DOCSLIB.ORG

At a Glance December 2008 Quarter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
At a Glance December 2008 Quarter December 2008 Quarter Dear Shareholders Kingfish was established in 2004 The last quarter of 2008 ended, for to invest, through its manager, in a most, with a big sigh of relief. portfolio of well researched small cap at a glance New Zealand companies. It provides The Kingfish portfolio suffered some of its Performance for period 31/03/04 a single vehicle through which to heaviest falls in its history. The Net Asset to 31/12/2008 (since listing) invest in these stocks, primarily on Value dropped 18% from $1.19 to $0.98, Net Asset Value $0.98 1.3%* a long term buy and hold basis. The while the share price declined from $0.96 Dividends Paid $0.15 15.0% tax structure is efficient, especially to $0.84 – a period end discount of 14% Share Price $0.84 -16.0% now that Kingfish has “PIE” status. to the underlying NAV. Share volumes *Based on adjusted Net Asset Value Despite the difficult current market per Share at listing of $0.9684, traded during the quarter were relatively representing the issue price of $1.00 conditions, directors consider that light – 2.3% of the total shares outstanding. less issue costs of $0.0316 per share. the company’s investment rationale This perhaps reflects that shareholders and focus remain as relevant today as continue to recognise the underlying Performance for the three months when the company was established. 30/9/2008 to 31/12/2008 value of the portfolio companies and are “holding on” during the rough patch. The company’s bias is towards Net Asset Value -17.7% capital growth but during the past Share Price -12.5% This newsletter contains, among other five years a total of 15 cents per matters: share has been paid in dividends. Notable December quarter share » Fisher Funds’ comments on portfolio price falls, including dividends Our next report to you will be companies for the quarter (local currency terms) in May when we release our full Comvita -24.3% » A formal report on share buybacks for year results to 31 March 2009. Opus Intl -27.5% the last buyback period - in November, With best wishes on behalf of the company’s share buyback Metlifecare -40.5% the Board, programme was renewed and your Rakon Limited -42.3% Board and Manager continually Sealegs -64.3% monitor its implementation Portfolio Holdings Summary, as at » Confirmation of the renewal of 31/12/2008 the Management Agreement Listed Companies % Holding between Kingfish Limited and Fisher Rob Challinor, Chairman Funds Management Limited. Kingfish Limited - 3 February 2009 Abano Healthcare 1.29% Comvita 1.46% Delegats 7.08% Freightways 10.08% renewal of management agreement Mainfreight 16.24% Metlifecare 8.46% In March 2004 Kingfish Limited signed a Management Agreement (the Michael Hill 5.99% "Agreement") with Fisher Funds Management Limited to manage our NZ Exchange 5.17% investment portfolio. The Agreement was for an initial five year term from Opus International 2.89% 31 March 2004, following Kingfish raising funds and listing on the NZX. The Pumpkin Patch 3.86% Agreement provides for continuation for a further five year term. The company Rakon 1.95% is entitled to decline to renew if the Board is dissatisfied with the Manager’s Ryman Healthcare 18.71% performance of “Management Services” as defined in the Agreement. Sealegs 0.17% Your independent directors have considered the comprehensive obligations Wakefield Hospital 4.65% of the Management Services clauses. Short term investment performance has Non-listed Companies been disappointing, as it has been for other NZ equity funds reviewed, reflecting Waterman Holdings 2.72% Equity Total 90.72% the global credit crisis. Notwithstanding this, independent directors consider New Zealand dollar Cash 9.28% that Fisher Funds has met all its Agreement obligations and the Agreement will Cash Total 9.28% therefore continue for a further five years under existing terms and conditions. Kingfish Limited PO Box 33549, Takapuna, Auckland, New Zealand. TOTAL 100.00% Phone +64 9 489 7094 Fax +64 9 489 7139 email: [email protected] www.kingfishlimited.co.nz 1986B kingfish newsletter dec 08.indd 4 4/02/2009 2:21:17 p.m. 1986B kingfish newsletter dec 08.indd 1 4/02/2009 2:21:15 p.m. Mar 05 Jun 05 Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 rightsrights issue issue to to operate operate a a more more prudent prudent PortfolioPortfolio ChangesChanges kingfishkingfish netnet assetasset valuevalue andand shareshare priceprice performanceperformance balancebalance sheet sheet whilst whilst at at the the same same time time DuringDuring the the