produced the children’s television tual property into acommercial ac- TVNZ’s Dunedin studio. That to find other people who share your years. show Tiki Tiki Forest Gang where the tivity, and then later Taylormade calculated risk paid off as he went vision. It also helps that they are a ● Founded Taylormade studio was run by animals and a bought all the university shares. on to knit his television production lot cleverer than you. If Ifailed, then Productions in March 1989 and rogue computer; and Squirt,featuring The original students, Craig and rock band “story-telling” Iwould be making fish and chips. We then Animation Research Ltd in New Zealand’s first motion-captured McNaughton, Paul Sharp and Stu experiences together with leading have two guys who started here and 1990. co-host Spike the Penguin. The Ani- Smith, are still working at Animation computer graphic skills from their children are now working part- ● Appointed Companion of the mation Research team still works in Research 30 years later. McNaughton Otago University to create time while they attend university. New Zealand Order of Merit for those original studios in Dowling St. and Sharp were members of the Animation Research Ltd. The Taylor, who has another saying — services to television and Animation Research was founded Otago University team that won the judges said Taylor’s visionary “bugger the boxing, pour the concrete business in 2012. when Taylor met Emeritus Professor ACM International Collegiate Pro- move to spotlight the Polynesian anyway” —was the ideas man and ● Inducted into the New Zealand Geoff Wyvill who ran the Computer gramming Contest —the first time the voyage to Aotearoa, telling the he would confront his team with Technology Hall of Fame in 2009. Science Department, and computer Olympic Games of computer pro- story of Kupe and the celestial suggestions such as walking the ● Winner of the Creative sector graphics laboratory, at Otago Univers- gramming for students was won by navigators in Land of Voyagers, golfing fairways as if you were there; of the World Class New Zealander ity. anon-United States university side. caps abrilliant career and marks how do we use flash technology to awards in 2012. “I walked in and thought ‘this is Wyvill is adirector of Animation him as the deserving Deloitte Top track the ball in cricket or who is in ● Named Outstanding Maori incredible.’ On ahandshake Geoff Research with Taylor, Clive 200 Visionary Leader for 2020. front in the America’s Cup; or Airways Business Leader of the Year in gave me three of his best students to Broughton and Michael Guthrie, New Zealand is looking for someone 2013. see what we can do,” said Taylor. while Sharp, Smith and Wyvill are to build anew air traffic control ● In May 2014, was part of the “Geoff is the most unassuming and shareholders, along with the family changed our business —wecover simulator. team awarded aSports Emmy honest man Iknow, and he’s worked interests of Taylor and Guthrie. sport remotely. “The team had never done any- under the Category “Outstanding quietly in the background. He would Animation Research quickly set “Our air miles were massive flying thing like that but their (deadpan) New Approaches –Sports ring me up and say: ‘I’ve got someone the pace. Its first of many 3D teams to golf tournaments in the response was: ‘Don’t see why not’. We Coverage” for development of a who is really good and would work productions was atitle sequence for United States and Europe every set out to build one of the most mobile app for 34th America’s well at your place’.” the TVNZ series University Challenge, week. We had to do something about amazing simulators in the world, and Cup. Wyvill believed: “A computer is not and it created classic television ad- that, and it was Covid-19 that made it was amulti-million dollar contract just abetter paintbrush. Apicture has vertising images —the Bluebird water- us change the way we do business.” for alittle Dunedin company that had meaning and the idea behind the skiing penguin, seagulls on aCook Animation Research’s head of never built an air traffic control simu- room was abar and we had our first picture can be coded into the com- Strait fast ferry, and gannets forming innovation John Rendell trawled the lator before.” beer for morning tea” —then as a puter. We can represent acar reason- akoru. net and found all the tools he needed It all began when Taylor played a presenter on the children’s TV pro- ably well, but how do we represent Its first award-winning commer- to build anew platform and stitch gig in Dunedin as the lead singer for gramme Play School while com- athunderstorm? cial was computer-generated images together asystem that placed the the popular 1970s band, Kal-Q-Lated pleting alaw degree at Otago Univers- “Computer graphics draws toge- featuring aUnited Airlines 747 flying graphics on the live pictures and sent Risk. He dropped out of abusiness ity. He was about to become alawyer ther skills from mathematics, engin- over Paris, the Grand Canyon, Rio de them back in an instant —all from the degree course at Victoria University when he was offered afull-time job eering, psychology, photography, Janeiro and Hawaii. And then the office in Dunedin. in 1968 to join the band. as apresenter on the children’s maga- film, painting, and sculpture. We learn trendsetting sports coverage with 3D “If we said originally we would be The Kal-Q-Lated Risk opened for zine programme Spot On. animated graphics was born. Ani- doing it all from Dunedin, we the Beach Boys on their tour of NZ, Taylor worked as apresenter, pro- mation Research still does computer- wouldn’t have got the contracts. Talk was afinalist in the Loxene Golden ducer, writer and director for TVNZ I’ve had the generated flyovers of the cities and about leadership and vision. Here’s a Disk Awards, and released 11 singles between 1977 and 1989. He produced the sporting venues and their sur- guy (Rendell) who came here when and one album. documentaries including Pieces of privilege of being roundings to provide context. he was 18 and had no degrees and After four years with the band and Eight,the inside story of the New The “don’t see why not” philos- his headmaster had rung me, saying astint of compulsory army training Zealand Rowing Eight at the 1984 thestoryteller. The ophy got Animation Research ‘we can’t teach him, we bore him’. at Waiouru, the jobless Taylor was Olympic Games; Aramoana,adocu- through atricky situation during the “If John didn’t find the solution, drawn back to Dunedin. “When Ihad mentary told by those directly teamwrotethe Covid-19 lockdown. then everything was gone. We don’t been in the Risk, we travelled all over involved in the David Gray shootings; “We had aproblem,” said Taylor. have asingular leader. The team the country and the best place we and Innocent Until,the inside story of storyand Iget to tell “Our golfing contracts were worth members form the visionary leader- played in was Dunedin —the Ag Hall the defence team for David Bain at millions of dollars and they would go ship, and I’m up there as part of them. and Ocean Beach Hotel.” his first trial. it. to zero in 24 hours if golf started up Ithink of those celestial navigators Taylor worked as aforklift driver In 1989 Taylor was offered acur- and we couldn’t be there. In six weeks crossing the Pacific —wehave inno- at Speights Brewery —“our smoko rent affairs job in Wellington but Ian Taylor we found away around it that has vation in our DNA,” said Taylor. B28 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Judges: Young Executive Judges: Diversity and of the Year Inclusion Leadership

Joan WithersJoan Withers spent over Jo Cribb 25 years in the media industry, Jo Cribb is an experienced gender and including as CEO of Fairfax NZ and The leadership consultant, facilitating Radio Network, and has significant sessions with leadership teams, corporate governance experience. She coaching emerging leaders, and leads chairs The Warehouse Group and a Business policy, strategy and gender projects. steering committee working to She worked with the Commonwealth increase Ma¯ori and Pasifika students Heads of Government Meeting in taking jobs in the health sector and is Sustainability London and New Zealand Defence. director of ANZ NZ and Sky Network She was chief executive of the Ministry TV. She was chair of Auckland Leadership for Women and one of the youngest International Airport, Mercury NZ and CEOs appointed in the New Zealand TVNZ and held directorships on the Adviser Public Service. She is passionate in boards of some of NZ’s largest advancing the cause of the vulnerable companies including Meridian Energy in society. and Tourism Holdings. She is aformer Scott Pickering Deloitte Top 200 Chairperson of the Scott Pickering is ahighly experienced Year (2015). chief executive. Currently CEO of Liam Dann Accident Compensation Corporation Liam Dann is Business Editor at Large (ACC), he has held regional CEO roles for the New Zealand Herald. He has at Willis (Towers Watson), Royal &Sun been ajournalist for 25 years, covering Alliance Insurance (RSA), ACE business for the last 20 of them. He Insurance (now Chubb Insurance) and writes news, opinion pieces and CIGNA. He is anon-executive director commentary covering markets, for Chubb Australia and New Zealand, economics and politics, and is host of and ashareholder director in Kiwibank. the regular Market and Economy Hub Pickering’s philosophy is to ensure his video shows as well as the BNZ Connect organisations always deliver quality SME podcast series. He has also worked customer service and outcomes, which in the banking sector in London and he believes can only be achieved when travelled extensively. abusiness is truly inclusive, champions Rob Campbell, CNZM accessibility, and recognises diversity Rob Campbell is the chair of SkyCity Katie Beith as astrength. Entertainment, Summerset Group, Katie Beith is aSenior Investment Ranjna Patel, ONZM Tourism Holdings and WEL Networks Strategist for the NZ Superannuation Rajna Patel and her husband Kanti set and adirector of Precinct Properties Fund. She provides support and up the largest Private Primary Health NZ and Ultrafast Fibre. He has over 30 expertise for the Fund’s Climate care Provider in New Zealand, East years’ experience in capital markets Change Investment Strategy. Tamaki Healthcare in 1977, and, in 2014 and is director of, and advisor to, a Katie is currently serving on the founded Gandhi Nivas, aFamily Harm range of investment fund and private External Reporting Board’s initiative. She has won multiple awards equity groups in New Zealand, Stakeholder Advisory Panel (XRAP). including the Deloitte Top 200 Australia, Hong Kong and the US. In Previously she spent 8years at Newton Visionary Leader in 2016 and was 2019, he was awarded aCompanion of Investment Management (London) awarded an ONZM in 2017. Patel sits the New Zealand Order of Merit and where she worked in the Research on many advisory boards including received the Distinguished Alumni Team as the Socially Responsible Diversity Works NZ, the Mental Health Award from Victoria University. He was Investment Officer working towards Foundation, Middlemore Foundation, Deloitte Top 200 Chairperson of the establishing an environmental and Global Women and NZ Police National Year in 2017. social analysis capability. Ethnic Forum. 11 85 G1 MA WhenyourITisatits best, so areyourpeople. Manageability,Security,Lifecycle Services

Learn more at hp.co.nz/services nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B29 Light in adarkyear

