DOCSLIB.ORG

Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report As at 31 March 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report As at 31 March 2018 Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report as at 31 March 2018 Fund Performance The Fund outperformed its benchmark for the quarter by 0.95%. Overweight holdings in Macquarie Group Limited, Insurance Australia Group Limited, Lendlease Group, Altium Limited and Reliance Worldwide Corporation Limited made a positive contribution to relative performance. The main detractors were overweight holdings in The Star Entertainment Group Limited, BT Investment Management Limited and TABCORP Holdings Limited together with underweight positions in The A2 Milk Company Limited and Qantas Airways Limited. Returns Month Rolling FYTD 1 Year 3 Years 5 Years 7 Years Since Inception Quarter p.a. p.a. p.a. p.a. (17/09/2008) Fund Gross Return^ -3.35% -2.91% 7.20% 6.21% 6.18% 10.73% 9.26% 8.65% Benchmark Return* -3.77% -3.86% 4.19% 2.54% 3.76% 7.66% 7.23% 6.77% Active Return 0.42% 0.95% 3.02% 3.66% 2.42% 3.07% 2.03% 1.88% Fund Net Return^ -3.43% -3.14% 6.43% 5.19% 5.16% 9.67% 8.21% 7.64% Benchmark Return* -3.77% -3.86% 4.19% 2.54% 3.76% 7.66% 7.23% 6.77% Active Return (After 0.34% 0.72% 2.24% 2.64% 1.40% 2.01% 0.98% 0.87% fees) ^ Performance is for the Solaris Core Australian Equity Fund (APIR: WHT0012AU), also referred to as Class B units, and is based on month end prices before tax. Net performance is calculated after management fees and operating costs, excluding taxation. Gross performance is stated excluding all fees, costs and taxation. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance. * Benchmark refers to the S&P/ASX 200 Accumulation Index. Significant Contributors Significant Detractors Altium Limited (+50.1%) TABCORP Holdings Limited (-19.4%) Management reported their 1st half 2018 result which was The company announced their 2018 half year results and well ahead of market expectations. Revenue growth was 30% reported normalised net profit of $82 million, down from which drove net profit growth of 51%. The outlook also looks $103 million in the 1st half 2017. Earnings in their wagering bright with the proliferation of electronics through the rise of and media division were weaker due to cost growth driven by smart connected devices. increased customer acquisition activity. Lendlease Group (+8.0%) The A2 Milk Company Limited (+55.5%) At the company’s 1st half 2018 result, management delivered Revenue growth continued to surprise at the company’s 1st net profit after tax of $426 million, an increase of 8% on the half 2018 result with group revenue of NZD $435 million prior corresponding period. The result was driven by a large compared to NZD $256 million in the 1st half 2017. The increase in residential development completions which were company grew market share in key products across all up 48%. regions, especially in China which delivered exceptional revenue growth. Macquarie Group Limited (+3.3%) Management held an investor briefing and disclosed that The Star Entertainment Group Limited (-11.8%) 2018 net profit to be up 10% compared to 2017. The US tax The company reported their 1st half 2018 result with reform should increase the company’s earnings alongside the normalised net profit after tax of $120 million, up 12% recent cold and volatile weather experienced in the US which compared to the prior corresponding period. The Queensland has the potential benefit their energy trading division. division achieved revenue growth of 8.5%, however earnings for this division disappointed investors due to higher costs. Contact us +61 1300 010 311 [email protected] www.solariswealth.com.au 1 Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report as at 31 March 2018 Top 10 Stocks Name Sector BHP Billiton Limited Financials Westpac Banking Corporation Financials National Australia Bank Limited Financials Commonwealth Bank of Australia Financials CSL Limited Health Care Macquarie Group Limited Financials Woodside Petroleum Limited Energy Australia and New Zealand Banking Group Limited Financials Scentre Group Real Estate Rio Tinto Limited Materials Sector Allocation 9% 6% 3% 0% Active Weight Active -3% -6% -9% Energy Utilities Materials Financials Industrials Real Estate Real Health Care Consumer Staples Consumer Information Technology Information Consumer Discretionary Consumer Telecommunication Services Telecommunication Cash Other & including futures Contact us +61 1300 010 311 [email protected] www.solariswealth.com.au 2 Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report as at 31 March 2018 Market Review The S&P/ASX200 Accumulation Index finished down 3.8% for the March quarter with the Banks sector under pressure, down 7.1%. The