December December quarter quarter we we reduced reduced suspendingsuspending dividend dividend payments. payments. The The ourour weighting weighting in in RakonRakon andand increased increased 33 February February 2009 2009 $2.45$$2.452$.24.545 companycompany confirmed confirmed that that cashcash flowflow in in ourour cash cash weighting weighting slightly.slightly. WeWe diddid notnot $2.20$$2.202$.2.020 NANVAV thethe business business remains remains very very strong strong and and it it makemake significant significant portfolioportfolio changeschanges inin thethe ShSahraer eP rPicreice SSHAREHARE BUY BUYBACKBACK – – NOTICE NOTICE TO TO SHAREHOLDERS SHAREHOLDERS FOR FOR $1.95$$1.951$.19.595 remainsremains “well “well positioned positioned to to rideride outout the the DecemberDecember quarter quarter as as we we are are pleased pleased PERIODPERIOD 1 1 S SEPTEMBEREPTEMBER 2008 2008 TO TO 3 3 FEBR FEBRUUARARYY 2009 2009 $1.70$$1.701$.17.070 toughtough operating operating conditionsconditions inin thethe domesticdomestic withwith both both the the quality quality of of the the businesses businesses $1.45$$1.451$.14.545 economyeconomy and and then then take take full full advantage advantage of of andand the the composition composition ofof the the portfolio.portfolio. $1.20$$1.201$.12.020 thethe inevitable inevitable upturn upturn in in the the residential residential ThisThis notice notice to to shareholdersshareholders is is issued issued in in accordanceaccordance withwith the the $0.95$0.95 housinghousing market.” market.” The The fall fall in in the the Metlifecare Metlifecare $0$.09.595 OutlookOutlook / / Strategy Strategy requirementsrequirements of of section section 65(2A)65(2A) ofof the the CompaniesCompanies ActAct 1993.1993. $0.70$$0.700$.07.070 shareshare price price has has had had a a significant significant negativenegative TheThe fundamentals fundamentals of of the the Kingfish Kingfish portfolioportfolio 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r r n n c c r r c c r r n n p p c c r r c c impactimpact on on Kingfishs’ Kingfishs’ NAV,NAV, andand wewe believebelieve areare compelling, compelling, despite despite continued continued a a u u epep e e a a unun epep e e a a u u e e e e a a unun epep e e TheThe Kingfish Kingfish BoardBoard announcedannounced onon 3131 OctoberOctober 20082008 its its intention intention to to M M J J S S D D M M J J S S D D M M J J S S D D M M J J S S D D thatthat the the shares shares are are now now oversold oversold with with earningsearnings downgrades. downgrades. The The portfolio portfolio is is continuecontinue its its shareshare buybackbuyback programmeprogramme ofof KingfishKingfish ordinary ordinary shares.shares. thethe Metlifecare Metlifecare share share price price now now trading trading wellwell placed placed to to weather weather the the storm storm and and is is TheThe buyback buyback period period is is from from 6 6 November November 2008 2008 to to 31 31 October October 2009 2009 atat less less than than half half its its net net asset asset backing. backing. consistentconsistent with with our our time-tested time-tested approachapproach ofof investing investing in in qualityquality growthgrowth companiescompanies andand is is for for up up to to a a maximum maximum of of 4,238,000 4,238,000 shares. shares. RelativeRelative PerformancePerformance 31/12/200831/12/2008 11 Month Month 33 Month Month SinceSince Inception Inception TheThe Mainfreight Mainfreight interim interim net net profit profit result result withwith a a long long term term investment investment horizon. horizon. While While waswas up up 9%, 9%, although although it it fell fell slightly slightly in in the the InIn accordance accordance with with the the requirements requirements of of section section 65(2A)65(2A) ofof the the CompaniesCompanies KingfishKingfish NAVNAV -1.8%-1.8% -17.7%-17.7% 1.3%1.3% thethe current current environment environment is is challenging challenging secondsecond quarter. quarter. Trading Trading in in the the third third quarter quarter forfor all all investors, investors, we we know know that that when when ActAct 1993, 1993, Kingfish Kingfish LimitedLimited advisesadvises that that betweenbetween 1 1 SeptemberSeptember 20082008 andand 9090 Day Day Bank Bank Bill Bill Index Index 1.1%1.1% 3.7%3.7% 98.4%98.4% hashas been been encouraging, encouraging, and and although although the the investorsinvestors again again focus focus on on rational rational valuationvaluation 33 February February 2009, 2009, it it purchased purchased a a total total of of 62,617 62,617 ordinary ordinary shares shares at at a a (NZD)(NZD) + + 7% 7% p.a.
