Foodstuffs (Auckland) Limited Concise Annual Report 2012 · Foodstuffs (Auckland) Limited Concise...

Foodstuffs (Auckland) Limited Concise Annual Report 2012

Fresh: Keeping it fresh for our customers 7 days a week.

Fresh new Vision:To set the direction for the next 10 years, we have a Fresh new vision with ambition to be "Proudly the biggest and best at what we do in 2022".

SELL THE MOST1

CUSTOMERS LOVE THEIR STORE2

UNRIVALLED REPUTATION3

SUSTAINABLE FUTURE4

Foodstuffs (Auckland) Limited - Annual Report 2012

02 Financial Highlights

04 Directors' Report

10 National Progress Report

18 Retail Report

19 Executive Team

20 Directors

22 Financial Reports

33 Directory

Contents

000000001

Financial Highlights

Group sales were $3,632m, an increase of 4% over the previous year.

2012 $3,632,028,000

2011 $3,493,833,000(1)

2010 $3,473,529,000

2009 $3,292,636,000

2008 $3,418,372,000

2007 $3,239,008,000

2006 $3,057,744,000

The distribution to members of $107.7m(2) (inclusive of interest) is a $5.0m (4.9%) increase over the previous year.

2012 $107,660,000

2011 $102,639,000

2010 $101,949,000

2009 $102,097,000

2008 $106,957,000

2007 $97,305,000

2006 $92,127,000

(1) Reclassified for 2011 as described in note 2 of the Summary of Financial Statements.

(2) Note 2 of the Summary Financial Statements shows distribution to members of $110.9m which for reporting purposes includes the 2011 dividend net of imputation credits.


Fresh futureFoodstuffs (Auckland) has embarked on a transforma-tional journey to create the future foundation of our business.

Phase One of Programme Lightning, the discovery and scoping phase of the programme, was successfully completed in November 2011. With Board approval granted for Phase Two, we’ll start designing, building, testing and implementing our exciting new solutions over the next few years, to give customers the right products, at the right price, in the right place, when they want them.

We are reviewing what we do to:Improve our practices,have accurate information for decision making

and create a better shopping experience for

our customers.

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Directors' Report

FINANCIAL PERFORMANCE

Group sales for the 52 week period were $3,632m, an increase of $138m, or 4.0% over the previous financial year.

Parent Company sales were $3,569m, a comparable increase to 2011 of $179m or 5.3%. This was achieved against a continuing difficult economic environment and increasing competitive pressure in the market. The bulk of the sales increase registered in the Parent Company reflects sales increases from existing supermarket business, new stores and store refurbishments.

Operating profit for the Group increased by 2.9% to $140.6m. The result for the year included an increase in Other Income (11.4%) and Operating Expenses (11.8%) as revenue from suppliers, members and advertising expenses are included for the first time. Operating Expenses also included a one-off non-cash property impairment charge of $9.2m and higher distribution costs as a result of higher fuel costs.

Operating profit for the Parent Company increased by 11.1% to $94.2m reflecting the additional revenue and advertising expenses. Similarly profit before distribution to members for the Parent Company is $105.2m compared to $93.9m

It gives your Directors great pleasure to present to you the 87th Annual Report of Foodstuffs (Auckland) Limited, covering the Company’s operations and financial results for the year ended 26 February 2012.

last year, an increase of 12.0% including the adjustments referred to above. The final result reflects strong core margins and represents a solid performance in the current economic environment.

The Group cash flow from operating activities was also strong during the year and compares favourably to 2011 which, due to the timing of the year end, only included eleven of the twelve main monthly creditor payment runs. With prudent management, the Group remains well positioned to fund future store development, invest in the underlying technology infrastructure and continue to provide financial support to members.

DISTRIBUTION TO MEMBERS

The total distribution to members reported in the 2012 Statement of Comprehensive Income includes rebates and the fully imputed dividend paid in 2011:

2012 ($000)

2011 ($000)

Rebate from members’ trading 88,835 81,023

Dividend paid 3,250 6,500

92,085 87,523

Interest on Rebate Investment Vouchers of $18.8m

is separately disclosed within Finance costs.


The distribution to members payable in June

2012 is $107.7m(1) including interest, an increase

of $5.0m (4.9%) over the 2011 financial year.

2012 ($000)

2011 ($000)

Rebate from members’ trading 88,835 81,023

Dividend (excluding imputation credits) - 3,250

Imputation credits on dividend - 1,393Interest on Rebate Investment Vouchers(2)

18,825 16,973

107,660 102,639

The rebate to be paid in 2012 is $4.6m less than

the full taxable profits from trading with members

for the year. This represents a shift away from

paying out the full taxable profits from trading

with members. The Board’s decision to depart

from previous practice has not been taken lightly

and reflects the fact that the taxable profit in

the current year has benefited from a short term

reduction in tax depreciation on software assets.

The Board expects this position to reverse in

future years with the increasing investment in the

Group’s technology infrastructure and therefore

considers the 2012 distribution to be prudent.

The Board remains committed to ensuring the

returns to members are maintained in the spirit of

the co-operative system in which profits earned

are returned to members in direct proportion

to the business transacted with the Company.

The greater the support members give to the

Company the greater the benefit they receive.

The rebate on Private Label products purchased

through the Company’s warehouses has been

retained at 7.5%. This represents a supplementary

margin on Private Label products in addition

to the margin enjoyed at the time of sale.

After taking into consideration the future

requirements for funding of new stores, the

rate of the overall support rebate has been

maintained at 1.75% resulting in a total value

of this rebate of $55.0m, again payable by

way of 5 year Rebate Investment Vouchers.

The Rebate Investment Vouchers attract interest

at an initial rate of 8% per annum, with the interest

rate subject to annual review by the Board. The

Board has elected to maintain the 8% interest rate

despite the ongoing low interest rate environment

currently prevailing in the New Zealand economy.

Remaining supplier and other rebates

are payable in cash.

(1)Note 2 of the Summary Financial Statements shows distribution to members of $110.9m which for reporting purposes includes the 2011 dividend net of imputation credits.(2)Interest on Rebate Investment Vouchers is disclosed separately in Finance costs in the Summary Financial Statements.

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FINANCIAL POSITION

A history of steady earnings and cashflow

growth, together with a managed capital

expenditure program has placed the Company

in a strong and conservative financial position.

Total assets have increased by $49m to

$1,617m. Inventory levels remain in line with

prior years. Trade receivables and related party

receivables have increased by $5.8m and $5.7m,

respectively. Property, Plant and Equipment

increases primarily represent the acquisition and

development of retail and warehousing properties.

