DOCSLIB.ORG

The Warehouse Group Limited // Annual Report 2007

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Warehouse Group Limited // Annual Report 2007 10/18/07 9:06:13 AM 25 YEARS THE WAREHOUSE GROUP LIMITED // ANNUAL REPORT 2007 ANNUAL REPORT GROUP LIMITED // THE WAREHOUSE THE WAREHOUSE GROUP LIMITED // ANNUAL REPORT 2007 WAR008 cover f.indd 1 The Warehouse Group is one of New Zealand’s largest retailers, achieving sales in New Zealand of $NZ1.76 billion, and profit of $NZ115.5 million for the year ended 29 July 2007. THE WAREHOUSE GROUP COMPRISES 85 WAREHOUSE NEW ZEALAND STORES AND 43 WAREHOUSE STATIONERY STORES, AND EMPLOYS MORE THAN 8,000 TEAM MEMBERS. FINANCIAL CALENDAR HALF YEAR FULL YEAR Balance date 27 January 2008 27 July 2008 Results announced March 2008 September 2008 Reports published/dividends paid April 2008 October/November 2008 Quarterly sales announced November 2007 March 2008 May 2008 September 2008 Annual Meeting The Annual Meeting of shareholders of the Company will be held in the Guineas Ballroom, Ellerslie Event Centre, 80-100 Ascot Avenue, Greenlane East, Auckland, New Zealand on Friday, 30 November 2007 commencing at 10.00am. The Annual Report is dated 12 October 2007 and is signed on behalf of the Board by: Keith Smith Ian Morrice Chairman Managing Director Highlights Top-line growth Positive same Strong Sales from continuing businesses up store sales growth balance sheet 2.4% to $1.76 billion The Warehouse NZ same store sales up Continued improvement in key balance by 2.0% sheet and leverage ratios $115.5 million Warehouse Stationery same store sales up by 2.2% Profit attributable to shareholders, 37.4 cents compared to $29.3 million in F06 Earnings per share up 27.8 cents to Investment 37.4 cents per share $97.9 million continues Net profit after tax excluding divestment Stores upgraded, systems infrastructure 17.5 cents of the Australian business and The Base and supply chain strengthened Ordinary dividend increased by 1.5 cents per share to 17.5 cents per share Year of Special divided of 35.0 cents per share paid Consolidation Warehouse Stationery poised for growth Celebrating 25 Years // Page 1 Page 2 Our Core Purpose The Warehouse will make a difference to people’s lives by making the desirable affordable and supporting New Zealand’s communities and the environment. By putting the customer first, we will succeed. Everything we do flows from this principle. We enjoy success through working together as one team. People choose to work for us because we care about and recognise individuals. Celebrating 25 Years // Page 3 06 Results at a Glance 23 New Brands 42 CFO’s Report 08 Chairman’s Report 24 Apparel 44 Financial Information Managing 10 Director’s Report 26 Supplier Awards 71 Corporate Governance 12 Board of Directors 28 Warehouse Stationery 78 Directors’ Interests 14 Celebrating 25 Years 32 Systems 79 Statutory Disclosures 17 The Warehouse NZ 35 Charities and Fundraising 85 Directory 20 Our People 38 10 Year Review Page 4 CELEBRATING 25 YEARS See Page 14 > OUR PEOPLE See Page 20 > SYSTEMS See Page 32 > Celebrating 25 Years // Page 5 2007 2006 $000 $000 CHANGE NOTE Continuing operations Sales 1,761,677 1,720,479 2.4% A EBITDA 188,460 183,492 2.7% B Operating profit 153,051 152,044 0.7% C Unusal items (Loss) / Gain on property disposals (542) 1,591 n.m Gain on disposal of ‘The Base’ Te Rapa Limited joint venture 17,432 – n.m D Gain/(loss) on divestment of the business assets of The Warehouse Australia 5,939 (88,801) n.m E Group results Earnings before interest and taxation 175,880 65,868 167.0% Net interest expense (6,467) (10,127) -36.1% F Income tax expense (53,637) (26,165) 105.0% Minority Interests (302) (259) 16.6% Net surplus attributable to shareholders 115,474 29,317 293.9% Adjusted net earnings 1 97,856 96,190 1.7% G 1 Adjusted for the divestment of the Te Rapa joint venture and Australian operations A. SALES – Sales from continuing operations increased 2.4 percent. D. GAIN ON DISPOSAL OF ‘THE BASE’ TE RAPA LIMITED JOINT VENTURE The Warehouse NZ sales rose 2.6 percent, and same store sales The group sold its 50% joint venture interest in ‘The Base’ Te Rapa increased by 2.0 percent. Warehouse Stationery sales rose 0.9 percent, retail complex to its joint venture partner, Tainui Group Holdings Limited and same store sales increased by 2.2 percent. in July 2007. B. EBITDA – EBITDA from continuing operations rose 2.7 percent, with E. DIVESTMENT OF THE BUSINESS ASSETS OF THE WAREHOUSE AUSTRALIA The Warehouse NZ recording a 4.3 percent increase and Warehouse The group sold