Royal Commission publicly exposed a number of unsavoury activities that appear to have been partly caused from the remuneration structure that has been in place for bank employees. Elsewhere, the Energy and Materials sectors underperformed on declining commodity prices including iron ore which was down over 10% during the quarter and news that the US will impose trade tariffs on a variety of imports. In company news, Wesfarmers announced plans to divest their Coles business and Premier Investments produced a better than expected half year result. In other news, Fortescue Metals downgraded earnings due to their iron ore product attracting further discounts because steel mills in China have preference for higher grade material. S&P/ASX 200 Top & Bottom performing sectors for the quarter ending 31 March: The best performing sectors in the S&P/ASX200 Accumulation Index for the quarter were Food Beverage & Tobacco (+14.1%), Pharmaceuticals & Biotechnology (+11.5%), Real Estate Management & Development (+6.0%), Automobiles & Components (+3.1%) and Media (+2.0%). The worst performing sectors included Household & Personal Products (-21.8%), Telecommunication Services (-11.0%), Banks (-7.1%), Utilities (-6.9%) and Energy (-6.6%). S&P/ASX200 Top & Bottom performing stocks for the quarter ending 31 March: The top 5 performing stocks in the S&P/ASX200 Accumulation Index for the quarter were Sirtex Medical Limited (+67.9%), The A2 Milk Company Limited (+55.5%), Nine Entertainment Co. Holdings Ltd (+51.1%), Altium Limited (+50.8%) and Flight Centre Travel Group Limited (+30.2%). The bottom 5 performers included Retail Food Group Limited (-62.3%), IPH Limited (-36.4%), Myer Holdings Limited (-34.8%), WiseTech Global Limited (-33.4%) and Syrah Resources Limited (-29.7%). Market Valuation & Earnings Estimates: Market & Sector Market & Sector Marker & Sector EPS Growth PE’s Dividend Yield Pro-rated to June FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E All Companies 12.1% 8.7% 7.2% 16.9x 15.5x 14.5x 4.1% 4.6% 4.8% Banks 2.5% 0.8% 3.1% 12.1x 12.0x 11.7x 5.8% 6.3% 6.4% Listed Property Trusts 3.1% 2.5% 3.6% 15.5x 15.2x 14.6x 4.8% 5.1% 5.3% Resources 93.9% 33.3% 5.5% 18.3x 13.7x 13.0x 2.7% 4.0% 3.9% Industrials (ex-Banks & Property) 3.6% 5.7% 10.7% 19.8x 18.8x 17.0x 3.8% 4.0% 4.3% Source: Solaris Investment Management, March 2018 Contact us +61 1300 010 311 [email protected] www.solariswealth.com.au 3 Solaris Core Australian Equity Fund (APIR: WHT0012AU) Quarterly Investment Report as at 31 March 2018 Market Outlook Equity indices around the globe, including Australia suffered a tough quarter. We would highlight the weakness was largely a result of macro economic induced volatility rather than from stock specific factors. The recent company reporting season in the US was strong and the Australian reporting season was overall, mildly positive. From a macro perspective, expectations around the Federal Reserve tightening cycle and ramifications from the Trump Administration’s trade tariffs weighed on markets. Closer to home, the market was cautious the announcement from The Australian Labour party’s to alter the tax policy for franking credits. We expect the higher market volatility experienced in 2018 relative to 2017 will continue, however, we note that after the recent sell off experience during the March quarter, the Australian market valuation is now more compelling. The ASX 200 index is currently trading on 14.6 times price to earnings ratio which compares to 16.0 times in December 2017 and a 10 year average of 14.1 times. Contact Details For further information, please contact Solaris’ distribution partner: Pinnacle Investment Management Limited on 1300 010 311, alternatively, please email: [email protected] Interests in the Solaris Core Australian Equity Fund (‘Fund’) (ARSN 128 859 898) are issued by Pinnacle Fund Services Limited, ABN 29 082 494 362, AFSL 238371, as responsible entity of the Fund. Pinnacle Fund Services Limited is not licensed to provide financial product advice. You should consider the Product Disclosure Statement of the Fund available at www.solariswealth.com.au in its entirety before making an investment decision. Solaris Investment Management Limited (‘Solaris’) (ABN 72 128 512 621 AFSL 330505) is the investment manager of the Fund. Pinnacle Fund Services Limited and Solaris believe the information contained in this communication is reliable, however its accuracy, reliability or completeness is not guaranteed. Any opinions or forecasts reflect the judgment and assumptions of Solaris and its representatives on the basis of information at the date of publication and may later change without notice. The information in this communication is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment.