Financial ratios continue to be maintained within

the requirements set down by the Company’s

principal lenders.

The Group has refreshed $300m of its committed

bank facilities during the year for a further three

years and as a result is well placed for future store

development and investment in the business.

FINANCE TO MEMBERS

The Company continues to play an important

funding role for members by assisting with

finance by way of direct advance or finance

guarantee to help members in the setting up

of new businesses, funding of changes of

ownership and the financing of major upgradings

and/or extensions to existing businesses.

As at balance date, loans to members stood

at $62.1m and bank overdraft and term loan

guarantees by the Company on behalf of

members amounted to $249m. This gave a total

financing commitment at balance date in respect

of members of $311.1m compared to $296.3m

at the end of the previous financial year.

EVENTS SUBSEQUENT TO BALANCE DATE

The Directors are not aware of any matter or

circumstance since the end of the financial year,

not otherwise dealt with in this report or the

Group financial statements, that has significantly

or may significantly affect the operation of the

Company, the results of those operations or

the state of affairs of the Company or Group.

AUDITORS

PricewaterhouseCoopers have conveyed

their willingness to continue in office.

SHAREHOLDER REPORTS

The Concise Annual Report is a summary of the

operational and financial activities for the financial

year. It is designed to be informative and easy

to read. The full Annual Report and Financial

Statements are available for shareholders

on request.


SUMMARY AND APPRECIATION

The Group has had another successful trading

year which has seen good sales growth particularly

in the Parent Company, consistently improved

profitability and distribution to members

higher than the previous year. We believe we

are well placed to face any challenges.

The grocery industry is highly competitive

requiring highly motivated and skilled personnel.

The commitment of our executive and staff

has been outstanding throughout the year.

Additionally, the Company is well served by

the members who are involved with committees

and of course our fellow Directors in achieving

the Company’s purpose and direction.

The Directors extend their appreciation to the

executive and staff for the first class job done

during the year under review and to those

members who have been active on committees.

We also express our thanks to our fellow Directors,

for the time they have spent on Company affairs

and for the contribution they make to the

Company’s progress. The excellent co-

operation and common sense of purpose which

exists between the Directors, management,

executive, staff, committee representatives

and members, continues to be a major

strength underpinning the Group’s success.

Grant Prince advised the Board in February of

his plans to take up a new opportunity in the

supermarket industry in Australia and resigned

from his position as Deputy Chairman and Director.

Grant had been in our business for over 20 years

and had made a significant contribution as an

owner/operator, Director and as a member of

numerous Board Committees. Our fellow Directors

and executive would like to thank him for this

and wish him all the very best for the future.

On behalf of the Board

Robert Redwood Murray Jordan Chairman of Directors Managing Director

The Group has had another successful trading year which has seen good sales growth particularly in the Parent Company.

000000007

Fresh new Brand and location.This year we introduced our customers to an evolution of the New World brand. Foodstuffs Auckland's first New World Metro opened in Auckland's Queens Street bringing fresh food and convenience to Auckland's CBD.

Customers are served the

freshest food combined with

great service. Fresh coffee is

part of the New World Metro

shopping experience.

National Progress Report

SALES

The year ending February 2012 saw continued growth

for the Foodstuffs Group, with combined revenues

of $8.33 billion, up $262.92 million, or 3.26%.

Distributions to members totalled $385.08 million,

an increase of $42.29 million over the previous year.

STORE DEVELOPMENTS

The year under review was another busy one from a

property development perspective, with a number

of new stores opened and a large number of store

refurbishments.

During the year, New World stores were opened in

Tokoroa, Stonefields in Auckland, the Auckland CBD

(Metro), Churton Park in Wellington, Kaiapoi, and Ilam

in Christchurch. New PAK’nSAVE stores were opened

in Kaitaia, and Papakura, and a new Four Square store

was built at Cooper’s Beach in Northland.

Extension and/or refurbishment projects were

completed at the New World stores at Victoria

Park in Auckland, Brookfield in Tauranga, Island

Bay in Wellington, Broadway in Palmerston North,

Northwood in Christchurch and the township

of Rolleston. A refurbishment project was also

completed at Wairau Road PAK’nSAVE on Auckland’s

North Shore.

The Aramoho and Cloverlea Four Squares were

extended and refitted to align with brand standards,

while other Four Square store extensions and/or

refurbishments were undertaken at Patea, Shalimar,

Waikanae, St John’s, National Park, Mahora in

Hastings, Dannevirke, Awapuni, Kaponga, Waterloo in

Lower Hutt, and Amberley in Canterbury.

The year under review was another busy one from a property development perspective, with a number of new stores opened and a large number of store refurbishments.

New fuel facilities were built as part of the Kaitaia

PAK’nSAVE store development and the PAK’nSAVE

Wairau Road refurbishment project. Miramar New

World developed a fuel facility on an ex-BP site

opposite the supermarket.

New markets and extensions to existing markets

provided an additional gross retail floor area of 25,635

square metres, an increase of 7.7% nationally.

TOTAL STORE NUMBERS

At the end of February, Foodstuffs co-operative

members operated 48 PAK’nSAVE stores, 137 New

World stores, 275 Four Square stores, 150 On The

Spot convenience stores, 18 Henry’s Beer, Wine and

Spirits outlets, 8 Gilmours stores and 43 fuel sites.

RETAIL INNOVATIONS

The companies continue to review and fine-tune their

store formats introducing a number of innovations in

each case.

Foodstuffs (Auckland) Limited (Foodstuffs Auckland)

opened its first store in the Auckland central business

district – New World Metro, catering for those living

and working in the inner-city. The store has a strong

emphasis on fresh food.

Foodstuffs (Wellington) Co-operative Society Limited

(Foodstuffs Wellington) set up a pop-up New World

store in Tawa as a temporary shopping solution for

customers while it builds a permanent New World in

the suburb. The new store, which will open in 2012,

will feature a new produce format with new style

fixtures and ticketing.


The development of New World stores at Ilam and

Northwood provided the opportunity for Foodstuffs

South Island Limited (Foodstuffs South Island) to

further develop the small ‘coffee to go‘ areas which

appear in some earlier developments and pilot

purpose built cafés. Customer reaction to these cafes

has been favourable and Foodstuffs South Island will

assess how they enhance the customer experience

with a view to determining the suitability of the café

concept for future developments.

The adoption of concrete polished floors and open

ceilings have proven to be well suited for the New

World Ilam environment and this same format is to be

incorporated into the rebuild of New World St Martins.