NewZealand’s Top 200 companieshaveseen asmall increase in revenue, but adip in earningsand profits, writes TimMcCready

he high-level view of the 2020 Deloitte Airwork, with revenue of $200m. Last year’s Top 200 Index shows total revenues 200th ranked company, Juken (the 176th DeloitteTop 200 Index for Top 200 companies increasing ranked entity for 2020) had revenue of $206m. T from $188,561 million in 2019 to This is a2.9 per cent decrease in revenue 2020 2019 $191,580m in 2020 —anincrease of 1.6 per cent. between the 200th ranked companies year-on- $m $m %change This compares to a4.0 per cent increase in 2019. year. Underlying earnings (EBITDA)decreased EBOS Group (2nd) has increased in revenue Revenue 191,580188,561 1.6 from $27,027m in 2019 to $25,062m in 2020. by 25.0 per cent from $7,393m in 2019 to $9,241m EBITDA 25,062 27,027 (7.3) This is adecrease of 7.3 per cent, compared to in 2020, overtaking Fletcher Building (3rd) a5.7 per cent increase in 2019. whose revenue has decreased by 12 per cent Taxpaid2,004 3,552 (43.6) The EBITDA margin, an assessment of from $8,308m in 2019 to $7,309m in 2020. operating profitability as apercentage of total Fletcher Building had previously held the Profit aftertax 6,50310,367 (37.3) revenue (total EBITDA/total revenue), second-place ranking for four years. Totalassets 252,108230,004 9.6 decreased slightly between 2019 (14.3 per cent) EBOS Group’s increase in revenue is and 2020 (13.1 per cent). attributed to significantly higher sales volumes Totalequity104,828 102,018 2.8 Total profits after tax have decreased from in its community pharmacy and institutional $10,367m in 2019 to $6,503m in 2020. This is healthcare businesses. This results in an 11.2 per a37.3 per cent decrease year-on-year, cent increase in the revenue of the second-place compared to a6.3 per cent increase in 2019. entity year-on-year, however the revenue gap Net profit margin (profit after tax/total between the top two companies has remained DeloitteTop 30 FinancialInstitutions Index revenue) decreased between 2019 (5.5 per cent) fairly constant, slightly increasing by 0.9 per and 2020 (3.4 per cent). cent, as Fonterra (1st) had arevenue increase 2020 2019 Total Assets have increased from $230,004m of 5.3 per cent. $m $m %change in 2019 to $252,108 in 2020, which is a9.6 per The top 10 has remained quite consistent, cent increase and compares to a4.8 per cent with Foodstuffs NI re-entering in tenth place. Revenue 27,02727,239 (0.8) increase in 2019. It had previously droppedfrom fourth place to EBITDA 9,2069,599 (4.1) The number one spot in the Top 200 Index 12th place in 2019 due to achange in how has been held by Fonterra since its formation revenue was recorded (following NZ IFRS 15 Taxpaid2,398 2,553 (6.1) in the early 1990s. Its revenue increased by 5.3 adoption in 2019). Foodstuffs NI’s revenue has per cent during the year to reach $20,282m. increased by 6.3 per cent, from $3,332m in 2019 Profit aftertax 6,0146,503 (7.5) This increase is mainly due to Fonterra’s to $3,543m in 2020. Foodstuffs NI’s re-entry in Totalassets 601,873557,606 7.9 improved ingredients business pricing and the top 10 sees Meridian Energy move down product mix sales. from 10th place in 2019 to 11th place in 2020. Totalequity49,93447,263 5.7 The 200th ranked entity on the Top 200 It reporteda2.5 per cent decreaseinrevenue index in 2020 is anewcomer to the Index, from $3,491m in 2019 to $3,405m in 2020. Ma¯ori business rises to challenge

Ma¯ori businesses Deloitte Top10MāoriBusinessIndex showcase strength in the face of adversity # Totalassets Total Profit says Lee Gray Return equity Return aftertax Balance 2020 2019 Name $m %change onassets $m onequity $m date

– 11NgāiTahu1,830 (5.2)(5) 1,521 (6) (88) Jun-20 The continued growth of Ma¯ori business, despite the challenges of – 22WaikatoTainui 1,428 (1.3)(2) 1,206 (3) (35) Mar-20 Covid-19, highlights the resilience and value it adds to Aotearoa’s economy. – 33Ngāti WhātuakiŌrākei1,254 5.54975 4 43 Jun-19 The entities on the 2020 Deloitte Top 10 Ma¯ori Business Index – 44Moana NZ 549 (1.0)4453 5 23 Sep-19 collectively represent over $7.1 billion in assets. – 5–Lake Taupō Forest Trust428 21.9 10 364 12 38 Jun-19 Waikato Tainui, ranked second on the 2020 Deloitte Top 10 Ma¯ori Index 65Tuhoe Te UruTaumatua386 5.65381 6 20 Mar-19 with over $1.4 billion in assets, has played asignificant role in the 76Parininihi ki Waitotara (PKW)2 334 5.84267 5 12 Jun-20 community over the course of this – year. They partnered with the 8–Wakatū Inc334 2.25230 7 16 Jul-19 Government to run Covid-19 testing 97PukeroaOruawhata 303 8.05173 9 15 Mar-19 centres in Hamilton and surrounding areas, including rural communities, 10 8Ngati Porou259 2.11233 2 4Jun-20 providing additional capacity to testing services. Nga¯tiPorou, ranked tenth on the index, also established testing centres including in some of 10 Ma¯ori Index —Lake Taupo¯Forest with 23,000 hectares of that being New Zealand’s remotest Trust, ranked fifth, and Wakatu¯ plantation forest. Asignificant communities, ensuring everyone had Ma¯ori business also Incorporation, in at number eight. number of people from the Tu¯rangi access to atest who needed one. Placement on the index highlights the community are employed on their This is just aglimpse of the helped ensure ongoing maturity these businesses have whenua, and with the Crown lease outstanding response from iwi and confidence in supply reached and their visibility within the due to end in July 2021, this will result the Ma¯ori business community to market. in 100 per cent of the forestry income support communities throughout chains and food security Wakatu¯holds adiverse portfolio returning to the trust, creating Aotearoa. through the lockdown. of assets, valued at over $300 million, additional flow-on benefits for the Critically, Ma¯ori business also with 70 per cent focused in the land local community. helped ensure ongoing confidence in Lee Gray and water space. In ayear full of challenge and supply chains and food security It also has afood and beverage uncertainty, Ma¯ori business have through the lockdown. As investors business as well as acustomer- showcased their strength not only and providers of significant focused health and wellbeing from afinancial perspective but also infrastructure and owners of $13 offering, businesses we can only in their commitment to communities billion in primary sector assets which took asignificant hit as aresult challenges, the underlying strength of expect to continue to have strong across Aotearoa. (Source: Ma¯ori Economy Investors of Covid-19. Like all of the tourism these businesses has shone through growth. The Government describes the Guide 2017), many of these sector, Nga¯iTahu tourism operations highlighting their resilience and the Lake Taupo¯Forest Trust recovery from Covid-19 as an businesses kept New Zealand had its international visitors ability to rise to the challenge which demonstrated the most significant economic recovery, and Ma¯ori primary products available and disappear overnight and many others confronted them. growth, with a21.9 per cent increase business are well-placed to support getting to where they were needed. saw areduction in the asset value of In this difficult year, it is in asset value compared with the them in this process, providing not However, it is important to their businesses. particularly encouraging to see two prior year. just economic benefits but holistic acknowledge those Ma¯ori businesses Despite these unmitigated new entries on the 2020 Deloitte Top They hold 32,000 hectares of land benefits to the nation as awhole. B30 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Top200 Indices