Load more

Recommended publications
  • FTSE World Asia Pacific
    2 FTSE Russell Publications 19 August 2021 FTSE World Asia Pacific Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) a2 Milk 0.04 NEW Asustek Computer Inc 0.1 TAIWAN Cheil Worldwide 0.02 KOREA ZEALAND ASX 0.12 AUSTRALIA Cheng Shin Rubber Industry 0.03 TAIWAN AAC Technologies Holdings 0.05 HONG KONG Atlas Arteria 0.05 AUSTRALIA Chiba Bank 0.04 JAPAN ABC-Mart 0.02 JAPAN AU Optronics 0.08 TAIWAN Chicony Electronics 0.02 TAIWAN Accton Technology 0.07 TAIWAN Auckland International Airport 0.06 NEW China Airlines 0.02 TAIWAN Acer 0.03 TAIWAN ZEALAND China Development Financial Holdings 0.07 TAIWAN Acom 0.02 JAPAN Aurizon Holdings 0.05 AUSTRALIA China Life Insurance 0.02 TAIWAN Activia Properties 0.03 JAPAN Ausnet Services 0.03 AUSTRALIA China Motor 0.01 TAIWAN ADBRI 0.01 AUSTRALIA Australia & New Zealand Banking Group 0.64 AUSTRALIA China Steel 0.19 TAIWAN Advance Residence Investment 0.05 JAPAN Axiata Group Bhd 0.04 MALAYSIA China Travel International Investment <0.005 HONG KONG ADVANCED INFO SERVICE 0.06 THAILAND Azbil Corp. 0.06 JAPAN Hong Kong Advantech 0.05 TAIWAN B.Grimm Power 0.01 THAILAND Chow Tai Fook Jewellery Group 0.04 HONG KONG Advantest Corp 0.19 JAPAN Bandai Namco Holdings 0.14 JAPAN Chubu Elec Power 0.09 JAPAN Aeon 0.2 JAPAN Bangkok Bank (F) 0.02 THAILAND Chugai Seiyaku 0.27 JAPAN AEON Financial Service 0.01 JAPAN Bangkok Bank PCL (NVDR) 0.01 THAILAND Chugoku Bank 0.01 JAPAN Aeon Mall 0.02 JAPAN Bangkok Dusit Medical Services PCL 0.07 THAILAND Chugoku Electric Power 0.03 JAPAN Afterpay Touch Group 0.21 AUSTRALIA Bangkok Expressway and Metro 0.02 THAILAND Chunghwa Telecom 0.17 TAIWAN AGC 0.08 JAPAN Bangkok Life Assurance PCL 0.01 THAILAND CIMB Group Holdings 0.08 MALAYSIA AGL Energy 0.04 AUSTRALIA Bank of East Asia 0.03 HONG KONG CIMIC Group 0.01 AUSTRALIA AIA Group Ltd.