the business assets of The Warehouse Australia in Stationery a 2.8 percent increase. November 2005. The sale was subject to a number of warranties. Some warranty obligations were settled during 2007 allowing surplus provisions C. OPERATING PROFIT Operating profit from continuing operations to be released. increased 0.7 percent. The Warehouse NZ and Warehouse Stationery had increases of 2.6 percent and 2.2 percent respectively. The operating F. NET INTEREST EXPENSE – Lower net interest expense reflects margin decreased 10 basis point from 8.8 percent to 8.7 percent. The a reduction of $72.4 million in net debt. operating margin was adversely impacted by an increase in group costs related to the group’s long term incentive plan, and a reduction in the G. ADJUSTED NET EARNINGS – Net profit after tax excluding the contribution from financial services. divestment of Te Rapa and the Australian operations increased 1.7 percent which represented a solid trading result given difficult trading conditions. SALES – CONTINUING EBITDA – CONTINUING BUSINESSES (NZ $M) BUSINESSES (NZ $M) 2,000 220 16.0% 1,800 14.0% 1,600 170 1,400 12.0% 1,200 120 10.0% 1,000 800 8.0% 600 70 6.0% 400 4.0% 200 20 0 EBITDA MARGIN 2.0% EBITDA MARGIN CONTINUING BUSINESSES 01 02 03 04 05 06 07 01 02 03 04 05 06 07 Page 6 Fundamental improvements to our cashflows, debt levels and interest costs have improved the quality of our earnings and represent significant progress in our plans to re-invest in the business. 2007 2006 NOTE Inventory including goods in transit ($m) 254.8 247.5 A Net debt ($m) 43.0 115.4 B Gearing (net debt/net debt + equity) 9.4% 25.7% C Interest cover (EBIT/Net interest) 1 23.6 15.3 Fixed charge cover (EBITDA + rent)/(net interest + rent) 2 4.0 3.9 Cash realisation ratio (NCFO / NPAT + D + A) 1 0.97 1.15 D Net debt to EBITDA 0.23 0.61 1 Adjusted for the divestment of the Te Rapa joint venture and Australian operations 2 Continuing operations A. INVENTORY INCLUDING GOODS IN TRANSIT – Inventory including goods DEFINITIONS in transit increased 2.9 percent representing additional investment EBIT: Earnings before interest and taxation in the grocery category associated with the rollout of the new Extra EBITDA: Earnings before interest, taxation and depreciation format stores. NCFO: Net cashflows from operating activities NPAT: Net surplus attributable to shareholders B. NET DEBT – Net debt reduced 62.7% to $43.0 million, a decrease N.M.: Not meaningful of $72.4 million from the previous year. The receipt of sale proceeds of $36.7 million from the sale of the group’s Te Rapa joint venture and proceeds of $26.7 million received from exercised employee share options were significant factors in the reduction of debt. C. GEARING – Gearing reduced to 9.4 percent consistent with a reduction in net debt. The gearing ratio remains well within the 50 percent ratio required under the group’s borrowing covenant. Gearing levels will however increase following the payment of the 35.0 cent special dividend declared in September 2007 but are expected to remain comfortably within the group’s borrowing covenants during 2008. D. CASH REALISATION RATIO – Operating cash flow reduced by 15.4 percent to $129.6 million for the year due mainly to an increase in working capital used to fund higher receivables and a change in inventory mix. OPERATING CASHFLOW NET DEBT (NZ $M) (NZ $M) 350 2.00x 180 1.80x 160 300 1.60x 140 250 1.40x 120 1.20x 200 100 1.00x 80 150 0.80x 60 0.60x 100 NET DEBT/ EBITDA 0.40x 40 50 0.20x 20 NET DEBT/EBITDA 0 0 0 01 02 03 04 05 06 07 01 02 03 04 05 06 07 Celebrating 25 Years // Page 7 On behalf of the Board of The Warehouse Group, it is my pleasure to announce a net profit after tax of $115.5 million for the year including two non-recurring items. This profit compares with $29.3 million for last year. Sales from continuing operations were up 2.4% to $1.76 billion. Net profit after tax, excluding the sale of The Base development and the divestment of the Australian business, was up from $96.2 million in 2006 to $97.9 million in 2007. Same store sales positive while Warehouse Stationery sales were Board returned $163.2 million by The improved profit attributable to up 0.9% to $213.5 million, with same way of dividends to shareholders. shareholders has been achieved through store sales up 2.2% for the year. The final dividend was 5.5 cents with ongoing improvements and continued total ordinary dividends up by 1.5c to Generous dividend payout solid operating performances from 17.5c per share paid out for the year. to investors both businesses.