Top profits # Revenue EBITDA EBIT

2020 2019 Name $m %change $m $m Fonterra (ranked first in the Top 200 Index) reported the #Name $m – 11Fonterra (NZX:FCG)2 20,282 5.3 2,1451,319 top profit for 2020 at $803m, with its profit after tax 1Fonterra (NZX:FCG)2 803 23EBOS Group(NZX:EBO)2 9,241 25.0 352275 increasing by $931m from a 2Infratil(NZX:IFT)2 509 32Fletcher Building(NZX:FBU)2 7,309 (12.0) 355(135) loss of $122m in FY19. 3Spark(NZX:SPK)2 427 This increase in profit is 4A2Milk (NZX:ATM)2 388 – 44Woolworths (ASX:WOW)7,203 7.1 633 377 attributed to significantly 5Lotto NZ2 333 lower net interest-bearing 56ZEnergy (NZX:ZEL)2 4,934 (8.7) 198(64) 6F&P Healthcare (NZX:FPH)2 287 debt, improved cash flow and an increase in sales 7Ryman Healthcare (NZX:RYM)2 265 revenue for Fonterra in the 8SkyCity (NZX:SKC)2 235 65AirNZ(NZX:AIR)2 4,836 (16.4) 618 (559) 9Transpower2 231 current year. The prior year – 77Fulton Hogan2 4,620 (0.5) 479320 loss was mainly due to the 10 Fulton Hogan2 222 write-downs of $203m 11 Mercury (NZX:MCY)207 – 88BP2 3,719 0.6 259203 impairment of its China 12 Woolworths (ASX:WOW) 202 Farms investment and – 99Spark(NZX:SPK)2 3,588 2.0 1,116635 13 Zespri2 201 $237m on its New Zealand 10 12 FoodstuffsNI2 3,543 6.3 93 80 food service business. 14 AucklandAirport (NZX:AIA)2 194 The top profit figure of 15 MeridianEnergy(NZX:MEL)2 176 $803m reported by Fonterra 16 EBOS Group(NZX:EBO)2 170 11 10 MeridianEnergy (NZX:MEL)2 3,405 (2.5) 693323 compares to the 2019 top 17 Mainfreight(NZX:MFT)2 159 profit of $1,397m achieved by 18 MatarikiForestry2 147 12 14 Zespri2 3,373 7.6 293272 Shell. 19 TAB137 – 13 13 FoodstuffsSI2 3,188 1.6 n/a21 The top profit figure has 20 BP2 135 decreased by 42.5 per cent 14 15 WarehouseGroup (NZX:WHS)2 3,173 3.3 278105 year-on-year. The average profit after tax across profit after tax increasing by 4.4 per 15 16 Mainfreight(NZX:MFT)2 3,095 4.8 398224 all 200 companies has decreased cent, from $409m in 2019 to $427m from $51.5m in FY19 to $32.5m in FY20 in 2020. —a36.9 per cent decrease. Specialty dairy company A2 Milk 16 11 ExxonMobil2 2,901 (13.9) 132106 Infrastructure investor Infratil (ranked 22nd) has jumped from – 17 17 GenesisEnergy (NZX:GNE)1 2,592 (4.0) 345127 (ranked 32nd) has entered the Top eighth place in 2019 to fourth in 2020. Profit Index in 2020, taking second Its profit after tax has increased by 18 19 Silver Fern Farms2 2,557 7.2 12693 place with aprofit of $509m, a609.1 31.8 per cent from $295m in 2019 to per cent increase from its $64m $388m in 2020. 19 20Downer Group(ASX:DOW)2 2,150 (2.6) 13859 reported in 2019. Lotto NZ (ranked 29th) climbed to 20 18 ContactEnergy (NZX:CEN)2 2,068 (15.4) 441221 Telecommunications giant Spark fifth place in 2020. (ranked 9th) has moved up to third Its profit has increased by 27.6 per place in the Top Profit Index this year, cent from $261m in 2019 to $333m in 21 22 Mercury(NZX:MCY) 1,734 (11.4) 516 302 up from fourth place 2019, with its 2020. 22 29 A2 Milk (NZX:ATM)2 1,731 33.1 552548 – 23 23 AllianceGroup 1,713 (0.1) 51 30 – 24 24 ANZCOFoods2 1,693 5.9 55 39 Biggest losses – 25 25 Toyota2 1,504 10.4 24 9 26 32 OpenCountryDairy 1,429 18.0 84 48 The biggest loss for 2020 was 27 31 Bunnings(ASX:WES) 1,351 8.6 88 69 reported by Air New Zealand #Name $m 2 (ranked sixth in the Top 200 28 30 Datacom 1,342 3.6 93 26 1Air NZ (NZX:AIR)2 (454) Index), with aloss of $454m. 29 37 LottoNZ2 1,308 17.5 341331 This is a$730m decrease for 2KiwiRail (325) the national airline from its 3Pacific Aluminium (ASX:RIO)2 (313) 30 40 SynlaitMilk (NZX:SML)2 1,302 27.1 174122 2019 profit after tax of $276m. 4Goodman Fielder2 (242) This loss is reflective of 5KiwiProperty(NZX:KPG)2 (187) the decline in profits in 31 28 Vector (NZX:VCT) 1,294 (1.9) 559269 6Fletcher Building (NZX:FBU)2 (184) general for the travel 32 26 Infratil (NZX:IFT)2 1,281 (3.9) 866 710 industry due to Covid-19. 7NZME(NZX:NZM)2 (165) Border restrictions have 8Sky TV (NZX:SKT)2 (157) 33 38F&P Healthcare (NZX:FPH)2 1,273 18.8 433 372 severely restricted 9ZEnergy (NZX:ZEL)2 (88) international travel, 10 Tegel2 (79) 34 33 T&GGlobal2 1,216 2.4 58 20 evidenced by Air New 11 Westland Dairy2 (78) 35 27 OjiFibre Solutions2 1,213 (8.5) 114(3) Zealand’s reported 74 per 12 MetroPerformance Glass(NZX:MPG)2 (78) cent decrease in passenger 13 Steel&Tube(NZX:STU)2 (60) revenue from April-June 36 34 Haier2 1,205 2.8 97 (5) 2020 compared to the same 14 TradeMe2 (60) period in 2019. 15 AbanoHealthcare (NZX:ABA)2 (49) 37 35 Bidfood 1,161 5.6 87 74 In addition to this, Air New 16 OjiFibre Solutions2 (38) 38 36 Farmlands2 1,105 (3.7) 43 12 Zealand incurred $338m 17 Airways2 (31) aircraft impairment 18 TVNZ2 (26) 39 42 Harvey Norman (ASX:HVN)1,013 1.1 n/a45 expenses due to the 19 Mediaworks2 (25) grounding of fleet for the 40 39 Trustpower(NZX:TPW)2 990 (3.9) 218168 foreseeable future. 20 KerbsidePapers(25) KiwiRail (ranked 61st in the Top 200 Index) is 2020’s second Goodman Fielder, ranked 11th on the – 41 41 Transpower2 987 (4.2) 741475 biggest loss maker, making aloss of biggest losses index in 2019, has 42 44 Goodman Fielder2 962 0.6 23 (229) $325m. Note that the financial reported aloss of $242m (compared statements obtained for KiwiRail in to a$15m loss in 2019). – 43 43 Chorus (NZX:CNU) 959 (1.1) 670241 the current publication year are for The fifth biggest lost was reported the year ended 30 June 2019, as 30 by Kiwi Property (170th). Kiwi 44 49 Tasman Steel (ASX:BSL) 913 3.6 13080 June 2020 financials had not been Property has reported aloss of $187m 45 48 NZ Post2 898 0.1 90 25 made available in time for the in 2020, in comparison to its $138m publication of the Index. profit in 2019. Pacific Aluminium (49th) and Fonterra (1st) no longer holds a – 46 46 BallanceAgri-Nutrients2 891 (2.1) 80 19 Goodman Fielder (42nd) respectively spot on the losses index. Last year it hold the third and fourth biggest was ranked second with aloss of 47 53 Restaurant Brands (NZX:RBD)2 880 6.5 13977 losses in 2020. Pacific Aluminium is $122m, but in 2020 it reported $803m 48 45 Apple838 (8.6) 29 29 anew entrant to the biggest losses —the top profit in the Top 200 Index, index, reporting aloss of $313m with its profit after tax increasing by 49 51 Pacific Aluminium (ASX:RIO)2 838 (2.1) (428)(443) (compared to a$236m profit in 2019). $931m. 50 85 Kathmandu (NZX:KMD)2 802 48.7 14136 nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B31

Profit aftertax Totalassets Returnon Totalequity Return on Debt to Balance assets equity equity date #$m%%change #$m%change #$m

1803 4.0758.2 117,916 3.74.6 16,703 12.8 1.7 Jul-20 16 170 1.8 16.7 17 4,012 19.8 4.6 17 1,404 12.6 1.9 Jun-20

195(184) (2.5)(171.0) 48,778 13.9 (2.2) 53,535 (4.8)1.5 Jun-20

12 202 2.8 11.2 12 5,460 35.7 4.3 11 2,101 9.61.6 Jun-20 192(88) (1.8)(147.3) 22 3,045 7.0(3.0) 44 602 (11.6)4.1 Mar-20

200(454) (9.4)(264.5) 77,543 (1.0)(6.0) 19 1,318 (27.4) 4.7 Jun-20 10 222 4.827.8 18 3,159 5.97.2 22 1,204 19.7 1.6 Jun-20 20 135 3.6(24.6) 35 1,689 13.5 8.5 47 574 26.7 1.9 Dec-19 3427 11.9 4.4 16 4,347 6.210.1 15 1,493 28.9 1.9 Jun-20 49 43 1.2(54.8) 20 3,136 11.6 1.5 31 908 4.92.5 Mar-20

15 176 5.2(48.1) 29,623 (0.4)1.8 35,083 3.3 0.9 Jun-20 13 201 6.011.7 54 1,070 58.1 23.0 90 246 87.3 3.3 Mar-20 1268 0.3(0.9) 44 1,402 8.50.6 65 393 2.02.6 Feb-20 48 44 1.4(35.3) 31 1,855 76.5 3.0 66 376 10.2 3.9 Jul-20 17 159 5.115.7 27 2,305 53.3 8.4 29 966 17.6 1.4 Mar-20

34 70 2.4 18.2 53 1,071 3.46.6 104202 30.6 4.3 Dec-19 46 46 1.8 (22.2) 15 4,582 (2.3)1.0 12 2,070 2.21.2 Jun-20 32 71 2.8 1,114.7 63 885 16.8 8.6 48 571 13.2 0.6 Dec-19 58 35 1.6(44.4) 59 962 16.4 4.0 71 346 10.3 1.8 Jun-20 21 125 6.0(26.5) 13 4,896 (1.2)2.5 72,621 4.60.9 Jun-20

11 207 11.9 (42.0) 86,885 6.23.1 43,739 5.70.8 Jun-20 4388 22.4 31.8 39 1,453 44.3 31.6 26 1,134 40.4 0.3 Jun-20 10314 0.8 110.1 100541 4.12.6 73 340 4.10.6 Sep-19 80 22 1.3178.2 76 818 5.12.8 103202 11.5 3.0 Dec-19 1278 0.5308.6 93 630 1.41.2 1596317.7 9.0 Mar-20

66 31 2.233.8 67 845 8.93.9 56 459 7.10.8 Sep-19 50 43 3.222.0 101530 10.5 8.5 188172,639.930.7 Jun-19 88 19 1.4(52.5) 80 735 29.9 2.9 105198 9.72.7 Mar-20 5333 25.5 27.6 164190 55.1 214.0 16553767.32.5 Jun-20 31 75 5.8(8.5) 38 1,492 29.7 5.7 43 606 13.7 1.5 Jul-20

24 97 7.515.8 96,381 5.31.6 10 2,260 4.21.8 Jun-20 2509 39.7690.1 67,585 12.7 7.1 63,340 16.71.3 Mar-20 6287 22.6 37.3 42 1,435 18.9 21.8 28 974 30.5 0.5 Mar-20 1357 0.5(36.4) 66 854 13.3 0.8 52 474 1.50.8 Dec-19 185(38) (3.1)(250.8) 46 1,388 9.4(2.8) 40 695 (5.2)1.0 Dec-19

1631 0.0101.1 43 1,431 7.10.0 61 416 0.22.4 Dec-19 40 53 4.612.2 114 405 10.7 13.8 93 236 24.1 0.7 Jun-19 1435 0.4(17.8) 95 592 20.5 0.9 123131 3.63.5 Jun-20 61 33 3.3 (15.4) 139285 9.212.2 1665360.2 4.3 Jun-19 23 98 9.95.3 28 2,111 (4.7)4.5 27 1,100 8.30.9 Mar-20

