True for generations · management proposal that doesn’t ... E whakangao tonu ana mātau i ngā...

Integrated Annual Report 20182 0 1 8 P Ū R O N G O T A P A T A H I Ā T A U

True for generations

Kei te pokapū o ā mātau mahi ko ngā Iwi. Koirā tō mātau pūtake. Ko te hanga uara ukauka, uara toitū mō ngā whakatupuranga e haere ake nei.

At the heart of our business is our Iwi. It's our why. Creating long-term sustainable value for our future generations.

contentsOur achievements 04Challenges & future focus 06Chief Executive's Review 08Chairman's Report 14Who we are 16Our team 18Focus on sustainability 20Working out what matters 22Creating value for our shareholders 24Areas of focus and how we create value

— Our people 26 — Our harvest 34 — Our operations 38 — Our markets 42 — Our performance 44

Board of Directors 46Corporate Governance 48Executive Team 50Quota Management System Terminology 52Financial Highlights 53Financial Statements 54Notes to Financial Statements 59Independent Auditor’s Report 90Other Annual Report Disclosures 93Glossary of Māori terms 98Corporate Directory 100

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8 0302 03

our achievements

purpose built Sealord fishing vessel officially launched in Nelson

point increase in internal engagement

189 Moana New Zealand employees signed up for a free health check – read more on page 26

A record 78% positive perception of our health and safety efforts in our last staff engagement survey

$70m

+6%

100%

189 78%

$8.6m

Increase in Sealord contribution

dividend for the year

H&S positive perception

free health checks +31%

Read more on page 28

— Steve Tarrant, Ian Ruru, Ta Tipene O'Regan, Katrina Thomson, Mark Ngata

A shift to renewable, recyclable PLANTICTM packagingRead more on page 43

We did what we said we were going to do, achieving 100% of our profit target

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8 0504

Using our existing assets in the most productive wayWe’ve invested in some world-class facilities and now we’re thinking of how we can utilise these assets in the most productive way possible.

True connectionWe’re making sure our people understand how Moana New Zealand came to be, why we exist and our relevance for them today.

Responsible packagingThis year the government has put a ban on single use plastic bags. As consumers, we’re all concerned with the amount of packaging and plastic that flows through our daily lives.

Moana New Zealand is committed to reducing our waste and seeking alternatives to poly bins and non-recyclable plastics.

We’re considering things like species diversity in the market and how we can better promote lesser known species to customers. This is a really exciting space to be in as it takes a lot of creativity and innovative thinking to look outside the box.

How can we use our facilities in the most productive way?

future focuschallengesOur commitment is in developing home-grown leaders, building capability at all levels and providing sustainable career pathways.

Growing our people Our focus is to ensure people have the skills, knowledge and training to do their best every day. We are committed to creating a great employee experience that attracts, grows and retains talent, while harnessing our people’s natural abilities and strengths.

Lobbying for more Marine Protected Areas Some issues aren’t specific to Moana New Zealand, and in fact most of the challenges we face, we face as an industry. We’re seeing more public and Non-Governmental Organisations lobbying for Marine Protected Areas to be put into place.

Industry reputationWe continue to face the ongoing challenge to demonstrate to the general public and our customers that we operate responsibly by harvesting with care and a lightness of touch.

Healthy fish stocks Once again we will be facing Total Allowable Commercial Catch (TACC) cuts in the next financial year and indeed did in this financial year to lobster. The access to fisheries remains under pressure, and in general it’s going to get harder and harder to have full access to traditional fishing grounds.

While there’s a lot to do collectively as an industry, we are committed to ensuring we are living true to our value of kaitiakitanga while meeting the needs and expectations of our shareholders.

We’ve already made some tough decisions and voluntarily shelved quota for hoki, and will experience a TACC cut in tarakihi, john dory and flounder.

We’re working with Government and industry to come up with a fisheries management proposal that doesn’t simply involve cutting TACC but takes a more holistic view towards looking after our fish stocks.

We’re sharing our stories of kaitiakitanga. We’ve joined the discussion on social media, having recently launched the Moana New Zealand Facebook and Instagram platforms. We know it’s important for our shareholders, staff and customers to know how we’re creating value and harvesting responsibly.

While our quota management system is considered world-class and is envied around the globe, we know we can do even better, and we must. The way that we manage our fisheries is changing and this provides a great opportunity for industry to work in conjunction with the Government to ensure our tamariki and mokopuna are able to enjoy the bounty of Tangaroa.

Te tini ki te mano This is part of our 'many to many' engagement approach which is about getting closer to our shareholders and finding out what they want from their company and how we can deliver on that.

Currently we’re using PLANTICTM, a packaging alternative to traditional plastic. The tray uses materials from renewable or recycled resources. It’s the world’s first recycled and renewable ultra-high barrier material which extends shelf life, leading to a reduction in food waste.

We’ve joined the discussion on social media, having recently launched our Facebook and Instagram platforms.


A R O T A H I K I Ā P Ō P Ō F U T U R E F O C U S

N G Ā W E R O C H A L L E N G E S

Our year in reviewThis year has not been without its challenges, but I’m pleased to report that Moana New Zealand has met plan for the financial year to 30 September 2018.

Although sales were down from the previous year due to Total Allowable Commercial Catch (TACC) reductions in both fin fish and wild abalone, this year we finished the year on plan.

Pleasing was the increased profit contribution from Sealord, which was 31% up on last year. This is largely due to having better catch, stronger pricing and reduction in general and administration costs.

The Port Nicholson Fisheries partnership continues to fulfill the objective of bringing Iwi together and delivered a strong result this year, which was up on the previous year.

We are continuing to focus on cost reductions, in particular our overhead costs across all parts of the business and it was pleasing to have seen a reduction in this past financial year.

We have also continued to invest in facilities to set Moana New Zealand up for future growth. This includes the completion of the Mt Wellington Fin Fish processing facilities upgrade, a new grow out shed for Blue Abalone in Ruakaka and continued investment in innovation across the organisation.

Our people I’d like to acknowledge and thank our committed team here at Moana New Zealand. We’ve been through a lot of change over the past couple of years as we have moved towards a more functional structure, which is designed to provide greater transparency and visibility. I truly believe we have the right people in place to start realising the true potential of us as individuals, as a team at Moana New Zealand and in turn for our shareholders.

Our people have all worked hard in the business’s best interests all year. Our people have shown resilience, kept true to our values and commitment to transform our business for the future and bring home returns to Iwi and the communities we live and work in.

He arotaki i te tauHe wero ō te tau nei engari e koa ana te ngākau ki te pūrongo i tā Moana New Zealand whakatutuki i te mahere mō te tau pūtea ki te 30 o Hepetema 2018.

Ahakoa i whāiti kē ngā hokonga i ō te tau ō mua nā te whakawhāititanga o te Haonga Tauhokohoko Katoa e Whakaaetia ana (HTKW) mō te ika whai tira me te pāua tūwā, i tutuki i a mātau te mahere i te paunga o te tau.

He whakakoakoa te wāhi nui kē atu a Sealord o te huanga, e 31% nui kē i tō tērā tau. Ko te take matua ko te haonga pai kē, ngā utu kaha kē, me te whakawhāititanga o ngā utu whānui me ngā utu whakahaere.

E whakatutuki tonu ana te whakaurunga o Port Nicholson Fisheries whāinga, arā ko te whakakotahi mai i ngā Iwi. Waihoki i makere mai ngā hua pai i tēnei tau, he ranea kē i ō tērā tau.

E arotahi tonu ana mātau ki te whakawhāiti utu, inā hoki ko ngā utu whakahaere i ngā wāhanga katoa o te pākihi. Ka mutu ka koa te ngākau i te i te whakawhāititanga i te tau pūtea kua hipa nei.

E whakangao tonu ana mātau i ngā whare hoki kia pai ai te tupuranga, haere ake nei. Tērā ko te whakaotinga o te whakahounga o te whare mahiika o te Ika whai tira ki Maungarei, he whare whakatupu hou mō Blue Abalone ki Ruakākā, me te whakangaonga tonutanga ki ngā mahi atamai huri i te rōpū.

Ō mātau tāngata E mihi ana ahau ki tō mātau tīma manawa tītī i konei, i Moana New Zealand. He nui ngā panonitanga i roto i ngā tau ruarua kua hipa nei, e koke atu nei mātau ki tētahi hanganga whai take e puata ake ai, e pai ake ai te kitea o ngā mahi. E whakapono mārika ana ahau ko ō mātau tāngata ngā tāngata tōtika hei tīmata ki te whakatinana i te pitomata tūturu ō mātau hei tāngata, hei rōpū hoki i Moana New Zealand, ā, mō ō mātau kaipupurihea hoki.

Katoa ō mātau tāngata kua whakapau kaha hei painga mō te pākihi i te roanga ake o te tau. Ko ō mātau tāngata he

We acknowledge we have work to do but I am confident that as we continue to build an integrated operating model, to support our people to better enable them to make a difference every day. An integrated business is where we think, act and work as a unified team, supporting better decision making, greater collaboration and combined focus for the future.

Health and safetyEnsuring the health and safety of our fishers and employees is a top priority for everyone and our Zero Harm policy is at the heart of everything we do and is reflected in our values.

Our newly created Health and Safety Strategy Group and our leadership observations initiative are both delivering excellent insights into what happens across our sites, as well as increasing collaboration.

The Health and Safety Group met at Nelson, Palmerston North and Ruakaka over the last year, and our leaders have made safety observations not just at their own sites, but others too. Included in our leader’s observations has been an active Executive Leadership Team and Board members visiting our sites throughout the country and engaging with our people. It is proving beneficial to have fresh eyes looking at different areas of the business and tasks, and has contributed to the positive health and safety culture of the organisation.

We recently launched our new online portal, The Tackle Box – for logging incidents, reporting risks and tracking progress. It is a one-stop-shop for us in terms of information, and we have had great uptake from our staff and positive feedback on how easy it is to use.

This has contributed to the increased proactive reporting of our ‘great catches’, which are potential hazards that could have caused harm to our people. It has been encouraging to see our people keeping an eye out for themselves and their colleagues.

We are pleased that our people can see how important health and safety is to Moana New Zealand, with a record 78 percent positive perception of our health and safety efforts in this years’ staff engagement survey. Other results from this survey are shared in the our people section later in this report.

manawaroa, he piri ki ō mātau uara, he titikaha ki te panonitanga o tā mātau pākihi mō te āpōpō, hei kawe mai i ngā hua pai ki ngā Iwi me ngā hapori e noho ai mātau, e mahi ai mātau.

E mōhio ana mātau he mahi kei mua i te aroaro, engari e whakapono ana ahau ka hanga tonu mātau i te tauira mahi tapatahi, hei tautoko i ō mātau tāngata kia whaihua ai ia rā, ia rā. Ko te pākihi tapatahi ko te whakaaro me te mahi hei ope kotahi, e tokona ai ngā whakatau pai kē, te mahi ngātahi atu, me te arotahinga kotahi, ā haere ake nei.

Hauora me te haumarutangaHe arotau matua mō te katoa te tiaki i te hauora me te haumarutanga o ō mātau kaihiika, kaimahi hoki. Ka mutu ko te kaupapa here Whara Kore kei te pokapū o ā mātau mahi katoa, ā, ka tokona e ō mātau uara.

E rua e rua tō mātau Rōpū Rautaki Hauora me te Haumarutanga hou me tā mātau kaupapa mātaitanga kaitaki e whāriki ana i ngā whakaaro rawe ki ngā mahi i ō mātau wāhi katoa, tae atu ki te whakawhānui i te mahi tahi.

I hui te Rōpū Hauora me te Haumarutanga i Whakatū, i te Papaiōea me Ruakākā i te tau kua hipa nei, ā, kua whakatakotoria e ō mātau kaitaki ngā kitenga, kaua i ō rātau ake papa anake, engari i ētahi atu hoki. I roto i ō ngā kaitaki kitenga ko tētahi ope Āpiha Tataki kakama me ngā mema o te Ohu e poka atu ana ki ō mātau wāhi puta noa i te motu, me te kōrerorero ki ō mātau tāngata. He whaihua hoki te waiho mā ngā kanohi hou e mōtirotiro i ētahi whaitua huhua o te pākihi me ngā mahi, ā, ko te otinga atu ko te ahurea papai o te rōpū e pā ana ki te hauora me te haumarutanga.

I whakarewaina inā noa nei tā mātau mataaho ipurangi hou, ko The Tackle Box - mō te rēhita hauata, te pūrongo mōreareatanga, me te whai i ngā kōkiritanga. He pātaka kotahi tēnei mō ngā mātauranga, ā, he hohoro hoki tā ngā kaimahi tahuri ki te mea nei, he pai hoki ā rātau kōrero mō te ngāwari o te whakamahi.

Ko te hua ko te whakawhānuitanga o te pūrongo ngangahau i ō mātau ‘haonga nunui’, arā he pitomata mōreareatanga e whakapā mamae ana pea ki ō mātau tāngata. Ka kōmai te ngākau i te kitenga o ō mātau tāngata e tautiaki ana tētahi i tētahi.

E harikoa ana mātau i te mea e kite ana ō mātau tāngata i te whakahirahira o te hauora me te haumarutanga ki a Moana New Zealand, e 78 ōrau ngā whakaaro pai ki ā mātau mahi hauora me te haumarutanga i puta i te rārangi pātai ki ngā kaimahi i te tau nei. Kei te wāhanga o ō mātau tāngata i raro iho nei ētahi atu putanga o aua pātai.

tā te tumuaki arotake chief executive's review

" I truly believe we have the right people in place to start realising the true potential of us as individuals, and as a team at Moana New Zealand."


T Ā T E T U M U A K I A R O T A K E C H I E F E X E C U T I V E ' S R E V I E W

Blue AbaloneAlthough sales have still been below expectations, the expected growing customer demand for this niche product began to be realised later in the financial year.

Higher water temperatures earlier in 2018 again resulted in increased mortality, although not to the levels seen in 2015 and 2016. The installation of the new heating and cooling tower on site was unfortunately delayed but once running led to a reduction in mortality rates through the year and growth rates began to recover. The new grow out shed will also ensure a more consistent supply of this premium product.

Revenue growth in the later part of the financial year was largely due to our focus on portfolio selling rather than individual products, and the momentum created for live or fresh product in key Asian markets for both abalone and oysters.

Wild Abalone and Ready to Eat The Wild Abalone and Ready to Eat team has done a great job concentrating on operational efficiencies at our Palmerston North processing facilities, delivering significant cost savings.

Wild Abalone Wild Abalone had a strong year, exceeding plan. This was driven by strong in-market sales and pricing above plan.

Incremental growth in sales volume was also achieved through finding a new market for by-product which has previously been under-utilised.

We continue to work closely with Iwi to provide mutually beneficial partnerships for quota utilisation and in addition, we have also been working together to ensure the sustainability of wild abalone stocks.

Ready to Eat Unfortunately the Ready to Eat (RTE) business did not meet plan. This was due to lower than expected Australian Defense Force volumes and pricing. Humanitarian orders were also significantly lower as in-country government structural changes meant that the funding was unable to be released until the new structure is confirmed.

This downside was partially offset by new contracts in the later part of the year that has resulted in 11 new products.

Pāua KahurangiAhakoa kei raro iho ngā hokonga i ngā matapae, i te hiku o te tau i tīmata te whakatinanatanga o te tupuranga hiahoko kiritaki ki tēnei hua onge, tērā te matapaetia rā.

I piki anō te matematenga, he wera ake nō te wai i te waru o te tau 2018, engari kāore i piki ki te taumata ō roto i ngā tau 2015, 2016 hoki. Ka aroha hoki i māngaingai te whakatūranga o te pourewa hei whakamahana, hei whakamātao hoki i te wai. Te tūranga ake, ka whāiti atu ngā pāpātanga mate i te roanga o te tau, ā, i piki anō ngā pāpātanga tupu. Mā te whare whakatupu hou nei e rite tonu ai te putanga o te hua kounga nei.

Ko te pūtake nui o te tupuranga i te hiku o te tau pūtea ko tā mātau arotahi ki te kete rawa, kaua ki ngā hua takitahi, ā, ko te taikaha o te hiahoko hua ora, hua mohou rānei i ngā mākete matua o Āhia ki te pāua me te tio.

Pāua tūwā me te kai rite kia kainga He tino pai te arotahi a te ope Pāua Tūwā me te Kai Rite kia Kainga ki te māia o ngā mahi ki ō mātau whare ki Te Papaiōea, he nui te hekenga o ngā utu.

Pāua Tūwā He tau tōnui tō te Pāua Tūwā, kia tua noa o te mahere. Ko te take ko ngā hokonga mākete nunui me ngā utu i runga ake i ō te mahere.

I eke te pikinga ngaringari o te rōrahi hoko nā te rapu mākete hou mō ngā hua kē i kore nei i whakamahia paitia i mua.

I mahi tahi tonu ana mātau me ngā Iwi kia whaihua ai ngā whakaurunga mō te katoa e pā ana ki te whakamahinga roherohenga. Āpiti atu ki tērā, e mahi tahi ana mātau kia toitū ai te mauri o te pāua tūwā.

Rite kia Kainga Ka aroha hoki kāore i tutuki te mahere i te pākihi Rite kia Kainga (RkK), he iti iho nō ngā rōrahi me ngā utu a Te Ope Kātua o Ahitereiria tēnā i ngā matapae. I raro rawa iho hoki ngā tono Atawhai Tāngata, arā nā ngā panonitanga o ngā hanganga kāwanatanga i kore ai ngā pūtea e taea te tuku taea noatia te taunga o te hanganga hou.

I whakamāmātia taua hekenga e ngā kirimana hou i te hiku o te tau, ko te otinga atu ko ngā hua hou 11.

Fin FishFin Fish has once again performed above plan this year. This was due to good harvest performance and price realisations as our overseas customers continue to appreciate the quality of Moana New Zealand seafood. Demand for our quality product continues to allow us to realise price improvement over plan expectations. Operational costs are lower than plan due to better management of costs and productivity improvements.

The single biggest issue that we have faced this year is proposals to significantly cut the Total Allowable Commerical Catch (TACC) for tarakihi. Tarakihi is largely sold domestically and is a mainstay of our supermarket, wholesale and foodservice channels. It is also a significant part of our trawler catch plans. We are pleased to have worked with our shareholders, industry and Fisheries Inshore New Zealand to develop a comprehensive submission to the Ministry for Primary Industries reduction proposal. As a result, a cut of only 20% from 1 October 2018 was announced by the Minister of Fisheries, with a clear statement that further cuts of 35% are likely unless industry can collectively put together a plan to sustainably manage the fishery. We now need to deliver on this plan to ensure there are no further drastic cuts and the fishery is well managed for future generations.

Further TACC cuts will be a reality for the business going forward not only with Fin Fish species, but also wild abalone and lobster.

LobsterMoana New Zealand’s lobster earnings are generated through its involvement with Port Nicholson Fisheries, which is a fully integrated pan-Iwi business solely focused on lobster.

The strong performance of Port Nicholson Fisheries over the past 12 months has been pleasing. While some of the improvement over plan is due to the timing of catch and sales, there has been a steady recovery in prices from a historic low point in February 2017. We are also benefiting from supply chain and processing improvements which are evident in the reduced value of mortality claims by customers and an increased proportion of landed fish being exported.

The lobster fishery continues to require careful and proactive management in order to avoid TACC cuts. The disappointment in the current year has been a larger than expected cut to Area 2 TACC. This has resulted not only in lower catch volumes and earnings for Moana New Zealand and other Port Nicholson Fisheries shareholders but also several fishers exiting the fishery due to loss of access to Annual Catch Entitlement (ACE)

OysterMoana New Zealand’s oysters have again had a record year, increasing EBIT by 31% over the previous year. The improved profitability has been driven by increasing our live market, which has in turn increased margin. They key to be successful in this market, is being able to consistently supply year-round, which Moana New Zealand has made possible through triploid oysters.

Ika whai tiraKua eke anō te Ika Whai Tira ki tua o te mahere. Ko te take ko te whanonga haonga pai me te rite o ngā utu ki ngā matapae, he rata tonu nō ō mātau kiritaki i rāwāhi ki te kounga o ngā kaimoana a Moana New Zealand. Nā te hiahoko ki ā mātau hua kounga i pai ai tā mātau whakatūturu i ngā utu ki tua o ngā matapae mahere. Kei raro iho ngā utu mahi nā te pai kē o te whakahaerenga o ngā utu me te whāinga hua pai kē.

Ko te take nunui kotahi i pā mai ki a mātau i tēnei tau ko ngā tono ki te poroporo nui i te Haonga Tauhokohoko Katoa e Whakaaetia ana (HTKW) mō te tarakihi. Hokona nuitia ai te tarakihi ki konei, ā, koia te taonga o wō mātau hōngere toa hokomaha, toa hokohoko, ratonga kai hoki. He wāhi nunui hoki tēnei o ā mātau mahere puhoro. E koa ana mātau i ā mātau mahinga tahi me ngā kaipupurihea, te umanga me Fisheries Inshore New Zealand ki te whakawhanake i te tāpaetanga whānui ki te tono whakawhāiti a te Manatū Ahu Matua. Me te aha i pānuitia e te Minita o ngā tini a Tangaroa e 20% noa iho te poronga mai i te 1 o Oketopa 2018, ā, he mārama hoki te taukī e tinga ana ētahi atu poronga e 35% te nui māna ka hangā tahitia e te umanga he mahere hei whakahaere i te mahinga ika kia toitū ai tōna mauri. Inaianei me whakatinana mātau i te mahere nei nā kia kaua e poroa nuitia anō te haonga, ā, kia pai te whakahaerenga o te mahinga ika mō ngā whakatupuranga e haere ake nei.

Tūturu ka poroa anō te HTKW ā muri nei i roto i ngā momo Ika Whai Tira, tae atu ki te pāua tūwā me te kōura papatea.

KōuraHangā ai ā Moana New Zealand moni utunga kōura i tana wāhi ki Port Nicholson Fisheries, tērā ko te pākihi o ngā Iwi katoa, he pākihi e pāhekoheko katoa ana, e arotahi ana ki te kōura noa iho.

He whakahākoakoa te whanonga kaha o Port Nicholson Fisheries i roto i ngā marama 12 kua hori. Ahakoa ētahi o ngā whakapainga i ahu mai i te whakahaere o te hao me te hoko, he rite tonu te pikinga ngaringari o ngā utu mai i tōna moroiti rawa i te Pepuere 2017. E makere mai ana ngā hua i te whakapainga o te rārangi ratonga me te mahiika, e kitea ana i te uara whāiti kē o ngā take kiritaki, me te whānui haere o te wāhi o ngā ika i haoa e hokona rāwāhitia ana.

Me āta whakahaere, me ngangahau hoki te whakahaere, i te mahinga kōura kia kaua te HTKW e poroa. Ko te tukaru i te tau nei ko te poronga nui kē o te Rohe 2 HTKW i te matapae. Me te aha he whāiti kē ngā haonga me ngā moni utunga mō Moana New Zealand me ētahi atu kaipupurihea o Port Nicholson Fisheries, tae atu ki ētahi atu kaihiika e tahuri atu ana i te mahinga ika nā te ngaromanga o te Haonga Ika ā Tau (HIT).

TioKua eke anō ā Moana New Zealand tio ki tua o te pae i te tau nei, e 31% te pikinga o te UMMT mai anō i te tau ō mua atu. He hua te whakapaitanga putanga hua o te whakawhānuitanga o tō mātau mākete ora kua whakawhānui nei i te wehenga o te moni whiwhi me te moni puta. Ko te tohu kia angitu i roto i te mākete nei nā ko te āheinga kia rite tonu te ratonga i te roanga o te tau. Nā ngā tio huingairatoru a Moana New Zealand i taea ai.



Through our 15 year investment in our selective breeding programme, we’ve built a solid platform for growth. It provides a strong competitive edge that’s hard to imitate.

These benefits include improved growth rates, reduced mortalities, year-round supply and better meat to shell ratios. Due to supply not being able to meet demand, it has enabled us to positively leverage pricing.

With newly established juvenile grown out farms in the North Island we’ve been able to improve operational productivity and reduce the time it takes to get our oysters to full size.

In China in particular the demand grew in the last financial year in line with greater demand for live or fresh product, as it has with abalone. We also have a new distributor for Moana New Zealand branded oyster products, which has resulted in us driving sales through 17 innovative, online retail stores.

SealordSealord enjoyed a good overall year in 2018 with profit ahead of plan for the year.

The strong result was the combination of better catch, stronger pricing (particularly in export markets) and reduction in general and administration expenses.

2018 saw the delivery of the FV Tokatu, the first brand new deep sea trawler in New Zealand waters in a generation. The Tokatu arrived in June and immediately set out to the hoki grounds. Despite a volatile hoki season, the catch finished only marginally behind last year.

The one blemish on the year was the performance of Petuna Aquaculture, whereby salmon stocks suffered through a combination of high water temperatures and an outbreak of POMV (Pilchard Orthomyxovirus).

Despite this the business showed significant resilience in achieving its annual plan.

Steve Yung, CEO, acknowledges the very sad loss of Sealord crewman Patahi Kawana Jnr, from FV Otakou in October 2018. The search, and later, the recovery of Patahi’s body involved a number of Sealord vessels and crew and was a difficult time for many. Support for all involved is ongoing. Sealord expresses their deepest sympathy to Patahi’s whanau and his friends.

Nā ngā whakangaonga o te hōtaka tipako tāuri i ngā tau 15 kua hori, kua oti i a mātau te hanga he tūāpapa tūmārō mō te tupu. Ka puta mai ko tētahi toki kokoi, he uaua te tārua.

Ko ētahi o aua hua ko ngā pāpātanga tupu pai kē, ngā pāpātanga mate whāiti kē, he hua i te roanga o te tau, me ngā ōwehenga pai kē o te kiko ki te kota. Nā te kore noa e taea e te ratonga te hiahoko i āhei ai mātau ki te whakamahi pai i ngā utu.

Nā ngā pāmu whakatupu pūhouhou hou i te Ika Tapu a Māui i pai ai tā mātau whakapai i te whāinga hua me te roa o te wā e tupu noa ai ā mātau tio.

I Haina hoki i tupu te hiahoko mai anō i te tau pūtea ō mua, e hāngai ana ki te hiahoko kaha kē mō te hua ora rānei, mohou rānei, pēnei anō i te pāua. He kaituari hou tō mātau mō ā Moana New Zealand tio, me te aha kua karawhiu mātau i ngā hokonga ki ngā toahoko ā-ipurangi 17, he toa atamai hoki.

SealordHe tau tōnui te tau 2018 mō Sealord, kei tua te huanga i te mahere mō te tau.

Ko te huanga pai te huinga o ngā haonga pai kē, ngā utu pai (inā hoki i ngā mākete rāwāhi) me te whakawhāititanga o ngā utu whānui me ngā utu whakahaere.

I te tau 2018 i riro mai te FV Tokatū, te waka puhoro hou mō te moana uriuri, te tuatahi i ngā wai o Aotearoa i tēnei whakatupuranga. I tae mai te Tokatū i te Hune, ā, inamata tonu tana tere atu ki ngā mahinga ūturi. Ahakoa te ngāueue o te tau ūturi, he iti ngaringari iho te haonga i tō tērā tau.

Ko te nawe kotahi o te tau ko te whanonga o Petuna Aquaculture, arā i whāiti kē ngā rāngai hāmana nā te wera o te wai me te orotā a POMV (Pilchard Orthomyxovirus).