    [Show full text]
  • Annual Report Year Ended 30 June 2019
    Annual Report Year Ended 30 June 2019 This annual report is dated 14 August 2019 and is signed on behalf of the Board of directors of SkyCity Entertainment Group Limited (SkyCity or the company and, together with its subsidiaries, the Group) by: Rob Campbell Bruce Carter Chair Deputy Chair An electronic copy of this annual report is available in the Investor Centre section of the company’s website at www.skycityentertainmentgroup.com ABOUT THIS ANNUAL REPORT Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. Where appropriate, information is also provided in relation to activities that have occurred after 30 June 2019, but prior to publication of this annual report. The non-financial information in this annual report has been informed by the principles and disclosures of the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards. Ernst & Young has undertaken limited assurance (in accordance with the International Standard on Assurance Engagements (New Zealand)) over disclosures associated with selected performance data included in the Sustainability section included in this annual report. A GRI reference index based on the GRI Sustainability Reporting Standards is included on pages 178–181 of this annual report. Normalised numbers are a non-GAAP financial measure. A reconciliation of reported and normalised earnings and description of the differences are provided on pages 174–177. GENERAL Year in Review 4 Creating Value 6 Performance 8 Diversity Snapshot 12 Chair’s Review
    [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]
  • Stoxx® Australia 150 Index
    STOXX® AUSTRALIA 150 INDEX Components1 Company Supersector Country Weight (%) Commonwealth Bank of Australia Banks Australia 8.37 CSL Ltd. Health Care Australia 7.46 BHP GROUP LTD. Basic Resources Australia 7.23 National Australia Bank Ltd. Banks Australia 4.37 Westpac Banking Corp. Banks Australia 4.09 Australia & New Zealand Bankin Banks Australia 3.75 Wesfarmers Ltd. Retail Australia 3.30 WOOLWORTHS GROUP Personal Care, Drug & Grocery Australia 2.87 Macquarie Group Ltd. Financial Services Australia 2.84 Rio Tinto Ltd. Basic Resources Australia 2.48 Fortescue Metals Group Ltd. Basic Resources Australia 2.27 Transurban Group Industrial Goods & Services Australia 2.20 Telstra Corp. Ltd. Telecommunications Australia 2.05 Goodman Group Real Estate Australia 1.77 AFTERPAY Industrial Goods & Services Australia 1.54 Coles Group Personal Care, Drug & Grocery Australia 1.39 Woodside Petroleum Ltd. Energy Australia 1.28 Newcrest Mining Ltd. Basic Resources Australia 1.27 Aristocrat Leisure Ltd. Travel & Leisure Australia 1.11 XERO Technology Australia 1.00 SYDNEY AIRPORT Industrial Goods & Services Australia 0.93 Brambles Ltd. Industrial Goods & Services Australia 0.91 Sonic Healthcare Ltd. Health Care Australia 0.90 ASX Ltd. Financial Services Australia 0.82 SCENTRE GROUP Real Estate Australia 0.80 Cochlear Ltd. Health Care Australia 0.74 QBE Insurance Group Ltd. Insurance Australia 0.73 SUNCORP GROUP LTD. Insurance Australia 0.71 South32 Australia Basic Resources Australia 0.71 Santos Ltd. Energy Australia 0.68 Ramsay Health Care Ltd. Health Care Australia 0.66 Insurance Australia Group Ltd. Insurance Australia 0.65 Mirvac Group Real Estate Australia 0.60 DEXUS Real Estate Australia 0.59 SEEK Ltd.