The combination of vinyl floor tiles and suspended

ceilings will still form part of the South Island’s New

World format. To enhance the developments in this

area, new composite floor tiles which are harder

wearing and able to withstand the rigours of

supermarket foot-traffic have been installed at the

New World stores in Kaiapoi, Rangiora, and

Northwood. The advantage of these tiles is that they

do not require a strip and polish and are less prone

to cracking than the clay tiles which have previously

been used.

The new refrigeration colour “Steel Alloy” adopted in

the South Island has proved to be less imposing than

the old ”Brunswick Green” colour. To ensure a smooth

changeover within stores and that a patchwork of

colours does not occur, each store expressing

interest in the new colour has been asked to provide

a programme for changing the colours of their

refrigeration and checkouts within a defined

timeframe.

As part of a continued focus on enhancing the

shopping experience, a lower produce cabinet was

used in New World Ilam to create an impression of

space, and there is a continued emphasis on, where

possible, providing serve-over meat counters and

displaying a working bakery environment to

customers.

The three national co-operatives have continued

to invest in their wholesale infrastructure, to support

growth objectives, improve the efficiency of

operations, and provide better servicing for the

membership.

REGIONAL INITIATIVES

Foodstuffs Auckland completed the first phase of

“Programme Lightning”, a programme initiated in 2010

to improve operating efficiencies and to establish the

platform which will underpin the Foodstuffs

Auckland's vision and strategy. Key objectives for the

programme include more effective buying, tighter

inventory controls, timely analysis of sales and

performance data, and more efficient processes and

operating practices. The future business model has

been defined, business tool requirements specified,

and a Business Readiness Programme rolled out in

eleven stores. This continues in 2012 when Foodstuffs

Auckland will commence the design and build phase

of the Programme.

Foodstuffs Auckland launched a second major

programme of work titled Programme Foundation,

to ensure a solid foundation for its growth and upon

which to build Programme Lightning and other

The three national co-operatives have continued to invest in their wholesale infrastructure, to support growth objectives, improve the efficiency of operations, and provide better servicing for the membership.

0000000011

NATIONAL MARKETING

During the year, Foodstuffs (N.Z.) Limited

strengthened our ability to build our brands nationally

with the establishment of a Foodstuffs Group

marketing function. This development has allowed us

to improve cost and efficiency in areas such as public

relations and improved media rates negotiations. It

has also allowed us to connect more effectively with

our supplier partners to launch national programmes

such as the successful Wattie’s Truckload Blowout.

Other activities will be brought into the national

Foodstuffs Group as appropriate in order to improve

quality and/or cost outcomes for the Foodstuffs

Group.

Key highlights of the national team included an

increased impact of PAK’nSAVE advertising and

promotions. This included talked about programmes

such as the New Zealand Apples campaign, ‘1987

Again’ during the Rugby World Cup, and Meat

Lovers' Week. The team also improved our speed to

market – responding to topical opportunities as well

as combating competitive fuel promotional offers. In

addition to the national promotional schedule for the

New World banner, the overall brand strategy has also

been under the microscope and a major restage will

occur in 2012.

Also integrated into the group marketing function is

our ongoing work programme designed to bring in

rebates from transactional services for members.

This work will continue throughout 2012 with an

added emphasis on understanding the implications

and appropriate strategies for the acceptance of

contactless ‘scheme-debit’ cards in the future.

transformational business initiatives. Programme

Foundation has already significantly enhanced the

company’s technology capability and will deliver new

data centres and core network capability in 2012.

Following on from the success of the National Careers

website, Foodstuffs Auckland has looked at other

human resource-related initiatives to collaborate on

with sister companies. As a result of dialogue with

Foodstuffs Wellington, the two companies have rolled

out Sonar 6 – an online performance management

programme. In Foodstuffs Auckland’s case, the

tool is now being used at the support centre and

for management and supervisory staff across all its

supply chain sites.

Foodstuffs Wellington began developing a new

warehousing facility for AF Logistics Limited. The

facility is being built in the Wellington harbour-side

suburb of Seaview and is due to be completed in

August 2012.

Foodstuffs Wellington also began investigating an

on-line shopping network and in early 2012 made

the decisions to proceed to implementation.

The new facility is scheduled to launch in early 2013.

Foodstuffs South Island announced Project

Greenfields to develop a new ‘state of art’ distribution

centre in Hornby, Christchurch. Construction of the

facility began in April 2012. The new building will total

40,000 square metres making it the largest single food

distribution centre in New Zealand. It is scheduled to

be operational by March 2013.


NATIONAL ADVOCACY

Foodstuffs (N.Z.) Limited continues to coordinate

national submissions and advocacy on public policy

issues. A major focus in this last year has been

the alcohol reform process which culminated in an

Alcohol Reform Bill being introduced to the House

last August. Foodstuffs’ submissions resulted in

a number of helpful technical amendments to the

Bill as reported back by Select Committee. More

recently, we have been working to secure support for

a Supplementary Order Paper to amend clause 105A

of the Bill which introduces a single alcohol display

in a non-prominent location. Our intent is to ensure

that the Government’s policy intent can be achieved

in a manner that provides certainty for business with

minimum compliance costs.

National submissions were also prepared for: the

Commerce Select Committee’s Inquiry into the Price

of Milk; the Smoke-free (Controls and Enforcement)

Amendment Bill, passed in July last year; Ministry of

Health’s consultations on Smoke-free regulations; the

Department of Labour’s Minimum Wage Review; the

Productivity Commission’s Review of International

Freight; the Ministry of Transport’s consultation

on changes to road-user charges; the Ministry of

Education’s Review of Industry Training; the Ministry

of Justice’s Investigation of Minimum Pricing of

Alcohol; and the Consumer Law Reform Bill.

In July 2011, Immigration NZ granted Foodstuffs’

application to have bakers added to the Immediate

Skills Shortage List, providing formal government

recognition of a skill shortage in this occupation.

The change has made it easier for stores to recruit

and retain foreign bakers on temporary work visas.

Further changes to accident compensation, food

regulation and employment law are expected to be

introduced in 2012 and Foodstuffs will continue to

monitor these developments and to provide advocacy

as needed on behalf of its members.

In conclusion, as Chairman of Directors, I would like to

express my appreciation to my fellow Directors and to

the executives and staff of the respective Foodstuffs

companies for the commitment and enthusiasm they

show in ensuring the ongoing progress, development

and success of the wider Foodstuffs organisation.