Ahakoa tērā, he manawaroa tō te pākihi i te ekenga o tana mahere ā tau.

E tangi ana te ngākau o Steve Yung, Tumuaki, i te ngaromanga pōuri tonu o tō Sealord kaumoana, o Pātahi Kawana Jnr, i te FV Ōtākou i te Oketopa 2018. I whai wāhi ētahi o ngā waka me ngā kaimahi o Sealord ki te kimihanga me te whakahokinga o tō Pātahi tūpāpaku, ā, he taumaha hoki aua rā mō te tokomaha. E tautokona tonutia ana ngā tāngata katoa i whai wāhi. E whakapuaki ana a Sealord i tana aroha ki tō Pātahi whānau me ōna hoa hoki.

OutlookOur commitment to zero harm will remain unchanged in this coming financial year. Keeping our people safe has always and will continue to be our number one priority. Coupled with this is our commitment to providing clear career pathways and development opportunities for our people, which will be a key priority this year.

Our oyster business is ramping up production as demand is outstripping supply. We’ll be looking at new harvesting innovations to gain husbandry efficiencies.

Our Ready to Eat division is one not constrained by volume or quota. The innovation team are working hard on new recipes and our in-market sales representative in Dubai is also dedicated to securing new channels to market.

Wild Abalone volumes will be down next year but we expect our overall profit for RTE and Wild Abalone to increase over this year, driven by increased volumes in RTE, which will in turn reduce our fixed overhead component.

Sustainable fisheries management remains a key area of focus and now that we have been given the opportunity by the Government to develop a plan in cooperation with industry, we need to deliver on it.

It will be another year full of challenges as only the fishing industry can provide, but I’m confident in the team we have in place to face these head on.

TirohangaE kore e panoni tō mātau titikaha ki te whara kore i te tau pūtea e heke mai nei. Ko te tauwhiro i ō mātau tāngata te arotau mātāmua aianei, ā, haere ake nei. Tuia ki tērā ko tō mātau oati kia mahea te hora o ngā huarahi mahi, huarahi whanaketanga hoki mō ō mātau tāngata. He arotau nui hoki tēnei.

E whakawhānui ana tā mātau pākihi tio i te whakaputanga, he nui atu nō te hiahoko i te ratonga. E whakaaro ana mātau ki ngā hauhaketanga atamai kia māia ake ai te whakatupu tio.

Kāore te rōrahi me te roherohenga o tō mātau wāhanga Rite kia Kainga i te herea. E whakapau kaha ana te ope atamai ki ngā tohutao hou, ā, e manawanui ana tō mātau māngai hokohoko i roto i te mākete o Dubai ki te hopu hōngere hou ki te mākete.

Kei raro ngā rōrahi Pāua Tūwā hei te tau e heke mai nei, engari e whakapae ana mātau ka piki te huinga huanga o te RKK me te Pāua Tūwā i te roa o te tau nei, he piki nō ngā rōrahi RKK e whāiti iho ai te wāhi ki ngā utu whakahaere e kōhatu ana.

He wāhi arotahi matua te whakahaerenga mahinga ika kia toitū ai tōna mauri, ā, i te tukunga mai a te Kāwanatanga i te haepapa ki te whakawhanake tahi i tētahi mahere me te umanga, me whakatutuki ka tika.

He huhua anō ngā wero i te tau nei, he wero nā te ūmanga mahiika anake, engari e whakapono mārika ana ahau ka taea tonutia e te rōpū e tau nei.

" We have a new distributor for Moana New Zealand branded oyster products, which has resulted in us driving sales through 17 innovative, online retail stores." Steve Tarrant,

Tumuaki CEO



Our tikangaIwi are at the centre of everything we do, and our tikanga (values) offer navigation points – whakapapa, manaakitanga, kaitiakitanga and whakatipuranga – which underpin everything we do.

Ensuring our people understand the whakapapa of Moana New Zealand, or where we come from, has been a key focus in this past year and something we will continue to focus on in the coming year. We have been providing educational hui to remember the history of Moana New Zealand and those who fought tirelessly for Māori rights under the Treaty of Waitangi.

Manaaki for our people was recognised by the Primary Industries Good Employers Awards where our wellness programme, Hikoi ki te Ora won the Safe and Healthy Work Environment Award. This is a credit to all of those with the courage to try something new and that take part in the programme.

AcknowledgementsAs always, thanks firstly go to our Moana New Zealand staff, contract fishers, divers and farmers for their commitment and dedication throughout the year. We also thank our customers and other stakeholders whose support enables our ongoing success.

A special thank you to Craig Ellison and Rachel Taulelei who have tendered their resignation from the Moana New Zealand Board. Craig Ellison was appointed to the Board in 2015 and brought a significant amount of industry knowledge and experience to the Boards of both Moana and Sealord. He was a board member of the Treaty of Waitangi Fisheries Commission and helped establish

Ā mātau tikangaKo ngā Iwi kei te pokapū o ā mātau mahi katoa, ā, ka hora i ā mātau tikanga (uara) ētahi tohu urungi huhua - te whakapapa, te manaakitanga, te kaitiakitanga me te whakatipuranga - hei tūāpapa mō ā mātau mahi katoa.

He arotahi matua te whakamārama ki ō mātau tāngata i te whakapapa o Moana New Zealand, tō mātau takenga, i te tau kua hipa nei, ā, ka arotahi tonu mātau ki reira hei te tau e heke mai nei. Kua whakahaeretia e mātau he wānanga kia maharatia ai te hītori o Moana New Zealand me te hunga nāna i whawhai mō ngā tika a te Māori i raro i te Tiriti o Waitangi.

I whakamihia te manaaki i ō mātau tāngata e ngā Primary Industries Good Employers Awards, arā i whakawhiwhia te tohu Safe and Healthy Work Environment ki Hīkoi ki te Ora, tō mātau hōtaka hauora. Tēnei ka mihi ki ngā tāngata katoa i hautoa ai ki te whakamātau i tētahi mahi hou, arā ko te whai wāhi ki te hōtaka nei nā.

He mihiMokori anō kia mihia ngā kaimahi o Moana New Zealand, ngā kaihiika kirimana, ngā kairuku, me ngā kaiwhakatupu mō rātau i titikaha ai, i manawanui ai i te roanga o te tau. E mihi ana mātau ki ō mātau kiritaki me ētahi atu kaipupurihea hoki, mōna i tautoko mai kia eke tonu atu ai mātau.

Ka nui te mihi ki a kōrua, ki a Craig Ellison kōrua ko Rachel Taulelei, kua tuku mai nei i ā kōrua rīhaina i te Ohu o Moana New Zealand. I whakatūria a Craig Ellison ki te Ohu i te tau 2015, ā, he nui ngā mātauranga ki te umanga me ngā wheakoranga i kawea mai e

Aotearoa Fisheries Limited through the Māori Fisheries Settlement allocation process. Craig has been an asset to the governance of the business and will continue to serve the fishing industry through his role as Chairman of Ngāi Tahu Seafoods and Chairman of Seafood New Zealand.

Rachel Taulelei was also appointed to the Board in 2015 and brought a wealth of knowledge and experience. She is the Chief Executive of Kono NZ LP, is a former US Trade Commissioner and is the founder of Yellow Brick Road Limited among many of her other achievements.

I wish to warmly welcome Jason Witehira and Greg Summerton as new Directors of Moana New Zealand.

DividendThis year the Board of Directors is pleased to have declared a dividend of $8.6 million for the year to 30 September 2018, which was paid in December. This result is in line with plan.

Whaimutu Dewes, Tiamana Chairman

ia ki ngā Ohu o Moana me Sealord. He mema hoki ia o te ohu o Te Ohu Kaimoana, ā, i āwhina ia ki te whakatū i Aotearoa Fisheries Ltd ki te tukanga tohatoha mō te Whakataunga Mahiika Māori. He taonga a Craig ki te kāwanatanga o te pākihi, ā, ka noho tonu ia hei huruhuru waewae mō te umanga mahiika i tana tūranga hei Tiamana o Ngāi Tahu Seafoods, hei Tiamana o Seafood New Zealand hoki.

I whakatūria a Rachel Taulelei ki te Ohu i te tau 2015, ā, he nui te mātauranga me ngā wheakoranga i kawea mai ki te Ohu. Inā noa nei tana whakatūranga hei Tumuaki mō Kono NZ LP, he Kaikōmihana Tauhokohoko ō mua ia i Amerika, ā, nāna i tū ai te Yellow Brick Road Limited. He huhua noa atu āna mahi.

E mihi matakuikui ana ahau ki a Jason Wītehira rāua ko Greg Summerton, ngā Tumu hou o Moana New Zealand.

Moni huaI tēnei tau e koa ana te Ohu Tumu i te pānuitanga o te moni hua e $8.6 miriona mō te tau ki te 30 o Hepetema 2018, tērā i whakautua i te Tihema. E hāngai ana te huanga nei ki te mahere.

tā te tiamana pūrongo chairman’s report

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8 1514 15

T Ā T E T I A M A N A P Ū R O N G O C H A I R M A N ’ S R E P O R T

Market Bringing you New Zealand’s most sought after species of Blue Abalone, Wild Abalone, Fin Fish, Lobster and Oyster. Seafood as good as it can be, brought to market with a lightness of touch that preserves and protects its pure taste and rare magic. Like you were there and caught it yourself.

Process Our modernised, world-class processing facilities have increased our processing capacity and also enabled streamlined and highly efficient processing to allow delivery of high quality seafood, faster.

Iwi We have a deep sense of responsibility and respect for our kaimoana, honouring the taonga we have been entrusted with. Taking a long term view in everything we do, we work in harmony with nature to ensure the sustainability of our fisheries for future generations.

Profits we make are returned to Iwi shareholders in the form of dividends, with the balance retained to fund the long term growth of Moana New Zealand.

Harvest We fish and harvest solely from the coastal waters of New Zealand, Aotearoa, one of the world’s most pristine and sustainably-managed fisheries. Connecting you to a taste of a true and pure place.

10Processing facilities

OUR OPERATIONS

400Employees

$66mInfrastructure upgrade across the group over the past seven years

3 1 76Fishers

60Divers

1Blue abalone farm

1Oyster nursery

16Oyster farms

OUR MARKETS

OUR SPECIES

$3.8mOther**

$25.7mRest of Asia*

$47.4mNew Zealand

$33.0mAustralia

* Singapore, Hong Kong, Taiwan** Europe and the Pacific IslandsThese figures exclude Lobster sales as these are accounted for through the Port Nicholson Fisheries partnership.

Up or down on previous year.

100%Māori owned

$65.2mDividends paid to Iwi to date

58Iwi shareholders

$8.6mDividend for the year

35Long-term Iwi partnerships (three years or more)

700Northland kids supported through Kiwi Can

ko wai mātau who we are

$5.5m North America

$12.5m China

Aquaculture Stewardship Council (ASC) Certification for Blue Abalone

Retail outlets

Blue Abalone

Wild Abalone Fin Fish Lobster Oyster


K O W A I M Ā T A U W H O W E A R E

Our purpose expresses our reason for being and the difference we make. It connects and provides a sense of belonging and inspiration to our people, leaders, board and Iwi.2018 has been a year of resilience and intensity, but worth it. Our people have shown incredible spirit and patience through significant periods of change, have got on with the job and supported each other.

The effort has paid off. We are in good hands because we have a leadership team, led by our newly appointed, home-grown Chief Executive Officer, whose commitment to Moana New Zealand is as big as his ambition for his team.

Twelve months ago we were wrestling with the integration of different workplace cultures, systems, capabilities and leadership structures as we transitioned to a centralised group function, with significant milestones achieved under the Moana One project. We are in a strong position to commence the second phase of ‘Standardisation’ in early 2019.

The organisational design and development of a centralised Group People & Culture function is a key enabler to delivering a leaner structure that is organised in a more efficient and effective way. It will support increased transparency, responsiveness and alignment to strategic outcomes. It crystallises what is important to us, our people and Iwi and we recognise the value we will create with this integrated model.

Ka whakapuakina e tā mātau kaupapa te pūtake e tū ai mātau, me te painga ka oti i a mātau. Ka tūhono, ka uru mai te aroha o tētahi ki tētahi me te ihi ki roto i ō mātau tāngata, kaitaki, mema Ohu, Iwi hoki.Ko ngā tohu o te tau 2018 ko te manawaroa me te pau o te kaha, engari ka nui te tōnui. He nui te manawa tītī me te māhaki o ō mātau tāngata i roto i ngā panonitanga o te wā, ka tahuri ki te mahi, ka tautoko tētahi i tētahi.

Kua makere mai ngā hua. E tauwhirotia ana mātau e te ope arataki, e arahitia ana e tō mātau Tumuaki hou i whanake tarāwhare mai. He rite te nui o tana titikaha ki a Moana New Zealand ki ōna wawata mō mātau.

Nō te tekau mā rua marama i nonoke ai mātau ki te tūhono i ētahi ahurea wāhi mahi huhua, ngā pūnaha, ngā āheinga me ngā hanganga tataki. Ko te tahuritanga tērā ki te whakakotahitanga mai o ngā mahi a te kāhui, ā, i eke ētahi whāinga nunui i raro i te taumahi Moana Kotahi. E mārō ana tā mātau tū ki te whakahuataki i te pae tuarua o te ‘Whakariteritenga’ i te ūpoko o te tau 2019.

Ko te whakahoahoanga me te whakawhanaketanga ā rōpū i te hanga Tangata & Ahurea o te Kāhui e whakakotahitia ana, nāna nei i mārohirohi ake ai te hanganga kia māia ake ai, kia whaitake ake ai te ritenga. Māna e pūata ai, e kātoitoi ai, e hāngai ai ki ngā putanga rautaki. Ka kōhatu mai ngā kaupapa nui ki a mātau, ō mātau tāngata me ngā Iwi, ā, e kite ana mātau i te uara e hangā ana e mātau ki tēnei tauira tapatahi.

In 2018, we have focused on getting the basics right, ensuring the fundamentals are in place and fit for purpose.

People are at the heart of everything we do. We want to reduce complexity, understand our people as individuals and personalise their experience with us so they feel connected, work with passion and pride and have the skills, knowledge and training to do their best every day.

2018 has been about calibration, re-evaluating projects, strategic priorities, and ways of working to ensure we are meeting the needs of the business today and building a strong foundation for the future. We completed a comprehensive review of our human resource governance structure, systems and processes. The results of this showed that while we had undertaken a number of successful initiatives and projects in relation to this, many of our people still didn’t feel we focused enough on engagement, training and communication.

With 400 employees across New Zealand, our people bring experience, knowledge and passion to Moana New Zealand. We aim to be a best in class employer, with highly engaged teams, where individuals can build meaningful careers and we are developing the next generation of leaders.

I te tau 2018, kua arotahi mātau ki ngā kaupapa taketake kia pai mai ai, kia tika ai, kia whaitake ai te tūāpapa.

Ko ngā tāngata kei te pokapū o ā mātau mahi katoa. E pīrangi ana mātau ki te wetewete i ngā whīwhiwhinga; kia mārama ki a mātau ō mātau tāngata hei tangata kia hāngai ngā āhuatanga i waenga i a mātau ki a rātau anō kia piri mai ai rātau; kia remurere, kia whakahīhī rātau i ngā mahi; kia whai pūkenga, mātauranga, whakangungu hoki kia eke rātau ki te taumata ia rā, ia rā.

Ko ngā tohu o te tau 2018 ko te whakatakoto tikanga, ko te aromātai i ngā taumahi me ngā arotau rautaki, me ngā āhuatanga mahi kia ngata ai ngā hiahia o te pākihi i te rā nei, tae atu ki te whakatakoto i te tūāpapa pakari mō āpōpō. I oti i a mātau he arotake whānui tonu o tō mātau hanganga kāwanatanga whakahaere tangata, ngā pūnaha me ngā tukanga. I tītohua mai e ngā putanga kāore tonu ētahi o wō mātau tāngata e arotahi tonu atu ki te ūnga ki te mahi, te whakangungu, me te whakawhitiwhiti kōrero ahakoa ngā kaupapa angitu huhua me ngā taumahi i oti i a mātau e pā ana ki aua take.

Nuku atu i te 400 ō mātau kaimahi puta i Aotearoa e kawe mai nei i ngā wheakoranga, te mātauranga me te remurere ki Moana New Zealand. Ko tō mātau whāinga ko te noho hei kaitukumahi papai katoa i te rāngai, kia ū rawa ngā ope ki ngā mahi, e oti ai i ngā tāngata he ūmanga whaitake, ā, kia whakawhanake mātau i ngā rangatira mō āpōpō.

aged 46 and above

Māori executives joined the company

Māori internal promotions into managerial and supervisory roles

Māori manager joined the company

of new recruits (permanent, fixed term and casual) were Māori

of our leaders, managers and supervisors are Māori

total workforce are Māori

leaders, supervisors, managers or senior specialist employees

unionised waged wokforce

female female Māorimale male Māori

permanent employeescasual employeesfixed term staff

total staff

As well as the geographic spread, Moana is made up by a very varied and diverse workforce. The following is a snapshot of the workforce profile:

Māori employeestō mātau tira

our team

Ō mātau tāngata. E mahi tahi ana mō te kaupapa kotahi. One people. Working together for one purpose.

Our workforce

50%2

17%3

22%1

42% 50%

338

48%34%35%

58% 50%

3329

400

Home grown talentAppointment of CEO, Steve Tarrant

At a glance for the last year:


T Ō M Ā T A U T I R A O U R T E A M

19

We have a deep sense of responsibility and respect for our kaimoana and kai ora, honouring the taonga we have been entrusted with. Taking a long term view in everything we do, we work in harmony with nature to ensure the sustainability of our fisheries for future generations. Our Sustainability Working Group plays an integral role in how we go about our business in a way that cements our right to operate within our communities into the future. It carries out projects that relate to our business strategy, particularly in relation to our social licence to operate, efficiencies in our operations and looking after our people.

It has representatives from across our business and they continued to meet throughout the year to ensure we’re on track with our sustainability journey. To date we’ve made great progress on our initiatives within our strategy in each of our focus areas which are shared later in this report.

He nui te haepapa, te whaikoha ki ā mātau kaimoana me ā mātau kai ora, ka whakanuia te taonga kua riro nei mā mātau hei atawhai. He roroa tō mātau tirohanga i ā mātau mahi katoa, ka hāpai mātau i ngā tikanga o te ao tūroa kia toitū ai te mauri ora o wō mātau mahinga ika mō ngā whakatupuranga e haere ake nei. He whakahirahira te mahi a tō mātau Rōpū Toitū Oranga mō te āhua o tā mātau mahi i ngā mahi kia kōhatu ai tā mātau tika ki te mahi i roto i ō mātau hapori, haere ake nei. Ka kawe te rōpū i ngā taumahi e pā ana ki tā mātau rautaki pākihi, inā hoki ko ērā e pā ana ki te whakaaetanga a te Iwi ki te mahi, ngā māiatanga o ā mātau mahi, me te tiaki i ō mātau tāngata.

He māngai ōna nō ngā pito katoa o tā mātau pākihi, ā, i rite tonu tā rātau huihui i te roanga o te tau kia ū tonu ai mātau ki te toitū oranga. Ā mohoa noa kua kōkiri nui ā mātau kaupapa i roto i tā mātau rautaki i tēnā me tēnā o ngā wāhi arotahi, ā, kei raro iho nei ngā korero.

Last year we shared with you our top five priority projects.Here's how we've progressed.

Our Sustainability Working Group plays an integral role in how we go about our business.

arotahi ki te toitū orangafocus on sustainability

— Nathan Reid and Darren Guard

Ecosystem services reviewIn September 2018 we conducted our first round of stakeholder meetings around the Whangaroa Harbour in the far North where Moana New Zealand has its largest oyster farm. The feedback was overwhelmingly positive and supportive for us to continue to the next stage of understanding what effects the surrounding environment and activities have on the harbour.

Māui dolphin commitmentWe continue to collaborate with WWF New Zealand and Sanford to ensure Māui-safe fishing in the rare dolphins’ habitat along the West Coast of the North Island. We would be pleased to have the Government's support to transition this coastal fishery into more sustainable fishing methods.

Responsible fishersWe have now completed our second round of training under our Responsible Fisheries Awareness Programme to all of our inshore fishers. Fishers, skippers and crew provided great feedback and found real value in attending.

Read more on page 34

Understanding our carbon footprintMoana New Zealand continues its commitment to reducing our impact on climate change by understanding what our carbon footprint is. We have now established a baseline and are working to set reduction targets.

Branded Blue Abalone – ASC certificationASC Certification – once again our Blue Abalone facilities in Ruakaka passed their audit to retain certification for being a responsible aquaculture producer. The Aquaculture Stewardship Council certification is recognised worldwide as the ‘gold standard’.

1.

2. 3.

4. 5.


A R O T A H I K I T E T O I T Ū O R A N G A F O C U S O N S U S T A I N A B I L I T Y

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8


Moana New Zealand’s second full materiality assessment was undertaken to find out what stakeholders believed was most important in order to inform Moana’s business and sustainability strategies.

Internal and external stakeholders, including Iwi, Government, Non-Governmental Organisations, fishers, industry bodies, lobbyists and customers took part.

They were asked a short series of open-ended questions predominantly covering what they thought the issues and opportunities were for Moana New Zealand, and around its values. This, in conjunction with a media scan, resulted in the development of the 26 topics based on frequency of mention.

These topics were then ranked by order of importance.

Compared to the top material topics overall from 2016’s full materiality assessment, this year’s showed a continued focus on the sustainability of fish stocks and in the way Moana New Zealand operates and acts, and a renewed focus on our people including Iwi, staff, fishers, partners and customers. It is pleasing to see that these align with our business and sustainability priorities.

Interestingly, a number of the topics from the top five in the previous full assessment have not come up again. In particular topics around transparency, communication, internal leadership and the quality of the product were not emphasised. This reflects major initiatives such as infrastructure upgrades, the re-brand and Moana One, and their success in addressing stakeholder concern and confidence.

How these topics are being addressed by the business is highlighted throughout this report.

wherawherahia ngā take nunuiworking out what matters

The top five topics for Moana’s stakeholders this year were:

The top five topics for Moana’s stakeholders last year were:2017

2018

W H E R A W H E R A H I A N G Ā T A K E N U N U I W O R K I N G O U T W H A T M A T T E R S

1. Ensuring the safety of our fishers and people

2. Better development of our people internally

3. Sustainability of fish stocks for the benefit of all

4. Using our existing assets in the most productive way

5. Doing as we say we are going to

1. Credibility – honest information 2. Quality of

product 3. Leadership – internal 4. QMS –

integrity 5. Government and public trust

This year’s top five topics showed a continued focus on the sustainability of fish stocks and in the way Moana New Zealand operates and acts.

Our financial performance and community engagement+ Dividends to benefit future generations

+ Greater return on assets

+ Well-aligned community support

+ Stronger Iwi engagement and agreements

How we engage with and care for our people+ Keeping our people safe – zero harm culture

+ Progress in employee engagement score

+ Career pathways and people development programmes

+ Hikoi ki te Ora – our wellness programme for life

How we produce our seafood with a lightness of touch+ Living our values

+ Collaborative fisheries management

+ Training our fishers to be responsible

+ Protection and enhancement of shared resources

+ Embracing innovative harvest methods

How we process our seafood with greater efficiency+ Using our assets in the most productive way

+ Continuous improvement culture

+ Innovation across all sites

+ Right people in the right roles

How we highlight our ethos and tell our story+ Creating premium value through powerful provenance

+ Building our reputation and consumer confidence

+ Our actions match our words

+ Taking an innovative approach to meet new markets

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Our modelWe take our role as kaitiaki as essential to who we are and how we do business. Together with our stakeholders we explore what the material topics are that are most relevant in order to develop our business strategies. These clearly can also have an impact on how we create value into the future.

Our value enablers, or what is needed for us to undertake our business, and the results of our business strategy enacted, create value primarily in order to provide the best dividend to benefit our people.

Our model of how we create value shows that Iwi are at the heart of our business, and that all the value being created through our capitals – integrated with our business objectives – reflects this. Everything is connected and flows out of the fact that we are the largest Iwi-owned seafood business in Aotearoa, and we are owned by all Iwi.

Our profits are returned to Iwi in the form of dividends with the balance retained to fund Moana New Zealand’s long-term, sustainable growth initiatives in line with our values. We ensure all our activities and investments are respectful of fisheries and the marine environment overall, and achieve positive outcomes for the benefit of future generations.

Tō mātau tauiraHe wāhanga nui whakaharahara ki a mātau tō mātau tūranga kaitiaki mō tō mātau tuakiri, mō te āhua o te mahi hoki. Ka kōhure tahi mātau ko ō mātau kaipupurihea i ngā kaupapa kikokiko e tino hāngai mai ana hei waihanga i ā mātau rautaki pākihi. Tūturu he pānga tō ēnei ki te āhua o tā mātau hanga uara, ā, haere ake nei.

Hanga uara tahi ai ngā hua o tā mātau rautaki pākihi e whakatinanatia ana, me ō mātau kaitoko uara, arā ko ngā āhuatanga e pai ai ā mātau mahi pākihi. Mā konei e whānui ai te moni hua ki ō mātau tāngata.

Ka tītohu tā mātau tauira hanga uara ko ngā Iwi kei te pūmanawa o tā mātau pākihi. Ka mārama te kitea o taua hanga i roto i te huinga uara e hangā ana i roto i ā mātau rawa - hui tahi ki ō mātau whāinga pākihi. E tūhonohono ana, e kautere mai ana te katoa i te mōhio ko mātau te pākihi kaimoana nui katoa o Aotearoa nō ngā Iwi, ā, nō ngā Iwi katoa mātau.

Whakahokia ai ō mātau huanga ki ngā Iwi hei moni hua, ā, pupuritia ai te mahuetanga hei kawe i ā Moana New Zealand mahi toitū-oranga ukauka, ka hāngai hoki ki ō mātau uara. Āta whakarite ai mātau i ā mātau mahi, whakangaonga hoki, kia whaikoha ai ngā mahinga ika me te taimoana nui tonu. Waihoki ka eke ngā putanga papai hei painga mō ngā whakatupuranga e haere ake nei.

te hanga uara mō ō mātau kaipupurihea

creating value for our shareholders

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H A N G A U A R A C R E A T I N G V A L U E


areas of focus and how we create value

Māori business award winnersThis year we celebrated the success of our Chairman, Whaimutu Dewes, who was awarded the Māori Governance Leader Award at the University of Auckland Māori Business Leaders Awards. Whaimutu has been instrumental in milestone developments in New Zealand constitutional law, particularly the recognition of Tiriti o Waitangi property rights and structures to realise the economic outcomes of those rights.

Our Director Rachel Taulelei was named Māori Woman Business Leader. The award recognises a Māori woman who has achieved significant success in her career to date.

Iwi Collective Partnership took home the award for Outstanding Māori Business Leadership. The Iwi Collective Partnership (ICP) is the largest collective of Iwi Māori commercial fisheries interests. Formed in 2010, it pools 16,000+ tonnes of fisheries resources owned by 15 Iwi, allowing it to optimise returns and create economies of scale to better manage, protect and grow the pot for all members. It also gives out scholarships, seafood training grants, Iwi development funding and undertakes customary fisheries initiatives.