Load more

Recommended publications
  • December 2013 Investment Survey
    MJW Survey – December 2013 Quarterly market overview Investments KiwiSaver Wholesale funds & KiwiSaver results January 2014 Market returns Quarter (%) Year (%) Quarter (%) Year (%) NZX 50 (including imputation credits) 0.2 17.9 NZX NZ Government Bond 0.5 -2.0 S&P/ASX 200 (NZD) 0.1 3.8 NZX Corporate A Grade 0.6 1.9 MSCI World - Local Currency 8.4 28.9 NZ All Swaps -0.3 -1.6 MSCI World - Hedged 8.3 30.6 Barclays Global Aggregate 0.9 2.2 MSCI World - Unhedged 9.3 27.0 Citigroup WGBI 0.7 2.5 MSCI Emerging Markets - Unhedged 3.1 -2.4 90 Day Bank Bill 0.7 2.7 NZX Property -0.5 3.9 NZ $ / US $ -1.2 -0.2 UBS Global Property 0.2 6.5 NZ $ / A $ 3.3 15.8 1 Quarterly market overview NZ cash and fixed interest: It was a better quarter for NZ bonds with the yield on 10 year government stock rising from 4.1% to 4.6% over the period, resulting in a NZX Government Stock Index return for the quarter of 0.5%. For the one year period, the return was a disappointing -2.0%; in contrast the NZX Corporate A Grade Index returned 1.90% for the year. Global bonds did slightly better with the hedged BGA index returning 0.9% for the quarter and 2.2% for the year. Cash continued to achieve solid albeit sub 3% returns at 2.7%. Australasian shares: While NZ investors had a weak quarter, up just 0.2% the 1 year number was solid at 17.9%.
    [Show full text]
  • Rakon Letterhead NZ Dec 2014
    27 May 2021 5G momentum drives Rakon’s growth Revenue $128.3 million, 8% higher than FY2020 Underlying EBITDA1 $23.5 million, 59% higher than FY2020 Net profit after tax $9.6 million, 142% higher than FY2020 Rapid response and ongoing adaption through worldwide Covid-19 disruptions Sustained growth in Telecommunications revenue, driven by increased 5G momentum Market opportunities captured through agility and strong supply chain relationships FY2022 guidance confirmed of Underlying EBITDA range of $27-32 million All amounts are in New Zealand Dollars Rakon (NZX.RAK) today announced strong improvements in revenue and earnings for the year to 31 March 2021, as sustained demand from the global telecommunications sector for its industry-leading frequency control and timing solutions helped to offset the significant disruptions of the Covid-19 pandemic. Revenue for the year to 31 March 2021 rose 8% to $128.3 million from $119.0 million a year earlier. Gross margin improvements and careful cost management drove a 59% increase in underlying EBITDA to $23.5 million (2020: $14.8m), ahead of the company’s guidance of $20-22 million. Net profit after tax rose 142% to $9.6 million from $4.0 million in the same period a year ago. Rakon Chair Bruce Irvine said the company’s FY2021 performance was a testament to the capability, resilience and commitment of Rakon’s global team, and the agility and responsiveness of the business. “It has been a particularly challenging year. Rakon’s strong performance through these challenges reflects the sustained demand for its industry-leading products and builds on the solid operating improvements made in recent years.” Managing Director Brent Robinson said: “This result has been achieved despite the considerable disruptions of the Covid-19 pandemic, and it demonstrates our position as the supplier of choice in high-reliability connectivity solutions.