9231 23.4 (10.6) 10 6,116 3.13.8 14 1,623 14.2 2.8 Jun-20 197(242) (25.1) (1,557.0) 71 825 (19.8) (26.1) 97 228 (69.3) 2.6 Dec-19 41 52 5.4(1.9) 11 5,642 0.40.9 30 927 5.55.1 Jun-20 35 68 7.5(7.8) 57 1,004 12.4 7.2 74 339 18.9 2.0 Jun-19 1386 0.7105.0 30 1,920 17.7 0.3 21 1,248 0.50.5 Jun-20

1209 1.0(25.1) 86 696 11.6 1.4 55 470 1.90.5 May-20 55 36 4.11.0 64 880 91.2 5.4 101208 16.73.2 Dec-19 82 22 2.6(22.0) 177151 (2.6)14.1 1576736.9 1.3 Sep-19 198(313) (37.3) (250.8) 94 599 (38.9) (39.6) 106195 (89.0) 2.1 Dec-19 1219 1.1(84.6) 37 1,573 164.60.8 37 779 1.51.0 Jul-20 B32 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Top 200 Indices

Most improved profit # Revenue EBITDA EBIT

2020 2019 Name $m %change $m $m Kordia (ranked 183rd in the Top 200 Index) is anew- #Name % 51 55 PGGWrightson (NZX:PGW)2 782 (1.4) 39 9 comer in 2020 after dropping off the Top 200 Index in 2019. 1Kordia2 6,558.4 52 57 SkyTV(NZX:SKT)2 748 (6.0) 166(131) It recorded the most 2SilverFernFarms2 1,114.7 53 47 Colonial Motor(NZX:CMO)1 746 (17.7) 38 31 improved profit out of all the 3CityCare2 875.7 entities on the Top 200 in- 4Martin-Brower Holdings2 849.4 54 58 Ravensdown2 744 0.3 45 14 dex, with a6558.4 per cent 5Fonterra (NZX:FCG)2 758.2 increase from a$0.1m loss in 55 69 CPBContractors1 737 17.3 20 15 6Infratil(NZX:IFT)2 690.1 2019 to $9.6m profit in 2020. This jump in profit can be 7EmiratesAirlines2 341.8 attributed to a9.6 per cent 8Two Degrees2 340.5 56 54 TwoDegrees2 728 (9.7) 15951 increase in revenue year-on- 9JBHi-Fi (ASX:JBH) 321.2 57 112 OMV2 721 256.8 550 89 year from $203m in 2019 to 10 Toyota2 308.6 $223m in 2020, specifically in 11 Powerco 242.9 58 82Xero(ASX:XRO)718 29.9 13731 revenue from its Australian 12 CDCPharma2 232.1 business unit, which had de- 59 62 Coca-Cola2 715 5.0 165123 13 ANZCO Foods2 178.2 clined in 2019 due to the 60 52 Methanex2 699 (17.8) 70 7 Australian Government’s 14 McConnellDowell 161.8 Chinese vendor ban on 5G 15 Juken2 141.2 networks at the time, but has 16 Mondelez2 140.2 – 61 61 KiwiRail 683 10.9 170 (316) recovered in the current 17 EnviroWaste2 132.3 62 74 Lion2 663 11.2 70 31 year. 18 Spotless (ASX:DOW) 132.0 Meat processor Silver 19 AsaleoCare(ASX:AHY)2 125.2 63 72 Caltex (ASX:ALD)2 660 9.1 74 56 Fern Farms (ranked 18th) has 20 Philip Morris2 119.2 the second most improved 64 65 Ingram Micro2 653 13.2 22 18 profit, recording aprofit of $70.7m in 2020 compared to a$5.8m table in both 2019 and 2020. 65 67 Briscoe Group(NZX:BGP)2 653 3.3 12497 profit in 2019. This is an increase of In 2019, Silver Fern Farms held 13th 1,114.7 per cent. place with a201.8 per cent increase – 66 66 Kaingaroa Timberlands 651 10.5 219215 City Care (ranked 140th) holds in profit, Powerco held 16th place third place for most improved profit, with a194.2 per cent increase in profit, 67 56 SkyCity (NZX:SKC)2 642 (20.0) 502254 with an increase of 875.7 per cent. and Spotless held second place with In the current year, City Care re- a734.2 per cent increase in profit. 68 64 Tegel2 638 0.1 21 (77) corded aprofit of $5.6m, compared This year, Silver Fern farms holds 69 71 Freightways(NZX:FRE)2 631 2.5 14285 to 2019 where aloss of $0.7m was second place with a1114.7 per cent recorded. increase in profit, Powerco holds 11th 70 63 Westland Dairy2 629 (5.6) (42) (63) Silver Fern Farms (ranked 18th), place with a242.9 per cent increase Powerco (89th), and Spotless (109th), in profit, and Spotless holds 18th are the only three companies to be place, with a132.0 per cent increase 71 78 Samsung2 615 7.0 13 12 included in the most improved profit in profit. 72 68 Ford2 615 (2.6) 20 73 70 Sime Darby Motor610 (1.1) 31 27 74 81 ImperialTobacco 601 8.7 71 66 Most improved revenue 75 90 Kmart(ASX:WES)2 600 5.9 85 55 – 76 76 Market Gardeners2 599 3.9 31 17 Oil and gas company OMV 77 83 Beca2 570 3.7 94 80 (ranked 57th in the Top 200 #Name % Index) has reported the most 78 80 Green Cross Health (NZX:GXH)2 569 0.2 60 31 1OMV2 256.8 improved revenue in 2020. 79 60 AucklandAirport (NZX:AIA)2 565 (23.8) 420268 Its revenue increased to 2Microsoft 153.0 $721m in the current year 3Simsmetal Industries (ASX:SGM) 123.2 80 79 ChinaForestry2 564 (1.8) 88 compared to $202m in 2019. 4OfficeMax2 53.6 This 256.8 per cent increase 5Kathmandu (NZX:KMD)2 48.7 in revenue can be attributed 81 92 LWC(ASX:APE) 557 12.9 14 8 6Scentre(ASX:SCG)2 38.0 to increases in both domestic 82 89 HEBConstruction2 554 5.8 25 9 and offshore sales, reporting 7A2Milk (NZX:ATM)2 33.1 significant increases in its 8Xero(ASX:XRO) 29.9 83 91 Sanford(NZX:SAN)545 5.9 89 67 sales of crude oil and gas. 9Horizon Energy2 28.5 84 87 DB Breweries2 534 (0.5) 68 43 Newcomer to the Index 10 SynlaitMilk (NZX:SML)2 27.1 Microsoft (95th) is ranked 11 EBOS Group(NZX:EBO)2 25.0 85 77 Matariki Forestry2 533 (7.3) 231211 second for most improved 12 ScottTechnology(NZX:SCT)2 23.8 performance, with a153 per 13 CDCPharma2 21.8 cent increase in revenue on 86 88 OceanaGold2 521 (2.7) 19165 last year’s result from $183m 14 ScalesCorp(NZX:SCL)2 20.9 to $462m. 15 Danone2 18.8 87 93 WasteManagement2 520 3.0 15284 16 F&PHealthcare (NZX:FPH)2 18.8 Another newcomer, 88 84 Holden2 506 (7.7) 24 22 Simsmetal Industries (181th), 17 OpenCountry Dairy 18.0 has seen asimilar increase in 18 LottoNZ2 17.5 89 96 Powerco494 0.4 287185 revenue, reporting an 19 CPBContractors1 17.3 increase of 123.2 per cent 90 120Scentre (ASX:SCG)2 485 38.0 48 46 from $101m in 2019 to $226m 20 Seeka(NZX:SEK)1 16.3 in 2020. Horizon Energy, Scott Technology, (35.9 per cent), and now holds the 91 106ScalesCorp(NZX:SCL)2 481 20.9 80 62 and Seeka are also new entrants to eighth spot in 2020 with arevenue 92 98 Asahi2 466 4.3 54 42 the Deloitte Top 200 Index in 2020. growth of 29.9 per cent. Xero has A2 Milk and Xero are the only experienced increased revenue over 93 109CDC Pharma2 465 21.8 21 companies to be included on this the last four years mainly due to the 94 73 TaumataPlantations2 463 (22.6) 134123 index for four years in arow, while increase in international subscribers Scentre has been included for two exceeding those from New Zealand. – 95 – Microsoft 462 153.0 29 28 years in arow, following its entrance CDC Pharma is the only company into the Top 200 Index in 2019. to be included in both the most This year’s best growth strategy improved profit and most improved 96 75 Oregon Group2 452 (23.9) 145132 finalist, Xero, held 11th place in 2019 revenue index in 2020. 97 111 Danone2 451 18.8 43 25 98 99 Frucor Beverages2 450 0.6 40 17 99 95 PanPac Forest2 445 (10.2) 26 26

10097Ventia2 435 (8.0) 22 8 nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B33

Profit aftertax Totalassets Returnon Totalequity Return on Debt to Balance assets equity equity date #$m%%change #$m%change #$m

1317 0.958.2 110459 (18.8) 1.4 115157 2.61.9 Jun-20 193(157) (21.0) 74.2 69 838 8.6(19.5) 67 375 (43.2) 1.2 Jun-20 91 19 2.5(21.4) 116384 (4.6)4.7 94 231 8.40.7 Jun-20 167(0) (0.0)(101.2) 92 644 0.5(0.0) 53 474 (0.0)0.4 May-20 11611 1.4(18.0) 129322 (9.3)3.1 200(56) 23.0 6.8 Dec-19

28 86 11.9 340.5 77 817 21.7 11.6 87 264 38.9 2.1 Dec-19 47 46 6.351.1 24 2,833 (2.7)1.6 50 541 9.44.2 Dec-19 1493 0.5112.3 51 1,154 18.9 0.3 60 422 0.91.7 Mar-20 30 82 11.4 (8.3) 70 827 1.710.0 86 268 25.0 2.1 Dec-19 178(17) (2.4)(157.1) 89 673 (12.7) (2.3) 18129(26.3) 22.1 Dec-19