We are proud of the success of our Board members and the ICP.

Hikoi ki te oraHealth and Safety is much more than keeping employees safe, it’s about making sure their overall wellbeing is also being taken care of. Our health and wellness programme, Hikoi ki te Ora, this year received two awards for going above and beyond for employees.

The programme was awarded the Seafood New Zealand “Seafood Star award – Our People” which recognised Hikoi ki te Ora as a programme aimed at improving the health and safety of our workers.

The programme also received the Safe and Healthy Work Environment Award in the Ministry for Primary Industries Good Employers Awards, which recognised Moana New Zealand for being an organisation that has an exemplary standard in relation to employee health, safety and wellbeing.

This year the programme offered all staff members free, voluntary health checks. We partnered with WellMe who use a Fit3D body scanner that analyses body shape, composition, weight and posture. The check also included blood pressure, resting heart rate and basal metabolic rate (the amount of energy your body is burning while at rest).

189 employees took up the offer and with top level results we were able to tailor this coming year’s wellness calendar topics to the target areas identified for our people.

Toa tohu pākihi MāoriI tēnei tau i whakanuia e mātau te angitu o tō mātau Tiamana, o Whaimutu Dewes, mōna i whakawhiwhia ki te Māori Governance Leader Award i ngā Māori Business Leaders Awards a te Whare Wānanga o Tāmaki Makaurau. Nā Whaimutu i eke panuku ai te ture kāwanatanga, inā hoki te whakamanatanga o ngā tikanga whenua me ngā tikanga whare o te Tiriti o Waitangi kia makere mai ngā hua o aua tikanga.

I tohua tō mātau Tumu, ko Rachel Taulelei, hei Wāhine Māori Arataki Pākihi. Ko tā te tohu nei he whakanui i te wahine Māori i eke tangaroa ai i roto i āna mahi, ā mohoa noa.

I whakawhiwhia ki te Whakaurunga ā-Iwi te tohu mō te Aratakinga Ahurei Pākihi Māori. Ko te Whakauru ā-Iwi (WaI) te huihuinga nui katoa o ngā pānga hiika tauhokohoko o ngā Iwi Māori. I whakatūria i te tau 2010, ā, ka whakakaongia mai tōna 16,000+ tāna o ngā rāngai ika nā ngā Iwi 15. Nā reira i pai ai tana whakawhānui i ngā hua pūtea me te hanga i ngā ohanga rahinga kia pai ai te whakahaere, te tiaki me te whakawhānui i te kete mō ngā mema katoa. Ka tuaritia hoki he karahipi, he pūtea whakangungu mahinga ika, me te pūtea whakawhanake Iwi, ā, ka mahi i ētahi mahi hiika tikanga Māori.

E whakahīhī ana mātau i te ekenga o ngā mema o tō mātau Ohu me te WaI.

Hikoi ki te oraHe nui noa atu te Hauora me te Haumarutanga i te tiaki i ngā kaimahi noa iho, engari kē ia ko te tauwhiro i te hauoranga katoa. E rua rawa ngā tohu i riro mō tō mātau hōtaka hauora me te haumarutanga, mō Hīkoi ki te Ora, i tēnei tau mōna i piki ki tua o te pae kahurangi mō ngā kaimahi.

I whakawhiwhia ki te hōtaka te tohu a Seafood New Zealand, arā ko te “Seafood Star award - Our People”, he tohu mō te whakapiki i te oranga me te haumarutanga o ō mātau kaimahi.

I whakawhiwhia ki te hōtaka ko te Safe and Healthy Work Environment Award hoki i roto i ngā Good Employers Awards a te Manatū Ahu Matua. He mihi tērā ki a Moana New Zealand mōna i whakatau ai i te taumata tiketike e pā ana ki te oranga, te haumarutanga me te hauora o te kaimahi.

I tēnei tau i whakaritea e te hōtaka he mātaitanga oranga kore utu mā ngā kaimahi koe e pīrangi ana. I whakapiri mātau ko WellMe, he hunga e whakamahi ana i te mātainga tinana Fit3D hei tātari i te hanga o te tinana, te kapakapa o te manawa tā, me te pāpātanga whakarau pūngao taketake (te nui o te pūngao e pau ana i tō tinana e whakangā ana).

189 rawa ngā kaimahi i whaiwāhi atu, ā, nō runga noa atu ngā putanga i pai ai tā mātau āta whakarite i ngā kaupapa mō te maramataka hauora mō te tau e heke mai nei kia hāngai ai ki ngā āhuatanga i huaina e ō mātau tāngata.

I Moana New Zealand e pīrangi ana mātau kia tūmau tā mātau manaaki i ō mātau tāngata, me te whakawhanake i ō rātau āheinga, hei painga mō ngā tāngata katoa. Ka whakapau kaha mātau kia harakoa, kia ora hoki ō mātau kaimahi e whakatinana ana i ō mātau uara, ā, kia whaitake ō mātau hononga i roto i tō mātau hapori.

At Moana New Zealand we want to ensure we continue to care for and build the capability of our people, for the benefit of everyone. We strive for happy and healthy employees who live our values and have meaningful connections in our community.

— Hon. Stuart Nash, Michelle Cherrington, Katrina Thomson

W Ā H I A R O T A H I M E T E H A N G A U A R A A R E A S O F F O C U S A N D H O W W E C R E A T E V A L U E

" 189 employees took up our offer for free health checks. With their results we were able to tailor this coming year’s wellness calendar topics for our people."

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Our commitment to Māori and developing meaningful partnerships We have obligations and commitments beyond commercial dividends to Māori to uphold, support and drive one culture. This underpins everything we do and is essential to contributing to the wellbeing of future generations and operating as a Māori-owned organisation.

2018 saw Moana New Zealand take the reins in managing the Global Fisheries Scholarship. It is a scholarship for Māori that provides a unique and rewarding career opportunity for a student to work for a year at Nissui in Japan, our 50% partner in Sealord Group Limited. The scholar will be learning aspects of the seafood industry from aquaculture to processing, food safety and food technology, sales and marketing, all while immersing themselves in daily Japanese life.

Previously managed by Te Ohu Kaimoana for 14 years, the successful collaboration between Sealord, Nissui and Te Ohu Kaimoana has been integral in attracting and growing key talent within the seafood industry.

Currently Moana New Zealand has five recipients of this scholarship working within the business and we are proud to have the opportunity to continue to offer this programme and ensure its future success.

• Jason Ashford – International Regional Sales Manager

• Nathan Reid – Quota and Resource Manager

• Hohepa Rauputu – Fin Fish Logistics Manager

• Ray Kearns – Fin Fish Production Manager

• Alyx Pivac – Group Communications Assistant

Unlocking engagementEmployee engagement plays a vital role in a Moana New Zealand’s overall success. Enabling and empowering our people by having them in the right roles, that play to their strengths and natural talents, increases job satisfaction, growth and personal connection to Moana New Zealand.

We are adopting an organisational approach to improving engagement from high level measures including a group led periodic (18 month) engagement survey through to company wide training and employee and team led action planning.

To realise the full benefits of employee engagement, it needs to be taken seriously and completely committed to at all levels and by everyone.

We delivered Moana New Zealand’s second engagement survey this year. The engagement survey is one tool that provides a platform for our people to tell us what we are doing well, what we can get better at and what is important to them. We acknowledge that work needs to be done but our results show we are making small but significant progress and improvements are resonating with our people.

Tō mātau titikaha ki te Māori me ngā whakaurunga whaitake He oati, he herenga hoki ō mātau ki tua noa atu o ngā moni hua ki te Māori, arā ki te whakatairanga, tautoko, kōkiri hoki i te ahurea kotahi. Koinei te pūtake o ā mātau mahi katoa, ā, koirā te iho o te manaaki tonu i te hauora o ngā whakatupuranga, me te mahi hoki hei rōpū nā te Māori.

I te tau 2018 i riro mā Moana New Zealand hei whakahaere te Global Fisheries Scholarship. He karahipi tēnei mō te Māori e whāriki ana i te huarahi ki te ūmanga motuhake, whaihua hoki e mahi ai te tauira mō te kotahi tau ki Nissui, Hapāni, tō mātau whakauru 50% i Sealord Group Limited. Ka ako te tauira nei i ngā āhuatanga o te ūmanga kaimoana, arā ko te ahu moana, ko te ahunga mahi ika, te oranga kai me te hangarau kai, te hokonga me te whakatairanga, me te rumaki anō i a ia ki ngā āhuatanga o te oranga ki Hapāni.

14 rawa ngā tau i whakahaeretia nei e Te Ohu Kaimoana. Kāti he whakahirahira rawa te mahinga tahi a Sealord, Nissui me Te Ohu Kaimoana hei tō mai, hei whakawhanake ake i te hunga whai pūmanawa i roto i te ūmanga kaimoana.

Tokorima rawa ngā kaiwhiwhi o te karahipi nei i Moana New Zealand inaianei, e mahi ana i roto i te pākihi, ā, e whakahīhī ana mātau i te āheinga ō mātau ki te whāriki tonu i te hōtaka nei, me te whakatūmau hoki i te ekenga panuku ōna, ā haere ake nei.

• Jason Ashford – Kaiwhakahaere Hokonga ā-Rohe, ā-Ao

• Nathan Reid – Kaiwhakahaere Roherohenga, Rauemi hoki

• Hohepa Rauputu – Kaiwhakahaere Kawenga Rawa Ika Whai Tira

• Ray Kearns – Kaiwhakahaere Whakaputanga Ika Whai Tira

• Alyx Pivac – Kaitautoko Whakawhiti Kōrero ā-Kāhui

Tōia mai kia ūHe whakahirahira te wāhi ki te ū a ngā kaimahi ki te mahi e eke panuku ai a Moana New Zealand. Ka nui kē atu te wanea i te mahi, te tupuranga me te hononga tangata ki a Moana New Zealand i te whakapakari me te whakamana i ō mātau tāngata, me te whakatau i a rātau ki ngā tūranga mahi tika.

E whai ana mātau i tētahi ritenga rōpū kia kaha ake ai te ū ki te mahi e ai ki ngā inenga teitei, pēnei me te pūrongo ngangahau e mahia ana ia 18 marama, tae atu ki ngā whakangungu puta i te kamupene me te whakamaheretanga mahi e takina ana e ngā kaimahi me ngā rōpū.

E eke ai ngā painga katoa o te ū a te kaimahi ki ngā mahi, me kaha te whai, ā, me titikaha hoki ngā tāngata katoa ki ngā taumata katoa.

I karawhiua e mātau tā Moana New Zealand pūrongo ngangahau tuarua i tēnei tau. Ko te pūrongo nei tētahi hanga e whakatakoto ana i te tūāpapa kia pai ai tā ō mātau tāngata whāki mai i ā mātau mahi pai, ngā āhuatanga hei whakapai mā mātau, me ngā āhuatanga whakahirahira ki a rātau. E mōhio ana mātau he nui te mahi kei mua tonu i te aroaro, engari e tītohu mai ana ā mātau putanga he iti ngaringari, he whakahirahira hoki te kōkiri, ā, he pai tērā ki ō mātau tāngata.



2018 engagement results

People managers engagement up

Executive team engagement up

– Health and Safety – Pride in our company– Values (in particular kaitiakitanga)

Top rated areas

19% from 2017

45% from 2017

Engagement up6% points from 2016

Overall Manager Effectiveness up1% from 2016

— Global Fisheris Scholarship winners Hohepa Rauputu, Jason Ashford, Nathan Reid, Alyx Pivac, Ray Kearns



Longstanding Service AwardWe are proud that Vince Syddall, Operations Manager at Coromandel Oysters was the well-deserved recipient of the Longstanding Service Award at this year’s Seafood New Zealand Seafood Star Awards.

This award is presented to a person who has demonstrated that they have made a substantial positive difference to the seafood industry over many years, and who is a highly effective and respected seafood industry leader.

Vince has been instrumental in many of the oyster business’ successes throughout his career which started some 37 years ago in the day of harvesting rock oysters in the Kaipara Harbour.

He then moved on to lead the development of wild caught spat farming and more recently into single seed hatchery production.

Through his leadership, Moana New Zealand has enjoyed significant growth, with more still possible. Not only has he future-proofed the oyster business, he has shared his knowledge with other oyster farmers in the Far North to successfully develop their own businesses, resulting in the strong relationships he shares with Iwi and industry in this area.

Tohu Ratonga ManawaroaE whakahīhī ana mātau i rironga i a Vince Syddall, Kaiwhakahaere Mahinga ki Coromandel Oysters, o te Tohu Ratonga Manawaroa i ngā tohu Seafood New Zealand Seafood Star, ā, ka tika hoki.

Whakawhiwhia ai te tohu nei ki te hunga i nui ai ngā hua pai ki te ūmanga kaimoana i roto i ngā tau huhua, ā, he hunga whaitake e whaikoha ana hei kaitaki o te ūmanga kaimoana.

Ko Vince te pou o ētahi o ngā angitu huhua a te pākihi tio i te roanga o tana ūmanga mahi, tērā nō tōna 37 tau i timata ai i te kohikohi tio repe i te moana o Kaipara.

Kātahi ia ka tahuri ki te takitaki i te whanaketanga o te whakatupuranga tio pirianga i kohia tūwātia, ā, inā noa nei ko te whakatupuranga kākano takitahi.

Nā tōna kaha ki te arataki mahi i whānui ai te tupuranga o Moana New Zealand, ā, he nui e taea tonutia ana. Ehara i te mea i whakapūmau ia i te pākihi tio i te takahanga o ngā tau, engari rā i tuari hoki ia i ōna mōhiotanga ki ētahi atu kaimahi tio i te Tai Tokerau kia pai ai te whanaketanga o ā rātau ake pākihi. Me te aha he pakari ōna hononga ki ngā Iwi me te ūmanga i taua rohe.

Inclusion, diversity and belongingWe are developing a culture of diversity, inclusion and belonging. Enriching the wellbeing of our people through a shared understanding of who we are, what we stand for and living by our values. We respect and embrace the unique and diverse perspectives and skills of our people, harnessing the deep roots of our Māori heritage to create a whanau centric culture, reflecting our whakapapa, our genealogy, where we’re from and our core values of ‘Respect’ and ‘Integrity’.

We are committed to promoting gender balance and respecting the contribution of all employees regardless of gender, race, age, disability or sexual orientation. Consistent with our Code of Conduct, core values and behaviours, Moana New Zealand aims to ensure that applications for employment for everyone are given fair consideration and that everyone is given access to career opportunities and training and development.

Moana New Zealand is committed to gender equality, with any differences between employees in similar jobs reflecting performance and skill. Moana New Zealand understands its responsibility to gender equality and fairness in the workplace based on equal pay for equal work and supports the achievement of greater gender balance, particularly in management.

Whaiwāhi, kanorautanga, me te whanaungatangaE whakawhanake ana mātau i te ahurea o te kanorautanga, te whaiwāhi, me te whanaungatanga. He whakawhānui i te ora o ō mātau tāngata mā te māramatanga kotahi o ō mātau whakapapa, tō mātau pūtake, me te whakatinana i ō mātau uara. E whaikoha ana mātau, e whakahiapo ana mātau i ngā tirohanga me ngā pūkenga motuhake, whakahirahira hoki o ō mātau tāngata. ka karawhiua ngā kāwai whakapapa Māori hei hanga i te ahurea e takea ana i te whānau, he hāngai ki tō mātau whakapapa, tō mātau takenga mai me ō mātau uara nui, ko te ‘Whaikoha’ me te ‘Ngākau pono’.

E titikaha ana mātau ki te whakatairanga i te ritenga o te whaiwāhi o te ira tāne me te ira wahine, me te mihi ki ngā tāpiritanga mahi a ngā kaimahi katoa ahakoa te tangatatanga, te whakapapa, te pakeketanga, te hauātanga, te aronga hōkaka. E wawata ana a Moana New Zealand kia matatika te whai whakaaro ki ngā tono mahi mō ngā tāngata katoa, ā, kia whai wāhi te katoa ki ngā tūranga mahi, ngā whakangungu, me ngā whakawhanaketanga.

E titikaha ana mātau ki te whakatairanga i te ritenga o te whaiwāhi o te ira tangata, ā, ka ahu mai te wehenga o ngā kaimahi e rite nei ngā tūranga mahi i te whanonga me ngā pūkenga. E mārama ana ki a Moana New Zealand tana haepapa ki te ritenga ira tangata, me te tōtikanga i te wāhi mahi e takea mai ana i te moni ōrite mō te mahi ōrite, ā, ka tautoko hoki i te ekenga o te tairitenga ira tangata, inā hoki ki ngā tūranga whakahaere.

— Vince Syddall and Steve Tarrant

"Through Vince's leadership, Moana New Zealand has enjoyed significant growth, with more still possible."


Putanga terenga tuatahi:

• E 68% o ngā tāngata i kī mai i nui atu, i nui rawa atu rānei te māia ki te whakahoki kōrero whaitake. Waihoki e 32% atu i kī he māia kē rātau ki te whakahoki kōrero.

• I tautohua e te nuinga ko te wāhanga whaitake katoa o te whakangungu ko te tauira TMP (tūāhua, mātaitia, pānga) hei whakahoki kōrero, ā, i oati rātau kia wawe tonu te karawhiu i roto i ō rātau tūranga mahi me ō rātau tāngata.

Ko tō mātau whakaaro ko te tuku atu i te hōtaka nei ki ngā kaimahi katoa o Moana New Zealand. E titikaha ana mātau ki te whakawanatanga tonutanga o te kōwae whakangungu nei, ka manahua haere ana te pākihi, ka hora ngā taputapu me ngā rauemi hei tautoko i te whakapūmautanga o aua pūkenga ki ngā mahi o ia rā.

Te ahurea me ngā uaraI whakamiratia e te Taumahi Moana One te hiahia kia arotahia tonutia, kia whakangaongia tonutia te whenumitanga o ngā ahurea ō mua kia tūturu tā mātau mahi hei pākihi kotahi. Kei te pokapū o aua panonitanga ko te whakatoka i te nohoanga o ō mātau uara, whanonga hoki hei tūāpapa mō ā mātau mahi katoa, te āhua o ā mātau mahi, me tō mātau pūtake hoki.

He uara nui ō ngā tāngata pai. Whakapono tahi ai mātau ki ō Moana New Zealand uara; manaakitanga, whakapapa, kaitiakitanga, whakatupuranga hoki, ā, e hanga ana mātau i te rōpū me te ahurea e whai mana ai ō mātau tāngata ki te mahi i ngā mahi atamai, kia pā te waha, ā, ki te mahi i te mahi tika.

E āwhina ana mātau i ō mātau tāngata ki te whakawhanake pūkenga hou, āhuatanga hou o te mahi, me ngā hanga arataki hou i roto i te ahurea e whakanui ana i te kanorautanga me ōna āhuatanga katoa. Me te aha ka tōia mai, ka pupuritia mai ngā tāngata pai katoa. He whakahirahira tērā mō te whakahohorotanga o te hanganga ukauka, uara hoki.

E angitu ai mātau ki āpōpō me titikaha mārika ki ngā pae tiketike, riterite hoki o te whanonga ki ngā tāngata katoa e mahi ai mātau, ki ngā hapori e pā atu ai mātau, e mahi ai mātau hoki, ā, ki te taiao e pā atu ai ō mātau ringa. I te tau 2018 i whakahuatakina he huinga whanonga nunui, ka tukuna atu ki ō mātau tāngata hei tērā tau.


Growing our people

Group inductionThis year we launched our Group Induction Programme which will be run three times a year for all new employees.

This training day is an important part of our employee experience and is designed to connect new people to our heritage, why we exist, what we stand for and our strategic priorities.

Our leaders create an interactive experience, taking people on a journey across our operations and supply chain from ocean to plate. We want people to continuously explore and understand the business, know the Moana New Zealand way, understand the importance of their role and be set up to succeed.

People developmentWe launched the pilot programme for Moana New Zealand’s first company-wide people development initiative in March this year.

The programme is focused on lifting capability and engagement among our people and leaders. The first training module is designed to develop confidence and skills in effective listening, communication and feedback. It was developed in collaboration with our Executive Team, people leaders and employees over a two-year period, which reflects our commitment to getting it right for our people.

The pilot was rolled out to three cohort groups, across nine workshops held at our Group Office between March and June.

• Moana’s Executive Team

• Leaders reporting to executives

• Direct reports

Over 85 of our people, leaders and managers completed module one feedback training. The diversity and active participation of everyone meant we were able to gain meaningful feedback, insights and ideas to evaluate the module, refine and make it fit-for-purpose to launch in 2019. Currently underway is the design and development of module two, which will involve collaboration and engagement with our people through the development and delivery stages.

Pilot results:

• 68% of participants provided feedback that they gained or significantly gained confidence in providing constructive feedback and an additional 32% said they were already confident providing feedback.

• The majority identified the SOI (situation, observed, impact) model to deliver feedback was the most valuable part of the training, and committed to immediate application in their role and with their people.

It is our intention to roll out this programme to all Moana New Zealand employees. We are committed to the ongoing enhancement of this training module as business maturity grows and also to provide tools and resources to support the embedding of these skills into every day activity.

Culture and valuesThe Moana One Project highlighted the need for further focus and investment in the assimilation of legacy cultures so that we are operating as truly one business. Integral to this evolution is ensuring our values and behaviours underpin everything we do, the way we work and what we stand for.

Good people come with strong values. We share in our belief in Moana New Zealand's values; manaakitanga, whakapapa, kaitiakitanga and whakatipuranga, and are creating an organisation and culture where our people are empowered to be innovative, speak up and do what’s right.

We are helping our people develop new skills, new ways of working and new leadership qualities within a culture that values diversity in all its forms. In turn this helps us attract and retain the best people, which is vital to accelerate long term creation.

Our long-term success requires total commitment to excellence and consistent standards of behaviour towards everyone we work with, the communities we touch and work in and the environment on which we have an impact. In 2018 we introduced a key set of behaviours that will be rolled out to our people next year.

Te whakatupu i ō mātau tāngata

Kōkuhunga ā-rōpūI tēnei tau i whakarewa mātau i tā mātau Hōtaka Kōkuhunga ā-Rōpū, e toru rawa ōna terenga i te tau mō ngā kaimahi hou.

He wāhanga nui te rā whakangungu nei nā o te wheako o ō mātau kaimahi, ā, i whakahoahoatia hei tuihono i ngā tāngata hou ki tō mātau whakapapa, tō mātau pūtake, ō mātau uara, me ā mātau arotau rautaki.

Hanga ai ō mātau kaitaki i ngā mahi tauwhiti, ka haria ō mātau tāngata i te haerenga huri noa i ā mātau mahinga me te rārangi whakarato mai i te moana tae atu ki te kono. E pīrangi ana mātau kia hōkai tonu atu rātau kia mārama mai ai te pākihi, kia mōhiotia hoki te āhua o Moana New Zealand, kia mārama mai te whakahirahira o ā rātau mahi, ā, kia whakaritea kia eke ki te taumata.

Whanaketanga tangataI te Maehe o tēnei tau, i whakarewaina e mātau he hōtaka hou mō tā Moana New Zealand kaupapa whanake tangata tuatahi, puta i te kamupene.

I arotahi te hōtaka ki te whakawhānui āheinga, ūnga ki te mahi hoki, i waenga i ō mātau tāngata me ngā kaitaki. I whakahoahoatia te kōwae whakangungu tuatahi hei whakawhanake māiatanga me ngā pūkenga mō te whakarongo areare, te whakawhitiwhiti kōrero, me te whakahokinga kōrero. I whakawhanaketia tahitia me ō mātau āpiha whakahaere, ngā kaitaki tangata, me ngā kaimahi i roto i ngā tau e rua, ā, e hāngai ana ki tō mātau titikaha ki ngā mahi tika mō ō mātau tāngata.

I tukuna te terenga tuatahi ki ngā rōpū e toru i roto i ngā wānanga e iwa i tō mātau Tari Rōpū i waenga i te Maehe me te Hune.

• ō Moana āpiha Whakahaere

• Te pūrongo a ngā kaitaki ki ngā āpiha

• Pūrongo tōtika

Nuku atu i te 85 o ō mātau tāngata, kaitaki, kaiwhakahaere hoki i mahi i te kōwae tahi o ngā whakangungu whakahokinga kōrero. Nā te kanorautanga me te ū mārika o ngā tāngata katoa i hora ai ngā whakahokinga kōrero whaitake, ngā huatau kokoi me ngā whakaaro hei aromātai i te kōwae, kia whakapaitia ai kia hāngai-ki-te-pūtake, ka whakarewaina i te tau 2019. Inaianei e whakahoahoatia ana, e whakawhanaketia ana te kōwae rua, arā ko te mahi tahi me te kōrero ki ō mātau tāngata i waenga i te whanaketanga me te tukunga.

InnovativeWe continuously

look for ways to do things better

AccountableWe work hard and deliver the

right things

InspirationalWe enable ourselves and others to be the

best we can be

CollaborativeWe work together

towards a common goal

" The diversity and active participation of everyone meant we were able to gain meaningful feedback, insights and ideas."


FV Tokatu joins the Sealord fleetThe highly anticipated brand new deep sea fishing vessel, Tokatu, arrived into Nelson in June and was formally acknowledged at a special ceremony at Sealord wharf in November. Tokatu, meaning 'mighty rock' that will withstand the ravages of the sea, is the first brand new deep sea vessel in a New Zealand owned fleet for over 20 years, and at 81.75 metres long and 4,706 gross tonnage it is the largest.

Tokatu is powered by a nine-cylinder Rolls-Royce engine, and is equipped with the latest equipment and technologies, including PSH, to support sustainable fishing. It has capability to fish 20,000 metric tonnes a year and is designed to fish all of Sealord’s species.

Crew accommodations are of the highest quality with obvious Scandinavian design, and the vessel has been described by many as a ‘floating palace’. The crew of 35 increases to 50 in the busy hoki season.

Tokatu made her maiden voyage from Norway to Nelson via the Panama Canal in June. She was welcomed by Nelson locals, Sealord staff and the Minister of Fisheries Hon. Stuart Nash. Tokatu also featured on TV1’s Seven Sharp and TV3’s Ocean Bounty. The formal blessing ceremony was delayed until November to enable the Tokatu to begin commissioning in the hoki season. While work continues on the commissioning of the on board factory, the Tokatu has demonstrated ability to find and catch fish second to none and she is a very exciting addition to the Sealord fleet.

The formal ceremony in November was attended by almost 200 invited guests who were treated to a fitting karanaga, mihi whakatu and kapahaka on a sunny Nelson day. Formal addresses were given by Whaimutu Dewes, Hon. Stuart Nash, Norio Hosomi of Nissui, Steve Yung and Sir Tipene O’Regan, before Whaimutu and Nelson Mayor, Rachel Reese, cut the ribbon with a blessing by Archdeacon Harvey Ruru.

Ka piri a FV Tokatū ki tō Sealord tāruruNō te Hune i tae atu ai ki Whakatū a Tokatū, te waka hou mō te hiika noho kōpua i tāria nuitia, ā, ka purea ōkawatia ki te pure motuhake i te wāpu o Sealord i te Noema. Ko Tokatū, arā ko te ‘toka nui’ e āki ai ngā ngaru tuatea o te moana, te waka hou tuatahi mō te hiika noho kōpua o tētahi tāruru nō Aotearoa nei i roto i ngā tau e 20 kua hipa. Ka mutu koia te nui katoa, e 81.75 mita te roa, e 4,706 tāna te taumaha.