Load more

Recommended publications
  • First Anniversary Snapshot 2018/2019 Our Signatories
    First Anniversary Snapshot 2018/2019 Our signatories Founding signatories Original signatories from public launch in July 2018 First Anniversary Snapshot 2018/2019 New signatories since launch Climate Leaders Coalition Signatory footprint Our signatories Make up nearly Represent 60% Employ more than of NZ’s gross emissions one third of NZ’s 170,000 people private sector GDP 60% “Until joining the Climate Leaders Coalition it was somewhat lonely out there and we were very isolated from other companies’ initiatives around climate change. This initiative has created a family who are very willing to share experiences and provide advice and support. This has made our journey a lot easier.” Tony Gibson, CEO Ports of Auckland 1 First Anniversary Snapshot 2018/2019 Contents 3 A word from our convenor 4 Year in review 8 Climate-X 9 Demonstrating leadership on climate change 10 Events 11 Signatories’ progress against the 2017 Climate Change Statement 14 2019 Statement 15 Join the movement “The vision of Ngāi Tahu is mō tātou, ā, mō kā uri ā muri ake nei – for us and our children after us. The action now required by all of us to address climate change comes in to sharp focus when we consider the effects on those who will follow in our footsteps.” Mike Sang, CEO Ngāi Tahu Holdings Climate Leaders Coalition 2 A word from our convenor Back in 2017 the idea was hatched to create a coalition of New Zealand To show the Coalition means business, we have also released a second pledge businesses who were taking action on climate change to inspire others to do the to reflect the latest science that illustrates the need to limit global warming to same.
    [Show full text]
  • S&P Dow Jones Indices Announces September 2016 Quarterly
    S&P Dow Jones Indices Announces September 2016 Quarterly Rebalance of the S&P/NZX Indices SYDNEY, SEPTEMBER 2, 2016: S&P Dow Jones Indices announced today the changes in the S&P/NZX indices, effective after the close of trading on September 16, 2016 as a result of the September quarterly review. S&P/NZX 10 – No change. S&P/NZX 15 Index – September 16, 2016 After Market Close Action Code Company Addition CNU Chorus Limited Removal AIR Air New Zealand Limited S&P/NZX 20 – No change. S&P/NZX 50 & S&P/NZX 50 Portfolio Index – September 16, 2016 After Market Close Action Code Company Addition SCL Scales Corporation Limited Addition VGL Vista Group International Limited Removal SKL Skellerup Holdings Limited Removal STU Steel & Tube Holdings Limited INDEX ANNOUNCEMENT c G R A S&P/NZX MidCap Index – September 16, 2016 After Market Close Action Code Company Addition SCL Scales Corporation Limited Addition VGL Vista Group International Limited Removal SKL Skellerup Holdings Limited Removal STU Steel & Tube Holdings Limited S&P/NZX SmallCap Index – September 16, 2016 After Market Close Action Code Company Addition NZM NZME Limited Addition SKL Skellerup Holdings Limited Addition STU Steel & Tube Holdings Limited Removal SCL Scales Corporation Limited Removal VGL Vista Group International Limited S&P/NZX All Index – September 16, 2016 After Market Close Action Code Company Addition NZM NZME Limited S&P/NZAX All – No change. S&P/NZX Morrison – No change. S&P/NZX SciTech – No change. S&P/NZX Farmers Weekly Agriculture Equity Index – No change. S&P/NZX Farmers Weekly Agriculture Equity Investable Index – No change.