    [Show full text]
  • Portfolio of Investments
    PORTFOLIO OF INVESTMENTS Variable Portfolio – Partners International Value Fund, September 30, 2020 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 97.9% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Australia 4.2% UCB SA 3,232 367,070 AMP Ltd. 247,119 232,705 Total 13,350,657 Aurizon Holdings Ltd. 64,744 199,177 China 0.6% Australia & New Zealand Banking Group Ltd. 340,950 4,253,691 Baidu, Inc., ADR(a) 15,000 1,898,850 Bendigo & Adelaide Bank Ltd. 30,812 134,198 China Mobile Ltd. 658,000 4,223,890 BlueScope Steel Ltd. 132,090 1,217,053 Total 6,122,740 Boral Ltd. 177,752 587,387 Denmark 1.9% Challenger Ltd. 802,400 2,232,907 AP Moller - Maersk A/S, Class A 160 234,206 Cleanaway Waste Management Ltd. 273,032 412,273 AP Moller - Maersk A/S, Class B 3,945 6,236,577 Crown Resorts Ltd. 31,489 200,032 Carlsberg A/S, Class B 12,199 1,643,476 Fortescue Metals Group Ltd. 194,057 2,279,787 Danske Bank A/S(a) 35,892 485,479 Harvey Norman Holdings Ltd. 144,797 471,278 Demant A/S(a) 8,210 257,475 Incitec Pivot Ltd. 377,247 552,746 Drilling Co. of 1972 A/S (The)(a) 40,700 879,052 LendLease Group 485,961 3,882,083 DSV PANALPINA A/S 15,851 2,571,083 Macquarie Group Ltd. 65,800 5,703,825 Genmab A/S(a) 1,071 388,672 National Australia Bank Ltd.
    [Show full text]
  • 1. Shareholdings in Public and Private Companies (Including Holding
    Form A 3 March 2020 Surname: Mclachlan Other names: Andrew State/Territory: SA Date: 3/03/2020 1. Shareholdings in public and private companies (including holding companies) indicating the name of the company or companies (Note: It is NOT necessary to declare the size or value of the shareholding) Name of company – (including holding and subsidiary companies if applicable) OATMILL HOLDINGS PTY LTD AUSTOFIX GROUP LTD VITRO SOFTWARE HOLDINGS (Designated Activity Company) ALUMINA LIMITED ANTIPODES GLOBAL INVESTMENT COMPANY LTD ANZ BANKING GROUP LIMITED AP EAGERS LIMITED ARISTOCRAT LEISURE LIMITED BHP GROUP LIMITED BORAL LIMITED CLEANAWAY WASTE MANAGEMENT LTD COMMONWEALTH BANK OF AUSTRALIA CORPORATE TRAVEL MANAGEMENT LIMITED COSTA GROUP HOLDINGS LIMITED GRAINCORP LIMITED ILUKA RESOURCES LIMITED LI LONG SHORT FUND LIMITED MACQUARIE GROUP LIMITED MINERAL RESOURCES LIMITED Form A NAOS EMERG OPP CO LTD NINE ENTERTAINMENT co HLDGS LTD OOH!MEDIA LIMITED ORIGIN ENERGY LIMITED ORORA LIMITED QBE INSURANCE GROUP LIMITED QUBE HOLDINGS LIMITED RELIANCE WORLDWIDE CORPORATION LIMITED SIMS LIMITED SONIC HEALTHCARE LIMITED SOUTH32 LIMITED S32 THE STAR ENTERTAINMENT GROUP LTD TPG TELECOM LIMITED TPM WAM LEADERS LIMITED WAM MICROCAP LIMITED WESFARMERS LIMITED WESTPAC BANKING CORPORATION WOODSIDE PETROLEUM LIMITED WORLEY LIMITED NATIONAL STORAGE REIT STPLD SEC AMCOR PLC JANUS HENDERSON GROUP PLC SPARK NEW ZEALAND LIMITED VIRGIN MONEY UK PLC ANZ BANK UNSEC NON-CUM PARADICE GLOBAL SMALL CAP FUND PLATINUM EUROPEAN FUND WESTPAC CAPITAL NOTES 2. Family and business
    [Show full text]
  • FTSE Publications