199(325) (47.5) (37.6) 45 1,397 12.6 (24.6) 32 873 (39.8) 0.6 Jun-19 10413 2.0(52.2) 49 1,322 7.31.1 39 709 1.90.9 Dec-19 63 33 5.0(1.3) 109470 16.1 7.5 114167 19.5 1.8 Dec-19 112 12 1.8 43.9 141 281 20.3 4.6 113168 7.40.7 Dec-19 37 63 9.6(1.3) 85 697 90.7 11.8 78 312 21.4 1.2 Jan-20

22 121 18.7 (79.2) 14 4,639 (1.9)2.6 82,455 4.60.9 Jun-19 8235 36.7 46.3 25 2,789 9.38.8 16 1,435 18.2 0.9 Jun-20 191(79) (12.4)(22.8) 68 839 15.0 (10.1) 72 344 (20.6) 1.4 Dec-19 45 47 7.5(25.2) 55 1,050 79.7 5.8 76 317 16.0 2.3 Jun-20 190(78) (12.4)(143.0) 82 722 18.6 (11.7) 92 237 (47.9) 2.0 Dec-19

1248 1.418.3 184133 1.66.4 1675217.7 1.6 Dec-19 168(1) (0.1)(112.5) 152240 19.6 (0.2) 17238(1.3)5.3 Dec-19 94 18 2.9(3.5) 136293 3.46.2 1439319.7 2.2 Jun-19 51 43 7.151.2 149251 10.7 17.8 1459061.1 1.8 Sep-19 56 36 6.0(14.7) 108489 50.8 8.8 96 228 16.71.1 Jun-20

114 11 1.9(33.8) 122363 30.0 3.5 118144 8.21.5 Jun-20 39 53 9.420.7 135295 33.9 20.7 126121 47.0 1.4 Mar-20 96 17 3.0(15.6) 118377 42.2 5.3 121135 12.6 1.8 Mar-20 14 194 34.3 (63.0) 39,297 6.92.2 26,637 3.10.4 Jun-20 1640 0.1(88.7) 144270 (0.4)0.2 149790.62.4 Dec-19

1572 0.3(72.0) 179143 (4.1)1.2 179306.13.7 Jun-19 1406 1.0(62.8) 162202 27.5 3.1 176 32 19.0 5.3 Dec-19 52 42 7.6(1.4) 73 821 1.55.1 45 588 7.10.4 Sep-19 69 30 5.62.6 113422 15.2 7.6 132113 26.6 2.7 Dec-19 18 147 27.6 (38.7) 34 1,739 17.8 9.1 20 1,285 11.9 0.4 Dec-19

53 39 7.4(54.0) 103513 8.57.9 18523210.221.2 Dec-19 97 17 3.3 40.9 36 1,586 21.2 1.2 81 303 5.74.2 Dec-19 98 17 3.3 36.0 153233 18.4 7.8 137103 17.6 1.3 Dec-19 29 85 17.3 242.9 21 3,106 8.52.9 82 293 34.2 9.6 Mar-20 60 33 6.926.9 175155 (43.8) 15.5 1684975.5 2.2 Dec-19

43 49 10.1 67.4 99 559 35.9 10.0 69 359 16.0 0.6 Dec-19 67 31 6.640.8 132307 (6.7)9.7 112 168 16.3 0.8 Dec-19 1621 0.2232.1 188114 36.6 0.7 190164.96.2 Mar-20 42 51 11.0 (76.3) 26 2,413 1.92.1 42 622 8.52.9 Jun-20 172(4) (0.8)(123.7) 138286 54.9 (1.6) 15372(5.4)3.0 Jun-19

25 93 20.5 (13.4) 33 1,789 11.1 5.5 25 1,139 8.3 0.6 Jun-20 10016 3.678.9 111 451 17.2 3.9 70 349 4.80.3 Dec-19 150 3 0.7(42.4) 87 690 1.20.5 51 499 0.70.4 Dec-19 78 24 5.4(68.0) 52 1,124 3.02.2 33 852 2.8 0.3 Mar-20 175(10) (2.3)(161.7) 151241 (2.2)(4.0) 16063(14.4) 2.8 Dec-19 B34 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Top200 Indices

Return on assets # Revenue EBITDA EBIT

2020 2019 Name $m %change $m $m Return on Assets (ROA) provides an indication of #Name % 101100 Nestle 433 (1.6) 58 46 how efficiently acompany manages its assets in order 1Lotto NZ2 214.0 102110 Ryman Healthcare (NZX:RYM)2 422 10.8 216187 to generate earnings. It is 2TAB 102.6 103114 GlencoreAgriculture2 421 12.7 24 20 calculated by measuring 3A2Milk (NZX:ATM)2 31.6 profit against total assets 4Zespri2 23.0 10494Steel &Tube(NZX:STU)2 418 (16.1) 15 (58) reported. As ameasure, this 5F&P Healthcare (NZX:FPH)2 21.8 number tends to be heavily – 105105 Inghams (ASX:ING)406 1.1 30 23 6Beca2 20.7 influenced by the requirements of the industry 7ImperialTobacco 17.8 in which the business 8Hallenstein Glasson (NZX:HLG)2 17.6 106103 TourismHoldings (NZX:THL)2 401 (5.2) 10539 operates. 9Nestle 16.9 107101 Mitsubishi Motors2 391 (9.1) 17 13 Agriculture and 10 McDonald's2 16.1 manufacturing businesses 11 Scentre(ASX:SCG)2 15.5 108113 Orora(ASX:ORA) 390 3.5 61 50 for example, requiring 12 Emirates Airlines2 14.1 significant amounts of 109104 Spotless(ASX:DOW) 386 (8.6) 30 18 13 Apple 14.1 property, plant and 110115 Vocus(ASX:VOC) 382 4.3 69 44 equipment, will typically 14 Bidfood 13.8 have amuch lower return on 15 Mars NZ 13.8 assets percentage than a 16 AsureQuality 13.4 111102 Mazda2 381 (10.6) 11 10 software company. 17 Harvey Norman (ASX:HVN) 12.2 112 128GPC Asia Pacific2 377 15.4 45 24 Lotto NZ (29th) now holds 18 APHG NZ Investments2 12.2 the top spot for return on 19 Briscoe Group(NZX:BGP)2 11.8 113127 Emirates Airlines2 375 11.1 21 assets for the second year in 20 TwoDegrees2 11.6 arow after entering the Top 114 108NZME(NZX:NZM)2 371 (4.4) 56 (150) 200 Index in 2019. It has improved on its previous ROA of return on assets in 2019. 115116 Northpower2 369 2.1 54 26 201.2 per cent in 2019 to have an ROA Zespri (12th) placed fourth in terms of 214.0 per cent in 2020. The high of ROA, rising from seventh place in 116107 Toll2 368 (7.4) 7(15) ROA is driven by a25.5 per cent 2019. Zespri’s ROA has decreased increase in profit after tax from $261m from 29.9 per cent in 2019 to 23.0 per 117121 TatuaCo-opDairy 364 4.1 35 20 in 2019 to $333m in 2020, with total cent in 2020. This is due to net profit assets of $190m in 2020. increasing from $180m in 2019 to 118122 Kura 360 4.5 68 52 Holding the second spot for ROA $201m in 2020 with total assets also 119125 DHL2 352 2.8 43 18 is TAB (120th), despite adecrease in increasing from $677m to $1,070m. its ROA to 102.6 per cent from 109.4 The general trend of decreasing 120118 TAB346 (3.1) 153136 per cent. This is driven by an increase return on assets falls in line with the in total assets from $130m in 2019 to 36.9 per cent decrease in average $136m in 2020, and adecrease in profits, with second to 20th places for 121117 Refining NZ (NZX:NZR)2 345 (4.0) 11818 profit after tax from $146m in 2019 2020 decreasing year-on-year against 122129 WSPOpus2 343 6.3 60 33 to $137m in 2020. second to 20th places in 2019. Only The third place is held by A2 Milk the ROA for first place, held by Lotto 123135 Mediaworks2 341 11.8 58 (31) (22nd), with aROA of 31.6 per cent NZ, improved year-on-year, resulting (compared to 34.2 per cent in 2019), in awider gap between first place and 124126 Mercedes-Benz2 341 0.4 65 moving up from placing sixth for the remaining top placeholders. 125123 Bupa2 338 (1.5) 47 31 Return on equity 126119 TILLogistics(NZX: TLL)2 334 (5.9) 58 15 127141 Oceania Dairy2 333 15.2 20 (7)

Return on Equity measures 128131 Pact Group(ASX:PGH) 312 (2.7) 59 44 how effectively acompany #Name % 129134 TVNZ2 311 0.0 179(29) can generate income relative to the amount of money 1Bunnings(ASX:WES) 2639.9 130132 OfficeMax2 310 53.6 12 2 shareholders have invested 2Lotto NZ2 767.3 in the firm. 3TAB 349.1 131124 TetraPak2 304 (11.5) 15 11 It’s auseful tool for 4Oceana Gold2 210.2 investors, particularly when 5Nestle 204.0 132147 DelegatGroup (NZX:DGL)1 303 9.0 11796 comparing firms within the 6Zespri2 87.3 same industry and is – 133133 Port of Tauranga (NZX:POT)2 302 (3.6) 167137 calculated by measuring the 7Scentre(ASX:SCG)2 75.5 revenue earned against the 8ImperialTobacco 61.1 134130 Orion2 301 (5.8) 12372 average equity held over the 9HarveyNorman(ASX:HVN) 60.2 135138 Nissan2 294 (1.3) 21 past two years –toprevent 10 Dairy GoatCo-op2 58.7 changes in shareholder 11 TetraPak2 49.0 contributions skewing the 12 Beca2 47.0 136139 WesfarmersIndustrial(ASX:WES) 293 (0.7) 22 19 results. 13 McDonald's2 40.8 Retailer Bunnings (ranked 137148 EnviroWaste2 292 5.5 74 42 14 A2 Milk (NZX:ATM)2 40.4 27th in the Top 200 Index) 138142 Hallenstein Glasson (NZX:HLG)2 288 0.1 71 39 has taken the top spot for 15 TwoDegrees2 38.9 return on equity, moving 16 Mondelez2 37.9 139146 TurnersAutomotive (NZX:TRA)2 285 2.3 8(3) from 13th place in 2019, with 17 Apple 36.9 140137 City Care2 285 (4.6) 21 9 areturn on equity 18 HallensteinGlasson (NZX:HLG)2 34.3 percentage of 2639.9 per 19 Powerco 34.2 cent. Lotto NZ (29th) has 20 Mars NZ 31.1 141156 BritishAmerican Tobacco2 284 8.0 44 43 replaced mining company 142143 Mars NZ 281 (0.7) 46 43 Oceana Gold for second place with from last year’s return on equity of areturn on equity of 767.3 per cent. 786.5 per cent. 143149 AlliedFoods 278 0.4 24 14 TAB (120th), anew entrant to the With the entrance of TAB, Nestle 144157 Martin-Brower Holdings2 274 5.1 32 top return on equity index, has placed (101st) now holds the fifth place spot third for return on equity of 349.1 per with areturn on equity of 204.0 per 145153 SingaporeAirlines2 273 0.3 (6)(7) cent. Oceana Gold (86th) has dropped cent. to fourth place, with areturn on Last year it was ranked fourth with equity of 210.2 per cent, adecrease areturn on equity of 566.6 per cent. 146144 CBNorwood 272 (3.1) 83 147136 Stuff269 (11.0) 19 12 148161 Electrix2 266 6.4 28 11 14950Shell 264 (69.5) 197137 150 155AWF Madison (NZX:AWF)2 264 (1.6) 12 6 nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B35