    [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]
  • 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]
  • FNZ Basket 14102010
    14-Oct-10 smartFONZ Basket Composition Composition of a basket of securities and cash equivalent to 200,000 NZX 50 Portfolio Index Fund units effective from 14 October 2010 The new basket composition applies to applications and withdrawals. Cash Portion: $ 1,902.98 Code Security description Shares ABA Abano Healthcare Group Limited 88 AIA Auckland International Airport Limited Ordinary Shares 6,725 AIR Air New Zealand Limited (NS) Ordinary Shares 2,784 AMP AMP Limited Ordinary Shares 432 ANZ Australia and New Zealand Banking Group Limited Ord Shares 212 APN APN News & Media Limited Ordinary Shares 1,759 APT AMP NZ Office Trust Ordinary Units 8,453 ARG Argosy Property Trust Ordinary Units 4,344 CAV Cavalier Corporation Limited Ordinary Shares 482 CEN Contact Energy Limited Ordinary Shares 1,508 EBO Ebos Group Limited Ordinary Shares 537 FBU Fletcher Building Limited Ordinary Shares 1,671 FPA Fisher & Paykel Appliances Holdings Limited Ordinary Shares 6,128 FPH Fisher & Paykel Healthcare Corporation Limited Ord Shares 3,106 FRE Freightways Limited Ordinary Shares 1,625 GFF Goodman Fielder Limited Ordinary Shares 3,990 GMT Macquarie Goodman Property Trust Ordinary Units 8,004 GPG Guinness Peat Group Plc Ordinary Shares 15,588 HLG Hallenstein Glasson Holdings Limited Ordinary Shares 430 IFT Infratil Limited Ordinary Shares 6,363 KIP Kiwi Income Property Trust Ordinary Units 10,287 KMD Kathmandu Holdings Limited Ordinary Shares 690 MFT Mainfreight Limited Ordinary Shares 853 MHI Michael Hill International Limited Ordinary Shares 1,433 NPX
    [Show full text]
  • Glen Sowry on the First Lockdown
    ANNUAL REPORT For personal use only 2020 A YEAR LIKE NO OTHER A Year Like No Other “From the outset, we 002 put the safety and 003 wellbeing of residents and staff at the centre of all decision-making. Our shared philosophy was simple - protecting our team of 7,000.” CEO GLEN SOWRY ON METLIFECARE’S COVID-19 RESPONSE For personal use only Pinesong resident Heather (right) has Front Cover: Resident village DJ Eddy Cross, Forest Lake Gardens a laugh with a friend on Grandparents Day METLIFECARE LIMITED ANNUAL REPORT 2020 Contents COMPANY OVERVIEW 06 At a Glance 08 Chair and CEO Report 16 Performance Overview 17 How We Create Value 18 Thriving Through Disruption 24 Becoming Future Fit 30 A Place to be You • Saluting Our People • Increasing Sustainability 44 Our Board of Directors 46 Our Executive Team 49 Corporate Governance Statement 53 5-Year Performance Summary 55 Underlying Profit Reconciliation 004 GROUP FINANCIAL STATEMENTS 005 58 Consolidated Statement of Comprehensive Income 59 Consolidated Statement of Movements in Equity 60 Consolidated Balance Sheet 61 Consolidated Cash Flow Statement 63 Notes to the Group Financial Statements 91 Independent Auditor’s Report STATUTORY INFORMATION 100 Interests Register 102 Director Information 103 Other Statutory Information 105 Shareholder and Bondholder Information 107 Directory This Annual Report is signed for and on behalf of the Board of the Company by: For personal use only K.R. Ellis A.B. Ryan CHAIR DIRECTOR Antoinette Rodahl and family 9 September 2020 9 September 2020 in fits of laughter, The Poynton METLIFECARE LIMITED ANNUAL REPORT 2020 Creating extraordinary 1 BAY OF ISLANDS living experiences AUCKLAND 15 4 At a glance HAMILTON 1 5 BAY OF PLENTY 006 At Metlifecare, we’re in the business of providing retirement communities in which people 007 are empowered to be the very best version of themselves.