Robert Redwood Chairman Foodstuffs (N.Z.) Limited

During the year, Foodstuffs (N.Z.) Limited strengthened our ability to build our brands nationally with the establishment of a Group marketing team.

0000000013


You could say that being a grocer is in Vinod’s blood, he migrated to New Zealand with his family when he was twelve and after working in a dairy factory his father got the finances together to buy a Four Square in Auckland’s Onehunga. It was in his dad’s store that Vinod saw a copy of the Grocer’s Review with a picture of the then brand new New World Clendon and decided that one day he’d own a supermarket ‘like that one’. Little did he know that one day he would, in fact, own that very same supermarket. Vinod left school aged 15 and went to work at McWaters Four Square in Pukekohe, his duties included packing groceries in brown paper bags and mopping the floor, if he was really lucky he got to do the deliveries in the van. In the early 80’s Vinod’s father was given the opportunity to own and operate a Cut Price store, a Foodstuffs Welling-ton brand. The family all moved South and Vinod worked for the family business whilst completing his Foodstuffs (Auckland) Management Development course. In the mid 1980’s, Auckland called again with an opportunity at New World Green Bay as Grocery Manager.

It was at Green Bay Vinod met his wife Theresa and they now have three children, Jayden 13, Isabelle 8 and Priscilla aged 6 months. Next Vinod made the move to PAK'nSAVE Lincoln Road to work for owner/operator John Street as Assistant Grocery Manager and he continued his education at night school gaining an NZ Institute of Management Diploma. Vinod later became a Buyer, joining the PAK'nSAVE Ranging Committee and then Store Manager, a position he held for six years. After being awarded a Trainee Operator Scholarship in 2006, Vinod achieved what he set out to do all those years before and took ownership of New World Clendon. Vinod built a great culture at New World Clendon and the store went from strength to strength under his ownership.

In March 2012 Vinod became the owner of PAK'nSAVE Silverdale, a fresh new store in a fresh new catchment for PAK'nSAVE.

Fresh new catchments. PAK'nSAVE Silverdale opened in March 2012 serving a brand new customer catchment from the Whangaparoa area.

PAK'nSAVE Silverdale is owned and operated by Vinod Bhaga, pictured here with his wife and three children.

0000000015

We will build competence through creativity and innovation, speed to market, flexibility through productivity and being light on our feet, and excellence in everything we do.

The year can best be described as probably

the most challenging trading environment

experienced in recent years. The Retail Division

continued to focus on delivering improved results

across a broad spectrum of key performance

measures including operating standards, market

share, store and supplier relationships, store

profitability and a dedicated focus on brands.

The great momentum being built for National

initiatives across the spectrum of advertising,

customer relationship marketing through

Loyalty New Zealand and common retail brand

standards within the three co-operatives is

very pleasing, and the new trading year will

deliver even more focused brand support with

full involvement of the sister companies.

Maintaining customer relevance in last year’s

economic environment, as customers continued

to seek more value at lower cost, continued

to be challenging but as we provided the best

value available in the market we continued to be

successful. We constantly sort to improve the

efficiency of what we did both at the support centre

and at stores to enable us to provide the best offer

in the market to our customers that was sustainable.

At the start of the year we focussed on up-skilling

the operations team to deliver a far superior added

value support process to the member stores

through optimisation reports which concentrated

on a team based review.

The key achievements in fresh foods included the

forecasting system which is now firmly embedded

in the seafood business and providing for sales

growth through better ability to forecast sales

and therefore better buying and monitor costs.

The liquor review strategy recommendations

have been implemented and the strategic

meat review is underway.

We built competence in the grocery, chilled

and frozen arena through the recruitment of an

experienced and passionate category management

base and, while this continues to be a work

in progress, we recognise the need to build

credibility and confidence with members. The

vision for the category management team is to

develop a centre of excellence that will deliver

improved category results. This team is very

engaged in building joint business plans with

suppliers and is also focused on improving our

key metrics, one of which is speed to market.

PAK’nSAVE

Great success has been achieved in national

marketing initiatives, particularly in regard to ‘Bulk

Week’, ‘$5 Week’ and the ‘Mid-Year Blow Out’.

The nationally advertised PAK’nSAVE stickman

campaign remains incredibly successful, achieving

one of the highest recognition rates of any brand

advertising on television. The stickman concept

enables us to get across the simple message of

lowest prices in a humorous way.

Retail Report


NEW WORLD

National alignment and initiatives continued to get

stronger this year with the introduction of a national

Group Marketing Manager, Steve Bayliss. Following

this appointment, New World has been the first

focus, working toward a new brand campaign

and retail layer fighting price perception. National

product and price has strengthened with more

products being agreed and will continue to help

reinforce value to our customers.

In addition New World continued to sponsor elite

netball in New Zealand including the sponsorship

of the New Zealand Silver Ferns. This was an

incredibly successful national sponsorship which

is now filtering down to a local level. Most of our

New World operators have a strong relationship

with their local netball club and are providing great

support at the grass roots level.

FOUR SQUARE

Our heritage retail brand Four Square continued to

grow despite the difficult trading environment with

many initiatives to further strengthen the brand and

maintain the momentum that has been built over

the last couple of years.

GILMOURS

Gilmours has enjoyed excellent sales growth

versus last year.

A core range was established resulting in creating

focus on driving sales through range and presence

in-store and on the web, advertised in brochure

publications and increased support for suppliers.

CONCLUSION

We are working very hard to make the next financial

year a very successful one. In these current

uncertain economic times we are fortunate to have

three very good retail offerings, be it PAK’nSAVE

with lowest prices, New World offering great value,

a wide range of product and best service or our

Four Squares who offer true convenience.

In addition we are very encouraged by the results

being achieved by our Gilmours stores. We have

a great platform from which to continue to be

successful in the wholesale market and thereby

ensuring that we fulfil the Foodstuffs Auckland’s

mission of “Feeding New Zealand”.

We will build competence through creativity and

innovation, speed to market, flexibility through

productivity and being light on our feet, and

excellence in everything we do.

We will invest in strategic initiatives that increase

our market share, continue to excite our customer

and execute and deliver world class standards.

The retail team very much looks forward to the

challenge of the year ahead and delivering to our

customer’s expectations.

The year ahead will be challenging but we are up

for it! We are on the bus!

Rob Chemaly

GM Retail

We constantly sort to improve the efficiency of what we did both at the support centre and at stores to enable us to have provided the best offer in the market to our customers that was sustainable.