Nā Rolls-Royce te pūkaha o Tokatū, e iwa rawa ōna rango. Ko ōna maitai me ōna hangarau he hou rawa atu, pēnei me te PSH, hei tautoko i te mauri o te mahinga ika. E 20,000 tāna i te tau e taea ana, ā, i whakahoahoatia kia pai ai te hao i ngā momoika katoa a Sealord.

He kounga rawa ngā nōhanga kaumoana, Kātināria ake nei te āhua, ā, kua kīia e te marea he ‘whare kīngi e mānu ana’. I te wā pukumahi o te ūturi, ka piki ōna kaumoana 35 ki te 50.

I te Hune i oti i a Tokatū tana terenga tuatahi i Nōwei ki Whakatū mā te Au o Panama. I pōhiritia ia e ngā tāngata whenua o Whakatū, e ngā kaimahi o Sealord me te Minita Ika, e Hon. Stuart Nash. I whakaaturia a Tokatū i tā TV1 Seven Sharp me tā TV3 Ocean Bounty. I hīkina te pōhiri ōkawa ki te Noema kia pai ai tā Tokatū tīmata ki te hao i te rerenga o te ūturi. Ahakoa e haere tonu ana te mahi a te whēketere ō runga o te waka, kua whakaatu kē te Tokatū i tōna āheinga ki te kimi me te hao i te ika, koia te toa. Ka mutu he piringa whakahiamo tēnei ki tō Sealord tāruru.

I tae atu tōna 200 tāngata ki te pōhiri ōkawa, ka karangatia, ka mihia, ka whakangahautia ki te kapahaka hoki i te rangi paruhi i Whakatū. Nā Whaimutu Dewes i mihi, rātau ko Hon. Stuart Nash, ko Norio Hosomi nō Nissui, ko Steve Yung, ko Tā Tipene O’Regan. Kātahi ka tapahi te rīpene e Whaimutu rāua ko Rachel Reese, Koromatua o Whakatū, me te whakapaitanga hoki e Archdeacon Harvey Ruru.

Responsible fishers trainingMore than 60 commercial fishers have now taken part in a programme to ensure the future of New Zealand’s fisheries is at the centre of what they do. The Responsible Fisheries Awareness Programme, one of our key sustainability projects, aims to help develop its contract fishers by ensuring they have the most up to date training and access to industry experts on a range of relevant topics.

The fishers invested two full days in the programme which focussed on New Zealand fisheries management, health and safety, compliance, and having a holistic, future focussed approach to New Zealand’s fisheries.

We enlisted the professional support and guidance of sustainability advisors Terra Moana Wellington and safety on board advisors Guard Safety of Nelson to ensure the training was fully reflective of the current industry and environmental requirements.

Whakangungu kaihiika haepapaNuku atu i te 60 kaihiika tauhokohoko kua mahi i te hōtaka kia noho mai ai ko te āpōpō o ngā mahinga ika o Aotearoa ki te pokapū o ā rātau mahi. Ko te whāinga o te Hōtaka Whakamōhio ki ngā Mahinga Ika Haepapa, tētahi o ā mātau taumahi matua mō te toitū-oranga, ko te āwhina ki te whakawhanake i ōna kaihiika whai kirimana, arā kia ākona rātau ki ngā whakangungu hou katoa, ā, kia whai wāhi rātau ki ngā tohunga o te ūmanga mō ngā kaupapa huhua e tika ana.

E rua rawa ngā rā i pau i ngā kaihiika i te hōtaka, he hōtaka e hāngai ana ki te whakahaerenga mahinga ika o Aotearoa, te hauora me te haumarutanga, me te whai tikanga. Waihoki ko te āhua o te mahi e atawhaitia ai tōna katoa, ā, e hāngai ana ki ngā rā e heke mai nei mō ngā mahinga ika o Aotearoa.

I karangahia e mātau te tautoko ngaio me te aratakinga o ngā kaitohutohu toitū-oranga, o Terra Moana Wellington, me ngā kaitohutohu haumaru o runga waka, me Guard Safety nō Whakatū, kia hāngai ai ngā akoranga ki ngā tikanga ō naianei a te umanga me te taiao.

Ko te wāhi ki a mātau hei pākihi nā te Māori, hei kaitiaki hoki ko te tiaki i te moana o Tangaroa kia pai ai tā mātau hora i ngā kaimoana horomata inaianei, ā, mā ngā whakatupuranga e haere ake nei.

Our role as a Māori owned business and as kaitiaki is to care for the realm of Tangaroa so we can provide pristine kaimoana now and for future generations to enjoy.

— FV Tokatu



Sealord supports precautionary approach to West Coast hoki fisheryIn the winter of 2018, fewer hoki were observed in the West Coast hoki fishing ground outside the 25 mile line, than expected. Observations of fish numbers from the other four hoki fishing grounds were as expected.

In response, Sealord joined other quota owners, who collectively own 87% of quota, to meet and agree some precautionary measures. Sealord provided a comprehensive review of the science and management for the fishery, and also analysis from fishing fleets in the West Coast. The reason for the decline is unknown, and is contradictory to the latest stock assessment and model predictions. It has been identified that sea temperatures in the south of New Zealand were at historically high levels this winter.

Effective from 1st October 2018, industry agreed to shelve 20,000 tonnes of West Coast quota being a reduction from 90,000 MT to 70,000 MT (22% of catch limit in West Coast hoki fishery (equivalent to 13% of total hoki catch)).

This was a proactive response to observations in the fishery, and allows for more science and assessments to be undertaken to build greater understanding of issues such as temperature changes.

Sealord supports this precautionary approach and significant demonstration of industry’s commitment to sustainable fishing. This conservative approach will have a positive influence on the hoki fishery and give it the strongest future.

Continuing to support the Black Petrel Trialling of on-board cameras to monitor accidental capture of seabirds by fishers first began in 2016 and has now been extended for a third year.

The Black Petrel Working Group is a collaboration between the fishing industry, Government, Iwi and environmental groups. The aim of the project is to see how well cameras can monitor seabird by-catch compared to human observers, and gathering more robust data on how many seabirds are being caught.

The Black Petrel (Takoketai) is a threatened seabird that nests nowhere else on Earth apart from Great Barrier and Little Barrier Islands.

We all have a responsibility to care for the creatures in the domain of Tangaroa but to have a real impact no single organisation can do it alone.

We highly commend our fishers for the mitigation methods they use to avoid the capture of these precious seabirds and also for voluntarily taking part in this initiative.

Ka tautoko a Sealord kia āta pāngia te mahinga ūturi ki Te Tai o PoutiniI te takurua o te tau 2018, he torutoru kē ngā ūturi i kitea i te mahinga ika o Tai o Poutini i tua o te rārangi e 25 maero, tēnā i pōhēhētia ka kitea.

Ko te urupare, i hui atu a Sealord me ētahi atu kaipupuri roherohenga, e 87% te huinga roherohenga, hei whakatakoto i ētahi tikanga whakatūpato. I horaina e Sealord he arotake whānui o te pūtaiao me te whakahaerenga o te mahinga ika nei, me tētahi tātaritanga i oti i ētahi tāruru hiika i te Tai o Poutini. Kāore i te mōhiotia te take mō te whakawhāititanga, ā, he tahuritanga atu tērā i ngā whakapae hou o te aromatawai rāngai me ngā tauira hou. Kua tautohua te pāmahana teitei, arā, e mahana rawa ana te moana i te tonga o Aotearoa i te takurua nei nā.

Mai i te 1 Oketopa 2018, i whakaae te ūmanga kia paetara ā-wharetia kia 20,000 tāna o te roherohenga o te Tai o Poutini, he hekenga i te 90,000 tāna ki te 70,000 tāna (e 22% o te pae haonga o te mahinga ūturi i te Tai o Poutini (arā ko te 13% o te haonga ūturi katoa)).

He urupare kakama tēnei ki ngā kiteanga o te mahinga ika, ā, mā konei e pai ai te mahinga o ētahi atu mahi pūtaiao, aromatawai hoki kia whānui ake ai te mōhio ki ngā take pēnei me te panonitanga pāmahana.

E tautoko ana a Sealord i ngā tikanga whakatūpato nei, me te oati nui a te ūmanga ki te mahinga ika kia ora tonu ai te mauri. Ka akiaki pai aua tikanga ōhiti nei i te mahinga ūturi, ā, mā reira e pakari ai āpōpō.

E tautoko tonu ana i te Takoketai I tīmata ngā whakamātautau o ngā kāmera ō runga waka hei aroturuki i te haonga hauata o ngā manu moana e ngā kaihiika i te tau 2016, ā, kua whakaroroatia te mahi ki tana tau tuatoru.

Ko te Rōpū Mahi Takoketai he mahinga tahi o te ūmanga hiika, te Kāwanatanga, ngā Iwi, me ngā rōpū taiao. Ko te whāinga o te mahi nei he whakamātau i te pai o ngā kāmera ki te aroturuki i te haonga manu moana, ka whakaritea ki tā ngā tāngata aroturuki. Mā reira e rawaka ai ngā raraunga mō te huhua o ngā manu moana e haoa ana.

He manu mōrearea te Takoketai, kāore nei e āta noho ki wāhi kē puta i te ao, engari kē ia ki Aotea me Hauturu.

E haepapa ana tātau katoa ki te tiaki i ngā uri o Tangaroa, engari e kore e taea e te rōpū kotahi noa iho.

Ka nui tā mātau mihi ki ō mātau kaihiika mō rātau i whakawhāiti ai i te haonga o ēnei manu matahiapo, ā, mō te ū ā-tūao nei ki tēnei kaupapa.

This conservative approach will have a positive influence on the hoki fishery and give it the strongest future.

The Black Petrel (Takoketai) is a threatened seabird that nests nowhere else on Earth apart from Great Barrier and Little Barrier Islands.



KIWA – simple yet effective Last year Moana New Zealand Fin Fish launched Te Moana-nui-a-Kiwa (Kiwa), which is part of an integrated IT system that has been driving greater efficiencies across the processing chain. The Quota Management and Fish Payments system is directly integrated with NAV, the financial and inventory system, and Xims, the shop floor system, allowing greater accuracy and efficient transfer of information.

Having data available in real time means that anyone along the processing chain can see where the landings are at any given time, allowing for better tracking, higher transparency and effective planning. Now that we have been using the system for over a year, key processes have reduced in turnaround time and are up to 50 percent faster.

Because the system is integrated, the landing information can be captured at the factory door. From here the information follows the product through the factory and is fed into Kiwa. A highlight of Kiwa, the pricing model, has meant sales information from our export customers report enables our team to pay market rate back to our contract fishers.

Another characteristic of the system is that it is connected to Kupe, the Fish Serve IT system. Annual Catch Entitlement (ACE) transactions, fishing permit and vessel registration changes are recorded in Kupe and are updated in Kiwa within the hour, providing real time information.

The system is a favourite within our team, based on its simplicity and effectiveness. It enables our team to work even more cohesively and transparently.

Te Moana-nui-ā-Kiwa is the name for the Pacific Ocean.

We would like to acknowledge the passing of our very dear friend, Etu Puia. Etu was instrumental in the development and progression of Kiwa and will be missed by us all.

KIWA – he māmā, he whaitake I te tau kua hipa nei i whakarewaina e Moana New Zealand Fin Fish ko Te Moana-nui-a-Kiwa (Kiwa), he wāhanga o tētahi pūnaha hangarau pāhekoheko nāna nei ētahi māiatanga i kōkiri puta i te rārangi mahi. E tūhono tonu atu ana te pūnaha Whakahaere Roherohenga me ngā Utunga Ika ki te NAV, te pūnaha mō te pūtea me ngā rawa, me Xims, te pūnaha mō te papa o te toa. Mā konei e tika ake ai, e māia ake ai te whakawhitinga kōrero.

Ko te hua o te whai raraunga i te wā tonu e hiahiatia ana ko te āheinga o ngā tāngata katoa puta i te rārangi mahi ki te kite kei hea rā ngā ika e hīia ana i ngā wā katoa. Ka pai ake te aruarunga, ka pūata ake ngā mahere, ka whaitake ake hoki. Kua kotahi tau te whakamahinga o te pūnaha nei nā, ā, kua popoto iho te whakariterite kia timata anō, kua tere ake mā tōna 50 ōrau.

Nā runga i te kaha pāhekoheko o te pūnaha, ka hopukina ngā raraunga hīnga ki te kuaha tonu o te whēketere. Mai i reira ka whai ngā raraunga i te hua mā roto i te whēketere, ka tukuna atu ki a Kiwa. Nā te tauira utu, tētahi o ngā hiranga o Kiwa, me ngā raraunga hokonga a tā mātau pūrongo kiritaki rāwāhi i taea ai e tō mātau rōpū te whakautu ō mātau kaihiika whai kirimana ki te utu mākete.

Ko tētahi atu āhuatanga o te pūnaha ko tana hononga ki a Kupe, te pūnaha hangarau Fish Serve. Tuhia ai ā te Haonga Ika ā Tau (HIT) hokonga, whakaaetanga hiika, panonitanga rēhita waka hoki ki a Kupe, ā, ia haora ia haora whakahoungia ai. He raraunga mataora te hōmai.

Ko te pūnaha nei te tino i roto i tō mātau rōpū, nā tana māmā me tana whaitake. Nāna i tapatahi, i pūata ai ngā mahi a tō mātau rōpū.

Ko Te Moana-nui-ā-Kiwa te ingoa o te moana i tēnei tōpito o te ao.

E mihi ana, e tangi ana mātau ki tō mātau hoa aroha, ki a Etu Puia, kua ngaro nei. Ko Etu tētahi o ngā pou o te whanaketanga me te kōkiritanga o Kiwa, ā, ka tangihia e mātau katoa.

Bay Packers acquisition We are pleased to be a part of a limited partnership agreement to acquire the business and assets of Bay Packers (NZ) Ltd and Petromont Export Limited. Petromont Export is an export business focused on tuna/swordfish and some other fin fish along with scampi. Bay Packers (NZ) Ltd is a processing operation based in Mount Maunganui, Tauranga, which processes the export product that is on sold to Petromont Export; a seafood smoking business with product currently sold domestically and a domestic inshore fin fish business with a small retail shop on the premises.

We have partnered with four Iwi on this investment venture giving us the opportunity to build stronger relationships and utilise the expertise of other partners.

Te rironga mai o Bay Packers E koa ana mātau ki te whai wāhi ki te whakaaetanga o te whakaurunga whāiti hei hoko i te pākihi me ngā rawa o Bay Packers (NZ) Ltd me Pertomont Export Limited. He pākihi tuku rawa a Petromont Export e arotahi ana ki te tuna moana/paea me ētahi atu ika whai tira, me te kōurarangi hoki. He ahunga mahi ika a Bay Packers (NZ) Ltd kei Whareroa, Tauranga. Ko tāna mahi ko ngā hua hei tuku ki rāwāhi, ka hokona atu ki Petromont Export; he pākihi whakaauau kaimoana e hoko tarāwhare ana, ā, he pākihi tarāwhare o te ikawhaitira ō uta me tana toa hokohoko i runga anō i tōna papa.

E whā rawa ō mātau Iwi whakauru mō te whakangaonga nei nā, e pai ai tā mātau whakawhirikoka i te taukaea kia tānekaha, me te whakamahi hoki i te mātauranga o ētahi atu whakauru.

— Etu Puia

E whakapau kaha ana mātau ki te whakapai i ā mātau mahi me te āhua o aua mahi, kia māia ake ai, kia nui ake ai te uara mō ō mātau kaipupurihea me ngā hapori e mahi ai mātau.

We’re working to improve what we do and how we do it, in order to create efficiencies and create value for our shareholders and the communities we operate in.

"One of the best things about this system is that it’s so simple and easy to use. We’re very excited about it."----- Elisha Yahel

Harvest and Supply Manager



Drive towards zero waste to landfill Our team at Wild Abalone and RTE in Palmerston North have embarked on a journey to reduce the amount of waste from the site that is going into landfill and treatment plants.

They were already doing some basic recycling like plastics and paper recycling but in partnership with EnviroWaste, the team have taken their recycling to the next level.

Any waste hand towels, food scraps from the canteen and any non-edible scraps from the factory is being sent to the Palmerston North City Council for composting.

Being a factory environment, each day there are a large number of hair nets and beard masks being used to meet our health and safety requirements. These can’t be recycled through the usual channels and were going to landfill. The team have now found a recycling company in Auckland who can take them, so these are now also separated out from the landfill waste.

Leaving no stone unturned, any glass waste is now be returned to the manufacturer and polystyrene bins will be broken up or chipped and sent to a Wellington based recycler.

All solid waste that can’t be recycled will be sent to landfill where further segregation will occur. Any gases released are burnt to provide steam for electricity generation which is then sent back to the main grid.

The plan is very ambitious but with having all staff commit to do their bit to contribute positively to the environment for our future generations and the partnership with EnviroWaste, PNCC, Poly Palace and other key organisations, the team is confident they can reduce their waste footprint by at least 50% over the next six months. The long term goal is to reduce waste to landfill by at least 90-95%.

New system saves $10,000 in electricity costs New technology is helping our Mt Wellington processing facilities in Auckland save $10,000 a year in electricity costs. Damage required the old switchboard to be replaced under insurance – this time with a new electronic unit that ensures we’re making the most of our power.

Power Factor is a measure of how effectively incoming power is used in an electrical system to convert current into output power, such as heat, light, or mechanical motion. By improving our power factor (to zero) through the installation of the new unit we have not only saved costs, but also addressed the risk of overloading.

Te whai kia parakore ki te rua E whai ana tō mātau rōpū i Wild Abalone me RTE, i Te Papaioea, ki te whakawhāiti i te para e whiua ana i aua wāhi ki te rua para me ngā wāhi whakawaimeha para.

I te mahi kē rātau i ētahi mahi tukurua taketake pēnei me te kirihou me te pepa, engari kua eke ki taumata kē nā te whakaurunga me EnviroWaste.

E tukuna atu ana i te whēketere ko ngā tāora ringa, ngā para kai i te toa, me ētahi atu para ehara nei i te kai, ki te Kaunihera Tāone o Te Papaioea māna hei whakawairākau.

Nā runga i te mea he whēketere tēnei, he nui rawa ngā kūpenga makawe me ngā uhinga pāhau e whakamahia ana kia tutuki ai ngā herenga o te hauora me te haumarutanga. E kore ēnei e taea te tukurua ki ngā aurere māori, ā, tukuna atu ai ki te rua para. Kua kitea e te rōpū he kamupene tukurua i Tāmaki Makaurau e taea ana e rātau aua para, nā reira e tangohia ana ērā i te para mō te rua.

E karawhiua ana te kanohi hōmiromiro ka whakahokia atu ai ngā para karaehe katoa ki tōna kaihanga. Ka mutu ka whatia rānei, ka rehua rānei ngā pouaka kirihourau, kātahi ka tukuna ki te kaitukurua, ki Pōneke rā anō.

Katoa ngā para kikokiko e kore e taea te tukurua ka tukuna atu ki te rua para, hei reira whakarōpūtia anō ai. Katoa ngā haurehu ka tahuna hei hanga mamaoa mō te hanga hiko, kātahi ka whakahokia ki te kete hiko whānui.

He mahere hao nui tēnei nā engari e whakapono ana te rōpū e taea ana e rātau ngā parapara te whakawhāiti mā te 50% i roto i ngā marama e ono e haere ake nei. Ko te take ko te titikaha o ngā kaimahi katoa ki ētahi mahi pai mō te taiao, mō nga whakatupuranga hoki, ka mutu ko ngā whakaurunga me EnviroWast, PNCC, Polyl Palace me ētahi atu rōpū hoki. Ko te whāinga nunui ko te whakawhāiti mā te 90-95%, nuku atu rānei, i te para e tukuna ana ki te rua.

$10,000 ngā utu hiko i penatia e te pūnaha hou E āwhinatia ana ō mātau whare ahunga mahi ki Maungarei, Tāmaki Makaurau, ki te penapena i tōna $10,000 utu hiko i te tau. Nā te pakaru i tīni ai te papahiko i raro i te rīanga - ko tā te papahiko hou he āta whakamahi i te hiko.

Ko te Take Hiko he inenga o te māia o te whakamahia o te hiko e rere mai ana i roto i te pūnaha hiko kia huri ai hei hiko puta, pēnei me te wera, te awatea, te nekehanga kikokiko. Ka whakapaitia tō mātau take hiko (kia kore noa iho) nā te mihini hou nei, ka penatia he pūtea, ā, kua whāiti iho te mōrearea kei piko te tuarā.

"We're confident we can reduce our waste footprint by at least 50% over the next six months."----- Mohammed Khan

Site Manager, Wild Abalone and RTE

— Shane Whitington and Roger Bray

"By improving our power factor, we have not only saved costs but also addressed the risk of overloading"----- David Cossey

Portfolio Manager



PLANTIC™Consumers are becoming increasingly concerned with the use of plastics in packaging and are demanding a more sustainable approach to plastics. At Moana New Zealand we are aware of the impact that plastics have on the environment and are doing our bit to provide a responsible packaging to our customers. It’s a challenge to find alternatives that are suitable for seafood; that keep our product fresh and doesn’t have a negative effect on the environment.

Moana New Zealand is the first to market to supply pre-packed seafood in a world-first barrier tray that uses sustainable raw materials and is able to be recycled. PLANTIC™ is a responsible packaging alternative to plastic designed to meet growing demand for sustainable plastics technology. The majority of the tray uses materials from renewable and recycled resources, with very low oxygen transmission rate which can result in an extension of shelf life for fresh proteins. This means we can continue to provide the world with New Zealand’s premium seafood while living true to our value of kaitiakitanga.

Chinese chef visitIn early May we welcomed a team of young bright chefs from China to learn more about our products. The chefs are passionate about delivering fresh healthy kai and want to share our story with their customers.

They enjoyed a tour of our Mt Wellington Fin Fish and Lobster operations, visited our Coromandel Pacific oyster farm and also our Blue Abalone farm in Ruakaka.

While here, they had a kaimoana cooking session with renowned New Zealand chef and My Kitchen Rules judge, Gareth Stewart.

Chef EJ Holland, made famous for his modern day foraging for food, delighted in the opportunity to stop the van on route to pick native kawakawa and other edible herbs.

They have since put together a series of videos that showcase different ways our product can be prepared, cooked and served. The chefs took great pride in working with Moana New Zealand’s products, understanding the responsibility we have as kaitiaki and how our kaimoana is cared for from harvest to the kitchen.

PLANTIC™E āwangawanga haere ana ngā kiritaki i te whakamahinga kirihou mō ngā pūhera, ā, e tohutohu ana kia hāngai te whakamahinga kirihou ki ngā tikanga toitū-oranga. I Moana New Zealand, e mātau ana mātau ki te pā o te kirihou ki te taiao, ā, e mahi ana mātau i ā mātau mahi kia haepapa ā mātau pūhera mā ō mātau kiritaki. He wero te kimihanga rawa kē e pai tonu ana mō te kaimoana; arā kia mata tonu te hua, ā, kāore e kikino te pā ki te taiao.

Ko Moana New Zealand te tuatahi ki te tuku ki te mākete i ngā kaimoana e whakatakupetia kētia ana i runga papa ārai, te tuatahi o te ao, e whakamahi ana i ngā rauemi māori kia ora tonu ai te mauri, ā, e taea ana te tukurua. Ko PLANTIC™ he tūhera haepapa, he huringa kē i te kirihou, i whakahoahoatia hei whakangata i te hiahia e tupu ngaringari ana ki te hangarau kirihou e whai ana i ngā tikanga o te toitū-oranga. I ahu mai te nuinga o te papa i ngā rauemi tukurua me ngā rauemi e taea nei te whakahou, ā, he iti te pāpātanga whakawhitinga hauora, me te aha ka roa ake te noho a ngā pūmua hou i runga whata. Nā e taea tonutia ana e mātau ā Aotearoa kaimoana kouna te hora ki te ao, me te whakatinana hoki i te uara o te kaitiakitanga.

Poka mai te ringawera HainamanaNō te timatanga o te Mei i pōhiritia e mātau he rōpū ringawera rangatahi nō Haina, hei ako kōrero mō ā mātau hua. He remurere ngā ringawera nei ki te hora kai mohou, kai ora hoki, ā, e hiahia ana rātau ki te taki i ā tātau tātai kōrero ki ō rātau kiritaki.

He pārekareka tā rātau haere ki ā mātau mahinga ki Maungarei, arā te Ika Whai Tira me te Kōura. I poka atu rātau ki tō mātau tupuranga tio ki Coromandel Pacific, me te tupuranga pāua o Blue Abalone ki Ruakākā.

I a rātau i konei, i taka kaimoana rātau me te ringawera rongonui o Aoteroa, te kaiwhakawā hoki o My Kitchen Rules, me Gareth Stewart.

I koa te ngākau o te ringawera nei, o EJ Holland, tērā i rongonui ai mō tana kohikohi kai tūao i ēnei rā hei kai, nā te āheinga ōna ki te whakatū i te waka ki te kato kawakawa me ētahi atu otaota kai.

Mohoa noa kua oti i a rātau tētahi rārangi whitiata e whakaatu ana i ētahi atu āhuatanga mō te whakarite, tunu, hora hoki i ā tātau hua. Whakahīhī noa atu ngā ringawera i te tunu i ngā hua a Moana New Zealand, ka mārama hoki tō mātau haepapa hei kaitiaki me te āhua o te tiaki i ā mātau kaimoana mai anō i te haonga, ā, tae noa atu ki te kāuta.

E kōkiritia ana tā mātau rautaki pākihi e te ihu atamai o te mahi ki ā mātau haonga kia whakamahia noatia te katoa, kia puta te uara nui i te rauemi rongomaiwhiti nei nā. Ka mutu ka whakawhānuitia te hiahoko o te kiritaki i roto i ō tātau mākete me ngā mākete hou kia nui tonu atu ai te uara o ā tātau hua kounga.

Our business strategy is driven by being innovative with what we catch to ensure we extract the most use and value out of this precious resource, and building on customer demand in existing and new markets to create additional value for our premium product.

— Visiting Chinese chef delegation with Chairman Whaimutu Dewes



Understanding where we have come fromAt Moana New Zealand we are proud of our whakapapa and we want to make sure that our employees at all levels know our history and the unique connection we have to Tangaroa. We have held our first tikanga Māori workshop focussed on the history of Moana New Zealand, how we came about, paying due respect to those that paved the way for the Māori fisheries settlement.

It’s vital that our people understand where we have come from, to understand where we are going and why we must succeed every day.

Also part of this workshop is providing our people with an overview of our values, manaakitanga, whakapapa, whakatipuranga and kaitiakitanga, and guiding principles. These must be embedded into our Moana New Zealand DNA.

All of our employees have been gifted a Reo Māori booklet that explains basic tikanga and helps with a starting point to support them in including more Te Reo Māori in every day work life.

We still have work to do but we’re proud that we’ve started the journey.

E mārama ai i ahu mai mātau i hea I Moana New Zealand nei, e whakahīhī ana mātau i tō mātau whakapapa, ā, e pīrangi ana mātau kia mōhio pū ō mātau kaimahi i ngā taumata katoa ki tō mātau hītori, me tō mātau hononga motuhake ki a Tangaroa. Kua oti i a mātau te wānanga tikanga Māori tuatahi mō te hītori o Moana New Zealand, tō mātau takenga mai, me te mihi hoki ki te hunga nāna i para te huarahi ki te whakataunga mahinga ika Māori.