    [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]
  • Annual Report 2014 Crestwood
    METLIFECARE LIMITED Annual Report 2014 Crestwood This Annual Report is signed for and on behalf of the Board of the Company by: K.R. Ellis A.B. Ryan Chair Director 15 September 2014 15 September 2014 C over image: Ros from Pinesong was one of the first vets in New Zealand. One of her passions as a girl and young woman was sailing on the family launch with her father (a violinist) and mother. Ros still loves the ocean and her home is filled with landscapes of the sea and NZ beaches. The heart Ros is holding features a rope from a sailing boat with a sailing slip knot. 2 | METLIFECARE LIMITED ANNUAL REPORT 2014 1 & OVE HIG H LIG R VIEW H T S C ontents 2 S FIN T A A TEMENT N C I A Section 1 - Highlights & Overview L Our Business 6 S Our Five Year Transition 8 FY14 At a Glance 10 Chair’s Report 12 3 INFO S 15 T Chief Executive Officer’s Report A TUT ector Profiles 18 R Dir M O A R 20 TION Executive Team Profiles Y Y Overview of Financials 22 Family of Villages 24 Construction & Development Locations 25 Section 2 - Financial Statements Directors’ Report 28 Statements of Comprehensive Income 29 Statements of Movements in Equity 30 Balance Sheets 31 Cash Flow Statements 32 Notes to the Financial Statements 33 Independent Auditor’s Report 69 Section 3 - Statutory Information Corporate Governance Statement 74 Interests Register 83 Other Director Information 86 Other Statutory Information 88 Shareholder Information 90 Directory 92 ANNUAL REPORT 2014 METLIFECARE LIMITED | 3 Dannemora Gardens 4 | METLIFECARE LIMITED ANNUAL REPORT 2014 1 & OVE HIG
    [Show full text]
  • Metlifecare 2020 Annual Report
    ANNUAL REPORT 2020 A YEAR LIKE NO OTHER A Year Like No Other “From the outset, we 002 put the safety and 003 wellbeing of residents and staff at the centre of all decision-making. Our shared philosophy was simple - protecting our team of 7,000.” CEO GLEN SOWRY ON METLIFECARE’S COVID-19 RESPONSE Pinesong resident Heather (right) has Front Cover: Resident village DJ Eddy Cross, Forest Lake Gardens a laugh with a friend on Grandparents Day METLIFECARE LIMITED ANNUAL REPORT 2020 Contents COMPANY OVERVIEW 06 At a Glance 08 Chair and CEO Report 16 Performance Overview 17 How We Create Value 18 Thriving Through Disruption 24 Becoming Future Fit 30 A Place to be You • Saluting Our People • Increasing Sustainability 44 Our Board of Directors 46 Our Executive Team 49 Corporate Governance Statement 53 5-Year Performance Summary 55 Underlying Profit Reconciliation 004 GROUP FINANCIAL STATEMENTS 005 58 Consolidated Statement of Comprehensive Income 59 Consolidated Statement of Movements in Equity 60 Consolidated Balance Sheet 61 Consolidated Cash Flow Statement 63 Notes to the Group Financial Statements 91 Independent Auditor’s Report STATUTORY INFORMATION 100 Interests Register 102 Director Information 103 Other Statutory Information 105 Shareholder and Bondholder Information 107 Directory This Annual Report is signed for and on behalf of the Board of the Company by: K.R. Ellis A.B. Ryan CHAIR DIRECTOR Antoinette Rodahl and family 9 September 2020 9 September 2020 in fits of laughter, The Poynton METLIFECARE LIMITED ANNUAL REPORT 2020 Creating extraordinary 1 BAY OF ISLANDS living experiences AUCKLAND 15 4 At a glance HAMILTON 1 5 BAY OF PLENTY 006 At Metlifecare, we’re in the business of providing retirement communities in which people 007 are empowered to be the very best version of themselves.