Profit aftertax Totalassets Returnon Totalequity Return on Debt to Balance assets equity equity date #$m%%change #$m%change #$m

68 31 7.1(2.6) 165184 1.616.9 18029204.05.3 Dec-19 7265 62.7 (18.8) 57,677 15.4 3.7 92,301 11.8 2.3 Mar-20 111 12 2.9(3.0) 146262 12.6 4.9 125123 10.5 1.1 Dec-19 188(60) (14.4) (676.2) 127346 6.2(17.9) 110181 (27.6) 0.9 Jun-20 11511 2.8 (46.7) 157217 9.05.4 124124 9.70.7 Jun-19

73 27 6.8(8.1) 91 654 8.54.4 75 325 9.11.0 Jun-20 11312 3.015.3 170 176 5.46.8 141 98 12.5 0.8 Mar-20 54 37 9.53.7 126348 8.911.1 89 249 15.8 0.4 Jun-19 1199 2.5132.0 131319 0.73.0 1449011.02.6 Jun-19 81 22 5.744.2 106504 3.24.4 109182 12.4 1.8 Jun-19

1327 1.989.3 182136 (2.4)5.2 1586411.61.1 Mar-20 10214 3.8(10.3) 98 564 101.53.4 99 221 6.71.6 Dec-19 1581 0.3341.8 1991042.8 14.1 197---Mar-20 194(165) (44.5) (1,527.3) 124354 (23.5) (40.5) 127116 (81.9) 2.0 Dec-19 99 17 4.5(32.9) 96 571 24.6 3.2 84 288 5.91.0 Mar-20

179(18) (4.9)(82.9) 133306 43.9 (7.0) 19211(75.8) 26.1 Mar-20 11012 3.4111.0 148256 0.34.8 161 61 22.5 3.2 Jul-19 64 32 8.932.6 72 821 1.74.0 58 448 7.30.8 Sep-19 1307 2.152.2 143279 16.8 2.9 1743523.4 6.9 Dec-19 19 137 39.5(6.3) 180136 4.9102.6 18325349.14.5 Jul-19

1464 1.2(85.9) 47 1,381 (0.7)0.3 38 757 0.50.8 Dec-19 10115 4.351.7 120371 14.5 4.2 138101 15.8 2.7 Dec-19 182(25) (7.4)(356.8) 97 569 62.1 (5.5) 85 273 (10.3) 1.1 Dec-19 1513 0.991.7 169176 8.01.8 1842512.9 6.1 Dec-19 89 19 5.6102.1 41 1,445 5.01.3 57 455 4.22.2 Dec-19

156 3 0.8 (42.5) 128345 95.41.0 173377.08.3 Jun-20 176(10) (3.1)0.6 112 451 5.3(2.4) 64 399 (2.7)0.1 Dec-19 75 26 8.3 (34.5) 104509 5.75.2 131113 23.6 3.5 Jun-19 183(26) (8.3)(998.9) 134295 (2.9)(8.6) 95 230 (10.8)0.3 Jun-20 169(2) (0.5)58.3 187126 (4.2)(1.3) 19115(10.2) 7.4 Dec-19

1297 2.523.4 19485(10.9) 8.2 1891649.0 4.3 Dec-19 36 64 21.2 37.0 74 819 3.07.9 63 405 16.8 1.0 Jun-20 27 90 29.8 (10.5) 32 1,817 3.95.0 23 1,164 7.70.6 Jun-20 44 48 16.1 0.9 50 1,243 2.93.9 41 671 7.20.9 Mar-20 1425 1.7(57.6) 150 243 (3.4)2.0 107189 2.70.3 Mar-20

10613 4.4(41.9) 172171 0.37.6 1547119.0 1.4 Jun-19 86 19 6.6132.3 79 799 9.62.5 91 243 8.22.3 Dec-19 72 28 9.7(4.3) 160211 102.217.6 1478734.3 1.4 Aug-20 83 21 7.3(7.8) 84 708 8.3 3.1 98 223 9.32.2 Mar-20 1396 2.0875.7 185130 25.1 4.8 162599.91.2 Jun-20

77 25 8.7(5.9) 60 945 22.4 2.9 120138 17.8 5.8 Dec-19 71 28 10.1 (7.6) 163197 (7.9)13.8 136105 31.1 0.9 Dec-19 11710 3.6(53.5) 181136 (7.6)7.0 135110 8.90.2 Sep-19 1591 0.3849.4 1966926.5 1.3 19499.36.6 Dec-19 177(11) (4.0)(178.3) 2008(45.4) (94.1) 198(6) (986.0)2.4 Mar-20

161 1 0.3109.1 168176 (2.6)0.4 156 71 1.11.5 Dec-19 141 5 2.0107.4 173161 8.43.5 146876.30.8 Jun-19 1229 3.3 46.7 189107 27.2 9.1 1714121.9 1.6 Dec-19 26 91 34.4 (93.5) 58 967 (59.5)5.4 36 793 12.2 0.2 Dec-19 1543 1.033.0 183135 41.62.3 175347.83.0 Mar-20 B36 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 Top200 Indices

Newcomers # Revenue EBITDA EBIT

2020 2019 Name $m %change $m $m As usual, there are anumber of companies making a #Name $m 151159 APHG NZ Investments2 263 1.6 61 49 debut on the Deloitte Top 200 Index, with 13 95 Microsoft 462 152162 TradeMe2 263 (2.0) 15243 companies added in 2020. 163Horizon Energy2 251 153163 Millstream Equities 261 4.4 40 26 Microsoft entered the index at the highest rank 171Fleet NZ (ASX:ECX)242 154158 LindeHoldings2 259 (0.1) 83 52 (95th) with revenue of 175Seeka (NZX:SEK)1 237 155150 IBM2 258 (6.6) 53 29 $462m. Horizon Energy entered 181Simsmetal Industries (ASX:SGM)226 the index at the second 182ScottTechnology(NZX:SCT)2 225 156170 URCHoldings2 258 5.8 40 22 highest rank (163th) with 183Kordia2 223 revenue of $251m. Fleet NZ 157192 AsureQuality 256 0.7 38 29 came in at 171st, with revenue 187McConnellDowell 220 158154 MetroPerformance Glass(NZX:MPG)2 255 (4.8) 41 (68) of $242m. Seeka (175th) came 190BaxterHealthcare2 219 in as the fourth highest 159167 LIC2 254 3.0 48 20 newcomer, with revenue of 193Mitre102 214 $237m. 194ProgressCapital2 213 160151 Sumitomo Forestry2 253 (8.2) 4(8) The rest of the new entries were: 196Sistema2 207 Simsmetal Industries 200Airwork2 200 161 165Unison Networks2 253 2.2 90 55 (181st), Scott Technology 162168 Skellerup(NZX:SKL)2 251 2.3 55 42 (182nd), Kordia (183rd), McConnell Dowell (187th), Baxter Progress Capital (194th), Sistema – 163–HorizonEnergy2 251 28.5 30 16 Healthcare (190th), Mitre 10 (193rd), (196th), and Airwork (200th). 164171 Landcorp2 251 4.1 25 (10) Just missed the cut 165160 McDonald's2 247 (2.1) 132107 166173 NZPM Group2 246 6.0 17 6

The 200th place in the 2020 167178 Dairy GoatCo-op2 246 6.8 25 16 Deloitte Top 200 is held by #Name $m 168145 AbanoHealthcare(NZX:ABA)2 244 (12.6) 26 (41) Airwork, which recorded $200m in revenue. This 1Aurecon2 199 169140 CablePrice2 244 (16.5) 1(5) compares to Juken, which 2Huawei2 199 was last year’s 200th-ranked 3Kia Motors2 198 170 172KiwiProperty (NZX:KPG)2 244 2.6 n/a(133) company on the Index, with 4Pushpay(NZX:PPH)2 197 $206m in revenue in 2019. 5Skyline Enterprises2 196 – Missing the cut –byjust 171–FleetNZ(ASX:ECX)242 4.5 11917 6Comvita (NZX:CVT)2 196 $1m –was Aurecon (201st) 172169 Nobilo2 239 (2.7) 72 47 and Huawei (202nd), 7OceaniaHealthcare (NZX:OCA)2 194 recording revenue of $199m. 8SumitomoChemical2 193 173186 Kerbside Papers238 9.3 (1)(16) Kia Motors (203rd), 9Rexel1 192 174175 Bridgestone2 238 2.6 35 19 Pushpay (204th), Skyline 10 SealedAir2 191 Enterprises (205th) and 11 Dulux190 – 175–Seeka (NZX:SEK)1 237 16.3 34 17 Comvita (206th) were close 12 Wilson Parking189 to breaking into the Top 200 13 Daiken2 189 Index in the current year, all 176200 Juken2 237 15.0 16 6 achieving revenue around 14 WhakataneMill2 188 the $196m -$198m mark. Of 15 First Gas187 177174 JB Hi-Fi(ASX:JBH) 236 2.0 21 these companies, Kia Motors 16 Kuehne +Nagel2 186 178164 Ixom Operations2 235 (5.7) 37 25 and Skyline Enterprises have 17 Nokia2 186 fallen out of the Top 200 in 18 BeachEnergy(ASX:BPT)186 179185 CDLHotels2 230 4.9 94 84 2020, previously holding 19 Bakels Edible Oils2 186 198th and 176th places 180181 WeyvilleHoldings 228 (0.2) 15 8 respectively in 2019. 20 Honda2 186 Other narrow misses – 181–SimsmetalIndustries (ASX:SGM)226 123.2 12 7 include Oceania Healthcare (207th), (209th), and Sealed Air (210th), all Sumitomo Capital (208th), Rexel with revenue above the $191m mark. – 182–ScottTechnology(NZX:SCT)2 225 23.8 20 11 – 183–Kordia2 223 9.6 31 10 184182 Compass Group222 (2.7) 14 10 185193 Westcon2 222 4.7 54