0000000017

Freshest foodWe're always looking for ways to inspire, surprise and delight our customers and we pride ourselves on sourcing the freshest and latest fresh food ideas from New Zealand and around the world.

"New Zealand has arrived where most cultures began: food is now far more important than fuel. It’s social, aspirational, and the time has come for our supermarkets to demonstrate the passion and discernment that shoppers see across the media and the wider market. Delicatessen is a great place to start. Lets differentiate the department from commodity categories with an evolving and contemporary range and inspiring service". Anthony Joseph Sales & Operations Manager - Delicatessen


Executive Team

Mike Brooker

General Manager, Legal

Angela Bull

General Manager, Property Development

David Stewart

Chief Financial Officer

Rob Chemaly

General Manager, Retail

Gijs Faber

General Manager, Supply Chain

Elizabeth Jeffs

General Manager, Human Resources

Murray Jordan

Managing Director

Peter Muggleston

Chief Information Officer

0000000019

Glenn Cotterill

Director

Glenn became a Director on

the Foodstuffs board in 1997.

His connection with

Foodstuffs started with his

father who worked for the

company for 25 years.

In February 1992 Glenn joined

Foodstuffs with the purchase

of New World Te Puke and

two years later he went on to

buy PAK’nSAVE Whakatane.

Staying with the PAK’nSAVE

brand, Glenn purchased

PAK’nSAVE Tauranga in

February 2002, which he

currently owns and operates.

Murray Jordan

Managing Director

Murray joined Foodstuffs in

2004 as General Manager,

Property Strategy. In August

2008 he took up the position

of General Manager, Retail

Sales and Performance and in

February 2010 was confirmed

as Managing Director

Designate. Murray was

appointed Managing Director

of Foodstuffs (Auckland)

Limited on 1 December 2010.

Brian Frecker

Director

Brian has been a Director on

the Foodstuffs board since

1983. He started out with

Foodstuffs in 1970 with the

purchase of the Four Square

on Ford Block in Rotorua and

went on to own and operate

two Cut Price Stores in

Rotorua and Ngongotaha.

In 1980 Brian opened New

World Westend in Rotorua

before moving to Auckland

in 1987 when he purchased

New World Southmall.

In February 1992 Brian

became the owner/operator

of his current business,

PAK´nSAVE Glen Innes.

John Smith

Director

John was elected to the

Foodstuffs Board in July

2006. He started his

Foodstuffs career working

after school in his father's

Four Square store. In 1986

John and his father went into

partnership and they

purchased New World

Dinsdale in Hamilton.

John went on to own and

operate New World Warkworth

in 1990 before moving to his

current store, PAK'nSAVE

Henderson in 2010.

Robert Redwood

Chairman

Robert became a Director on

the Foodstuffs Board in 2004.

He started his Foodstuffs

journey as a teenager when

he was a part-time delivery

boy for his local Four Square.

In 1987 Rob received a

Scholarship Award and

became a Foodstuffs member

with the purchase of the Cut

Price Store in Taumarunui,

which was later converted to

a Four Square. He went on to

own and operate New World

Hillcrest in Hamilton prior to

moving, in 1995, to his current

business, New World

Eastridge in Auckland’s

Eastern Suburbs.

Directors

Dean Waddell

Deputy Chairman

Dean was appointed to the

Foodstuffs Board in January

2010. A third generation

grocer, Dean began working

in the family supermarket,

New World Brookfield, at the

age of thirteen. He studied at

Massey University and

graduated with a Bachelor of

Business Studies before

returning to work at New

World Brookfield. Dean

purchased the store in

February 1992.


Glenn Miller

Director

Glenn has been a Director on

the Foodstuffs Board since

1999. A third generation

grocer, he was involved with

the family Four Square

business before purchasing

his first New World store.

Glenn is the current owner

operator of PAK´nSAVE Mill

Street which he purchased in

September 1992.

Garry Christini

Director

Garry was appointed to the

Foodstuffs Board in January

2009. He has been in the

retail industry both in New

Zealand and overseas since

1977 and first became a

member of Foodstuffs in

March 1994. Garry is

currently an owner/operator

in partnership at New World

Orewa.

Neil Foster

Director

Neil was appointed to the

Foodstuffs Board on 17 May

2012. He started his journey

with Foodstuffs on the Trainee

Operator Programme working

for Glenn Cotterill at New

World Te Puke and then

became the owner/operator

in 1994. In 1999 Neil took

ownership of his current store,

PAK’nSAVE Rotorua.

Paul Blackwell

Director

Paul was appointed to

the Foodstuffs Board on

1 May 2010. He came to

Foodstuffs with a strong retail

management background

and had owned and operated

several Paper Plus stores.

Paul first became a Foodstuffs

member in May 1993 when

he purchased New World

Matamata. After five years

in the Matamata store he went

on to open his current

business, PAK'nSAVE Albany

in August 1998.

0000000021

Fresh concept

Our people are one of our most valued assets. This year we launched the BeWell initiative giving Foodstuffs (Auckland) staff a range of options to assist them to stay fit and healthy. Over 300 Foodstuffs employees took part in Auckland's Round the Bays event.

Financial Reports


0000000023

FOODSTUFFS (AUCKLAND) LIMITED

Statements of Comprehensive Income for the period ended 26 February 2012

Group Group Parent Parent

2012 2011 2012 2011

$000 $000 $000 $000

Other Comprehensive Income

Items that may be reclassified subsequently to profit or loss:

Increase/(decrease) in fair value of hedging net of tax (482) (1,206) (482) (1,206)

Items that may not be reclassified subsequently to profit or loss:

Increase/(decrease) in fair value of other financial assets (8,805) (3,193) - -

Total Other Comprehensive Income (9,287) (4,399) (482) (1,206)

Total Comprehensive Income for the period attributable to members

14,916 (80,277) 8,364 (12,647)


2012 2011 2012 2011

$000 $000 $000 $000

Revenue 3,632,028 3,493,833 3,569,489 3,390,324

Cost of sales (3,356,815) (3,237,059) (3,386,385) (3,219,866)

Gross profit 275,213 256,774 183,104 170,458

Other income 81,324 72,974 50,662 46,175

Operating expenses (215,933) (193,109) (139,604) (131,863)

Operating profit 140,604 136,639 94,162 84,770

Finance income 5,409 6,185 14,804 14,330

Finance costs (27,095) (28,169) (3,790) (5,153)

Net finance (costs)/income (21,686) (21,984) 11,014 9,177

Share of profit from Associates 2,810 504 - -

Profit before distribution to members 121,728 115,159 105,176 93,947

Distribution to members (92,085) (87,523) (92,085) (87,523)

Profit/(loss) before income tax 29,643 27,636 13,091 6,424

Income tax expense (5,440) (103,514) (4,245) (17,865)

Profit/(loss) for the period attributable to members 24,203 (75,878) 8,846 (11,441)

Items in the other comprehensive income are disclosed net of tax.