    [Show full text]
  • Flexshares 2018 Semiannual Report
    FlexShares® Trust Semiannual Report April 30, 2018 FlexShares® Morningstar US Market Factor Tilt Index Fund FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund FlexShares® Currency Hedged Morningstar DM ex-US Factor Tilt Index Fund FlexShares® Currency Hedged Morningstar EM Factor Tilt Index Fund FlexShares® US Quality Large Cap Index Fund FlexShares® STOXX® US ESG Impact Index Fund FlexShares® STOXX® Global ESG Impact Index Fund FlexShares® Morningstar Global Upstream Natural Resources Index Fund FlexShares® STOXX® Global Broad Infrastructure Index Fund FlexShares® Global Quality Real Estate Index Fund FlexShares® Real Assets Allocation Index Fund FlexShares® Quality Dividend Index Fund FlexShares® Quality Dividend Defensive Index Fund FlexShares® Quality Dividend Dynamic Index Fund FlexShares® International Quality Dividend Index Fund FlexShares® International Quality Dividend Defensive Index Fund FlexShares® International Quality Dividend Dynamic Index Fund FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund FlexShares® Disciplined Duration MBS Index Fund FlexShares® Credit-Scored US Corporate Bond Index Fund FlexShares® Credit-Scored US Long Corporate Bond Index Fund FlexShares® Ready Access Variable Income Fund FlexShares® Core Select Bond Fund Table of Contents Statements of Assets and Liabilities ................................................ 2 Statements of Operations................................................................
    [Show full text]
  • Rakon Annual Review Fy2021 3 Financial Snapshot Revenue $M
    2021 ANNUAL REVIEW Continuous advancement ABOUT THIS REVIEW Contents Enabling connectivity Financial snapshot 4 Welcome to our 2021 Annual Review. anytime, anywhere Chair’s & CEO’s report 5 This document reports on operational Key achievements 7 and financial performance for the year Financial summary 8 to 31 March 2021 and should be read in Rakon is a world leader in the design and manufacture of Our markets 10 conjunction with Rakon’s Annual Report advanced frequency control and timing solutions. Telecommunications 11 2021, which can be accessed on our website with the QR code below right. Space & Defence 12 With ever-increasing amounts of data being transferred Positioning 13 The information provided in these around the planet at any time, Rakon plays a critical role documents has been compiled in line with Covid-19 14 in enabling the networks and applications that bring The Rakon story 16 NZX Listing Rules and recommendations for investor reporting. together a wirelessly connected world. What our products do 18 Our global footprint 20 Financial information has been prepared in Strategic focus 21 accordance with appropriate accounting Why customers choose us 22 standards and Rakon’s Annual Report has been independently audited by Rakon everywhere 24 PricewaterhouseCoopers. Our path to sustainability 26 Board of directors 28 Throughout this document we have focused on what we believe matters most Global executive team 30 to our stakeholders and our business. Glossary 31 We have endeavoured to ensure all Directory 32 information is accurate, including Please note: All amounts in this document are in NZ$ unless otherwise specified.
    [Show full text]
  • 28 April 2020 Metlifecare Rejects Notice to Terminate
    MEDIA RELEASE 28 APRIL 2020 METLIFECARE REJECTS NOTICE TO TERMINATE SCHEME IMPLEMENTATION AGREEMENT Metlifecare Limited (NZX: MET, ASX: MEQ) has today received a notice to terminate the Scheme Implementation Agreement (SIA) entered with Asia Pacific Village Group Limited (APVG), an entity owned by EQT Infrastructure IV fund and managed by EQT Fund Management S.à.r.l. The Metlifecare Board has rejected the notice to terminate from APVG as entirely invalid and reiterates its belief, based on legal advice, that there is no lawful basis for APVG to terminate the SIA. Under New Zealand law, an invalid termination is treated as a ‘repudiation’ of the contract enabling the non-defaulting party to elect to either (i) cancel the contract and seek damages or (ii) continue with the contract and require the defaulting partly to perform its obligations. Metlifecare remains strongly committed to the successful completion of the scheme in the interests of all shareholders and remains on track to dispatch the scheme materials ahead of a shareholder meeting to vote on the scheme, intended to be held at 11am on 9 June as a ‘virtual’ meeting, subject to receipt of orders from the High Court. Metlifecare Chair Kim Ellis said: “The fundamental assumptions that APVG uses to justify its Notice to Terminate are simply wrong. There has been no breach of the ‘Material Adverse Change’ (MAC) metrics and/or any ‘Prescribed Occurrence’, as claimed by APVG, and such breaches, if they were to occur, would be covered in either case by specific exceptions under the SIA. Metlifecare considers APVG and its parent company EQT have misstated the terms of the SIA and are wrongly attempting to withdraw from an agreement they willingly entered less than four months ago.
    [Show full text]