    [Show full text]
  • Stoxx® Pacific Total Market Index
    STOXX® PACIFIC TOTAL MARKET INDEX Components1 Company Supersector Country Weight (%) CSL Ltd. Health Care AU 7.79 Commonwealth Bank of Australia Banks AU 7.24 BHP GROUP LTD. Basic Resources AU 6.14 Westpac Banking Corp. Banks AU 3.91 National Australia Bank Ltd. Banks AU 3.28 Australia & New Zealand Bankin Banks AU 3.17 Wesfarmers Ltd. Retail AU 2.91 WOOLWORTHS GROUP Retail AU 2.75 Macquarie Group Ltd. Financial Services AU 2.57 Transurban Group Industrial Goods & Services AU 2.47 Telstra Corp. Ltd. Telecommunications AU 2.26 Rio Tinto Ltd. Basic Resources AU 2.13 Goodman Group Real Estate AU 1.51 Fortescue Metals Group Ltd. Basic Resources AU 1.39 Newcrest Mining Ltd. Basic Resources AU 1.37 Woodside Petroleum Ltd. Oil & Gas AU 1.23 Coles Group Retail AU 1.19 Aristocrat Leisure Ltd. Travel & Leisure AU 1.02 Brambles Ltd. Industrial Goods & Services AU 1.01 ASX Ltd. Financial Services AU 0.99 FISHER & PAYKEL HLTHCR. Health Care NZ 0.92 AMCOR Industrial Goods & Services AU 0.91 A2 MILK Food & Beverage NZ 0.84 Insurance Australia Group Ltd. Insurance AU 0.82 Sonic Healthcare Ltd. Health Care AU 0.82 SYDNEY AIRPORT Industrial Goods & Services AU 0.81 AFTERPAY Financial Services AU 0.78 SUNCORP GROUP LTD. Insurance AU 0.71 QBE Insurance Group Ltd. Insurance AU 0.70 SCENTRE GROUP Real Estate AU 0.69 AUSTRALIAN PIPELINE Oil & Gas AU 0.68 Cochlear Ltd. Health Care AU 0.67 AGL Energy Ltd. Utilities AU 0.66 DEXUS Real Estate AU 0.66 Origin Energy Ltd.
    [Show full text]
  • 2021 Investor Day
    2021 Investor Day The Warehouse Group 4 May 2021 Important Disclaimer This presentation is given on behalf of The Warehouse Group Limited (‘the Group’). Information in this presentation: • Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in the Group. Readers should take their own independent professional advice in respect of their objectives, financial position or needs; • Should be read in conjunction with, and is subject to, the Group’s Annual Report, market releases, and information published on The Warehouse Group website (www.thewarehousegroup.co.nz); • Includes forward-looking statements about the Group and the environment in which the Group operates, which are subject to uncertainties and contingencies outside of the Group’s control – the Group’s actual results or performance may differ materially from these statements; • Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; • May contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information; and • Has not been subject to audit or review by an independent third party of the assumptions, data, calculations and forecasts contained in or referred to in this presentation. All information in this presentation is current at the date of this presentation, unless otherwise stated. All currency amounts are in NZ dollars unless
    [Show full text]
  • The Climate Risk of New Zealand Equities
    The Climate Risk of New Zealand Equities Hamish Kennett Ivan Diaz-Rainey Pallab Biswas Introduction/Overview ØExamine the Climate Risk exposure of New Zealand Equities, specifically NZX50 companies ØMeasuring company Transition Risk through collating firm emission data ØCompany Survey and Emission Descriptives ØPredicting Emission Disclosure ØHypothetical Carbon Liabilities 2 Measuring Transition Risk ØTransition Risk through collating firm emissions ØAimed to collate emissions for all the constituents of the NZX50. ØUnique as our dataset consists of Scope 1, Scope 2, and Scope 3 emissions, ESG scores and Emission Intensities for each firm. ØCarbon Disclosure Project (CDP) reports, Thomson Reuters Asset4, Annual reports, Sustainability reports and Certified Emissions Measurement and Reduction Scheme (CEMAR) reports. Ø86% of the market capitilisation of the NZX50. 9 ØScope 1: Classified as direct GHG emissions from sources that are owned or controlled by the company. ØScope 2: Classified as indirect emissions occurring from the generation of purchased electricity. ØScope 3: Classified as other indirect GHG emissions occurring from the activities of the company, but not from sources owned or controlled by the company. (-./01 23-./014) Ø Emission Intensity = 6789 :1;1<=1 4 Company Survey Responses Did not Email No Response to Email Responded to Email Response Company Company Company Air New Zealand Ltd. The a2 Milk Company Ltd. Arvida Group Ltd. Do not report ANZ Group Ltd. EBOS Ltd. Heartland Group Holdings Ltd. Do not report Argosy Property Ltd. Goodman Property Ltd. Metro Performance Glass Ltd. Do not report Chorus Ltd. Infratil Ltd. Pushpay Holdings Ltd. Do not report Contact Energy Ltd. Investore Property Ltd.