Statements of Financial Position as at 26 February 2012


2012 2011 2012 2011

$000 $000 $000 $000

AssetsNon-current assets

Property, plant and equipment 1,111,909 1,066,022 122,364 127,703

Intangible assets 33,114 32,089 21,689 19,846

Investments in subsidiaries - - 14,865 14,865

Investments in associates 19,994 18,891 13,140 11,545

Derivative financial instruments - 120 - 120

Other financial assets 26,971 35,528 - -

Total non-current assets 1,191,988 1,152,650 172,058 174,079

Current assetsCash and cash equivalents 4,136 3,567 1,260 440

Trade and other receivables 243,883 238,074 218,105 212,892

Inventories 89,294 91,565 87,940 90,158

Related party receivables 88,100 82,352 194,273 159,331

Total current assets 425,413 415,558 501,578 462,821

Total assets 1,617,401 1,568,208 673,636 636,900

EquityCapital and reserves attributable to equity holders

Share capital 1,039 1,039 1,039 1,039

Other financial asset revaluation reserve (25,164) (16,359) - -

Hedging reserve (2,016) (1,534) (2,016) (1,534)

Retained earnings 594,690 570,487 113,741 104,895

Total equity 568,549 553,633 112,764 104,400

LiabilitiesNon-current liabilities

Rebate investment vouchers 253,263 235,119 54,967 51,467

Borrowings 109,200 122,200 - -

Deferred tax liability 106,092 113,721 9,563 10,251

Other liabilities 412 424 366 384

Total non-current liabilities 468,967 471,464 64,896 62,102

Current liabilitiesRebate investment vouchers 45,580 36,332 - -

Trade and other payables 478,673 461,066 428,551 426,193

Cash distribution to members 33,868 29,556 33,868 29,556

Income taxation payable 4,442 1,443 3,034 995

Derivative financial instruments 3,272 2,130 3,272 2,130

Related party payables 14,050 12,584 27,251 11,524

Total current liabilities 579,885 543,111 495,976 470,398

Total liabilities 1,048,852 1,014,575 560,872 532,500

Total equity and liabilities 1,617,401 1,568,208 673,636 636,900

Director16 May 2012

Director

0000000025


Statements of Changes in Equity for the period ended 26 February 2012

Issued share capital

$000

Other financial asset revaluation

reserve

$000

Hedging reserve

$000

Retained earnings

$000

Total Equity

$000

GroupAt 1 March 2010 1,039 (13,166) (328) 646,365 633,910

Profit/(loss) for the period - - - (75,878) (75,878)

Other comprehensive income

Increase/(decrease) in fair value of other financial assets - (3,193) - - (3,193)

Increase/(decrease) in fair value of hedging net of tax - - (1,206) - (1,206)

Total other comprehensive income - (3,193) (1,206) - (4,399)

At 27 February 2011 1,039 (16,359) (1,534) 570,487 553,633

Profit/(loss) for the period - - - 24,203 24,203


Increase/(decrease) in fair value of other financial assets - (8,805) - - (8,805)

Increase/(decrease) in fair value of hedging net of tax - - (482) - (482)

Total other comprehensive income - (8,805) (482) - (9,287)

At 26 February 2012 1,039 (25,164) (2,016) 594,690 568,549

ParentAt 1 March 2010 1,039 - (328) 116,336 117,047

Profit/(loss) for the period - - - (11,441) (11,441)


Increase/(decrease) in fair value of hedging net of tax - - (1,206) - (1,206)

Total other comprehensive income - - (1,206) - (1,206)

At 27 February 2011 1,039 - (1,534) 104,895 104,400

Profit/(loss) for the period - - - 8,846 8,846


Increase/(decrease) in fair value of hedging net of tax - - (482) - (482)

Total other comprehensive income - - (482) - (482)

At 26 February 2012 1,039 - (2,016) 113,741 112,764



Cash Flow Statements for the period ended 26 February 2012


2012 2011 2012 2011

$000 $000 $000 $000

Cash flows from operating activitiesCash receipts from customers 3,711,358 3,576,763 3,644,577 3,683,360

Cash paid to suppliers and employees (3,494,249) (3,245,119) (3,528,003) (3,394,761)

Cash generated from operations 217,109 331,644 116,574 288,599

Interest received 5,396 6,185 14,659 14,330

Interest paid (9,724) (11,196) (3,247) (5,153)

Net GST paid (21,003) (18,673) (37,016) (29,038)

Income tax paid (9,762) (7,982) (2,675) (3,000)

Net cash generated from operating activities 182,016 299,978 88,295 265,738

Cash flows from investing activitiesPurchase of property, plant and equipment (80,079) (111,015) (2,546) (5,502)

Proceeds from sale of property, plant and equipment 1,180 14,714 410 1,260

Purchase of intangible assets (10,191) (6,869) (9,689) (12,771)

Purchase of Subsidiaries - (3,790) - (3,790)

Purchase of Associates (350) (760) - -

Dividends received from other investments 3,257 3,086 13 4

Purchase of other financial assets (248) - - -

Advances to members (104,081) (109,572) (104,081) (104,495)

Repayment of advances to members 105,813 126,230 105,813 126,230

Repayment from/(advances to) Subsidiaries - - (35,911) (229,601)

Repayment from/(advances to) Associates (9,106) (5,711) (8,677) (15,987)

Sale of investments 2,420 - - -

Net cash generated from/(used in) investing activities (91,385) (93,687) (54,668) (244,653)

Cash flows from financing activitiesProceeds from/(repayment of) borrowings (13,000) (146,900) - -

Rebate investment vouchers paid (30,009) (26,426) - -

Interest on rebate investment vouchers paid (14,246) (12,090) - -

Dividends paid (3,250) (6,500) (3,250) (6,500)

Rebates paid (29,557) (15,593) (29,557) (15,593)

Net cash generated from/(used in) financing activities (90,062) (207,509) (32,807) (22,093)

Net increase/(decrease) in cash and cash equivalents 569 (1,218) 820 (1,007)

Cash and cash equivalents at beginning of period 3,567 4,785 440 1,447

Cash and cash equivalents at end of period 4,136 3,567 1,260 440

0000000027

1. Policies

Basis of Presentation

The summary financial statements are those of Foodstuffs (Auckland) Limited (the ‘Company’ or the ‘Parent Company’), its subsidiaries and associates (the ‘Group’ or ‘Foodstuffs’). Foodstuffs (Auckland) Limited has designated itself and the Group as profit oriented entities for the purposes of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). They have been prepared in accordance with Financial Reporting Standard No. 43 "Summary Financial Statements" and have been extracted from full financial statements that comply with NZ IFRS which also comply with International Financial Reporting Standards. The full financial statements, signed on 16 May 2012, have been audited by PricewaterhouseCoopers and given an unqualified opinion. For a complete understanding of the financial affairs of the Group, the full financial statements are available for shareholders on request.