He whakahirahira hoki kia mārama ki ō mātau tāngata tō mātau takenga, tō mātau aronga, me te take kia angitu mārika mātau, ka tika, ia rā ia rā.

Waihoki ko tētahi wāhanga o te wānanga he tuku ki ō mātau tāngata te tirohanga whānui o ō mātau uara, te manaakitanga, te whakapapa, te whakatupuranga, me te kaitiakitanga, me ngā mātāpono hei arataki. Me titi tonu atu ēnei ki tō mātau ngākau Moana New Zealand.

Kua takohaina ki ō mātau kaimahi katoa he pukapuka Reo Māori e whakamārama ana i ngā tikanga taketake, ā, he koha āwhina i a rātau ki te whakawhiri i Te Reo Māori ki roto ki ngā mahi o ia rā.

He nui tonu te mahi kei mua i te aroaro, engari e whakahīhī ana mātau i te mea kua tīmata mātau i te haerenga nei.

Moana New Zealand brand winning awardsThe Best Design Awards is an annual showcase of excellence in graphic, spatial, product, interactive and motion design along with other boutique awards. This year Designworks was awarded a Gold Pin for the Best Large Brand Identity with Moana New Zealand.

The judge complimented Moana New Zealand’s authentic and clear storytelling, particularly the ability to create a brand with great depth with such simple execution and systems. The judge noted our branding is ‘a big move’ for a large organisation to undertake.

Moana New Zealand’s kaitiakitanga film was awarded silver at the 2018 Comms Council Axis Awards for the cinematography category. The Awards recognise creative excellence in Aotearoa. New Zealand may be a small geographically isolated country, but the advertising creative is world class and we’re proud that our brand is on the national stage for excellence.

E whiwhi tohu ana te tohu o Moana New ZealandIa tau ia tau whakaatu ai ngā Best Design Awards i te kounga o ngā whakahoahoanga ā-ata, ā-wāhi, ā-hua, ā-tauwhiti, ā-nekehanga hoki, me ētahi atu tohu motuhake hoki. I tēnei tau i whakawhiwhia ki a Desingworks te Pine Koura mō te Tuakiri Tohu Nui Pai Katoa me Moana New Zealand.

I mihi hoki te kaiwhakawā ki ā Moana New Zealand tātai kōrero tūturu, mārama hoki, inā hoki ko te āheinga ki te hanga i te tohu hōhonu ki ngā whakatinanatanga me ngā pūnaha māmā. I kōrerohia e te kaiwhakawā ‘he mahi nui’ tō mātau tohu mō te rōpū nui rawa.

I whakawhiwhia ki tā Moana New Zealand whitiata kaitiakitanga te tohu hiriwa i te 2018 Comms Council Axis Awards mō te wāhanga o te pai o te whakamahi kāmera. Whakanuia ai e ngā tohu nei te kounga o te auahatanga i Aotearoa. Ahakoa te iti me te pūreitanga o Aotearoa, he whakaihuwaka te auahatanga whakatairanga, ā, e whakahīhī ana mātau kei te ao whānui tā mātau tohu mō te kounga te take.

E whakapau kaha ana mātau ki te whakapai ake i ā mātau mahi me te āhua ōna, kia ukauka ai te oranga o te mauri o ō mātau mahinga ika me tā mātau pākihi, ā, kia hora ai te uara nui ki ō mātau kaipupurihea.

We’re working to improve what we do and how we do it, to ensure the long-term sustainability of our fisheries and our business and to deliver value to our shareholders.



Whaimutu DewesChairman Tiamana Ngāti Porou, Ngāti Rangitihi

Whaimutu Dewes is constantly reminded of the strictures of his elders to realise the aspirations of the people for the generations that follow. He served on the Treaty of Waitangi Fisheries Commission, is a former director of Moana Pacific Fisheries and was Deputy Chair of Sealord Group from 1992 to 2008.

Whaimutu is also currently the Chairman of Sealord Group Ltd, Kura Limited, Ngāti Porou Forestry Group, Ngāti Porou Seafoods Group and Whainiho Developments Limited. He is a current director of Contact Energy.

Alan Gourdie

Alan is an internationally experienced CEO and Global Marketing Director of high profile large national and global organisations within the telecommunications and FMCG industries. He is currently Principal of Quantiful, a data-driven marketing company providing “big data” predictive and social marketing services to clients.

Alan is also a current Director of Fidelity Life Assurance and a Director of a number of NZ-based social media and data analytic startups. He is also a Trustee of Eden Park.

Hinerangi Raumati-Tu'uaNgāti Mutunga, Waikato

Hinerangi Raumati is a Fellow Chartered Accountant with significant investment, financial management and governance experience.

Hinerangi is currently Chair of Parininihi ki Waitotara Inc (PKW) and PKW Farms GP, Te Pou Herenga Pakihi, Port Nicholson Fisheries, Ngā Miro Trust, and Te Kiwai a Maui a Ngāruahine.

Hinerangi's current directorships include Te Ohu Kaimoana, Sealord Group Limited, Taranaki Iwi Holdings, Tainui Group Holdings, and Venture Taranaki Trust, and she is a member of the Government Tax Working Group.

Liz WardNgāti Porou

Liz Ward is the CEO of The Gough Group and has previous fisheries experience as the Chief Executive of Deep Cove Fisheries.

Liz is a commercially pragmatic senior executive with extensive experience driving business growth and improvement within a diverse range of industries including, transport and logistics, telecommunications, property development and management, and primary production.

Liz has held previous directorships and is a current member of the New Zealand Institute of Directors, Australian Institute of Directors, and Women on Boards, Australia.

Tony HannonNgāi Tahu

Tony is a Partner of Bancorp Corporate Finance with more than 26 years experience in all facets of corporate finance. He was on the Sealord deal team in 1992 when the historic acquisition was made.

Tony is currently Chairman of Healthpoint Partners, Omni Health, General Capital Technologies and Appello Services, and serves as director of Sealord Group Ltd and several other companies. Tony has previously been a director of well known companies such as Jucy Rentals, AJ Hackett Bungy, and Jade Software.

Jamie TuutaNgāti Mutunga, Taranaki Iwi, Te Ati Awa, Ngāti Tama, Ngāti Maru

Jamie has held a range of governance positions in the health, Iwi development, fishing, agribusiness and investment sectors.

Jamie chairs Te Ohu Kaimoana, Māori Television, Te Rūnanga o Ngāti Mutunga and is a former Chair of Parininihi ki Waitōtara Incorporation.

As well as holding directorships with entities relating to Taranaki Iwi, Jamie is also a director of Tāmaki Makaurau Community Housing, and is a Board Member of the Tourism New Zealand Board.

Rachel TauleleiNgāti Raukawa, Ngāti Rarua, Ngāti Koata

Rachel is the Chief Executive of Kono NZ LP.

She is also the founder of Yellow Brick Road Limited, a Wellington company that specialises in supplying responsibly-caught seafood direct into restaurants.

Rachel is currently a director of Aquaculture New Zealand, NZ Mussel Industry Council, NZ Winegrowers, and is a Trustee of Queen Margaret College, Wellington Regional Stadium, and the Young Enterprise Trust. Rachel is also a member of the Prime Minister's Business Advisory Council. In 2015 Rachel was honoured by becoming a Member of the New Zealand Order of Merit for services to the food and hospitality industry.

rārangi tumuboard of directors


R Ā R A N G I T U M U B O A R D O F D I R E C T O R S

ROLE OF THE BOARDTe Ohu Kai Moana Trustee Limited is the controlling shareholder of Moana New Zealand and is responsible for appointments to the Board. The Board has statutory responsibility for the affairs and activities of Moana New Zealand. Directors are required to monitor, direct, and control the activities of Moana New Zealand and to ensure a high standard of corporate governance is exercised in the interests of the Company and shareholders. The Board considers the annual business plan prior to the beginning of the financial year in order to determine the annual targets. The Board also sets the direction of Moana New Zealand by agreeing objectives and approving strategies. It is the role of the Chief Executive Officer and senior management to develop the strategy and manage the day-to-day operations.

CODE OF CORPORATE GOVERNANCEAs required by our constitution the Board has implemented a Code of Corporate Governance (incorporating a Code of Ethics). This code reflects accepted best practice among companies listed on the New Zealand Stock Exchange.The guiding principles upon which the Company Governance Code is based, includes integrity and accountability. A clear understanding of moral and ethical responsibilities and strict observance of these obligations will assist Moana New Zealand in gaining support from Iwi and other stakeholders for the Company’s strategies. The following is a summary of the sections from the Moana New Zealand Corporate Governance Code:

Board Composition and PerformanceThe Board represents a balance of independence, skills, knowledge, experience, and perspectives ensuring Moana New Zealand works effectively. During the course of the year the Board has guided the direction of Moana New Zealand and provided oversight to management at a strategic level.Ethical StandardsDirectors have demonstrated and fostered ethical standards as required by the Code and acted honestly and in good faith.Relationships with IwiDirectors have ensured that Moana New Zealand uses its best endeavours to work co-operatively with Iwi, consistent with the requirement of the Māori Fisheries Act to manage Moana New Zealand assets in a commercial manner.Stakeholder InterestsThe Board respects the interests of all stakeholders within the context of Moana New Zealand’s special type of ownership and its fundamental purpose.Reporting and DisclosureAccountability is a principal incentive for good corporate governance and the Board demands integrity both in financial reporting and in the timeliness and level of disclosure.AuditorThe Board ensures the integrity, objectivity and independence of the external audit process.Risk ManagementThe Board annually reviews that Moana New Zealand has appropriate policies and processes that identify and manage all potential and relevant risks.RemunerationRemuneration of executives is transparent, fair, and reasonable.

BOARD COMMITTEESThe Board uses committees in key areas where this enhances Moana New Zealand’s overall effectiveness while retaining full Board responsibility for all governance decisions.Three Committees to assist and enhance the Board's stewardship in three key areas – financial integrity and business risk, Health and Safety and executive remuneration.The Committees make recommendations to the full Board on all matters requiring a decision.Health and Safety CommitteeThe Health and Safety Committee has written terms of reference, and its activities are reviewed by the full Board.The Health and Safety Committee assists the Board in health and safety policy and planning, delivering an effective system, and monitoring and reviewing the performance. The Health and Safety Committee met on three occasions during the year. The members were: Jamie Tuuta (Chair) Alan Gourdie Liz WardAudit and Risk CommitteeWritten terms of reference guide the activities of the Audit and Risk Committee and these activities are reported to and reviewed by the full Board. Directors who are not members of the Audit and Risk Committee receive all Committee papers and may attend meetings.The Audit and Risk Committee assists the Board in financial reporting compliance and meeting its responsibilities under the Financial Reporting Act 2013 and the Companies Act 1993. The Audit and Risk Committee also reviews the work and findings of the external auditor, Deloitte. The Auditor has direct access, via the Chair, to the Committee and Deloitte attend the Audit and Risk Committee meetings.

Prior written approval of the Board is required before the external auditor is able to perform any non-external audit work. This decision is based on a review of the appropriateness of engaging the external auditor for the specified non-audit work as opposed to Moana New Zealand carrying out the work in-house or through other external parties. The Auditor did not carry out any non-audit work during the year.The Audit and Risk Committee reviews the adequacy of internal controls and insurance policies. Moana New Zealand has an ongoing internal audit programme to assist in ensuring performance is robust. A good cross section of commercial, accounting and finance experience is provided by Directors of the Audit and Risk Committee, who met on five occasions during the year. The members were: Hinerangi Raumati-Tu'ua (Chair) Tony Hannon Craig EllisonExecutive Remuneration CommitteeThe Executive Remuneration Committee has written terms of reference and its activities are reviewed by the full Board.The Executive Remuneration Committee is responsible for setting and reviewing the remuneration of the CEO and executive management as well as overseeing remuneration policies and practices at all levels of management. The Executive Remuneration Committee met once during the year. The members were:Whaimutu Dewes (Chair) Rachael Taulelei Liz Ward Table of Meeting Attendance for DirectorsAttendance records of Board and Committee meetings for the year ended 30 September 2018 are provided in the table to the right.

Directors

Board Health and Safety Committee

Audit and Risk Committee

Remuneration Committee

Attended Required Attended Required Attended Required Attended RequiredWhaimutu Dewes Appointed 1/10/11 8 8 6 - 4 - 2 2

Craig Ellison Resigned 20/6/18 4 5 3 - 2 3 - -

Alan Gourdie Appointed 1/11/13 7 8 5 6 - - - -

Tony Hannon Appointed 1/11/13 5 8 4 - 2 4 - -

Hinerangi Raumati-Tu'ua Appointed 15/11/12 7 8 3 - 4 4 - -

Rachael Taulelei Appointed 1/12/15 7 8 5 - - - 2 2

Jamie Tuuta Appointed 15/7/11 7 8 5 6 - - - -

Liz Ward Appointed 1/11/13 7 8 6 6 1 - 2 2

whakahaerenga rangatōpūcorporate governance


W H A K A H A E R E N G A R A N G A T Ō P Ū C O R P O R A T E G O V E R N A N C E

Steve Tarrant CEO Tumuaki

Steve was appointed to the role of CEO in September having previously been the Chief Operating Officer for Moana New Zealand.

Steve, a South Islander born in Temuka, brings over 20 years’ experience in the seafood business, plus six years as General Manager of Operations with Centreport. He previously worked at Deep Cove Fisheries, which later became part of the Talleys Group.

One of the attractions of Moana was the chance to work under a different model – a 100% Māori-owned company with its focus on kaitiakitanga and manakitanga.

Steve feels he delivers a valuable contribution working in a company that is striving to be here for future generations and whose results have a real impact for its shareholders.

Karen Funnell Group Health and Safety Manager Kaiwhakahaere Rōpū Hauora me te Haumarutanga

Karen joined us from the Port sector in Wellington in July 2017. She has a Diploma in Health and Safety Management with over 20 years’ experience in operational management including health and safety.

Karen is dedicated to the safety and health of people in the workplace and is proud to be part of a whanau centric organisation.

Dean Pennell Chief Innovation, Marketing and Sales Officer Tumu Atamai, Whakatairanga, Hokonga Ngāi te Rangi and Ngāti Kahu o Tauranga

Dean has spent the last ten years in leadership roles at Industrial Tube Manufacturing, most recently as Chief Executive. Prior to joining Industrial Tube, Dean held a number of senior marketing and sales roles across the agribusiness sector including Tatua Cooperative Dairy Company, Deep Cove Fisheries and Weddel New Zealand.

In all these roles Dean has focussed on building sustainable organisations with particular emphasis on premiumisation and value add.

Dean enjoys travelling, seeing new places and meeting new people and loves to spend time with his growing family, including his new mokopuna.

Simon Jones Chief Financial Officer Tumu Pūtea

Simon has been involved in the primary sector for many years and his experience includes previous CFO roles and working in the USA for a public company, where he managed an international finance and IT team in the USA, Russia, Chile, Japan and Canada. Simon has also spent time with an international accountancy firm in New Zealand, Canada and the USA.

Simon is a regular presenter at conferences and is a Fellow Chartered Accountant, with Master of Business Administration and Master of Commerce (Honours) degrees. Simon has had governance experience from chairing one of New Zealand's largest early childhood education organisations.

ngā āpiha whakahaereexecutive team

Katrina Thomson Group HR Manager Kaiwhakahaere Take Tangata o te Kāhui Te Aitanga-a-Hauiti and Te Aitanga-a-Māhaki

Katrina has a BSocSc (Waikato) majoring in Labour Studies and HR.

Katrina joined Moana in 2015, previously working in national and regional leadership positions in the private prison sector, and in government working with industry groups and small businesses.

Katrina is married to Akerei and has four children.

Katrina is proud to work for a fully Māori owned company is conscious of the responsibility we have, she is passionate about people development and ensuring we are contributing to providing financially and socially for future generations – nga Iwi katoa.

Grant Shuker Group Commercial Manager Kaiwhakahaere Tauhokohoko

Grant joined Moana New Zealand in 2004. He is a qualified accountant and joined after a number of years working for a professional services firm primarily involved in financial and business process improvement assignments. Since joining, Grant has spent most of his time in the Fin Fish area and has a passion for supporting earnings improvement through insightful financial analysis, while appreciating that practical solutions must be delivered. After nearly 15 years in the business, Grant believes that a positive difference is being made through strong team work, including continuing to strengthen commercial relationships with shareholders, in order to the manage our way through the diverse challenges being faced by a commercial fishing operator.

Michelle Cherrington Group Communications Manager Kaiwhakahaere Kōrerorero o te Kāhui Ngāti Awa, Te Whānau-ā-Apanui

Michelle joined the Moana New Zealand whanau in 2012, having spent almost ten years in communications and marketing roles within the building industry.

Michelle grew up in Whakatane next to the awa and ocean and believes Māori have always been kaitiaki of our precious resources. Working for an Iwi-owned company, she understands Moana New Zealand’s responsibility to addressing important challenges within the fishing industry.

Fiona Wikaira Shellfish Operations Manager Kaiwhakahaere Mahinga Mātaitai Ngāpuhi

Fiona has always wanted to work with Iwi to ensure long term sustainability of Treaty Settlement Assets for future generations and joined Moana New Zealand in 2018.

Fiona has worked in the manufacturing and FMCG sectors throughout her career.

Holding a Bachelor of Chemical and Materials Engineering degree from the University of Auckland, Fiona is an experienced Operations Manager and her passion is creating “Great Work Places” through organisational culture development.

Fiona’s hobbies include tennis, indoor netball, surfing, and travelling. Spending time with her small whanau drives her to continue succeeding while maintaining a healthy work life balance.


N G Ā Ā P I H A W H A K A H A E R E E X E C U T I V E T E A M

Quota Management System (QMS)The QMS was introduced in 1986 to manage and conserve New Zealand’s commercial fisheries. It is based on the concept of creating property rights in Individual Transferable Quota (ITQ) and ensuring sustainability by setting an annual limit on total commercial catches from each fish stock.

Individual Transferable Quota (ITQ)ITQ was allocated for all main inshore and deepwater fisheries, and today 98 species, or groups of species, are managed as 642 separate fish stocks under the QMS. The quota allocated for each fish stock is in perpetuity, and is measured in a fixed number of quota shares. Quota owners are able to buy, sell and lease their quota or catch rights, and to choose the method and the time of year they harvest their catches within these limits.

Annual Catch Entitlement (ACE)At the beginning of each fishing year, quota owners are entitled to ACE generated from their quota shares. The ACE gives a right to harvest a specified quantity of a fish stock in an area for one year. ACE varies from year to year depending on the Total Allowable Commercial Catch (TACC) level set by the Minister of Primary Industries.

Total Allowable Catch (TAC) The TAC is the total regulated catch from a fish stock in a given time period, usually a year, and is allocated to commercial, customary and recreational fishers. This catch limit is set by the Minister of Primary Industries after consultation with fishers, and is generally set at the maximum sustainable yield.

Total Allowable Commercial Catch (TACC)The proportion of the TAC allocated to commercial fishers is known as the TACC.

Maximum Sustainable Yield (MSY) MSY is the largest average catch or yield that can continuously be taken from a fish stock each year without depleting that stock.

Deemed Values Deemed values are civil payments made to the Crown as a defence for landing catch of QMS species for which the individual fisher holds no ACE. They are designed to act as an incentive for fishers to obtain ACE which matches their catch for each fishing year.

Pūnaha Whakahaere Roherohenga (PWR)I whakaurua mai te (PWR) i te tau 1986 ki te whakahaere, ki te tiaki hoki i ngā mahinga ika tauhokohoko o Aotearoa. He mea whakarite i runga i te ariā waihanga tika rawa i roto i ngā Roherohenga Tauhoko Motuhake (RTM) kia toitū tonu ai mā te whakarite rāhui ā tau mō ia momo ika tauhokohoko.

Roherohenga Tauhoko Motuhake (RTM)I tohaina ngā RTM mō ngā ika o uta katoa me ngā h ī nga ika wai hōhonu, na i tēnei rā e 100 ngā momo ika, huinga momo ika rānei, e whakahaeretia ana i ngā rāngai ika 636 motuhake i raro i te RTM. Ko ngā roherohenga o ia rāngai ika i tohaina mō ake tonu atu, he mea ine mā ngā hea roherohenga ukauka. Ka taea e ngā kaipupuri roherohenga te hoko atu, te rīhi i aua roherohenga, tika hopu ika rānei, me te whiriwhiri mō āhea o roto i te tau hauhaketia ai aua roherohenga.

Haonga Ika ā Tau (HIT)I te tīmatanga o ia tau hī ika, ka taea e ngā kaipupuri roherohenga te HIT i puta mai i a rātau hea roherohenga. He tika tā te HIT kia hauhaketia he tūtanga ika rite i tētahi rohe mō te tau kotahi. Ka rerekē te HIT mai i tētahi tau ki tētahi tau, inā te nui o te Haonga Tauhokohoko Katoa e Whakaaetia ana (HTKW) ka whakaritea e te Minita Tautiaki i Ngā Tini a Tangaroa.

Haonga Ika Katoa e Whakaaetia ana (HIKW)Ko te HIKW te huinga o ngā ika ika ka mau mai i tētahi rāngai ika i tētahi wā, he tau te roa i te nuinga o te wā, ka tohaina ki te hunga hī tauhokohoko, tikanga, rēhia rānei. Mā te Minita Tautiaki i NgāTini a Tangaroa tēnei e whakarite ka mutu ana te kōrerorero ki te hunga hī, ka whakatauria ki te taumata teitei e whakaaetia ana i te nuinga o te wā.

Haonga Tauhokohoko Katoa e Whakaaetia ana (HTKW)Ko te wāhanga o te HIKW ka tohaina ki te hunga hī tauhokohoko e mōhingia ana he HTKW.

Huanga Toitū Ikeike (HTI)HTI, ko te huanga rarahi rawa ka taea tonutia te mau i tētahi rāngai ika i ia tau i runga i te korenga o taua rāngai ika e heke rawa.

Utunga HaraKo te utunga hara he utu ka tae ki te Kāwanatanga hei karo mō te hī pokanoa i te ika kāre i te HIT o te tangata nāna i hopu. I waihaNgātia hei akiaki i ngā kaihī ki te hoko HIT e rite ana ki a rātau hopunga i ia tau.

kupu o te pūnaha whakahaere roherohenga

quota management system terminology

whakaharaharatanga ā pūtea financial highlights

F O R T H E Y E A R E N D E D 3 0 S E P T E M B E R 2 0 1 8

Total Revenue

20182017201620152014

162.

3

174.

9

177.

1

152.

2

147.

5

$ m

illion

Financing Cost

20182017201620152014

4.5

3.8 4.

1

3.7

3.3

$ m

illion

20182017201620152014

12.7

5.9

11.5

9.3

12.1

$ m

illion

20182017201620152014

22.0

16.0

19.4

19.3 21

.4

$ m

illion

Operating Cash Flow

20182017201620152014

9.1 9.9$

milli

on 15.1

19.4

8.7

Bank Debt (Net of Cash)

20182017201620152014

70.8

70.6 73

.6

57.8

58.7

$ m

illion

Sales by species

$ m

illion

Blue Abalone1.3

Wild Abalone & RTE33.4

Fin Fish81.5

Oysters15.1

Lobster*13.4

* Lobster sales includes the share of Port Nicholson Fisheries.


K U P U O T E P Ū N A H A W H A K A H A E R E R O H E R O H E N G A Q U O T A M A N A G E M E N T S Y S T E M T E R M I N O L O G Y

W H A K A H A R A H A R A T A N G A Ā P Ū T E A F I N A N C I A L H I G H L I G H T S

taukī tapatahi moni whiwhi consolidated income statement


$000 Note 2018 2017Sale of goods 139,968 144,282 Other revenue 7,499 7,884 Total revenue 14 147,467 152,166 Cost of sales 12 (118,690) (120,947)Gross profit 28,777 31,219 Other income / (expenses) 13 (443) 5,900 Distribution expenses 12 (4,941) (4,985)Administrative expenses 12 (14,396) (16,557)Goodwill writedown 9 - (4,888)Finance expenses 12 (3,279) (3,703)Share of Sealord profit 4 12,136 9,269 Share of profit of associates and joint ventures 5 5,469 3,868 Profit before income tax 23,323 20,123 Income tax expense 17 (1,914) (863)Profit for the period 21,409 19,260

The above Income Statement should be read in conjunction with the accompanying notes.

taukī tapatahi whānui moni whiwhi consolidated statement of comprehensive income


The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

$000 Note 2018 2017Profit for the period 21,409 19,260 Other comprehensive incomeItems that may be reclassified subsequently to profit or loss(Losses) / gains from:Cash flow hedges 2 (42) (212)Share of Sealord other comprehensive income 4 886 5,528 Income tax relating to components of comprehensive income 2 & 18 7 37 Other comprehensive income for the year net of tax 851 5,353 Total comprehensive income for the year net of tax, attributable to the shareholders 22,260 24,613

55

T A U K I T A H U A P Ū T E A F I N A N C I A L S T A T E M E N T S

54 M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8

financial statementsT A U K Ī T A H U A P Ū T E A




NoteCapital

contributed

Cash flow hedging reserve

Associates’ derivative

financial instruments & other reserves

Retained earnings Total equity $000

Balance at 1 October 2017 4 286,979 (1,396) (4,893) 155,805 436,495 Net profit - - - 21,409 21,409 Other comprehensive income for the year, net of tax - (35) 886 - 851Dividend provision 3 - - - (8,564) (8,564)Balance at 30 September 2018 286,979 (1,431) (4,007) 168,650 450,191

Balance at 1 October 2016 (restated) 4 286,979 (1,221) (10,421) 146,204 421,541 Net profit - - - 19,260 19,260 Other comprehensive income for the year, net of tax - (175) 5,528 - 5,353 Dividend provision 3 - - - (9,659) (9,659)Balance at 30 September 2017 286,979 (1,396) (4,893) 155,805 436,495

$000 Note 2018 2017AssetsCurrent assetsCash and bank balances 20 - 1,513 Trade and other receivables 21 15,144 13,729 Inventories 22 6,560 6,878 Biological assets 8 7,137 7,111 Income tax 17 - 326 Derivative financial instruments 27 113 394 Total current assets 28,954 29,951 Non-current assetsProperty, plant and equipment 23 55,477 55,739 Investment in Sealord Group Limited 4 205,647 196,747 Investments in associates and joint ventures 5 8,258 7,625 Quota shares 7 242,719 238,983 Goodwill 9 4,710 4,710 Intangibles 24 6,230 5,856 Financial assets 1,670 2,009 Deferred tax 18 432 819 Total non-current assets 525,143 512,488 Total assets 554,097 542,439 LiabilitiesCurrent liabilitiesCash and bank balances 20 819 - Trade and other payables 25 11,480 12,401 Provisions 10 11,114 12,168 Redeemable preference shares 11 20,000 20,000 Derivative financial instruments 27 1,031 596 Income tax 17 694 - Total current liabilities 45,138 45,165 Non-current liabilitiesBorrowings 26 57,852 59,334 Derivative financial instruments 27 916 1,445 Total non-current liabilities 58,768 60,779 Total liabilities 103,906 105,944 Net assets 450,191 436,495 EquityShareholders’ equityCapital contributed 2 286,979 286,979 Cash flow hedging reserve 2 (1,431) (1,396)Associates’ derivative financial instruments and other reserves (4,007) (4,893)Retained earnings 168,650 155,805 Total shareholders’ equity 450,191 436,495

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

ripanga kaute tapatahi o te tūranga pūtea consolidated statement of financial position

A S A T 3 0 S E P T E M B E R 2 0 1 8

For and on behalf of the board, who authorised the issue of these Financial Statements on 5 December 2018.

