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Annual Report 2015

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Annual Report 2015 From STRENGTH to STRENGTH KORDIA ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2015 P.1 TABLE of CONTENTS 2 CHAIR’S REPORT 4 KORDIA GROUP BOARD MEMBERS 6 DIRECTORS’ REPORT 7 STATEMENT OF RESPONSIBILITY 21 INCOME STATEMENT 22 STATEMENT OF COMPREHENSIVE INCOME 23 STATEMENT OF CHANGES IN EQUITY 24 STATEMENT OF FINANCIAL POSITION 25 STATEMENT OF CASH FLOWS 26 STATEMENT OF ACCOUNTING POLICIES 34 NOTES TO THE FINANCIAL STATEMENTS 54 REPORT OF THE AUDITOR-GENERAL 56 STATEMENT OF PERFORMANCE 58 ADDITIONAL INFORMATION P.2 CHAIR’S REPORT FOR THE YEAR ENDED 30 JUNE 2015 KORDIA DELIVERS OUTSTANDING PROFIT RESULT Welcome to Kordia Group’s annual report for the financial year ended 30th June 2015. It has been a 12 months of outstanding financial and operational performance delivering above target results. Kordia Group has reported a 2015 profit of $9.2m, beating its profit forecast by nearly 400 per cent. The business has had SOME HIGHLIGHTS OF THE YEAR ENDED 30.6.15: a stellar year in both New Zealand and Australia, with both • Managing the broadcasting of the FIFA U-20 World operations over-performing. The group’s EBITDA was $38m, a cup to 100 countries around the world with an 193 per cent increase over the prior year. audience of 170 million people. In addition, Kordia has cut net debt nearly 80 per cent to • The launch of Video Web Streaming services $12.5m from $60.4m at the beginning of the financial year. for NZ Parliament TV with automatic device Kordia now has the strongest balance sheet in its history and responsive formatting for the end user. is well positioned to deliver returns to the shareholder and • Solutions provider in the Adelaide Oval with the invest for the future. first MIMO high speed network Stadium solution, Kordia Group has a rich history of delivering complex which was then used for the IC Cricket World Cup. communications technology and producing innovative • Delivering telecommunications services and design solutions. This year saw the group continue to lead building infrastructure for the APLNG Queensland the way with technology solutions for an expanding diversity coal gas seam project which is one of the most of clients. significant energy projects being undertaken in Australia. P.3 KORDIA GROUP HAS REPORTED A 2015 PROFIT OF $9.2M, BEATING ITS PROFIT FORECAST BY NEARLY 400 PER CENT. Kordia Group revenues for the year to 30 June 2015 totalled The board and management have maintained focus on our $248m, with an EBITDA of $38m (2014 $13m) delivering an strategy and have driven performance to deliver a result for NPAT for the year at $9.2m versus a target of $1.9m. this year and beyond. Consistent with this year’s Statement of Corporate Intent, We are committed to being a good employer, and our people Kordia Group has declared no dividend will be payable in are an integral part of our business. Staff engagement is respect of the financial year 30th June 2015. our key measure of how well we are doing, and this year engagement was at 70%. The fact the 2015 results far exceed the business’ Statement of Corporate Intent is attributable to a range of factors. Maintaining a safe workplace is a high priority for the board and management. This year we improved our Lost Time Throughout Australia and New Zealand the company’s Injury Frequency Rate measure to 3.33. performance has been outstanding. Kordia New Zealand, under the direction of CEO Scott Bartlett, grew its telco As confirmation of our good process, during the year KSA revenues by more than 30 per cent. Our media business became accredited under the Australian Government has also had a buoyant year, with the addition of online Building and Construction WHS Accreditation Scheme. They streaming services and growth in FM radio. Our mission achieved the accreditation after a single audit, a result that critical solutions strategy is driving growth and positioning few companies achieve first time around. the business well for the future. Kordia is well placed to reap the benefits of this year’s strong Under the leadership of CEO Ken Benson in Kordia Solutions result. FY16 has started well and the group is in a good Australia, there has been a considerable focus on cutting position with the strongest balance sheet in Kordia’s history, costs, reducing risk and re-focusing the Australian business, strong leadership in place and a clear focus on strategy. to improve financial performance. The focus has been on margin, securing large profitable multi-year contracts and improving the level of secured revenue. Kordia Solutions Australia is entering the FY16 year with eight times the Lorraine Witten carryover revenues compared to last year. CHAIR OF THE BOARD P.4 KORDIA GROUP BOARD MEMBERS Lorraine Witten John Quirk CHAIR OF THE BOARD DEPUTY CHAIR OF THE BOARD Lorraine Witten (BMS Hons, CA) is a John Quirk is a partner in strategic chartered fellow of the New Zealand investment and advisory company Institute of Directors and a member of Howard & Company. John has extensive Chartered Accountants Australia and business and governance experience New Zealand. She has extensive in high growth, high tech companies. He experience in the telco and ICT sector, has held key leadership roles including with 25 years experience in senior Chairman, CEO and Managing Director in management and finance roles and a number of iconic ICT companies. 