Accounting Periods

The Group has a weekly operating cycle ending on Sunday night. The annual accounting period follows this cycle and the period for this accounting period was for 52 weeks to 26 February 2012. This compares to the 2011 accounting period being a 52 week period to 27 February 2011.

Reclassifications

In the period ended 26 February 2012 certain balances relating to rental income, advertising income and expense have been grossed up between other income and operating expenses. Comparative information for 2011 has been reclassified accordingly.

2. Distributions to members


2012 2011 2012 2011

$000 $000 $000 $000

Cash rebates 33,868 29,556 33,868 29,556

Rebate investment vouchers (RIVs) 54,967 51,467 54,967 51,467

Dividends 3,250 6,500 3,250 6,500

Distributions to members before interest 92,085 87,523 92,085 87,523

Interest on rebate investment vouchers included in finance costs 18,825 16,973 - -

Total distributions to members 110,910 104,496 92,085 87,523

Total Distributions in respect of current year trading and financing are represented as:

Total cash rebates and RIVs to members as above 88,835 81,023 88,835 81,023

Dividend proposed for current year trading - 3,250 - 3,250

Distribution related to the financial year 88,835 84,273 88,835 84,273


Notes to the Summary Financial Statements for the period ended 26 February 2012


3. Income tax expenseGroup Group Parent Parent

2012 2011 2012 2011

$000 $000 $000 $000

Statement of comprehensive income

Current tax:

Current tax on profit for the period 12,497 8,175 4,715 3,453

Adjustments in respect of prior years 384 (1,067) 30 (41)

Total current tax 12,881 7,108 4,745 3,412

Deferred tax (6,326) 104,546 (565) 15,185

Impact in change of tax rate / adjustment for prior years (1,115) (8,140) 65 (732)

Total deferred tax (7,441) 96,406 (500) 14,453

Income tax charge/(credit) reported in statement of comprehensive income

5,440 103,514 4,245 17,865

Reconciliation of effective tax charge

Profit before distribution to members 121,728 115,159 105,176 93,947

Distribution to members (92,085) (87,523) (92,085) (87,523)

Profit before income tax 29,643 27,636 13,091 6,424

Effective tax charge at 28% 8,300 7,738 3,665 1,799

Non taxable gain (1,082) (1,723) (447) (491)

Non taxable income (2,251) (2,083) (6) (300)

Associates results reported net of tax (787) - - -

Non deductible dividend 910 1,950 910 1,950

Change in depreciation rates - 105,921 - 15,526

Re-measurement of deferred tax - change in tax rate - (8,140) - (732)

Change in corporate tax rate - 510 - 85

Expenses not deductible for tax purposes 1,081 408 28 69

Adjustments in respect of prior periods (731) (1,067) 95 (41)

Total income tax charge 5,440 103,514 4,245 17,865

As a result of the change in the New Zealand corporate tax rate from 30% to 28% effective from 2012, the relevant deferred tax balances expected to reverse in future periods have been measured using the effective tax rate of 28%.

As a result of the change in tax legislation enacted on 27 May 2010, with effect from the beginning of the 2011/12 income year, the depreciation rate on buildings with an estimated useful life of 50 years or more was reduced to 0%. This reduction in the depreciation rate has significantly reduced the tax base of the Parent and Group's buildings as future tax deductions for building depreciation will no longer be available. This resulted in an increase in the deferred tax liability in relation to buildings in the Parent of $15,526,000, and in the Group of $105,921,000, which was recognised in the tax expense in 2011.


Notes to the Summary Financial Statements CONTINUED for the period ended 26 February 2012

0000000029

4. Related party transactions

(a) Transactions with related parties

Foodstuffs (Auckland) Limited operates as a co-operative and predominantly trades with members. All transactions are conducted on normal trading terms and conditions. Virtually all sales of the Parent company and rental charges are made to members. On a Group level approximately $3,607,601,000 (2011: $3,439,877,000) of revenue represents sales to and rental from members. Within other income, services to members were $23,445,000 (2011: $21,735,000).

(b) Outstanding balances at balance date with related parties

The Parent company advances funds to subsidiaries, members and associate companies in the normal course of business at commercial lending rates. All loans are secured and repayable on demand. No related party debts have been written off. All of the interest received shown in the Parent company's statement of comprehensive income was from members or subsidiary companies.


2012 2011 2012 2011

$000 $000 $000 $000

Loans to members 62,093 62,693 61,642 63,753

Loans to Associates 24,326 8,442 19,316 9,903

Receivable from Subsidiaries - - 111,635 77,947

Receivable from Other related companies 1,681 11,217 1,680 7,728

Related party receivables 88,100 82,352 194,273 159,331

Payable to Subsidiaries - - 13,202 -

Payable to Associates 13,478 11,072 13,478 11,072

Payable to Other related companies 572 1,512 571 452

Related party payables 14,050 12,584 27,251 11,524

Loans to members are due within one year and the rate of interest is determined over the period at the floating rate existing at that time. The average floating rate at balance date was 5.3% (2011: 5.8%). Directors of the Company are also store owners and as such may receive loans under the same terms and conditions as other loans to members. At balance date these amounted to $nil (2011: $nil).

(c) Rebate Investment Vouchers

Vouchers mature five years after first being issued. An amount of $37,457,000 (2011:$36,274,000) is due for payment within twelve months subject to Directors' approval. An initial interest rate of 8% per annum (2011:8%) is paid in cash or compounded. The rate of interest is subject to review periodically by the Board of Directors.

(d) Guarantees Group and Parent

2012 2011

$000 $000

Guarantees for members’ bank borrowings 248,954 233,605

The Group acts as a guarantor for a number of members' bank loans. The Group is obligated under the guarantee to make the loan payments in the event the member defaults on a loan agreement. The Group generally holds first debenture security over the assets and prudently manages exposures. The Directors do not expect any cash outflows under the guarantees in place based on a review of the current financial situation of members.