186197 WELNetworks2 221 6.0 12472 – 187–McConnellDowell 220 15.4 74 188177 PortsofAuckland2 220 (4.9) 80 48 189 179Philip Morris2 219 (4.4) 21 – 190–Baxter Healthcare2 219 6.6 14 9

191188 Unilever2 217 0.1 12 9 192190 AsaleoCare(ASX:AHY)2 215 1.1 25 8 – 193–Mitre102 214 5.6 13 0 – 194–Progress Capital2 213 6.9 31 27 195187 Visy Glass2 212 (2.7) 39 10

– 196–Sistema2 207 1.2 65 46 197191 Mondelez2 205 (3.5) 14 10 198180 Airways2 204 (11.1) 38 (41) 199196 NZ Sugar2 202 (3.3) 35 26 – 200–Airwork2 200 13.7 85 42 nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B37

Profit aftertax Totalassets Returnon Totalequity Return on Debt to Balance assets equity equity date #$m%%change #$m%change #$m

59 34 13.1 (5.4) 142280 (1.5)12.2 100216 15.2 0.3 Jun-19 187(60) (22.7) (181.9) 23 2,936 228.3(3.1) 24 1,158 (6.5)1.5 Jun-20 93 18 6.982.1 81 724 0.92.5 46 579 3.20.2 Jun-19 62 33 12.8 15.6 88 689 6.44.9 62 410 8.40.7 Dec-19 84 20 7.766.1 137292 (4.4)6.7 134110 16.2 1.6 Dec-19

1337 2.737.7 78 813 0.20.9 77 312 4.51.6 Dec-19 85 20 7.8(23.1) 174159 14.7 13.4 1488623.8 0.8 Jun-20 189(78) (30.5) (1,644.3) 147258 (10.0) (28.6) 15177(66.6) 2.4 Mar-20 95 17 6.9(21.1) 117380 (0.2)4.6 83 290 6.00.3 May-20 173(6) (2.4)(124.3) 105508 (4.6)(1.2) 54 470 (1.3)0.1 Dec-19

65 32 12.7 (0.0) 62 928 11.3 3.6 59 446 7.31.1 Mar-20 70 29 11.6 0.0 140284 10.3 10.8 108185 16.0 0.5 Jun-20 10813 5.026.7 145269 15.7 5.0 122132 9.71.0 Mar-20 180(24) (9.6)(118.2) 29 1,938 8.8(1.3) 18 1,347 (1.7)0.4 Jun-20 33 70 28.5 6.2 102517 45.0 16.1 102208 40.8 1.5 Dec-19

1660 0.1(90.4) 178146 62.8 0.2 186211.36.1 Mar-20 10713 5.2114.9 130321 23.1 4.4 1931058.7 32.0 May-20 186(49) (20.0) (735.9) 115401 16.3 (13.1) 14296(38.9) 3.2 May-20 171(3) (1.2)(130.1) 167181 2.2(1.6) 16948(5.3)2.8 Mar-20 196(187) (76.6) (235.2) 19 3,156 (2.5)(5.8) 13 1,972 (9.3)0.6 Mar-20

174(9) (3.6)(244.4) 83 715 (4.8)(1.2) 119142 (5.8)4.0 Sep-19 76 25 10.6 (1.3) 75 818 22.7 3.4 68 363 7.11.3 Feb-20 181(25) (10.3) (3.9) 119374 1.0(6.6) 199(23) (224.8)17.1 Jun-19 10912 5.21.4 156 222 47.4 6.7 1399912.1 1.2 Dec-19 1347 2.93.5 121368 22.4 2.1 116155 4.51.4 Dec-19

1258 3.5 141.2 107498 7.61.7 79 306 2.70.6 Mar-20 1601 0.3321.2 19848(9.2)1.5 177312.50.5 Jun-19 10513 5.5(25.2) 154225 10.7 6.0 1527417.7 2.0 Sep-19 38 62 27.1 0.6 56 1,008 12.2 6.5 35 806 8.10.2 Dec-19 1483 1.5(67.6) 158214 1.11.6 128114 3.00.9 Jun-19

1474 1.5(75.6) 186127 (1.8)2.7 170 47 7.71.7 Jun-20 1239 3.8(20.1) 159213 9.74.2 133112 7.90.9 Aug-19 11810 4.36,558.4 161205 23.9 5.2 1409810.3 1.1 Jun-20 1288 3.4(1.3) 19576(6.1)9.7 1783022.2 1.5 Sep-19 1533 1.265.0 19756(22.9) 4.2 1822710.6 1.1 Feb-20

57 35 16.0 12.8 48 1,329 7.02.8 49 570 6.31.3 Mar-20 1444 2.0161.8 1929138.9 5.6 1872128.0 3.4 Jun-19 79 23 10.5 (57.3) 40 1,452 1.41.6 34 821 2.8 0.8 Jun-20 1650 0.1119.2 1938962.7 0.4 196126.5 72.0 Dec-19 1367 3.059.3 191938.77.4 1645413.00.7 Dec-19

1376 2.922.3 190101 6.16.5 1635711.2 0.8 Dec-19 1523 1.3125.2 155222 0.31.3 155713.92.1 Dec-19 170 (2) (0.8)(133.2) 65 870 217.6(0.3) 129113 (1.5)6.7 Jun-20 92 19 8.75.1 166183 17.1 10.9 150 79 26.8 1.3 Dec-19 1454 2.0(80.8) 125350 (5.6)1.2 130113 3.92.1 Dec-19

90 19 9.0(33.5) 61 937 136.82.8 80 303 5.62.1 Dec-19 155 3 1.2140.2 176154 (15.4) 1.5 195837.9 18.3 Dec-19 184(31) (15.4) (232.8) 123360 41.9 (10.2) 111 175 (19.7) 1.1 Jun-20 87 19 9.52.5 171172 (1.5)11.1 117152 12.7 0.1 Dec-19 74 26 13.2 (0.3) 90 658 38.2 4.7 88 261 12.7 1.5 Dec-19 B38 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020 DELOITTE TOP 200 INDEX