20 years in director roles. He is currently Chairman of Wherescape For the past 10 years Lorraine has been Software Ltd, FrameCAD Group and SMX an entrepreneur leading high growth Limited. He is a Director of Private Flight businesses. She is currently Managing Global Ltd and an advisor to the Boards Director of the company she founded in of Clearpoint, Merlot.aero and Code Blue. 2007, Simply Security Limited. John is a chartered member of the Lorraine is also Chair of Star Now Institute of Directors and is the Limited and Director of Wellington Chair of Kordia Group’s People and Regional Development Agency Limited. Culture Committee. Rachel Farrant John Allen Rachel Farrant (BCom, Post Graduate Diploma – Finance & Management, CA John Allen has worked in technology- (NZICA)) is a partner at BDO Wellington based positions for 25 years. His career and has over 20 years experience in includes senior roles with Panasonic chartered accountancy and business before joining Kordia in its previous advisory services. incarnation as BCL in 1994 where he was Auckland-based sales manager. Rachel’s other board experience John later assisted in a restructuring includes Director and Audit Committee that saw today’s Networks business Member – Fulton Hogan Group Limited; moved to Auckland and the number Trustee and Audit Committee Chair – of maintenance centres around New Wellington Museum Trust; and Chair of Zealand reduced from twelve to five. the Central Region General Practitioners John left BCL to take up a management Fees Review Committee. role in data communications. Rachel is the Chair of Kordia Group’s His latest role was Director of Technology Audit and Risk Committee. at MediaWorks, covering radio, television and corporate IT engineering and television operations. John was a member of the Freeview Board and has served on a number of industry organisations including the Broadcast Sector Group that worked with the Government to achieve digital switch over. P.5 Graeme Sumner Bryan Hemi Graeme Sumner (BCom, MBA, MAICD) Bryan Hemi (BE (Civil), MBA) is an is a highly experienced Managing experienced company director, with Director specialising in developing and a background in ICT and a range of expanding companies in a broad range governance and consulting experience of sectors and across a number of and expertise. geographical regions. Bryan is a director of Governance Online Previous roles have included being the Limited, Healthwest Limited and advisor Chief Executive Officer and Managing to iTools Online Limited. Bryan was Director of Service Stream Ltd, Chief previously a director of Quotable Value Executive Officer of Transfield Services and Chair of Property IQ (a joint venture (New Zealand) Limited and Managing between Quotable Value and RP Data), Director of Siemens Limited in Chair of Aotearoa Credit Union, and a New Zealand. Trustee of Workbase. Prior to that Bryan He served in senior positions at IBM, was CEO of PIPC NZ. Telecom New Zealand, Contact Energy, Bryan is a member of Kordia Group’s New Zealand Post and its subsidiary Audit and Risk Committee. companies, SkyRoad and Kiwimail. Graeme was also the Chairman of New Zealand Post’s joint venture airfreight company, AirPost Limited. BOARD COMMITTEES Graeme is the Chair of Kordia Group’s Health and Safety Committee. THE BOARD CURRENTLY HAS THREE STANDING COMMITTEES: Sheridan Broadbent AUDIT & RISK COMMITTEE The Audit & Risk Committee assists the Sheridan Broadbent (BCom, Harvard Board in fulfilling its responsibilities Business School Advanced Management by providing recommendations, Program, CMInstD) is an experienced counsel and information concerning telecommunications and infrastructure its accounting and reporting industry professional, having worked responsibilities under the Companies in business development and major Act 1993 and related legislation. Its operational roles in the sectors for many terms of reference also cover the role years throughout New Zealand, Australia of internal audit and financial risk and the South Pacific. management. Sheridan is the Chief Executive of PEOPLE AND CULTURE COMMITTEE Franklin-based electricity lines company The People and Culture Committee Counties Power, and has held Executive assists the Board in fulfilling its positions with Genesis Energy, Downer responsibilities by providing advice EDI (Australia), and led Downer EDI and recommendations regarding the Engineering in New Zealand. appropriate levels of remuneration Sheridan is on the steering group of the for executives. Business Leaders’ Health and Safety HEALTH AND SAFETY COMMITTEE Forum, a chartered member of the Institute of Directors and an inaugural The Health and Safety Committee graduate of the Institute-administered supports the Board to comply with its Future Directors’ Scheme.
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