    2 FTSE Russell Publications FTSE Developed Asia Pacific ex 19 August 2021 Japan ex Controversies ex CW Index Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) a2 Milk 0.1 NEW CJ Cheiljedang 0.1 KOREA GPT Group 0.22 AUSTRALIA ZEALAND CJ CheilJedang Pfd. 0.01 KOREA Green Cross 0.05 KOREA AAC Technologies Holdings 0.16 HONG KONG CJ Corp 0.04 KOREA GS Engineering & Construction 0.07 KOREA ADBRI 0.04 AUSTRALIA CJ ENM 0.05 KOREA GS Holdings 0.06 KOREA Afterpay Touch Group 0.61 AUSTRALIA CJ Logistics 0.04 KOREA GS Retail 0.04 KOREA AGL Energy 0.12 AUSTRALIA CK Asset Holdings 0.5 HONG KONG Guotai Junan International Holdings 0.01 HONG KONG AIA Group Ltd. 4.6 HONG KONG CK Hutchison Holdings 0.64 HONG KONG Haitong International Securities Group 0.02 HONG KONG Air New Zealand 0.02 NEW CK Infrastructure Holdings 0.11 HONG KONG Hana Financial Group 0.36 KOREA ZEALAND Cleanaway Waste Management 0.08 AUSTRALIA Hang Lung Group 0.07 HONG KONG ALS 0.14 AUSTRALIA CLP Holdings 0.5 HONG KONG Hang Lung Properties 0.15 HONG KONG Alteogen 0.06 KOREA Cochlear 0.37 AUSTRALIA Hang Seng Bank 0.44 HONG KONG Altium 0.09 AUSTRALIA Coles Group 0.5 AUSTRALIA Hanjin KAL 0.04 KOREA Alumina 0.1 AUSTRALIA ComfortDelGro 0.08 SINGAPORE Hankook Technology Group 0.1 KOREA Amcor CDI 0.54 AUSTRALIA Commonwealth Bank of Australia 4.07 AUSTRALIA Hanmi Pharmaceutical 0.06 KOREA AmoreG 0.05 KOREA Computershare 0.21 AUSTRALIA Hanmi Science 0.03 KOREA Amorepacific Corp 0.21 KOREA Contact Energy 0.14 NEW Hanon Systems 0.07 KOREA Amorepacific Pfd.
    [Show full text]
  • Annual Report Year Ended 30 June 2020
    Annual Report Year Ended 30 June 2020 Contents GENERAL CORPORATE GOVERNANCE STATEMENT 4 Chair’s Review AND OTHER DISCLOSURES 6 Chief Executive Officer’s Review 123 Corporate Governance Statement 9 About this Annual Report 134 Remuneration Report 10 Year in Review 145 Shareholder and Bondholder Information 12 Creating Value 148 Directors’ Disclosures 16 Performance 149 Company Disclosures 18 Diversity Snapshot 21 Group Strategy FINANCIAL STATEMENTS 29 About SkyCity 156 Independent Auditor’s Report 31 Auckland 164 Income Statement 34 Hamilton 165 Statement of Comprehensive Income 37 Adelaide 166 Balance Sheet 39 Queenstown 168 Statement of Changes in Equity 41 International Business 169 Statement of Cash Flows 43 Online 170 Notes to the Financial Statements 45 Risk Profile and Management 53 Our Board 224 RECONCILIATION OF NORMALISED RESULTS 56 Our Senior Leadership Team TO REPORTED RESULTS SUSTAINABILITY 228 GRI CONTENT INDEX 63 Sustainability 69 Our Customers 232 GLOSSARY 79 Our People 233 DIRECTORY 93 Our Communities 101 Our Suppliers 111 Our Environment 120 Independent Limited Assurance Statement ANNUAL MEETING Due to the ongoing impacts of COVID-19, the 2020 SkyCity Annual Meeting will be held virtually via an online platform on 16 October 2020 commencing at 1.00pm (New Zealand time). Instructions and further details on how shareholders can participate in the virtual Annual Meeting will be included in the Notice of Meeting. 3 Chair’s Review The 2020 financial year was a tough one for SkyCity and its stakeholders. The external events which impacted the year are well known and the financial performance of the company reflects those events. It also reflects a great deal of skill, energy and support from our stakeholders across the board to react to those events.