Whaimutu Dewes Hinerangi Raumati-Tu'ua Chairman Chair of the Audit and Risk Committee

taukī tapatahi tūtanga rerekētanga consolidated statement of changes in equity


The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.


57


56 M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8

P I T O P I T O K Ō R E R O M Ō N G Ā T A U K Ī P Ū T E A N O T E S T O F I N A N C I A L S T A T E M E N T S

Notes to Financial StatementsP I T O P I T O K Ō R E R O M Ō N G Ā T A U K Ī P Ū T E A


$000 Note 2018 2017Cash flows from operating activitiesCash was provided from:Receipts from customers 145,394 151,923 Interest received 50 114

145,444 152,037 Cash was disbursed to:Payments to suppliers and employees 132,929 127,046 Interest paid 3,279 3,703 Taxation paid 500 1,925

136,708 132,674 Net cash flows from operating activities 15 8,736 19,363 Cash flows from investing activitiesCash was provided from:Dividends received 10,120 7,063 Sale of quota 775 9,301 Sale of property, plant and equipment 53 72

10,948 16,436 Cash was disbursed to:Purchase of property, plant and equipment 4,340 7,289 Purchase of quota 4,500 - Purchase of associate 644 - Acquisition of intangibles 873 645 Loan to Sealord - 3,500

10,357 11,434 Net cash flows from investing activities 591 5,002 Cash flows from financing activitiesCash was provided from:Proceeds of borrowings - 3,500

- 3,500 Cash was disbursed to:Repayment of borrowings 2,000 18,000 Dividends paid to shareholders 9,659 8,237

11,659 26,237 Net cash flows from financing activities (11,659) (22,737)Net (decrease) / increase in cash held (2,332) 1,628 Cash at the beginning of the period 1,513 (115)Effects of exchange rate on cash held in foreign currencies - Cash at the end of the year 20 (819) 1,513 Comprising:Cash and bank balances (819) 1,513

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

taukī tapatahi aurere pūtea consolidated statement of cash flows


Contents1. Reporting Entity and Basis of Presentation 602. Shareholders‘ Equity 623. Dividend Declared 644. Investment in Sealord Group 645. Investments in Subsidiaries, Associates and Joint Ventures 666. Related Party Transactions 687. Quota Shares 698. Biological Assets 699. Goodwill 7010. Provisions 7111. Redeemable Preference Shares 7112. Expenses 7213. Other income/(expenses) 7214. Revenue 7315. Cash Flow Statement Reconciliation 7316. Operating Lease Arrangements 7417. Current Tax 7418. Deferred Tax 7519. Imputation Credit Account 7520. Cash and Bank Balances 7621. Trade and Other Receivables 7622. Inventories 7723. Property, Plant and Equipment 7724. Intangibles 7925. Trade and Other Payables 7926. Borrowings 8027. Risk Management 8128. Commitments 8929. Contingent Liabilities and Contingent Assets 89



58 M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8



pitopito kōrero mō ngā taukī pūtea notes to the financial statements




HedgingThe group expects that all existing hedge relationships that are currently designated in effective hedging relationships will continue to qualify for hedge accounting under NZ IFRS 9. Any ineffectiveness from the hedge relationship will be recognised in profit or loss.

DisclosureNZ IFRS 9 also introduces expanded disclosure requirements and changes in presentation for financial instruments. These are expected to change the nature and extent of the Group’s disclosure of its financial instruments particularly in the year of adoption.

The above represents the Group's initial analysis on adoption of NZ IFRS 9 and it will continue to refine its assessment.

NZ IFRS 15 – Revenue from Contracts with Customers: NZ IFRS 15 specifies the revenue recognition criteria governing the transfer of promised goods or services to customers. NZ IFRS 15 replaces the guidance in NZ IAS 18 Revenue, which covers revenue from contracts for goods and services, and NZ IAS 11 Construction Contracts, which covers revenue earned through construction contracts. NZ IFRS 15 is required to be adopted for periods beginning on or after 1 January 2018.

NZ IFRS 15 is based on the core principle that revenue is recognised when control of goods or services transfers to a customer, and that the amount of revenue recognised reflects the consideration to which an entity expects to be entitled to in exchange for those goods and services which are delivered or performed under contracts with customers.

Revenue from goods and services is currently recognised when ownership of goods changes hands, or when services are performed. Under NZ IFRS 15, revenue is recognised and allocated to performance obligations as they are met. Preliminary findings show that it is expected that the timing of revenue recognition and allocation of revenue under NZ IFRS 15 will be consistent with current practices.

The above represents the Group's initial analysis on adoption of NZ IFRS 15 and it will continue to refine its assessment.

Accounting PoliciesThere have been no changes in accounting policies.

Basis of ConsolidationThe financial statements incorporate the financial statements of the Company and all subsidiaries (these are entities controlled by the Company and significant subsidiaries are listed in note 5, collectively the Group). Control is achieved where the Company has power over the investee, is exposed, or has rights to variable returns from its involvement with the investee and has the ability to use this power to influence these returns.

All significant inter-company transactions are eliminated on consolidation. Subsidiaries' accounting policies are consistent with the policies adopted by the Group.

Significant Accounting Judgements, Estimates and AssumptionsManagement is required to make judgements, estimates, and assumptions that affect the reported amounts in the financial statements. Management bases its judgements and estimates on historical experience and on other various other factors it believes to be reasonable under the circumstances. Actual results may differ from these estimates. The principal areas of judgements and estimates made in preparing the financial statements include tax, estimating useful lives of assets, impairment of quota and goodwill, and marine biological assets. Further details of these judgements may be found in the relevant notes to the financial statements.

1. Reporting Entity and Basis of PresentationCorporate InformationAotearoa Fisheries Limited, trading as Moana New Zealand (the Company) was incorporated in New Zealand on 26 November 2004. The Moana New Zealand Group of Companies consists of the Company, its subsidiaries and associates (the Group).

The Group’s principal activities during the year were the harvesting, procurement, farming, processing, and marketing of sustainably produced seafoods to consumers in domestic and major international markets. The registered office of the Group is 1-3 Bell Avenue, Mt Wellington, Auckland.

Basis of PreparationThe financial statements have been prepared on the historical cost basis except where indicated otherwise within the specific accounting policies.

The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($000's), unless otherwise indicated.

Statement of ComplianceThese general purpose financial statements for the year ended 30 September 2018 have been prepared in accordance with generally accepted accounting practice (GAAP), and comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), and other applicable Financial Reporting Standards as appropriate for profit-oriented entities. The financial statements also comply with International Financial Reporting Standards (‘IFRS’), and with the requirements of the Companies Act 1993 and the Māori Fisheries Act 2004.

New Accounting Standards and InterpretationsThe Group adopts new standards and interpretations in the period in which they become mandatory. None had a material impact on these financial statements.

There are a number of Standards, Amendments and Interpretations which have been approved but are not yet effective. The Group expects to adopt these when they become mandatory. The exact impact will be fully assessed in the year they are adopted.

New standards and revisions that have not been early adopted include:

NZ IFRS 9 – Financial Instruments:NZ IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces a new impairment model for financial assets and introduces new rules for hedge accounting. The standard is effective for periods beginning on 1 January 2018 and replaces the guidance currently in NZ IAS 39 Financial Instruments: Recognition and Measurement.

The Group has performed a preliminary review of its financial assets and liabilities and expect the following impacts from the adoption of the new standard.

Classification and MeasurementNZ IFRS 9 removes the existing NZ IAS 39 Financial asset categories of ‘Held to maturity’, ‘Loans and receivables’, and ‘Available for sale’ and replaces these with new measurement categories of ‘Measured at amortised cost’ and ‘Fair value’, ‘Fair value’ can be classified as ‘Fair value through Other Comprehensive Income’ (FVTOCI), or ‘Fair value through Profit or Loss’ (FVPTL). The Group does not believe that the new classification and measurement requirements of NZ IFRS 9 will have a material impact on its balance sheet or equity.

The Group’s cash and cash equivalents, and trade and other receivables are held to collect contractual cash flows that are expected to represent solely payments of principal and interest. On adoption of NZ IFRS 9 these financial assets will continue to be measured at amortised cost and classified as ‘Measured at amortised cost’. There is no significant impact on the Group’s accounting for financial liabilities as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss, and the Group does not have any material financial liabilities that are designated at fair value through profit or loss.

ImpairmentNZ IFRS 9 introduces a new impairment model that requires the recognition of impairment provision based on expect credit losses (ECL) rather than only incurred credit losses as was the case under NZ IAS 39. The new impairment model applies to the Group’s financial assets measured at amortised cost and consequently the Group will be required to record expected credit losses, either on a 12-month or lifetime basis, on all trade and other receivables. The Group will apply the simplified approach and record lifetime expected losses on all trade receivables. In general, the Group anticipates that the application of the new impairment model will result in earlier recognition of credit losses, and will increase the amount of loss allowance recognised on applicable items.

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8 6160







2018 Number

of shares

2018 % of total

shares

2017 Number

of shares

2017 % of total

sharesNgāti Apa Ki Te Rā Tō Assets Holding Company Limited 192 0.08% 192 0.08%Ngāti Awa Asset Holdings Limited 3,902 1.56% 3,902 1.56%Ngāti Kahu Fisheries Limited 2,134 0.85% 2,134 0.85%Ngāti Manawa Tokowaru Asset Holding Company Limited 462 0.18% 462 0.18%Ngāti Maru (Taranaki) Fishing Limited 266 0.11% 266 0.11%Ngāti Mutunga o Wharekauri Asset Holding Company Limited 334 0.13% 334 0.13%Ngāti Porou Seafoods Limited 18,732 7.49% 18,732 7.49%Ngāti Pūkenga Iwi Fish Holdings Limited 366 0.15% 366 0.15%Ngāti Ranginui Fisheries Holding Company Limited 1,952 0.78% 1,952 0.78%Ngāti Rārua Asset Holding Company Limited 238 0.10% 238 0.10%Ngāti Ruanui Fishing Limited 1,672 0.67% 1,672 0.67%Ngāti Tūwharetoa Fisheries Holdings Limited 10,078 4.03% 10,078 4.03%Ngāti Whare Holdings Limited 206 0.08% 206 0.08%Ngāti Whātua Fisheries Limited 3,862 1.54% 3,862 1.54%Ngātiwai Holdings Limited 1,212 0.48% 1,212 0.48%Pare Hauraki Asset Holdings Limited 4,012 1.60% 4,012 1.60%Rangitāne Holdings Limited 370 0.15% 370 0.15%Rangitāne o Te Ika A Maui Limited 978 0.39% 978 0.39%Raukawa Asset Holding Company Limited 2,666 1.07% 2,666 1.07%Raukawa Ki Te Tonga AHC Limited 5,800 2.32% 5,800 2.32%Rongowhakaata Iwi Asset Holding Company Limited 1,098 0.44% 1,098 0.44%Tama Asset Holding Company Limited 184 0.07% 184 0.07%Taranaki Iwi Fisheries Limited 1,768 0.71% 1,768 0.71%Tapuika Holding Limited 525 0.21% - - Te Aitanga ā Māhaki Trust Asset Holding Company Limited 1,326 0.53% 1,326 0.53%Te Arawa Fisheries Holding Company Limited 11,411 4.56% 11,936 4.77%Te Ātiawa (Taranaki) Holdings Limited 4,166 1.67% 4,166 1.67%Te Ātiawa Asset Holding Company Limited 578 0.23% 578 0.23%Te Aupōuri Asset Holding Company Limited 2,406 0.96% 2,406 0.96%Te Hoiere Asset Holding Company Limited 372 0.15% 372 0.15%Te Kumukumu Limited 668 0.27% 668 0.27%Te Kupenga o Maniapoto Limited 9,086 3.63% 9,086 3.63%Te Pataka O Tangaroa Limited 968 0.39% 968 0.39%Te Patiki Holdings Limited 306 0.12% 306 0.12%Te Urungi O Ngāti Kuri Limited 1,426 0.57% 1,426 0.57%Te Waka Pūpuri Pūtea Limited 3,534 1.41% 3,534 1.41%Tūhoe Fish Quota Limited 8,754 3.50% 8,754 3.50%Waikato-Tainui Fisheries Limited 13,702 5.48% 13,702 5.48%Whaingaroa Fisheries Company Limited 600 0.24% 600 0.24%Whakatōhea Fisheries Asset Holdings Company Limited 2,976 1.19% 2,976 1.19%Whanganui Iwi Fisheries Limited 2,880 1.15% 2,880 1.15%Total shares 250,000 100.00% 250,000 100.00%

2. Shareholders‘ Equity(a) Capital ContributedPursuant to the Māori Fisheries Act, the Company received certain assets and liabilities in 2004, of which the net fair value was treated as a shareholders‘ capital contribution.

The following table is a summary of the share capital.

2018 Number

of shares

2018 Book value

of shares $000

2017 Number

of shares

2017 Book value

of shares $000

Voting shares 125,000 - 125,000 - Income shares (fully paid) 250,000 286,979 250,000 286,979 Shares at end of year 375,000 286,979 375,000 286,979

(b) Voting Shares All the voting shares are held with Te Ohu Kai Moana Trustee Limited, and confer all the rights to vote as under the Companies Act. The voting shares have no rights to dividends or other distributions.

(c) Income SharesUnder the Māori Fisheries Act, 80% of the income shares are to be held with mandated Iwi organisations, with Te Ohu Kai Moana Trustee Limited holding 20%. Te Ohu Kai Moana Trustee Limited is still holding income shares in trust for Iwi that have yet to be allocated under the Māori Fisheries Act. Income shares carry an equal right to dividends and share in other distributions, including assets on a wind-up.

2018 Number

of shares

2018 % of total

shares

2017 Number

of shares

2017 % of total

sharesTe Ohu Kai Moana Trustee Limited (to be allocated) 3,332 1.33% 3,332 1.33%Te Ohu Kai Moana Trustee Limited (held on trust) 50,000 20.00% 50,000 20.00%Ātiawa Ki Whakarongotai Holdings Limited 146 0.06% 146 0.06%Ātiawa Nui Tonu Fisheries Limited 518 0.21% 518 0.21%Hokotehi Settlement Quota Holding Company Limited 176 0.07% 176 0.07%Ika Toa Limited 1,532 0.61% 1,532 0.61%Kahungunu Asset Holding Company Limited 15,748 6.30% 15,748 6.30%Koata Limited 260 0.10% 260 0.10%Maruehi Fisheries Limited 486 0.19% 486 0.19%Muaūpoko Trading Company Limited 560 0.22% 560 0.22%Ngāi Tahu Fisheries Investments Limited 12,220 4.89% 12,220 4.89%Ngāi Tamanuhiri Asset Holding Company Limited 356 0.14% 356 0.14%Ngāitakoto Holdings Limited 150 0.06% 150 0.06%Ngāi Te Rangi Fisheries AHC Limited 3,078 1.23% 3,078 1.23%Ngāpuhi Asset Holding Company Limited 31,582 12.63% 31,582 12.63%Ngāruahine Fisheries Limited 964 0.39% 964 0.39%Ngā Wairiki – Ngāti Apa Developments Limited 724 0.29% 724 0.29%








(b) Movements in Carrying Amount The movement in the carrying value of the investment in Kura Limited is as follows:

$000 2018 2017Balance 1 October 196,747 182,702 Share of profit / (loss) after tax 12,136 9,269 Share of other comprehensive income 886 5,528 Share of dividends (4,640) (4,588)Loan advance 518 3,836 Balance at 30 September 205,647 196,747

(c) Summarised Financial Information The summarised financial information is extracted from the audited Kura Limited Statement of Financial Position:

$000

As at 30 September

2018

As at 30 September

2017Current assets 192,410 182,473 Non-current assets 617,944 555,855

810,354 738,328 Current liabilities (97,476) (170,621)Non-current liabilities (272,696) (144,289)

(370,172) (314,910)Net assets 440,182 423,418

$000

For the year ended

30 September 2018

For the year ended

30 September 2017

Revenue 344,099 378,037 Expenses (319,827) (359,500)Profit for the year 24,272 18,537 Other comprehensive income / (expenses) 1,772 11,056 Total comprehensive income / (loss) for the year 26,044 29,593

Included within the summarised financial information above are the following items, extracted from the audited Kura Limited Statement of Financial Position:

$000

As at 30 September

2018

As at 30 September

2017Cash and cash equivalents 97,516 92,806

Current financial liabilities (excluding trade and other payables and provisions) (13,182) (106,905)Non-current financial liabilities (excluding trade and other payables and provisions) (266,027) (136,444) Depreciation and amortisation (12,550) (12,600)Interest income 164 106 Interest expense (9,579) (8,921)Income tax expense / (income) (11,686) (6,647)

(d) Cash Flow Hedging Reserve

$000 2018 2017Balance at beginning of the year (1,396) (1,221)Net losses on cash flow hedges (post tax) (35) (175)Balance at end of the year (1,431) (1,396)

This reserve records the gains or losses on cash flow hedging instruments that are determined to be effective hedges.

The cumulative deferred gain or loss on hedges is recognised in the Income Statement when the hedged transaction impacts revenue or expense, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy (refer note 27).

3. Dividend DeclaredOn 22 November 2018, the Directors approved a gross dividend of $10.4 million (2017: $11.7 million), resulting in a net cash dividend after Māori authority credits to shareholders of $8.6 million. This has been accrued in the financial statements under the requirements of the Māori Fisheries Act 2004, to pay at least 40% of profit back to shareholders. The dividend will be paid in December 2018.

The dividend is calculated as follows:

$000 2018 2017Profit for the year 21,409 19,260 Adjust for unrealised goodwill writedown - 4,888 Adjusted profit number 21,409 24,148 Dividend at 40% 8,564 9,659

The following shows the dividend components:

$000 2018 2017Dividend declared after balance date 10,380 11,708 Māori authority credits (1,816) (2,049)Net cash dividend to shareholders 8,564 9,659

Dividend per share $34.26 $38.64

4. Investment in Sealord Group(a) Investment Details Kura Limited is the 100% owner of Sealord Group Limited (Sealord), with Moana New Zealand owning a 50% interest in Kura Limited. Kura Limited is a joint venture incorporated in New Zealand, with Nippon Suisan Kaisha Limited owning the other 50% ownership interest and voting rights. The principal activities of Sealord are catching, procurement, processing and marketing of seafood in New Zealand and internationally. The Company's investment in Sealord is accounted for using the equity accounting method as outlined in note 5.

The Company advanced to Sealord two loans of $3.5m, one in 2017 and one in 2016 for the construction of a new deep sea vessel. An equivalent loan to Sealord was also made by Nippon Suisan Kaisha Limited. The loans to Sealord are for five years, renewable for a further three years and is unsecured. Moana New Zealand charges interest to Sealord at the same interest cost to Moana New Zealand from its banker. Further details of this loan are described in note 26.

$000 2018 2017Kura Limited 205,647 196,747








(d) Investment in Joint VenturesOn 20 April 2018 the Company acquired a 20% interest in Bay Packers Limited Partnership, which purchased the business of Bay Packers (NZ) Limited and Petromont Export Limited a fish processing, retail and export business.

Details of the Group's joint ventures are as follows:

Ownership interestsJoint venture Balance date 2018 2017 Principal activityAuckland Fishing Port Limited 31 March 33% 33% Holds an Auckland fishing wharf leaseBay Packers Limited Partnership 30 September 20% 0% Harvests and markets wet fishInshore Fisheries JV Limited Partnership 30 September 50% 50% Harvests and markets wet fishJemco Limited 30 September 40% 40% Market aquaculture productsOceanz Seafood Licensing 30 September 50% 50% Seafood franchise operatorPrepared Foods Limited 30 September 50% 50% Markets canned abalonePrepack Limited 30 June 50% 50% Assembles ration packsPrecision Seafood Harvesting JV Limited Partnership 30 September 33% 33% Harvesting, research and development

All the joint ventures are incorporated in New Zealand.

The movement in the carrying value of the investment in joint ventures (excluding Kura Limited) is as follows:

$000 2018 2017Balance 1 October 6,755 5,569 Share of profit after tax 918 1,186 Share of dividends (1,775) - Acquisition of investment 644 - Balance at 30 September 6,542 6,755

The summarised financial information in respect of the Group‘s joint ventures (excluding Kura Limited) is set out below:

$000 2018 2017Current assets 15,862 15,422 Non-current assets 2,601 343

18,463 15,765 Current liabilities (5,796) (3,364)Non-current liabilities (19) (10)

(5,815) (3,374)Net assets 12,648 12,391

Revenue 82,478 84,487 Expenses (80,273) (82,150)Profit for the year and total comprehensive income 2,205 2,337

5. Investments in Subsidiaries, Associates and Joint VenturesThe Group’s share of results of equity accounted joint ventures and associates are included in these consolidated financial statements from the date that joint control or significant influence begins, until the date that joint control or significant influence ceases.

Under the equity method, an investment in a joint venture or associate is initially recognised in the balance sheet at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the joint venture or associate less any impairment losses.

Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment and is assessed for impairment as part of that investment.

(a) Investment Details

$000 2018 2017Investments in associates 1,716 870 Investments in joint ventures 6,542 6,755 Total 8,258 7,625

(b) Investment in SubsidiariesDetails of the Group‘s significant subsidiaries are as follows:

Significant subsidiary Principal activityAFL Investments Limited Investment companyMoana Pacific Fisheries Limited Non trading company, licensed fish receiverOPC Quota Limited Quota ownerPacific Marine Farms Limited Investment companyPaua Holdings New Zealand Limited Holding companyPrepared Foods Processing Limited Investment companyPupuri Taonga Limited Quota ownerPrepared Foods 2009 Limited Owns the Prepared Foods trading name

All subsidiaries are 100% owned, direct subsidiaries of the Group, and are incorporated in New Zealand and have a 30 September balance date.

(c) Investment in AssociatesOn 1 April 2016, the Company entered into an amalgamation with Port Nicholson Fisheries to form the largest Māori owned lobster processing business in New Zealand. The Company's share in the limited partnership is based on each limited partners annual catch entitlement contribution to the partnership. This is currently at 58.2%. The limited partnership is managed by Koura Inc General Partner Limited. The Company has a 25% share in the general partner, and therefore has significant influence over the limited partnership. The Company's investment in the limited partnership has been accounted for as an associate.

Details of the Group's associates are as follows:

Ownership interestsAssociate 2018 2017 Principal activityPort Nicholson Fisheries Limited Partnership 58% 51% Harvests and markets lobsterTrident Systems Limited Partnership 16% 16% Inshore fisheries research

The associates are incorporated in New Zealand and have a 30 September balance date, with the exception of Port Nicholson Fisheries Limited Partnership which is 31 March.

The movement in the carrying value of the investment in associates is as follows:

$000 2018 2017Balance 1 October 870 659 Share of profit after tax 4,551 2,682 Share of distributed profits (3,705) (2,471)Balance at 30 September 1,716 870








7. Quota SharesQuota shares are treated as an asset with an indefinite life, as the shares are issued under the Quota Management System, which is based on individual transferable quota property rights. Quota shares purchased are recorded at cost. Quota shares are not amortised and are carried at cost less any accumulated impairment losses.

Impairment losses are recognised whenever the carrying amount of an asset exceeds its recoverable amount. Quota shares are tested for impairment annually or whenever there is an indication of impairment on an individual basis or at a cash-generating unit level. The indefinite life assessment is reviewed annually to determine whether it continues to be supportable.

Determining whether the carrying value of quota is impaired is based on an estimation of the value-in-use or fair value less costs to sell of the quota. Fair value is determined by taking the average of three independent market valuations on each species. These valuations were based a comparable sales methodology, factoring in the following Level 2 and 3 inputs; historical and current FishServe data, market intelligence and advice from professional industry valuers. Adjustments were made for current knowledge of market values on certain species.

The three brokers who provided valuations were:

• Aotearoa Quota Brokers Limited;

• Finest Kind Limited; and

• Quota Management Systems Limited.

The carrying amounts were determined to be lower than their recoverable amount for all quota.

$000 2018 2017Carrying amount at 1 October 238,983 243,027 Additions 4,500 - Disposals (764) (4,044)Carrying amount at 30 September 242,719 238,983

Option to Buyback QuotaThe Group purchased 20 tonne of cray quota in 2009 under an agreement, where the vendor had an option to buyback quota at fair market value. The option was exercised on 31 March 2017. The option purchase price was determined by mutual agreement based on current market value.

Sale of Quota The Group sold 9 tonne of cray quota in March 2011 under an agreement that gives the Group a right of first refusal to purchase the annual catch entitlement derived from the quota and also requires the Group to purchase from the buyer the annual catch entitlement derived from the quota sold at fair value for a period of 10 years. The price paid for the cray ACE during the year was $0.0 million (2017: $0.153 million).

8. Biological AssetsBiological assets relate to the Group's inventories of live shellfish growing on farms owned and operated by the Group. Biological assets are stated at fair value less point-of-sale costs, by reference to market prices, with any change therein recognised in the Income Statement.Biological assets are transferred to inventory at the time of harvest.

The following valuation assumptions have been adopted in determining the fair value of the Group‘s biological assets:

(a) Costs are based on current average costs and are variable depending on the biological assets location and age being assessed.

(b) Revenue is based on current pricing and expected levels of production, with an assessment made about the long term future returns for each product.

Biological assets are valued at market prices less harvesting, and post harvest costs, and are measured using Level 3 valuations (refer note 27 (g)) and there were no transfers between levels during the year.

$000 2018 2017Balance at beginning of year 7,111 7,382 Change in values less estimated point-of-sale costs 6,100 5,810 Harvested produce transferred to inventories (6,074) (6,081)Total biological assets 7,137 7,111

6. Related Party TransactionsThe immediate parent and ultimate controlling party respectively of the Group is defined under the Māori Fisheries Act 2004 (refer note 2). Details of the interest in Sealord Group Limited is disclosed in note 4. Details of interests in subsidiaries, associates, and joint ventures are disclosed in note 5.

Details of the year-end related party receivables and payables are disclosed in notes 21 and 25 respectively.

(a) Transactions between the Group and Sealord Group LimitedDuring the year there have been transactions between the Group and Sealord Group Limited (Sealord) as follows:

$000 2018 2017Sales to Sealord 108 1,684 Other revenue from Sealord 5,964 6,024 Purchases from Sealord (3,888) (1,070)Dividend received from Sealord 4,640 4,588 Loan advance to Sealord - (3,500)Foreign exchange movements on loan advance to Sealord (518) (336)

(b) Transactions between the Group and its Associates and Joint VenturesDuring the year there have been transactions between the Group and its associates and joint ventures as follows:

$000 2018 2017Sales to associates and joint ventures 49,646 52,184 Other revenue from associates and joint ventures 676 649 Purchases from associates and joint ventures (2,969) (4,533)

(c) Transactions with Other Related Parties During the year, the Company purchased Annual Catch Entitlement (ACE) of $6.1 million (2017: $8.3 million) from Te Ohu Kai Moana Trustee Limited and other shareholders.