    [Show full text]
  • View Inevitable
    In this Issue December 2016 Who pays the piper? 2 Sky City Entertainment Group AGM 29 AIA appoints its 3rd Future Director 4 Methven AGM 29 2016 NZSA Business Story of the year 5 Vital HealthcareProperty Trust AGM 30 A Message from the Chairman 2016 Beacon Award Winner Anounced 6 Mercury AGM 31 Membership Gift Certificate 8 NZ Oil and Gas AGM 32 A small step towards Commonsense Tax 8 Barramundi and Marlin Global 33 Investors have certainly had an interesting year! I hope for most of you it Environmental, Social, Governance (ESG) 101 - Steel and Tube AGM 34 The latest buzz 9 Delegat Group AGM 34 has been a positive one. The dramas surrounding Pumpkin Patch and especially Company Meetings Airwork Holdings AGM 35 Wynyard will have caught out some, but the correction during October should A2 Milk AGM 11 Tourism Holdings AGM 36 SLI Systems AGM 37 not have surprised market watchers. Political uncertainty around the globe EBOS AGM 13 (and at home) along with likely increases to interest rates and inflation and the Veritas AGM 14 Skellerup Holdings AGM 38 Contact Energy AGM 15 Freightways AGM 39 potential fall in house prices in some overheated areas such as Auckland will Genesis Energy AGM 16 Caught on the Net 40 bring challenges and opportunities. So 2017 certainly promises to be interesting. Comvita AGM 17 Branch Reports Tegel AGM 18 Auckland. 42 For the NZSA, it has been another big year. A highlight (or should that Precinct Properties AGM 19 Waikato 44 really be lowlight?) was our success in removing a sitting director at Rakon.
    [Show full text]
  • Skellerup Holdings 2015 Annual Report Skellerup Holdings 2015 Annual Report
    SKELLERUP HOLDINGS 2015 ANNUAL REPORT SKELLERUP HOLDINGS 2015 ANNUAL REPORT 2015 Skellerup Holdings Limited L3, 205 Great South Road, Greenlane Auckland 1051, New Zealand PO Box 74526, Greenlane, Auckland 1546, New Zealand T +64 9 523 8240 E [email protected] W www.skellerupholdings.co.nz 1 Contents BUSINESS REVIEW Highlights 2 Chairman’s Report 4 Chief Executive’s Report 6 US Market Review 8 US Potable Water 10 Working with our Customers 12 Broadening the Skellerup Footprint 14 Project Viking 16 Board of Directors 18 Corporate Governance 20 FINANCIAL REPORT Independent Auditor’s Report 24 Directors’ Responsibility Statement 25 Income Statement 26 Statement of Comprehensive Income 27 Balance Sheet 28 Statement of Changes in Equity 29 Cashflow Statement 30 Notes to the Financial Statements 31 SHAREHOLDER INFORMATION Directors’ Disclosures 59 Shareholder Information 60 Corporate Directory 62 2 SKELLERUP HOLDINGS 2015 ANNUAL REPORT Highlights REVENUE $203.0m Up $6.4m NPAT $21.9m Up $1.2m OPERATING CASH FLOW $17.8m Down $9.5m EARNINGS PER SHARE 11.4c Up 6% DIVIDEND 9.0cps Up 6% 5% Asia 2% Other Europe 24% 19% New Zealand Revenue by Region FY15 % 25 25% Australia North America SKELLERUPFINANCIAL 2015 STATEMENTS HIGHLIGHTS 3 Locations USA Chicago, Illinois Falconer, New York Lincoln, Nebraska Charlotte, North Carolina UNITED KINGDOM Witney, Oxfordshire Nailsea, Bristol ITALY Ala, Trento VIETNAM Ho Chi Minh City CHINA Baochang, Jiangsu Province AUSTRALIA Sydney, New South Wales Melbourne, Victoria NEW ZEALAND Auckland Wellington Christchurch
    [Show full text]
  • HALF YEAR REPORT 2012 Overview Overview