    [Show full text]
  • Morningstar Equity Research Coverage
    December 2019 Equity Research Coverage Morningstar covers more than 200 companies in We use the following guidelines to Contact Details Australia and New Zealand as part of our global determine our Australian equity coverage: Australia stock coverage of about 1,500 companies. We are × Nearly all companies in the S&P/ASX 100 Index. Helpdesk: +61 2 9276 4446 Email: [email protected] one of the largest research teams globally with × Companies in the S&P/ASX 200 Index which more than 100 analysts, associates, and have an economic moat and/or have cash flow New Zealand strategists, including 17 in Australia. Local analysts which is at least mildly predictable. Helpdesk: +64 9 915 6770 regularly glean insights from our global sector teams × In total, Morningstar will cover about 80% of Email: [email protected] in China, Europe, and the United States, enriching S&P/ASX 200 companies (which typically the process and enhancing outcomes for investors. equates to about 95% of S&P/ASX 200 by Our research philosophy focuses on bottom-up market capitalisation). Companies we choose analysis, developing differentiated and deep not to cover in this index are usually unattractive opinions on competitive forces, growth prospects, for most portfolios, in our opinion. and valuations for every company we cover. We × About 30 ex-S&P/ASX 200 stocks are selected publish on each company under coverage at least on Morningstar’s judgement of each security's quarterly, and as events demand, to ensure investment merit − which includes a very investment ideas are always relevant. strong lean towards high-quality companies We are an independent research house, and with sustainable competitive advantages, or therefore determine our coverage universe based economic moats.
    [Show full text]
  • Participating Organisations | May 2021 Aon Rewards Solutions Proprietary and Confidential
    Aon Rewards Solutions Proprietary and Confidential Participating organisations | May 2021 Aon Rewards Solutions Proprietary and Confidential Participating organisations 1. AC3 26. Catholic Church Insurance Ltd 2. Accenture Australia Ltd 27. Cbus (United Super Pty Ltd) 3. AEMO 28. CITIC Pacific Mining 4. Allianz Australia Ltd Management Pty Ltd 5. AMP Services Limited 29. Coles Supermarkets 6. ANZ Banking Group Ltd 30. Commonwealth Bank of 7. Aon Corporation Australia Australia 8. APA Group 31. Crown Resorts 9. APRA AMCOS 32. CUA 10. ASX Group 33. Cuscal Limited 11. AusNet Services 34. CyberCX Pty Ltd 12. Aussie 35. Datacom Group Limited 13. Australia Post 36. Deloitte 14. Australian Pharmaceutical 37. Domain Industries Ltd 38. DXC Technology Australia Pty 15. AustralianSuper Pty Ltd Ltd 16. Auto & General Holdings Pty 39. Envato Ltd 40. Ernst & Young Services Pty Ltd 17. Avant Insurance Ltd 41. Fletcher Building 18. BAE Systems Australia 42. Flow Power* 19. BetEasy Pty Ltd 43. Fortescue Metals Group Ltd 20. BHP Group Limited 44. Foxtel 21. Blackmores Ltd 45. Frasers Property Australia 22. BPAY Group 46. FUJIFILM Australia Pty Ltd 23. Bunnings Group Limited 47. Fujitsu Australia Ltd 24. Bupa Australia 48. GBST Holdings Ltd - Global 25. Carsales.com.au Banking & Securities Corporate IT Remuneration Report (Australia) | Participating organisations | May 2021 1 Aon Rewards Solutions Proprietary and Confidential Transactions Company Ltd 49. Genworth 74. Nestle Australia Ltd 50. Gold Fields Australia Pty Ltd* 75. Network Ten Pty Ltd* 51. GPT Group 76. NRMA Motoring & Services 52. Greenstone Financial Services 77. NSW Land Registry Services* Pty Ltd 78. NTT Australia Pty Ltd 53.