During the year Pupuri Taonga Trust Limited recovered quota ownership costs of $5.0 million (2017: $6.0 million) from Sealord Group Limited.

During the year there have been transactions between the Group and companies associated with its Directors as follows:

$000 2018 2017Company Purchased Services Sales Purchased Services SalesNgāi Tahu Seafood Limited 2,658 115 4,400 - Seafood New Zealand Limited 420 - 300 - Design Works Limited 39 - 200 - Quantiful Limited - - 20 - Bancorp Corporate Finance Limited 3 - - - Point Capital Limited 12 - 160 - Contact Energy Limited 1,297 - 1,100 - Ngāti Porou Seafoods Group 411 251 640 520

4,840 366 6,820 520

(d) Compensation of Key Management PersonnelThe remuneration of the Board of Directors has been disclosed in note 12.

The remuneration of the Chief Executive Officer and his direct reports during the year was as follows:

$000 2018 2017Short term benefits 4,399 3,323 Total compensation 4,399 3,323








10. ProvisionsThe Group has two significant provisions. These are employee benefits, and dividend obligation.

$000 2018 2017Employee benefits 2,550 2,509 Dividend obligations 8,564 9,659 Total provisions 11,114 12,168

Employee BenefitsLiabilities for annual leave, long service leave, and accumulating sick leave are accrued and recognised in the Statement of Financial Position.The liability for annual leave is measured at the amount expected to be paid when the leave liability is settled.

The liability for long service leave is recognised and measured at the present value of expected future payments made in respect of services provided by employees up to reporting date. Consideration is given to expected future wage and salary levels and probability of employee departures and periods of service.

The liability for accumulating sick leave is recognised based on what expectation that the Group has that it will pay sick leave with respect to the unused entitlement that has accumulated at the reporting date. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

Contributions to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to contributions.

Dividend Obligation Under the requirements of the Māori Fisheries Act 2004, the Company must pay at least 40% of profit back to shareholders. This obligation to pay a dividend, has been recognised as a provision.

Movements in each class of provision during the financial year are set out below:

$000 Employee benefits Dividend TotalYear ended 30 September 2018Carrying amount at start of year 2,509 9,659 12,168 Additional provision recognised 2,160 8,564 10,724 Utilised during the year (2,119) (9,659) (11,778)Carrying amount at end of year 2,550 8,564 11,114

Year ended 30 September 2017Carrying amount at start of year 2,462 8,237 10,699 Additional provision recognised 1,432 9,659 11,091 Utilised during the year (1,385) (8,237) (9,622)Carrying amount at end of year 2,509 9,659 12,168

11. Redeemable Preference SharesOn 22 December 2004, AFL Investments Limited issued $20 million redeemable preference shares to Moana New Zealand. Contemporaneously the $20 million redeemable preference shares were transferred to Te Ohu Kai Moana Trustee Limited as repayment of a $20 million shareholder loan transferred to Moana New Zealand as part of the assets transferred under the Māori Fisheries Act. The non-interest bearing redeemable preference shares comprise 20 million shares with an issue price of $1 per share.

The redeemable preference shares agreement allows Te Ohu Kai Moana Trustee Limited to put the redeemable preference shares to Moana New Zealand at any date from 29 November 2011 to 29 November 2019. The redemption price is to be determined through negotiation between the parties,but cannot exceed $1 per share.

At the Te Ohu Kai Moana Trustee Limited Hui-a-tau held on 31 March 2016, Iwi resolved that the redeemable preference shares should be cancelled by converting them into ordinary shares. These shares will be transferred to Iwi at the same time as Te Ohu Kai Moana Trustee Limited's voting and Income shares in Moana New Zealand, as part of the share capital changes to be made under the revisions to the Māori Fisheries Act.

The following unobservable inputs were used to measure the Group‘s biological assets:

$000Fair value at 30 September 2018 Valuation technique Unobservable inputs

Relationship of unobservable inputs to fair value

Oysters 2018: 4,859 Estimated market price of volumes produced less costs

Annual oyster yield The higher the yield the higher the fair value

2017: 4,402 Annual price per dozen per season

The higher the price the higher the fair value

Pāua 2018: 2,277 Estimated market price of volumes produced less costs

Annual pāua yield The higher the yield the higher the fair value

2017: 2,709 Annual price per kg per season

The higher the price the higher the fair value

Included in the cost of sales in the Group is a fair value increase of $0.025 million (2017: decline $0.3 million) in relation to biological assets.

9. GoodwillThe acquisition method of accounting is used to account for all business combinations regardless of whether equity instruments or other assets are acquired. The excess of the cost of the business combination, any non controlling interests of the acquiree and the fair value of the acquirers previously held equity interest in the acquiree over the net fair value of the Group's share of the identifiable net assets acquired is recognised as goodwill.

For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. The recoverable amount is the higher of fair value less cost to sell and value-in-use. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not reversed in a subsequent period.

Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires an estimate of the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. A discount factor of 7.00% per annum (2017: 7.00% per annum) was applied in the value-in-use models.

Cash flows were projected based on actual 2018 operating results and the 2019 financial budget approved by the directors. Value-in-use calculations cover a 5-year period with forecasted cash flows through to 2023 with a terminal value. The 2019 budget EBIT is applied out to 2023 assuming 1% (2017: 1%) growth. The cash flows beyond that five year period have been extrapolated, assuming 1% growth. Any reasonably possible change in the key assumptions on which recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of cash-generating units.

The key assumptions used in the value in use calculations:

(i) Sales growth – growth in sales was a conservative factor determined by management who have in-depth experience in the industry;

(ii) Budget margins – based on historical margins; and

(iii) Price inflation – forecast consumer price indices were applied to raw material costs and overheads.

The carrying amount of the Fin Fish business unit was determined to be lower than the recoverable amount and no impairment loss was recognised.

$000 2018 2017Opening net carrying amount 4,710 9,598 Impairment adjustment - (4,888)Closing net carrying amount 4,710 4,710








14. Revenue(i) Revenue from the sale of goods is recognised when all the following conditions are satisfied:

» The Group has transferred to the buyer the significant risks and rewards of ownership of the goods;

» The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control;

» The amount of revenue can be measured reliably;

» It is probable that the economic benefits will flow to the entity; and

» The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is shown net of any goods and services tax, rebates and discounts, measured at fair value of the consideration received or receivable.

(ii) Rental income from operating leases is recognised on a straight line basis over the lease term.

(iii) Dividend income is recognised when received.

(iv) Interest received is accrued on a time basis using the effective interest method.

$000 Note 2018 2017Dividends received 1 5 Interest received 50 114 Other income 177 452 Rental income 635 640 Revenue from related parties 6 6,637 6,673

7,500 7,884

15. Cash Flow Statement Reconciliation$000 2018 2017Reported profit for the year 21,409 19,260 Add/(deduct) non-cash items and non-operating items:Depreciation, amortisation and impairment 5,028 9,036 Fair value revaluation of biological assets (25) 271 Share of profit of associates and joint ventures (17,605) (13,136)Loss on sale of property, plant and equipment 23 908 Unwinding of prepayments (1,147) 1,215 Unrealised foreign currency (gain)/loss 192 (20)Bad debts 39 80 Other (43) (22)Change in fair value of foreign exchange contracts and interest rate swaps 152 (307)Decrease in deferred tax 387 424

Movement in working capitalDecrease/(increase) in receivables and prepayments (1,415) 5,488 Decrease/(increase) in inventory and biological assets 293 1,006 Increase/ (decrease) in payables and accruals (921) 3,073 Increase/(decrease) in employee entitlements 41 47 Increase/(decrease) in other assets/liabilities (1,367) (4,510)

Add/(deduct) items classified as investing activities 3,695 (3,450)Net cash flows from operating activities 8,736 19,363

12. ExpensesThe following items are included in cost of sales, distribution expenses, and administrative expenses:

$000 Note 2018 2017Amortisation of intangibles 24 499 427 Fees paid to auditors for:

Audit fees 150 140 Other services - 13

Bad debts 95 90 Defined contribution expense (KiwiSaver) 597 496 Depreciation 23 4,280 3,721 Directors‘ fees 425 445 Donations 7 6 Doubtful debts 21 (39) 67 Employee benefits expense 27,405 26,615 Net loss on disposal of assets 23 908 Rental and operating lease costs 16 1,199 941 Research and development 776 711

Interest expense is accrued on a time basis using the effective interest method.

All other borrowing costs are recognised in the Income Statement, in the period in which they are incurred.

$000 2018 2017Finance expenses – bank loans and overdrafts 3,279 3,703

13. Other income/(expenses)Transactions in foreign currencies are recorded using the exchange rates prevailing at the dates of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate prevailing at the date when the valuation was determined (spot rate at the transaction date or a rate approximating that rate). Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Any foreign exchange gains and losses arising from these transactions are recognised in the Income Statement, except when deferred in equity as qualifying cash flow hedges as outlined in note 27.

$000 2018 2017Net foreign currency exchange gain/(loss) (355) 592 Net foreign currency exchange gain/(loss) on hedged sales (99) 46 Net gain on disposal of assets 11 5,262

(443) 5,900








18. Deferred TaxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the balance sheet. Deferred tax assets, including those arising from unrecouped tax losses, capital losses and temporary differences, are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. These judgements and assumptions are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised in the Statement of Financial Position and the amount of other tax losses and temporary differences not yet recognised.

The movement in deferred tax assets during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

Deferred tax asset $000

Tax depreciation

Derivative financial

instrumentsTax losses

recognisedProvisions and other Total

At 1 October 2017 - 297 1,021 (499) 819 Movement– Income Statement 22 - (362) (54) (394)– Equity - 7 - - 7 At 30 September 2018 22 304 659 (553) 432

At 1 October 2016 31 312 1,392 (492) 1,243 Movement– Income Statement (31) (52) (371) (7) (461)– Equity - 37 - - 37 At 30 September 2017 - 297 1,021 (499) 819

The following are the income tax effects relating to Comprehensive Income:

Group $000

Before tax amount

2018

Tax (expense) / benefit

2018

Net of tax amount

2018

Before tax amount

2017

Tax (expense) / benefit

2017

Net of tax amount

2017Cash flow hedges (42) 7 (35) (212) 37 (175)Associates‘ derivative financial instruments 886 - 886 5,528 - 5,528

844 7 851 5,316 37 5,353

19. Imputation Credit Account$000 2018 2017Balance at beginning of year 3,351 2,803 Imputation credits attached to dividends received 1,412 1,785 Imputation credits attached to dividends paid and accrued (1,817) (2,049)Imputation credits attached to tax paid (1,285) 1,138 Imputation credits accrued on tax receivable - (326)Balance at end of year 1,661 3,351

16. Operating Lease ArrangementsOperating leases relate to offices, warehouse and processing facilities, retail shops and vehicles. Payments made under operating leases (net of any incentives received from the lessor) are expensed on a straight-line basis over the lease term.

(a) Payments Recognised as an Expense

$000 2018 2017Minimum lease payments 1,199 941 Sub-lease payments received (615) (620)

584 321

(b) Non-cancellable Operating Lease Commitments

$000 2018 2017Lease commitments under non-cancellable operating leases:Less than one year 1,311 1,143 Between one and two years 1,185 1,067 Between two and five years 1,936 1,808 Greater than five years 2,425 3,220 Total operating lease commitments 6,857 7,238

17. Current TaxCurrent tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities on the current period’s taxable income and any adjustments in respect of previous years.

Income tax is recognised in the income statement, apart from when it relates to items recognised directly in other comprehensive income or equity, in which case it is recognised in other comprehensive income or equity.

$000 2018 2017Current tax expense 1,520 402 Deferred tax expense 394 461 Total income tax expense /(benefit) 1,914 863

The tax on the profit differs from the theoretical amount that would arise using the applicable New Zealand Corporation tax rate or Māori authority tax rates as follows:

$000 2018 2017Profit / (loss) before tax 23,323 20,123 Income tax at applicable rate 4,897 4,270 Expenses not deductible / taxable income not included in accounting profit (1,568) (1,380)Other (3) (242)Imputation credits (1,412) (1,785)Total income tax expense /(benefit) 1,914 863

The company is a Māori authority and is taxed at the Māori authority tax rate. Other entities in the Group are taxed at the corporate tax rates.








22. InventoriesInventory is stated at the lower of cost or net realisable value.

Cost is determined on a weighted average basis and includes the expenditure incurred in bringing inventory to its existing condition and location. Costs include an appropriate share of fixed overheads, which are allocated on the basis of normal production capacity. Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.

$000 2018 2017Raw materials at cost 623 623 Finished goods at cost 4,651 4,822 Finished goods at net realisable value 401 467 Packaging materials and fish bins 885 966 Total inventories 6,560 6,878

The cost of inventories recognised in the Group as an expense during the year was $62.4 million (2017: $63.3 million), and includes $0.047 million (2017: $0.086 million) in respect of uplift of inventory to net realisable value.

23. Property, Plant and EquipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Any gains and losses on the disposal of property, plant and equipment are recognised in the Income Statement. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset. Impairment is tested when there are indicators of impairment.

The estimation of the useful lives of assets has been based on historical experience as well as manufacturers' warranties (for plant and equipment), lease terms (for leased equipment), and turnover policies (for motor vehicles). In addition, the condition of the assets is assessed at least once per year and considered against the remaining useful life. Adjustments to useful lives are made on a prospective basis when considered necessary.

All assets are depreciated on a straight line basis with the exception of motor vehicles, which are depreciated on the diminishing value basis.

YearsBuildings 10-50Leasehold improvements 3-30Furniture, fittings, and office equipment 2-10Marine farm structures 14Motor vehicles 3-8Plant and machinery 2-20Vessels 2-14

20. Cash and Bank BalancesCash and bank balances in the Statement of Financial Position comprise cash at bank and short-term deposits with an original maturity of three months or less.

$000 2018 2017Cash at bank and in hand 10 1,513 Bank overdraft (829) - Total cash and bank balances (819) 1,513

21. Trade and Other ReceivablesReceivables are initially recorded at fair value. Receivables are reviewed periodically for impairment and a provision for impairment of receivables is established when there is evidence that the Group will not be able to collect all amounts due according to the original terms of the receivable. Bad debts are written off in the period in which they are identified.

$000 2018 2017Trade receivables 10,600 8,980 Allowance for doubtful debts (34) (90)Other receivables and prepayments 3,962 3,998 Receivables – joint ventures 616 841 Total receivables and prepayments 15,144 13,729

Bad and Doubtful Trade ReceivablesThe average credit period on sales of goods is 26 days (2017: 23 days). No interest is charged on trade receivables. The Group maintains a provision for estimated losses expected to arise from customers being unable to make required payments. In assessing the provision, factors such as past collection history, the age of receivable balances, the level of activity in customer accounts, as well as general macro-economic trends, are taken into account. These were determined by consideration of the amounts and past payment history and default experience of each customer.

Before accepting a new customer the Group performs credit checks, including, but not limited to verifying credit references, performing company checks and investigating any previous defaults, to assess the creditworthiness of the new customer. In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date.

The Group has recognised a loss of $0.056 million (2017: $0.157 million) in respect of bad and doubtful trade receivables during the year ended 30 September 2018. The Group does not hold any collateral in respect of the balances above.

$000 2018 2017Balance at 1 October 90 100 Impairment losses recognised on receivables (note 27(e)) 17 67 Amounts written off as uncollectible (73) (77)Amounts recovered during the year - - Balance at 30 September 34 90








24. IntangiblesIntangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is charged on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values and amortisation method are reviewed at the end of each reporting period, with the effect of any changes being accounted for on a prospective basis.

Marine farm licences are treated as an asset with an indefinite life as it is highly probable that the licences will be renewed and the costs of renewal are minimal. Marine farm licenses purchased are recorded at cost less any accumulated impairment losses. The carrying value of marine farm licences are reviewed annually for impairment, or whenever there is an indication of impairment, by reference to current market valuation for the licences. The valuation is based on a discounted cashflow methodology using Level 3 valuation inputs.

Key assumptions used in the valuation of the marine licenses:

(i) Estimates were based on historic trends and known metrics from valuing similar enterprises;

(ii) Adjustments made for reductions in productivity, yield and extra costs of production; and

(iii) Revenue streams were updated to current prices.

2018 2017 $000

Marine farm licences Software Total

Marine farm licences Software Total

Opening net carrying amount 5,160 696 5,856 5,160 478 5,638 Additions - 873 873 - 645 645 Disposals - - - - - - Amortisation charge for the year - (499) (499) - (427) (427)Closing net carrying amount 5,160 1,070 6,230 5,160 696 5,856

Cost 5,160 4,914 10,074 5,160 4,041 9,201 Accumulated amortisation - (3,844) (3,844) - (3,345) (3,345)Net carrying amount 5,160 1,070 6,230 5,160 696 5,856

The amortisation charge for the year of $0.499 million, (2017: $0.427 million) is an administration expense in the Income Statement.

25. Trade and Other PayablesTrade and other payables are initially recognised at fair value and then subsequently measured at amortised cost.

$000 2018 2017Trade payables 5,328 5,801 Sundry payables and accruals 5,087 5,857 Payables to related parties – joint ventures 1,065 743 Total payables 11,480 12,401

$000 Land Buildings

Leasehold improvements

Furniture, fittings

and office equipment

Marine farm

structuresMotor

vehiclesPlant and

machinery Vessels

Capital work in

progress TotalYear ended 30 September 2018Opening net carrying amount 8,461 24,068 39 1,990 1,139 1,210 14,541 146 4,145 55,739 Additions - 2,237 32 98 254 870 3,041 105 (2,297) 4,340 Disposals - (18) (11) - - (34) (10) - - (73)Depreciation charge for the year - (1,235) (16) (387) (127) (329) (2,166) (20) - (4,280)Impairment reversal / (losses) charged to Income Statement - (270) 15 - - - 6 - - (249)Closing net carrying amount 8,461 24,782 59 1,701 1,266 1,717 15,412 231 1,848 55,477 Balance at 30 September 2018Cost 8,461 28,785 362 3,810 4,829 2,492 28,455 806 1,848 79,848 Accumulated depreciation - (4,003) (303) (2,109) (3,563) (775) (13,043) (575) - (24,371)Net carrying amount 8,461 24,782 59 1,701 1,266 1,717 15,412 231 1,848 55,477

$000 Land Buildings

Leasehold improvements

Furniture, fittings

and office equipment

Marine farm

structuresMotor

vehiclesPlant and

machinery Vessels

Capital work in

progress TotalYear ended 30 September 2017Opening net carrying amount 8,461 25,486 32 2,269 1,149 1,489 10,654 141 3,466 53,147 Additions - 619 14 116 114 91 5,632 24 679 7,289 Disposals - (906) - (3) - (67) - - - (976)Depreciation charge for the year - (1,131) (7) (392) (124) (303) (1,745) (19) - (3,721)Impairment reversal / (losses) charged to Income Statement - - - - - - - - - - Closing net carrying amount 8,461 24,068 39 1,990 1,139 1,210 14,541 146 4,145 55,739 Balance at 30 September 2017Cost 8,461 26,609 430 3,732 4,575 1,850 25,771 700 4,145 76,273 Accumulated depreciation - (2,541) (391) (1,742) (3,436) (640) (11,230) (554) - (20,534)Net carrying amount 8,461 24,068 39 1,990 1,139 1,210 14,541 146 4,145 55,739








27. Risk ManagementThe Group manages its exposure to key financial risks in accordance with the Group's treasury risk management policy, which is approved by the Board. The objective of the policy is to support the delivery of the Group's financial targets whilst protecting future financial security.

Derivative Financial InstrumentsThe Group uses derivative financial instruments such as forward exchange contracts, currency options and interest rate swaps to hedge its risk associated with foreign currency and interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value at each reporting date. The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedges), hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges).

A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

The Group's policy is to apply cash flow and fair value hedging in accordance with NZ IAS 39. The Group designates certain hedging instruments, which may include derivatives, embedded derivatives and non-derivatives in respect of foreign currency exchange risk, as either fair value hedges or cash flow hedges. Hedges of foreign currency exchange risk on firm commitments are accounted for as cash flow hedges.

Cash Flow HedgesCash flow hedges are hedges of the Group's exposure to variability in cash flow that is attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction and that could affect profit or loss. The effective portion of any gain or loss on a hedging instrument is recognised in other comprehensive income and accumulated as a separate component of equity in the cash flow hedging reserve, while the ineffective portion is recognised in the profit or loss in the Income Statement.

Amounts taken to equity through the cash flow hedging reserve are transferred to the profit or loss in the Income Statement when the hedged transaction affects profit or loss, such as when a forecast sale or purchase occurs.

If a forecast transaction is no longer expected to occur, amounts previously recognised in the derivative financial instruments reserve are transferred to profit or loss in the Income Statement. If a hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity in the cash flow hedging reserve remain in equity until the forecast transaction occurs.

Fair Value HedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged item that are attributable to the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognised in the line of profit or loss relating to the hedged item.

Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to profit or loss from that date.

Fair ValueThe fair value of financial assets and financial liabilities are determined as follows:

• the fair value of financial assets and financial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions; and

• the fair value of derivative instruments is calculated using quoted market prices where available. Forward foreign exchange contracts are measured using observable market forward exchange rates and yield curves derived from observable market interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from observable market interest rates.

26. BorrowingsThe Group has its banking facilities with Westpac New Zealand Limited, and its borrowing facility includes two tranche's, Tranche A, and Tranche B.

The Tranche A loan is the main funding facility for Moana New Zealand and is subject to a floating interest rate. Tranche A matures on 30 November 2021. To hedge future interest rate risk, the Group has entered into a series of interest rate swap arrangements (refer note 27(c)). These hedging arrangements transform the future variable debt interest cash flows, attributable to changes in the bank-to-bank rate, back to a known fixed debt interest cash flow based on the relevant swap rate existing at the inception of the hedge relationship. During the year, the weighted average interest rate was 4.11%, (2017: 4.36%).

The Tranche B loan is for the specific purpose of lending to Sealord Group Limited, to enable Sealord Group Limited to pay the deposit on a new deep sea vessel under (refer to note 4). This loan of $7.9m is denominated in Euros, repayable in November 2021. Sealord Group Limited reimburse the Company for the borrowing cost of loan, and Sealord Group Limited takes all the foreign currency exposure risk.

Interest is paid on Tranche A and B, and the cash flow hedge swap arrangements quarterly in arrears.

The bank loans are secured by a general security agreement over the assets of the Group and a mortgage over the quota shares. In addition there is a negative pledge, which with limited exceptions does not permit the Group to grant any security interest over its assets. The negative pledge deed requires the Group to maintain certain levels of shareholders’ funds and operate within defined performance ratios. The banking arrangements also create restrictions over the sale or disposal of assets.

Throughout the year, the Company has complied with all covenant requirements.

$000 2018 2017Bank loan – Tranche A – Moana New Zealand operations (secured) 50,000 55,614 Bank loan – Tranche B – Sealord Group Limited vessel loan (secured) 7,852 3,720 Total bank loan 57,852 59,334

2018 repayable as follows:

Less than one year

Between 1-2 years

Between 2-5 years

Greater than 5 years

Bank loans (secured) - - 57,852 -

2017 repayable as follows:

Less than one year

Between 1-2 years

Between 2-5 years

Greater than 5 years

Bank loans (secured) - 55,614 3,720 -

$000 2018 2017Opening borrowings 59,334 73,498 Withdrawals - 3,500 Repayments (2,000) (18,000)Foreign exchange movements 518 336 Closing borrowings 57,852 59,334








Foreign Exchange Sensitivity AnalysisThe following table details the Group‘s sensitivity to a 10% increase and decrease in the New Zealand dollar against the relevant foreign currency:

30 September 2018 Carrying amount

Foreign exchange risk$000 -10% profit Equity +10% profit EquityCash and cash equivalents 2 - - - - Derivatives – cash flow hedges (422) - (3,342) - 2,555 Trade debtors 6,705 635 - (700) - Trade creditors (1) - - - - Total increase / (decrease) 635 (3,342) (700) 2,555

30 September 2017 Carrying amount

Foreign exchange risk$000 -10% profit Equity +10% profit EquityCash and cash equivalents 1,244 138 - (113) - Derivatives – cash flow hedges 73 - (3,369) - 2,757 Trade debtors 5,070 564 - (460) - Trade creditors (53) - - - - Total increase / (decrease) 702 (3,369) (573) 2,757

Forward Foreign Currency Exchange ContractsThe notional principal amounts of the outstanding forward foreign exchange contracts at 30 September 2018 were $35.7 million (2017: $37.3 million). The hedged highly probable forecast transactions denominated in foreign currency are expected to occur at various dates during the next 12 months.

Forward currency contracts – cash flow hedges and fair value hedges NZD notional amounts Average contract rates$000 2018 2017 2018 2017Maturity 0-12 monthsSell Australian dollars / Buy New Zealand dollars 20,337 22,108 0.9170 0.9309 Sell JPY / Buy New Zealand dollars 500 936 74.2865 75.5445 Sell US dollars / Buy New Zealand dollars 14,846 14,075 0.6819 0.7048 Buy GBP / Sell New Zealand dollars - 163 - 0.5600

35,683 37,282

Cash flow hedges movement$000 2018 2017Opening balance 21 969 Charged to equity (283) (891)Transfer to profit or loss (87) (191)Income tax expense 64 134 Closing balance (285) 21

Quantitative Disclosures

(a) Instruments Used By The GroupDerivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign exchange and interest rates.

At balance date the carrying value of foreign currency forward exchange contracts, currency options and interest rate swaps were:

$000 2018 2017Current assets Forward currency contracts – cash flow hedges 113 394

113 394 Assets 113 394 Current liabilitiesForward currency contracts – cash flow hedges (558) (324)Interest rate swap contracts – cash flow hedges (473) (272)

(1,031) (596)Non-current liabilitiesInterest rate swap contracts – cash flow hedges (916) (1,445)

(916) (1,445)Liabilities (1,947) (2,041)Net total (1,834) (1,647)

(b) Foreign Currency Exchange Risk Management The Group has exposure to foreign exchange risk as a result of transactions denominated in foreign currencies, arising in the normal course of business. The Group uses foreign currency forward exchange contracts and options to manage these exposures. The foreign currencies in which the Group primarily transacts are Australian dollars, United States dollars, British pounds, Euro and Japanese yen.

Where exposures are reasonably certain it is the Group's policy to hedge these risks as they arise. For those exposures that are less certain in their timing and extent, such as future sales and purchases, it is the Group's policy to cover a proportion of the anticipated exposures for a maximum period of twelve months forward.

Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not in New Zealand dollars. Approximately 60% (2017: 59%) of the Group's sales are denominated in currencies other than the New Zealand dollar, whilst almost 100% of costs are denominated in New Zealand dollars.








(d) Liquidity RiskThe liquidity risk management objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans and committed available credit lines.

Management monitors rolling forecasts of the Group's liquidity against its undrawn borrowing facility. The table below reflects all contractually fixed payables for settlement, repayments and interest resulting from financial liabilities, including the net payments due pursuant to derivative financial instruments at 30 September 2018. For derivative financial instruments the net market value is presented, whereas for the other obligations the respective undiscounted cash flows for the respective upcoming fiscal years are presented. Cash flows for financial liabilities without fixed amount or timing are based on the conditions existing at 30 September 2018.

At balance date, the Group has available approximately $31.2 million (2017: $40.67 million) of unused credit facilities available for its immediate use. These credit facilities expire on 30 November 2021.