    The Warehouse Group Limited HALF YEAR REPORT 2012 Overview Overview Group OPERATING PERFORMANCE GROUP OPERATING PROFIT $ 67. 9 GROUP SALES UP million 3.3% GROUP OPERATING MARGIN $937.9 MILLION TAX-PAID PROFIT UP 7. 2% 3.3% Group EBIT $54.0 MILLION $76.7 million OVERVIEW 01 Half Year Review 2012 Your Directors are pleased to present the unaudited results for the six months ended 29 January 2012. The strategic direction set out in September 2011 has already started to have a positive impact and we are very pleased to have been able to declare a dividend of 13.5 cents per share. Dear Shareholders SEGMENTAL RESULTS The Warehouse Group Limited (‘Group’) reported a half The Warehouse year net profit after tax of $54.0 million compared to The Warehouse reported a 3.4% increase in sales for $52.3 million in the prior comparable period. Adjusted the half year ended 29 January 2012, with same store net profit after tax for the period was $46.7 million, sales up 2.7%. Operating profit was down 16.1% to compared to $53.0 million last year. $62.1 million, primarily a function of margin pressure The strategic direction set out last September has in apparel, cost inflation and cost investment to provide already started to have a positive impact. Your Board a stable base for the future. understands that the scale of change required to The Warehouse’s operating margin was 7.4% compared reverse long term trends is significant and building to last year, at 9.2%. long term sustainable growth in profits will take time.
    [Show full text]
  • May 2019 Market Update
    QUAYSTREET MONTHLY MARKET UPDATE - AS AT 31 MAY 2019 - INTERNATIONAL MARKETS Geopolitics fray markets Global equity markets broadly fell in May, giving back on the rise across the continent, while at the individual some of April’s stellar performance. The MSCI World country level, Italy has made it known it is about to Index (NZD) dropped 3.6% over the month, however a flout EU fiscal rules around its budget. Across the weakening Kiwi dollar helped soften the impact in NZD channel, there are now heightened prospects of a terms. Positive returns in Brazil and India bucked the no-deal Brexit, coupled with a leadership vacuum after trend, helping emerging markets indices to outperform Prime Minister Theresa May announced she will resign developed markets, something that has not happened in June. for a while. In stark contrast to European politics, India’s Prime The weakness in markets accelerated at month-end as Minister Narendra Modi won a strong mandate for the US President made an unexpected announcement his second five-year term. The question being asked stating he would impose tariffs on Mexico if it did not by investors is to what extent he re-engages with stop the flow of illegal immigrants crossing the border the significant reforms he was planning to undertake into the US. This added further uncertainty concerning in his first term, such as overhauling the labour global trade, just as investors were evaluating the re- and agricultural sectors, that did not materialise. escalation of the US-China trade war. Notwithstanding, with its economy still among the fastest growing in the world (GDP is running at 7%), Another contributor to the renewed anxiety in markets India is likely to remain a favourite in the emerging was the deteriorating political landscape in Europe.