    [Show full text]
  • Metcash Limited ABN 32 112 073 480 1 Thomas Holt Drive Macquarie Park NSW 2113 Australia
    Metcash Limited ABN 32 112 073 480 1 Thomas Holt Drive Macquarie Park NSW 2113 Australia 25 July 2018 Market Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam METCASH LIMITED – 2018 ANNUAL GENERAL MEETING In accordance with ASX Listing Rule 3.17, please find attached the following documents which have been lodged at Australia Post today for despatch to members: ▪ Notice of annual general meeting (and Explanatory Memorandum to shareholders) ▪ Proxy form. The 2018 annual general meeting will be held at The Lyceum, Wesley Conference Centre, 220 Pitt Street, Sydney, New South Wales, 2000 on Wednesday, 29 August 2018 at 2.30pm. Yours faithfully Julie Hutton Company Secretary Notice of annual general meeting Metcash Limited ABN 32 112 073 480 Notice is given that the 2018 annual general meeting of Metcash Limited (Company) will be held at The Lyceum, Wesley Conference Centre, 220 Pitt Street, Sydney, New South Wales 2000 on Wednesday, 29 August 2018 at 2.30pm (AEST): Agenda items 1 Financial report To receive and consider the financial report of the Company and the reports of the directors and auditor for the year ended 30 April 2018. 2 Resolutions to elect and re-elect directors Shareholders are asked to consider, and if thought fit, to pass each of the following resolutions as separate ordinary resolutions: (a) To elect Ms Anne Brennan as a director “That Ms Anne Brennan, being a director of the Company who was appointed by the directors on 26 March 2018 under rule 8.1(c) and who retires
    [Show full text]
  • Commsec Margin Lending Approved Securities List
    Accepted ASX Listed Equities as at 21 September 2021 Buffer - 5% Subject to change at the discretion of CommSec Margin Lending Maximum Gearing Ratio - 90% LVR Changes Changes since the last Approved Securities List was published are outlined in the below table: ASX Securities ASX Code Security Name Change Previous Portfolio LVR New Portfolio LVR AST AUSNET SERVICES LIMITED Capped LVR 75% 75% BGL BELLEVUE GOLD LIMITED New LVR 0% 40%* SXL SOUTHERN CROSS MEDIA GROUP LIMITED Uncapped LVR 40%* 40%* QLTY BETASHARES GLOBAL QUALITY LEADERS ETF LVR Increase 65% 70% CLNE VANECK GLOBAL CLEAN ENERGY ETF New LVR 0% 65% *Available via facilities with PLVR enabled only ASX Portfolio Standard Single Stock ASX Portfolio Standard Single Stock Code Security Name LVR LVR LVR Code Security Name LVR LVR LVR A200 BETASHARES AUSTRALIA 200 ETF 80% 75% 70% BNKS BETASHARES GLOBAL BANKS ETF 70% 65% 60% A2M THE A2 MILK COMPANY LIMITED 55% 50% 45% BOQ BANK OF QUEENSLAND LIMITED 70% 65% 60% AAA BETASHARES AUSTRALIAN HIGH INTEREST CASH ETF 90% 85% 80% BOQPE BANK OF QUEENSLAND LIMITED 70% 65% 60% AAC AUSTRALIAN AGRICULTURAL COMPANY LIMITED 50% 45% 40% BOQPF BANK OF QUEENSLAND LIMITED 70% 65% 60% ABA AUSWIDE BANK LTD 50% 45% 40% BPT BEACH ENERGY LIMITED 50% 45% 40% ABC ADELAIDE BRIGHTON LIMITED 60% 55% 50% BRG BREVILLE GROUP LIMITED 65% 60% 55% ABP ABACUS PROPERTY GROUP 65% 60% 55% BSL BLUESCOPE STEEL LIMITED 70% 65% 60% ACDC ETFS BATTERY TECH & LITHIUM ETF 60% 55% 50% BVS BRAVURA SOLUTIONS LIMITED 45% 40% 35% AD8 AUDINATE GROUP LIMITED 40% 0% 0% BWP BWP TRUST 70% 65% 60% ADH ADAIRS LIMITED 45% 40% 35% BWX BWX LIMITED 45% 40% 35% ADI APN INDUSTRIA REIT 60% 55% 50% BXB BRAMBLES LIMITED 80% 75% 70% AEF AUSTRALIAN ETHICAL INVESTMENT LIMITED 40% 35% 30% CAJ CAPITOL HEALTH LIMITED 40% 0% 0% AFG AUSTRALIAN FINANCE GROUP LTD 40% 35% 30% CAR CARSALES.COM LIMITED.
    [Show full text]