General criteria All figures are the latest available, of overseas companies, the amount For an entity to qualify for the To be included in the Deloitte Top verified and audited. We recognise shown as owing to head office is Deloitte Top 10 Ma¯ori Business Index, 200 Index or the Deloitte Top 30 that various entities evaluate their deemed equity. first the entity needs to identify Peter Cassandra Sara Financial Institutions Index, entities own performance using measures ● Return on equity (ROE): calculated themselves as Ma¯ori. Then we look Gulliver Worrall Muggeridge must operate for acommercially specific to their business. For as profit after tax divided by average more closely at four attributes; determined profit and must be afor comparability and simplicity we have shareholder’s equity over the period. stakeholders, kaupapa, ownership DeloitteTop 200 profit entity as defined by the adopted arelatively simple Average shareholders' equity is and results –what we call the Ma¯ori team External Reporting Board (XRB). The calculation methodology focusing on calculated by adding the business SKOR. PeterGulliver, Top following general points apply to all understood financial measures. shareholders' equity at the beginning 200 LeadPartner the Deloitte Top 200 indices. ● Revenue: as disclosed in the of aperiod to the shareholders' equity 2020 data changes Cassandra Worrall, ● The audited financial statements entity's Statement of Comprehensive at the period's end and dividing the In the current year, there was one Head of Clients and Adil must be prepared as agoing concern. Income (excludes gross commission result by two. For an entity that has new accounting standard that had a Marketing Maqbool ● The entities will generally but not sales). operated for only one year, the first major impact on the current year and, Sara Muggeridge, always be liable for tax on earnings. ● EBITDA: earnings before net year total equity figure is used as an for some entities, the prior year Manager Adil Maqbool, Data ● Entities that have operated for less interest income/expense, tax, approximate. figures. Project Lead than 12 months are not included. depreciation and amortisation and ● Debt to equity ratio: calculated as NZ IFRS 16 Leases is effective for Silvio Bruinsma, ● Entities fully owned by another NZ impairments of property, plant and total liabilities divided by reporting periods beginning on or Audit Partner entity are excluded if they are equipment or intangible assets. shareholder’s equity as disclosed in after 1January 2019. The standard reported as aconsolidated group. ● EBIT: earnings before net interest the entity’s Statement of Financial requires entities to bring their Silvio Data gathering& Bruinsma ● In some instances, where income/expense and tax. Not shown Position. operating lease assets and liabilities audit team inclusion of separate results is for the financial institutions. on to the balance sheet where they Caroline Leitch deemed to be more meaningful, ● Profit after tax: as disclosed in the Deloitte Top 30 Financial were previously reflected as off OliverMarsh because the entity in question Statement of Comprehensive Institutions Index balance sheet commitments. The Josh Burgess competes with other similar NZ Income. The Deloitte Top 30 Financial impact of NZ IFRS 16 is to increase RebekahKuek entities, and where separate figures ● Profit after tax %: calculated as Institutions Index consists of New assets, liabilities, EBITDA and EBIT. Shaelagh Bradley are available, these have been used profit after tax divided by revenue. Zealand’s largest banks, finance and Companies that have adopted this Ryan McTigue and the holding entity results ● Total assets: as disclosed in the insurance companies ranked by total accounting standard have been excluded. entity's Statement of Financial assets. These results are based on indicated in the Top 200 indices Ma¯ori Index ● N/A is used where figures were Position. Includes current and non- these entity’s legal set of accounts and based on the below key: Lee Gray either not disclosed by the entity or current assets, investments, tangible not those accounts which include 1. Entity adopted NZ IFRS 16 during Wendy Schultz could not be calculated from the and intangible assets, deferred tax funds under management (i.e. the year and the comparative disclosed information. assets and goodwill. accounts which include assets that numbers have been restated; ● An “-” indicates the entity was not ● Return on assets (ROA): calculated are not legally owned by that entity 2. Entity adopted NZ IFRS 16, Index. It also makes it difficult to ranked last year. as profit after tax divided by average but administered by it). however, the comparative numbers compare their performance with total assets over the period. Average have not been restated. companies with abalance sheet date Deloitte Top 200 Index total assets are calculated by adding Deloitte Top 10 Ma¯ori Business earlier than 31 March 2020. The Deloitte Top 200 Index consists the total assets at the beginning of a Index Covid-19 considerations 2. In some cases, Covid-19 has also of New Zealand’s largest entities period to the total assets at the The Deloitte Top 10 Ma¯ori Business The preparation of the 2020 Top 200 delayed reporting of annual results. ranked by revenue. These entities period's end and dividing the result Index consists of New Zealand’s indices has been impacted by Covid- This may have contributed to the include publicly-listed companies, by two. For an entity that has largest Ma¯ori entities ranked by total 19 as follows: latest financial statements for certain large unlisted entities, NZ subsidiaries operated for only one year, the first assets. These results are for the 1. Results for companies with a entities not being available by the and branches of overseas companies year total assets figure is used as an ultimate holding entity, including balance sheet date of 31 March 2020 data collection cut-off date and and the commercial operations of approximate. both commercial and non- or after are likely to have been therefore has resulted in some Ma¯ori entities. It also includes ● Total equity: as disclosed in the commercial operations and could be impacted by the Covid-19 related companies (e.g. Vodafone, Heinz, NZ producer boards, co-operatives, local entity's Statement of Financial prepared under either ‘for profit’ or business disruption. This effect is Investment Holdings, Tasman Liquor, authority trading enterprises and Position including non-controlling ‘public benefit entity (PBE)’ reporting likely to have impacted the ranking and others) not being included on the state-owned enterprises. (minority) interests. For NZbranches regimes. of these companies on the Top 200 Top 200 Index for 2020. TOP 30 FINANCIAL INSTITUTIONS INDEX

This year’s Top 30 Financial #Totalassets Profit Institutions Index sees the return of Return Totalequity Return aftertax Balance Mercedes-Benz Financial Services, 2020 2019 Name $m %change onassets $m onequity $m date claiming 23rd place. There were no – 11ANZ (NZX:ANZ)169,416 6.5 1.1 14,430 13.2 1,819Sep-19 other new additions to the Index this year. Last year there were three new – 22BNZ(ASX:NAB)109,112 9.11.0 7,933 13.3 1,022Sep-19 additions. 34Westpac(ASX:WBC) 106,762 10.5 1.1 8,657 13.3 1,129Sep-19 The Top 30 have once again grown their total asset bases, this year by 43ASB(ASX:CBA)2 105,212 6.90.9 7,883 12.2 958Jun-20 $44,266m from $557,606m in 2019 to – 55Kiwibank2 25,510 12.2 0.2 1,570 3.7 57 Jun-20 $601,873m in 2020. This is a7.9 per cent increase compared to the 4.0 per – 66Rabobank2 12,544 4.70.7 1,668 5.5 89 Dec-19 cent increase from 2018 to 2019. – 77TSBBank2 8,179 4.60.4 680 4.6 31 Mar-20 Once again, the top bank is ANZ, holding assets of $169,416m which 89HSBC2 6,642 10.1 0.6 24 161.1 40 Dec-19 has increased by 6.5 per cent from 910MUFGBank2 6,516 21.0 0.5 222 14.8 30 Mar-20 its 2019 total asset value of $159,012m. ANZ sits comfortably at the top spot 10 8AMP Life2 6,315 3.5 (0.4) 723 (3.3) (25) Dec-19 with a$60,304m gap in total asset 11 12 HeartlandBank (NZX:HBL)2 5,318 7.91.4 700 10.5 72 Jun-20 values between first place and second place (BNZ). Furthermore, 12 11 IAG (ASX:IAG)5,102 (3.2)4.6 626 35.5 237Jun-19 ANZ also outpaces all other banks in – 13 13 SBSBank2 4,942 3.90.4 331 5.7 19 Mar-20 terms of profit and equity. – The second spot in the Index is 14 14 AIAInternational NZ2 3,174 1.2(1.0) 961 (3.1) (30) Dec-19 BNZ for the second year in arow, with 15 16 Co-operative Bank2 2,980 7.00.2 202 3.4 7Mar-20 total assets of $109,112m. This is an increase of 9.1 per cent from total 16 15 SuncorpGroup Holdings (ASX:SUN)2 2,789 0.4 7.7 598 36.8 216Jun-20 assets of $99,991m in the previous 17 19 ICBC2 2,282 6.81.0 257 9.4 23 Dec-19 year. – 18 18 Bank of China2 2,152 0.71.4 250 13.1 31 Dec-19 Westpac and ASB are the next top financial institutions with $106,762m 19 20 JPMorganChase Bank2 2,004 11.0 0.5 - - 9Dec-19 and $105,212m of total assets 20 21 Latitude FinancialServices2 1,892 4.90.9 42 46.2 16 Dec-19 respectively. This year has seen them trade third and fourth places between 21 22 ChinaConstructionBank2 1,863 19.8 0.7 228 5.5 12 Dec-19 themselves, with Westpac overtaking 22 17 Citibank2 1,719 (20.3) 0.9 183 9.3 17 Dec-19 ASB in the current year, after reporting total assets of $96,656m and – 23 –Mercedes-BenzFinancialServices2 1,470 114.02.4 205 19.7 26 Mar-20 $98,467m in 2019 respectively. – 23 23 Toyota Finance2 1,470 11.3 1.8 205 13.4 26 Mar-20 All of the big four banks: ANZ, BNZ, Westpac and ASB have seen an 25 24 FlexiGroup (ASX:FXL)1,238 4.33.5 284 15.5 42 Jun-19 increase in their total assets of 6.5 per – 26 26 QBEInsurance (ASX:QBE)2 1,180 14.3 4.0 328 14.2 44 Dec-19 cent, 9.1 per cent, 10.5 per cent and 6.9 per cent respectively. 27 28 Partners Life 1,076 22.0 5.6 496 11.8 55 Mar-20 Of the big four banks, ANZ and 28 27 Pastel Holdings2 1,057 1.32.5 113 22.7 26 Dec-19 Westpac have the two highest return on assets ratios, both of 1.1, while BNZ 29 25 SwissReLife&Health2 1,050 (9.2)1.5 133 13.1 16 Dec-19 and Westpac have the highest return 30 29DeutscheBank2 909 3.3 - 3 - -Dec-19 on equity ratio of 13.3. Kiwibank has retained its fifth- place spot with total assets of institutions, only Westpac has per cent). Cumulative equity has is due to a10.1 per cent increase in AMP life has increased total assets $25,510m. Kiwibank’s total assets increased its profit year-on-year, increased by 5.7 per cent from total assets. HSBC’s total assets have by 3.5 per cent to $6315m from have increased by 12.2 per cent from increasing 1.1 per cent from $1117m to $47,263m in 2019 to $49,934m in increased from $6030m in 2019 to $6100m in 2019 and is ranked tenth $22,734m in 2019. $1129m. ANZ reported adecrease in 2020. $6642m in 2020. this year (down from eighth in 2019). Cumulative profits for the top 30 profit from $1953m to $1819m (-6.9 per The top 10 financial institutions MUFG Bank has claimed ninth It is noted that certain financial financial institutions have decreased cent), BNZ reported adecrease in have remained the same 10 entities place in 2020 (up from tenth in 2019), institutions may have released by 7.5 per cent from $6503m in 2019 profit from $1029m to $1022m (-0.7 from 2019 to 2020. reporting an increase in total assets unaudited earnings announcements to $6014m in 2020. per cent) and ASB has decreased HSBC has reclaimed eighth place of 21.0 per cent from $5383m in 2019 that are not reflected in the indices Of the top four financial profit from $1274m to $958m (-24.8 after dropping to ninth in 2019. This to $6516m in 2020. or commentary above. nzherald.co.nz | The New Zealand Herald | Friday, December 4, 2020 B39

Aspecial thanks to the sponsors and business organisations we collaborated with to publish the 2020 Herald Business Reports Series and put on events like Project Auckland and Mood of the Boardroom. We look forward to reconnectingin2021. Fran O’Sullivan

WITH THANKSTOOUR SPONSORS B40 nzherald.co.nz | The New ZealandHerald | Friday, December4,2020

DeloitteTop 200

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COMPANY CHIEF EXECUTIVE CHIEF FINANCIAL CHAIRPERSONOF SUSTAINABLE OF THEYEAR OF THEYEAR OFFICEROFTHE THEYEAR BUSINESS Fisher &Paykel LewisGradon – YEAR LizCoutts– LEADERSHIP Healthcare Fisher &Paykel TimWilliams – PortsofAuckland, Beca Healthcare Mainfreight Skellerup Holdings, EBOS Group

BEST GROWTH YOUNG DIVERSITYAND MOSTIMPROVED VISIONARY STRATEGY EXECUTIVE OF INCLUSION PERFORMANCE LEADER Xero THEYEAR LEADERSHIP Chorus IanTaylor LucieDrummond SkyCity –RiskAssurance Entertainment Officer, Mercury Group

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