    [Show full text]
  • Disclosure of Beginning to Have Substantial Holding
    Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To NZX Limited and To The Warehouse Group Limited (WHS) Date this disclosure made: 21 May 2021 Date on which substantial holding began: 21 May 2021 Substantial product holder(s) giving disclosure Full name(s): Forsyth Barr Limited (FBL), Forsyth Barr Group Limited (FBGL), Forsyth Barr Investment Management Limited (FBIM) Summary of substantial holding Class of quoted voting products: Ordinary shares (WHS) Summary for FBL, FBGL, FBIM For this disclosure,— (a) total number held in class: 31,610,858 (b) total in class: 346,843,120 (c) total percentage held in class: 9.113% Details of relevant interests Details for FBL and FBGL Nature of relevant interest(s): The relevant interest is the power to acquire and dispose of, or control the acquisition or disposition of, 31,120,089 shares in WHS. This relevant interest was acquired when FBL and FBGL entered into a block trade agreement on 21 May 2021 with Foodstuffs (Auckland) Nominees Limited, Wardell Bros & Coy Limited and Cash Wholesalers Limited (Block Trade Agreement). A relevant agreement document is attached under regulation 139 (see pages 4-22). For that relevant interest,— (a) number held in class: 31,120,089 (b) percentage held in class: 8.972% (c) current registered holder(s): Foodstuffs (Auckland) Nominees Limited (10,373,363 shares), Wardell Bros & Coy Limited (10,373,363 shares), Cash Wholesalers Limited (10,373,363). (d) registered holder(s) once transfers are registered: unknown 1 Details for FBIM Nature of relevant interest: The relevant interest arises under various investment management agreements to which FBIM is a party in its capacity as the manager of the Forsyth Barr Investment Funds and as a provider of discretionary investment management services (DIMS).
    [Show full text]
  • Hypermarket Lessons for New Zealand a Report to the Commerce Commission of New Zealand
    Hypermarket lessons for New Zealand A report to the Commerce Commission of New Zealand September 2007 Coriolis Research Ltd. is a strategic market research firm founded in 1997 and based in Auckland, New Zealand. Coriolis primarily works with clients in the food and fast moving consumer goods supply chain, from primary producers to retailers. In addition to working with clients, Coriolis regularly produces reports on current industry topics. The coriolis force, named for French physicist Gaspard Coriolis (1792-1843), may be seen on a large scale in the movement of winds and ocean currents on the rotating earth. It dominates weather patterns, producing the counterclockwise flow observed around low-pressure zones in the Northern Hemisphere and the clockwise flow around such zones in the Southern Hemisphere. It is the result of a centripetal force on a mass moving with a velocity radially outward in a rotating plane. In market research it means understanding the big picture before you get into the details. PO BOX 10 202, Mt. Eden, Auckland 1030, New Zealand Tel: +64 9 623 1848; Fax: +64 9 353 1515; email: [email protected] www.coriolisresearch.com PROJECT BACKGROUND This project has the following background − In June of 2006, Coriolis research published a company newsletter (Chart Watch Q2 2006): − see http://www.coriolisresearch.com/newsletter/coriolis_chartwatch_2006Q2.html − This discussed the planned opening of the first The Warehouse Extra hypermarket in New Zealand; a follow up Part 2 was published following the opening of the store. This newsletter was targeted at our client base (FMCG manufacturers and retailers in New Zealand).
    [Show full text]
  • Annual Report 2020
    Financial Report 2020 Financial Statements This annual report covers the performances of Auckland International Airport Limited (Auckland Airport) from 1 July 2019 to 30 June 2020. This volume contains our audited financial statements. Overview information and a summary of our performance against financial and non-financial targets for the 2020 financial year are obtained in a separate volume, which may be accessed at report.aucklandairport.co.nz. 1 Financial report 2020 Introduction Auckland Airport is pleased to present the financial results for the year to 30 June 2020. This was a year of contrasting halves with the first half dominated by the company embarking on a historic period of infrastructure-related transformation and the second Financial report impacted by the travel restrictions put in place to mitigate the effects of the COVID-19 outbreak. The eight-month period to February 2020 was a period of transformation for Auckland Airport, with key milestones reached in the airport infrastructure upgrade, including the commencement of four of our eight key anchor projects. Auckland Airport also focused on delivering meaningful customer improvements including launching new automated pre-security gates, the continued rollout of check-in kiosks and the completion of the international departures upgrade. International air connectivity continued to grow in the eight-month period to February 2020 with new or enhanced services launched to Vancouver and Seoul. Regrettably, domestic passenger volumes marginally fell during the first half reflecting increased yield management by airlines and the impact of Jetstar’s exit from regional services. Following the global outbreak of COVID-19 and the subsequent imposition of travel restrictions from February 2020, Auckland Airport took a number of decisive measures to withstand the challenging and unparalleled operating environment.
    [Show full text]