2018 $000

Financial position

Contractual cash flows

6 months or less 6-12 months 1-2 years 2-5 years

Trade and other payables 11,480 11,480 11,480 - - - Provisions 11,114 11,114 9,839 1,275 - - Borrowings 57,852 59,052 200 200 400 58,252 Redeemable preference shares 20,000 20,000 20,000 - - - Guarantees - 18,587 18,587 - - - Total non-derivative liabilities 100,446 120,233 60,106 1,475 400 58,252 Foreign exchange contracts (285) 35,683 25,908 9,775 - -Interest rate swaps (1,146) (1,107) (33) (353) (150) (570)

2017 $000

Financial position

Contractual cash flows

6 months or less 6-12 months 1-2 years 2-5 years

Trade and other payables 12,401 12,401 12,401 - - - Provisions 12,168 12,168 10,831 1,337 - - Borrowings 59,334 60,245 228 228 59,789 - Redeemable preference shares 20,000 20,000 20,000 - - - Guarantees - 18,800 18,800 - - - Total non-derivative liabilities 103,903 123,614 62,260 1,565 59,789 - Foreign exchange contracts 21 37,351 27,207 10,144 - - Interest rate swaps (1,417) (1,717) - (272) (1,108) (337)

(c) Interest Rate RiskThe Group's exposure to market interest rates relates primarily to the Group's long-term debt obligations.

The Group's policy is to manage its finance costs using a mix of fixed and variable rate debt or derivatives. The Group's treasury policy is to have a level of fixed rate exposure as a percentage of total debt.

To manage its cash flow volatility arising from interest rate changes, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designated to hedge underlying debt obligations.

As at 30 September 2018, after taking into account the effect of interest rate swaps, 90% of the Group's interest rate exposures are fixed rate (2017: 87%).

Interest rate swap contracts with a nominal principal amount of $45 million (2017: $35 million), are exposed to fair value movements if interest rates change.

Interest Rate Sensitivity AnalysisAt 30 September 2018, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit and equity would have been affected as follows:

Profit for the year Higher / (lower)

Equity Higher / (lower)

$000 2018 2017 2018 2017+ 100 basis points - - (979) (1,214)- 100 basis points - - 1,013 1,257

Interest Rate Swap ContractsInterest rate swap maturities $000 2018 20170-1 years 25,000 10,000 1-2 years 10,000 25,000 2-3 years 30,000 10,000 3-5 years 10,000 30,000

75,000 75,000

Interest rate hedges movement $000 2018 2017Opening balance (1,417) (2,190)Charged to equity (721) (322)Transfer to profit or loss 1,049 1,192 Income tax expense (57) (97)Closing balance (1,146) (1,417)

Interest rates used are as follows: 2018 2017Interest rate swaps (excludes margin) 2.99% – 4.72% 2.99% – 4.79%Loans 0.66% – 2.71% 0.66% – 2.91%Bank overdraft 2.61% 2.61%Cash 1.75% 1.75%








(g) Classification and Fair ValuesThe following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Interest rate swaps and foreign exchange contracts are measured at fair value subsequent to initial recognition, and are measured using Level 2 valuations. Biological assets are measured at fair value and are measured using Level 3 valuations. (refer note 8). Borrowings and redeemable preference shares for disclosure purposes are measured using Level 2 valuation inputs.

2018 $000

Derivative designated as hedging instrument

Cash and cash equivalents

Loans and receivables

Liabilities at amortised cost

Carrying amount Fair value

Current assetsForeign exchange contracts 113 - - - 113 113 Bank balances - - - - - - Trade debtors - - 10,566 - 10,566 10,566 Other receivables - - 1,001 - 1,001 1,001

113 - 11,567 - 11,680 11,680 Non current assetsOther assets - - 7,785 - 7,785 7,785

- - 7,785 - 7,785 7,785 Total assets 113 - 19,352 - 19,465 19,465 Current liabilitiesBank overdraft - 819 - - 819 819 Foreign exchange contracts 558 - - - 558 558 Interest rate swaps 473 - - - 473 473 Trade creditors and other payables - - - 11,480 11,480 11,480 Provisions - - - 11,114 11,114 11,114 Redeemable preference shares - - - 20,000 20,000 20,000

1,031 819 - 42,594 44,444 44,444 Non current liabilitiesInterest rate swaps 916 - - - 916 916 Borrowings - - - 57,852 57,852 57,852

916 - - 57,852 58,768 58,768 Total liabilities 1,947 819 - 100,446 103,212 103,212

(e) Credit RiskCredit risk arises from financial assets of the Group, which comprise bank balances, trade receivables, foreign currency forward exchange contracts and options. The Group's exposure to credit risk arises from potential default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. Exposure to credit risk is monitored on an ongoing basis.

Only major New Zealand registered banks are counter parties to the Group's financial instruments, and the Group does not anticipate non-performance by such counter parties.

At balance date there were no significant concentrations of credit risk other than with related parties with the result that the Group's exposure to bad debts is not significant.

The status of trade receivables at the reporting date is as follows:

Gross receivables Impairment$000 2018 2017 2018 2017Not past due 8,763 8,141 - - Past due 0 - 30 days 1,650 411 - - Past due 31 -120 days 157 160 5 74 Past due more than 120 days 30 268 29 16 Total 10,600 8,980 34 90

(f) Capital Risk ManagementThe Group manages its capital to ensure that entities within the Group will be able to continue as a going concern while maximising the return to shareholders through optimisation of the use of debt and equity. The Group's overall capital management strategy remained unchanged from the prior year.

The capital structure of the Group consists of debt, which includes borrowings disclosed in note 26, cash and bank balances and equity attributable to equity holders of Aotearoa Fisheries Limited, comprising issued capital, reserves and retained earnings as disclosed in notes 2 and 20 respectively. The borrowings disclosed in note 26 are subject to covenants based on the Group's capital. Throughout the year, the Company has complied with all covenant requirements.

The Group's tangible assets are subject to a general security agreement held by the Group's bank.

The gearing ratio at 30 September was as follows:

$000 Note 2018 2017Borrowings 26 57,852 59,334 Less cash and bank balances 20 (819) 1,513 Net debt 58,671 57,821 Total shareholders‘ equity 450,191 436,495 Net debt to equity ratio 13% 13%








2017 $000

Derivative designated as hedging instrument

Cash and cash equivalents

Loans and receivables

Liabilities at amortised cost

Carrying amount Fair value

Current assetsForeign exchange contracts 394 - - - 394 394 Bank balances - 1,513 - - 1,513 1,513 Trade debtors - - 8,980 - 8,890 8,890 Other receivables - - 1,262 - 1,262 1,262

394 1,513 10,152 - 12,059 12,059 Non current assetsOther assets - - 7,251 7,251 7,251

- - 7,251 - 7,251 7,251 Total assets 394 1,513 17,403 - 19,310 19,310 Current liabilitiesForeign exchange contracts 324 - - - 324 324 Interest rate swaps 272 - - - 272 272 Trade creditors and other payables - - - 12,401 12,401 12,401 Provisions - - - 12,168 12,168 12,168 Redeemable preference shares - - - 20,000 20,000 20,000

596 - - 44,569 45,165 45,165 Non current liabilitiesInterest rate swaps 1,445 - - - 1,445 1,445 Borrowings - - - 59,334 59,334 59,334

1,445 - - 59,334 60,779 60,779 Total liabilities 2,041 - - 103,903 105,944 105,944

28. CommitmentsNo commitments this year (2017:Nil).

29. Contingent Liabilities and Contingent AssetsKura Limited, a joint venture of Aotearoa Fisheries Limited, has given bank guarantees with the Group’s share being $5.1 million (2017: $5.0 million).

All partners of the Precision Seafood Harvesting joint venture have issued a joint guarantee of $10 million (2017: $10 million).

Moana New Zealand has given a bank guarantee of $3.5m (2017: $3.8m) to Santy Maria Fishing Ltd for the purchase of a new fishing vessel. The guarantee applies for the term of the loan which has 12 years remaining.


9190

P Ū R O N G O A T E K A I T Ā T A R I K A U T E R Ā W A H O I N D E P E N D E N T A U D I T O R ’ S R E P O R T


TO THE SHAREHOLDERS OF AOTEAROA FISHERIES LIMITED (TRADING AS MOANA NEW ZEALAND)

Opinion We have audited the consolidated financial statements of Aotearoa Fisheries Limited and its subsidiaries, trading as Moana New Zealand (the ‘Group’), which comprise the consolidated statement of financial position as at 30 September 2018, and the consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements, on pages 55 to 89, present fairly, in all material respects, the consolidated financial position of the Group as at 30 September 2018, and its consolidated financial performance and cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’).

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Other than in our capacity as auditor, we have no relationship with or interests in the Company or any of its subsidiaries, except that partners and employees of our firm deal with the Company and its subsidiaries on normal terms within the ordinary course of trading activities of the business of the Company and its subsidiaries.

Audit materiality We consider materiality primarily in terms of the magnitude of misstatement in the financial statements of the Group that in our judgement would make it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also assess whether other matters that come to our attention during the audit would in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in evaluating the results of our work.

We determined materiality for the Group financial statements as a whole to be $2.0 million.

Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter

Impairment of GoodwillThe Group has $4.7 million (2017: $4.7 million) of goodwill on its consolidated statement of financial position. As required under NZ IAS 36 Impairment of Assets, the Group conducts an annual impairment test to assess the recoverability of the carrying amount of goodwill. This is performed using discounted cash flow models to estimate the value-in-use of each cash-generating unit, as set out in Note 9.

No impairment of goodwill was recognised in the current year.

This is a key audit matter because the discounted cash flow models are based on significant assumptions relating to the sales growth rates, budgeted margins, discount rates and terminal growth rates applied in the discounted cash flow models.

We evaluated the processes and controls in place over the impairment test for each cash generating unit. We checked the mechanical accuracy of the discounted cash flow models.

We challenged the assumptions used in the impairment test by comparing the projected sales growth rates and budgeted margins against historical trends achieved in the business. We analysed historical budgeting accuracy, by comparing the forecast for the current year used in the prior year discounted cash flow models to actual current year results, to assess the reliability of the forecasts used in the discounted cash flow models.

We challenged the discount rates and terminal growth rates applied to forecasted cash flows by reference to market data. This involved comparing the rates against other comparable companies operating in similar regions. We performed sensitivity analyses to assess the impact of a change in the discount rates or terminal growth rates can have on the impairment test.

We tested whether there was sufficient headroom in the impairment test for goodwill.

We assessed the associated disclosures required under NZ IAS 36 made by the Group in relation to its goodwill impairment test.

Impairment of Quota Shares The Group has $242.7 million (2017: $239.0 million) of quota shares on its consolidated statement of financial position. Quota shares are assets with indefinite useful lives, and are carried at cost less any accumulated impairment losses, as set out in Note 7.

As required under NZ IAS 36 Impairment of Assets, quota shares are tested for impairment on an annual basis by comparing the carrying amount to the recoverable amount. The recoverable amount is the higher of the value-in-use of the relevant cash generating unit, or the fair value less costs to sell of the quota shares.

The Group engaged three independent brokers to determine the fair value of the quota shares. The fair value used in the impairment test was determined by taking the average of the three independent market valuations on each species.

The value-in-use of the quota shares is assessed under the discounted cash flow models for the relevant cash generating unit outlined in the impairment of goodwill key audit matter above.

No impairment of quota shares was recognised in the current year.

This is a key audit matter because quota shares make up a significant portion of the asset base of the Group, and due to the significant assumptions required to determine the recoverable amount of the quota shares.

We confirmed quota shares quantities to the Ministry of Fisheries records as this source data is a key input in the market valuations obtained from the independent brokers. We reviewed any quota share transactions including sales and acquisitions of quota shares, and sales of Annual Catch Entitlement.

We confirmed directly with the brokers that carried out the market valuations that those brokers are independent of the Group. We assessed the qualifications and relevant experience of the brokers.

We checked the mechanical accuracy of the calculation of the average of the three independent market valuations for each species, and ensured the inputs used in the calculation agreed to the valuation for each species obtained from each independent broker.

We challenged the market prices used by the independent valuers in their valuations by comparing a sample of fishstocks against recent quota transaction prices in the market.

Our procedures on the discounted cash flow models have been outlined in the impairment of goodwill key audit matter above.

We tested whether there was sufficient headroom in the impairment test for quota shares.

We assessed the associated disclosures required under NZ IAS 36 provided by the Group in relation to its quota shares impairment test.

Independent Auditor’s ReportP Ū R O N G O A T E K A I T Ā T A R I K A U T E R Ā W A H O

pūrongo a te kaitātari kaute rāwaho independent auditor’s report

M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8M O A N A N E W Z E A L A N D I N T E G R A T E D A N N U A L R E P O R T 2 0 1 8

Ē T A H I A T U W H A K A P U A K I T A N G A O T E P Ū R O N G O Ā T A U O T H E R A N N U A L R E P O R T D I S C L O S U R E S

9392


Other information The directors are responsible on behalf of the Group for the other information. The other information comprises the information in the Annual Report that accompanies the consolidated financial statements and the audit report. The Annual Report is expected to be made available to us after the date of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

Our responsibility is to read the other information identified above when it becomes available and consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information in the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the directors and consider further appropriate actions.

Directors’ responsibilities for the consolidated financial statements

The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is located on the External Reporting Board’s website at:

https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-3/

This description forms part of our auditor’s report.

Restriction on use This report is made solely to the Company’s shareholders, as a body, in accordance with Section 207B of the Companies Act 1993. Our audit has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Auckland, New Zealand 5 December 2018

pūrongo a te kaitātari kaute rāwaho independent auditor’s report

1. Principal ActivitiesThe Group’s principal activities during the year were the harvesting, procurement, farming, processing, and marketing of sustainably produced seafoods to consumers in domestic and major international markets.

2. Directors Holding Office During the YearWhaimutu Dewes – Chairman Ngāti Porou, Ngāti Rangatihi

Craig Ellison (ceased 20 June 2018) Ngāi Tahu

Alan Gourdie

Tony Hannon Ngāi Tahu

Hinerangi Raumati-Tu'ua Ngāti Mutunga, Waikato

Rachel Taulelei Ngāti Raukawa, Ngāti Rarua, Ngati Koata

Jamie Tuuta Ngāti Mutunga, Taranaki Iwi, Ngāti Maru

Liz Ward Ngāti Porou

3. Directors‘ Fees$000 2018 2017Whaimutu Dewes 97,500 97,500 Craig Ellison 36,319 48,425 Alan Gourdie 45,425 45,425 Tony Hannon 48,425 48,425 Hinerangi Raumati-Tu'ua 51,425 51,425 Rachel Taulelei 47,925 45,425 Jamie Tuuta 45,425 45,425 Liz Ward 47,925 47,925 Total 420,369 429,975

Other Annual Report DisclosuresĒ T A H I A T U W H A K A P U A K I T A N G A O T E P Ū R O N G O Ā T A U





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4. Directors’ Interests The following are particulars of general disclousures of interest by Directors of Aotearoa Fisheries Limited, holding office during the year up to 30 September 2018 pursuant to section 140(2) of the Companies Act, 1993.

Name Entity Nature of interest Iwi affiliationsWhaimutu Dewes Contact Energy Limited

Kura LimitedNgāti Porou Forestry Group Ngāti Porou Holding Company LtdNgāti Porou Seafoods GroupSealord Group LimitedThe TreasuryWhainiho Developments Limited

DirectorChairChairDirectorChairChairDirectorChair

Ngāti PorouNgāti Rangitihi

Craig Ellison Callaghan National Science ChallengeDeep Water Group LimitedFenris LimitedIron Duke Partners LimitedKura LimitedLesvos Abalone LimitedNew Zealand Māori Tourism Society IncorporatedNgāi Tahu Seafood Limited (and related companies)Poutama TrustSeafood New Zealand LimitedSealord Group LimitedWellington Zoo

DirectorDirectorShareholder and Director Advisory DirectorDirectorDirectorBoard MemberChair (Director)TrusteeChairDirectorChair

Ngāi Tahu

Alan Gourdie AKQADesignworks (NZ) LimitedEden Park TrustFidelity Life Assurance Company LimitedFlat White Property LimitedQuantiful LimitedYoutap Limited

Shareholder and DirectorShareholder and DirectorBoard MemberDirectorShareholder and DirectorShareholder and DirectorShareholder

Tony Hannon Appello Services Limited Bancorp Corporate Finance LimitedCarrington Trustees Limited (and subsidiaries)CBL Corporation Limited (and subsidiaries) Cedilla Enterprises LimitedCXS Holdings Limited Farmgas Partners LimitedGeneral Capital Technologies LimitedHannon Trust/Investment TrustHealthpoint Partners Limited (and related companies) Healthpoint Prebbleton LimitedHurlington Partners LimitedInverness TrustKarching Investments LimitedKava Investments Limited Kura LimitedLeasePlus LimitedOmni Health Limited (and related companies)

ChairmanShareholder DirectorDirectorDirectorDirectorDirectorChairmanChair/Beneficial Interest ChairmanDirectorChairSole TrusteeDirectorDirectorDirectorDirectorChairman/Director/Beneficial Interest

Ngāi Tahu

ētahi atu whakapuakitanga o te pūrongo ā tau other annual report disclosures


Name Entity Nature of interest Iwi affiliationsTony Hannon (continued) Pitchbeam Partners Limited

Point Capital Limited Relational Capital Limited Rock Isle Forestry LimitedSanctum Living LimitedSB Capital LimitedSealord Group LimitedSmall Business Accounting (NZ) LimitedSmall Business Collective (NZ) LimitedTCI Holdings LimitedTreble Cone Investments LimitedVomo Island Resort Group (and subsidiaries)Wanaka Ski Racing Limited

DirectorShareholder and DirectorDirector/Indirect Beneficial InterestDirector and Beneficial InterestDirectorDirectorDirectorChairDirector DirectorDirector/Indirect Beneficial InterestDirectorDirector

Hinerangi Raumati-Tu'ua Auckland Council Investments LimitedNgā Miro TrustNgāti Mutunga Investments LPP.K.W. Farms GP LimitedParininihi Ki Waitotara TrustParininihi ki Waitotara Farms General PartnerParininihi ki Waitotara IncorporationPort Nicholson Fisheries General Partner LimitedTainui Group Holdings LimitedTaranaki Iwi Holdings Management LimitedTax Working GroupTe Kiwai a Maui o Ngāruahine LtdTe Ohu Kai Moana Trustee LimitedTe Ohu Kaimoana Portfolio Management Services Limited Te Pou Herenga Pakihi LPTe Wananga o AotearoaTe Whakakitenga o Waikato Inc. SocietyVenture Taranaki Trust

DirectorChairDirectorDirectorTrusteeChairChairDirectorDirectorDirectorMemberChairDirectorDirector

ChairMember Investment CommitteeExec. MemberDirector

Ngāti MutungaWaikato

Rachel Taulelei Aquaculture New ZealandKono NZ LP LimitedNZ Hops LTD Marketing CommitteeNZ Mussel Industry CouncilNZ WinegrowersQueen Margaret CollegeSir Peter Blake TrustWellington Regional Stadium TrustYoung Enterprise Trust

DirectorCEOMemberDirectorDirectorTrusteeTrusteeTrusteeTrustee

Ngāti RaukawaNgāti RaruaNgati Koata






9796

Name Entity Nature of interest Iwi affiliationsJamie Tuuta Māori Television

Māori TrusteeNew Plymouth PIF Guardians LimitedNgāti Mutanga Custodian Company LimitedPutake LimitedTamaki Makaurau Community Housing LimitedTaranaki Mounga Project LimitedTaranaki Iwi Claims Management LimitedTaranaki Whanui Limited (and subsidiaries)Te Matai Kiwi No 8 LimitedTe Ohu Kai Moana Trustee Limited (and subsidiaries – Director)Te Rūnanga o Ngāti Mutunga TrustTourism New Zealand BoardVenture Taranaki Trust

ChairStatutory TrusteeDirectorDirector/ShareholderDirectorDirectorDirectorDirectorDirectorDirectorChairman

ChairmanBoard MemberTrustee

Ngāti MutungaTaranaki IwiNgāti Maru

Liz Ward Gough Group Limited CEO Ngāti Porou

5. Remuneration of EmployeesDuring the year from 1 October 2017 to 30 September 2018, the following number of employees, including employees who left the Company during the year, received remuneration, benefits, and redundancy payments that exceed $100,000 in total.

Group$000 2018 2017$100,000 - 110,000 6 8 $110,001 - 120,000 3 4 $120,001 - 130,000 7 4 $130,001 - 140,000 1 2 $140,001 - 150,000 2 - $150,001 - 160,000 3 1 $160,001 - 170,000 1 - $170,001 - 180,000 - 1 $180,001 - 190,000 2 2 $190,001 - 200,000 4 - $200,001 - 210,000 - 1 $210,001 - 220,000 3 - $220,001 - 230,000 1 - $230,001 - 240,000 2 1 $240,001 - 250,000 2 2 $250,001 - 260,000 1 - $260,001 - 270,000 1 1 $270,001 - 280,000 - 1 $280,001 - 290,000 1 1 $290,001 - 300,000 1 - $310,001 - 320,000 - 1 $320,001 - 330,000 1 1 $370,001 - 380,000 - 1 $380,001 - 390,000 - - $390,001 - 400,000 - 1 $400,001 - 410,000 - 1 $460,001 - 470,000 1 - $480,001 - 490,000 1 - $530,001 - 540,000 1 - $590,001 - 600,000 - 1 $630,001 - 640,000 1 - $650,001 - 660,000 1 - $730,001 - 740,000 1 -

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R Ā R A N G I K U P U M Ā O R I G L O S S A R Y O F M Ā O R I T E R M S

R Ā R A N G I K U P U M Ā O R I G L O S S A R Y O F M Ā O R I T E R M S

Glossary

A abalone – pāuaaccountability – kawenga haepapaactive – ngangahau area – rohe, wāarrangement – tikangaasset – huaavailable – e wātea anaaverage – taurite

B basal metabolic rate – pāpātanga whakarau pūngao taketakeBlack petrel – tāiko, takoketaibusiness plan – mahere pākihibycatch – haonga tē hiahiatia ai

C commerce – tauhokohokocommercial – tauhokohokocommitment – oaticommitted – titikaha compost – wairākauconstitutional law – ture kāwanatangaconstructive – rārotoconsumer – kiritaki cook / chef – tūmou, ringaweracorporate – rangatōpūcorporate directory – pukataki rangatōpūcorporate governance – whakahaerenga rangatōpū culture – ahurea customer – kiritakicylinder – rango

D data – raraunga deep water fish – ika noho kōpuadefence force – ope kātuadeferred tax asset – rawa tāke e hikina anademand – hiahokodetailed report – pūrongo whāitidevelop – whakawhanakedirector – tumu distributor – kaituari diverse – kanorau dividend payments – utunga moni huadomestic – tara-ā-whare

E earnings – moni utungaecological observations – mātaitanga rauropieconomic – ohangaeconomy – ohangaeconomy of scale – ohanga rahingaeffective, feasible – whaihua efficient – māia energy – pūngao executive – āpiha whakahaereexport – tuku rawa

F farm (v) – ahu farm (n) – pāmufin fish – ika whai tirafleet – tāruru formal – ōkawa fresh – mata (uncooked); mohou (recently caught)

G gas (state of matter) – haurehu Great Barrier Island – Aotea

H highlight – whakaharaharatanga (n.)highlight – miramira (v.)hoki (fish) – ūturihumanitarian sector – rāngai atawhai tangata

I import – hoko ki uta, hoko tarāwhare income – moni whiwhiinduct – kōkuhuindustry – hāpori mahi / ūmanga infrastructure – hanganga inshore – ō utainspection – mātaitangainsurance – rīanga interactive – tauwhiti interestingly – ka whakapuke te ngākau i te…invest – whakangaoisolated – pūreiIwi Collective Partnership – Whakaurunga ā Iwi

J joint venture – ūmanga mahinga tahi

L Little Barrier Island – Hauturu lobbyist – kaikōkiri kaupapalobster – koura

M market – mākete marketer – kaiwhakatairanga marketing – whakatairanga metabolism – whakaraunga pūngaoMinistry for Primary Industry – Manatū Ahu MatuaModule – kōwaeMonitor – aroturuki motor – pūkaha Mount Wellington – Maungarei

O organisational culture – ahurea ā rōpu

P package – pūhera (n.)package – whakatakupe (v.i) partner – whakaurupartnerships – whakaurungapassion – remurere performance – whanongapolystyrene – kirihourauposition – aronga potential – torohū, pitomataprimary industry – ahu taiaopriority – kaupapa matuaprocessing – ahunga mahi ikaproduct – whakaputanga-huaprofit – huanga protein – pūmua

Q quality (high) – tuawhiti, koungaquota – roherohengaquota management system – pūnaha whakahaere roherohenga

R rate – pāpātangarecycle, recirculate – tukurua responsive – kātoitoi results – huanga return – hua pūtearevenue – moni puta

S sales – hokohokosalmon – hāmana satisfaction – wanea scampi – kōurarangiScandinavian – Kātināriashareholder – kaipupuriheashelf stable – tūmau smoke – whakaauau spat (of oyster) – tio pirianga stable – uka stakeholder – kaiwhaipāngastatement – tauākīsteam – whakamamaoastock (fish) – rāngaistrategy – rautakisuccess – angitu supplier – kaiwhakarato supply – whakaratosustainable – toitū-ōrangaswitchboard – papahikoswordfish – paea

T tonne – tānatrade – hohoko transparency – pūatatangatrawl net – puhoro tray pack – tāhere papatuna – tuna moana

V value – uara virus – huaketo voluntary – tūao

W wealth – tōnuitangawild – tūwā (noun: growing out of place, wild)

K U P U T A K A


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P U K A T A K I R A N G A T Ō P Ū C O R P O R A T E D I R E C T O R Y

Tari RēhitaRegistered Office1-3 Bell Avenue Mt Wellington Auckland 1060

Tau PōtiPostal AddressPO Box 445 Auckland 1140 Tel: +64 9 302 1520

Kaitātari KauteAuditorDeloitte Limited

Hunga Whare MoniBankersWestpac New Zealand Limited

KaiwhakamāoriTranslatorMaika Te Amo – Tapuika

Tio RepeOysters 266 Roscommon Road Wiri Auckand 2104 Tel: +64 9 268 4637

1600 Long Bay Road Coromandel 3506 Tel: +64 7 866 8564

139 Glen Road Glenduan, Nelson 7071 Tel: +64 3 545 0127

WhakangaongaInvestmentsSealord Group Limited149 Vickerman Street Nelson 7010 Tel: +64 3 548 3069 www.sealord.co.nz

Corporate DirectoryP U K A T A K I R A N G A T Ō P Ū

PāuaBlue Abalone Station Road East Ruakaka 0116 Tel: +64 9 433 0220

Pāua Tūwā Wild Abalone 15 Makomako Road Palmerston North 4414 Tel: +64 6 357 1009

Urutira Ika Fin Fish 1-3 Bell Avenue Mt Wellington Auckland 1060 Tel: +64 9 302 1520

269 South Highway Whitianga 3591 Tel: +64 7 866 0547

17-21 Lorne Street Wellington 6011 Tel: +64 4 801 0514

Wharf Road Waitangi Chatham Islands Tel: +64 3 305 0076


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