(e) Investment in Subsidiaries

The Group's principal subsidiaries are:

Share of issued capital and voting rights

Businessactivity

2012 2011

Equity Funding Limited Investment 100% 100%

Foodstuffs (Auckland) Nominees Limited Investment 100% 100%

Foodstuffs (Auckland) Systems & Technology Leasing Limited Leasing 100% 100%

Foodstuffs Finance (Auckland) Limited Funding 100% 100%

Foodstuffs Fresh (Auckland) Limited Distribution 100% 100%

James Gilmour & Co Limited Wholesaling 100% 100%

Merchant Property Management Limited Property management 100100% 100%

Route & Retail Distribution Limited Transport 100% 100%

The National Trading Company of New Zealand Limited Retail property 100% 100%

Interests in subsidiaries

Parent Parent

2012 2011

$000 $000

Shares at cost 14,865 14,865

f) Investment in Associates

The Group's principal associates are:

ReportingDate

Businessactivity

2012

2011

The Bell Tea & Coffee Company Limited 31 March Grocery 33% 33%

Foodstuffs (NZ) Limited 30 June Brand management 33% 33%

Foodstuffs Liquor New Zealand Limited 31 March Retail 33% 33%

Foodstuffs Own Brands Limited 28 February Procurement 33% 33%

Foodstuffs Inbound Limited 31 March Transport 33% 33%

Foodstuffs Retail Financial Services Limited 31 March Financial services 33% 33%

Manukau Cash'n Carry Limited 28 February Wholesaling 0% 50%

Panmure Cash'n Carry Limited 28 February Wholesaling 50% 50%

Rotorua Cash'n Carry Limited 28 February Wholesaling 50% 50%

Tauranga Cash'n Carry Limited 28 February Wholesaling 50% 50%

Henderson Cash'n Carry Limited 28 February Wholesaling 0% 50%



Share of issued capital and voting rights

All associate companies are incorporated and domiciled in New Zealand.

0000000031

Group2012

Group2011

Parent 2012

Parent 2012

$000 $000 $000 $000

Interests in Associates

Carrying value at 1 March 2010 18,891 18,242 11,545 12,160

Acquisition of additional shares in associates 350 760 - -

Acquisition of remaining shares in associates - (2,250) - (2,250)

Reversal of impairment in investment in associate 45 1,635 1,595 1,635

Sale of associates (997) - - -

Group's share of associates profit 2,810 504 - -

Dividends received or declared (1,105) - - -

Carrying value at end of period 19,994 18,891 13,140 11,545

Disposals

Total cash received 2,420 - - -

Net liabilities disposed of (2,324) - - -

Profit on disposal 4,744 - - -

In the period the Group sold its remaining 50% holding in the Gilmours Henderson and Manukau businesses for total consideration of $2,420,000.

Group2012

Group2011

$000 $000

Results of associate companies

Share of earnings before income tax 4,123 883

Income tax (1,313) (379)

Net earnings 2,810 504

The Group's share of the results of its principal associates, all of which are unlisted, and its aggregated assets and liabilities are as follows:

Assets Liabilities Revenues Profit

$000 $000 $000 $000

Associates

2012 44,511 25,283 111,440 2,810

2011 46,806 27,915 86,731 504




Group2012

Group2011

Parent 2012

Parent 2012

$000 $000 $000 $000

Interests in Associates

Carrying value at 1 March 2010 18,891 18,242 11,545 12,160

Acquisition of additional shares in associates 350 760 - -

Acquisition of remaining shares in associates - (2,250) - (2,250)

Reversal of impairment in investment in associate 45 1,635 1,595 1,635

Sale of associates (997) - - -

Group's share of associates profit 2,810 504 - -

Dividends received or declared (1,105) - - -

Carrying value at end of period 19,994 18,891 13,140 11,545

Disposals

Total cash received 2,420 - - -

Net liabilities disposed of (2,324) - - -

Profit on disposal 4,744 - - -

In the period the Group sold its remaining 50% holding in the Gilmours Henderson and Manukau businesses for total consideration of $2,420,000.

Group2012

Group2011

$000 $000

Results of associate companies

Share of earnings before income tax 4,123 883

Income tax (1,313) (379)

Net earnings 2,810 504

The Group's share of the results of its principal associates, all of which are unlisted, and its aggregated assets and liabilities are as follows:

Assets Liabilities Revenues Profit

$000 $000 $000 $000

Associates

2012 44,511 25,283 111,440 2,810

2011 46,806 27,915 86,731 504

Directory

DirectorsRobert Redwood (Chairperson)

Dean Waddell (Deputy Chairperson)

Murray Jordan

Paul Blackwell

Garry Christini

Glenn Cotterill

Brian Frecker

Glenn Miller

John Smith

Neil Foster

Senior ExecutivesMike Brooker

Angela Bull

Rob Chemaly

Gijs Faber

Elizabeth Jeffs

Peter Muggleston

David Stewart

Audit & Risk CommitteeGlenn Cotterill (Chairperson)

Robert Redwood

John Smith

Paul Blackwell

Operator Approval CommitteeRobert Redwood (Chairperson)

Glenn Miller

Gary Christini

Dean Waddell

Murray Jordan

Rob Chemaly

Elizabeth Jeffs

Jack Dill-Russell

Remuneration CommitteeRobert Redwood

Brian Frecker

Dean Waddell

Training & Development CommitteeRobert Redwood (Chairperson)

Elizabeth Jeffs

Daniel Brain

Robert Bryce

David Collins

Jamie Eden

Lance Gerlach

Rob Chemaly

Jack Dill-Russell

New World CommitteeJason Witehira (Chairperson)

Ewan Atherton (Deputy Chairperson)

Garry Christini (Board Representative)

Lance Gerlach

Suresh Chimanlal

Jamie Eden

Brendon Good

Malcolm Boyd

Graham Fabian

Four Square CommitteeMark Cramond (Chairperson)

Peter Pritchard (Deputy Chairperson)

John Smith (Board Representative)

Steve Duffield

Peter Jones

Daniel Brain

Peter Lynch

Wendy Porter

Juanita McGoldrick

BankersANZ National Bank Limited

ASB Bank Limited

Bank of New Zealand

Westpac Banking Corporation

External AuditorsPricewaterhouseCoopers

Internal AuditorsErnst & Young

SolicitorsDLA Phillips Fox

Registered Office60 Roma Road

Mount Roskill

Auckland

0000000033

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