Hui-a-Tau. For the Year Ended 30 September 2009. He moana pukepuke e ekengia e te waka. He Moana Pukepuke Choppy seas of 2008-09. Robin Hapi, Tiamana. Agenda. Chairman’s overview – Robin Hapi AFL operations – Jeremy Fleming, CEO Sealord operations – Graham Stuart, CEO
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For the Year Ended 30 September 2009
He moana pukepuke e ekengia e te waka
Robin Hapi, Tiamana
Chairman’s overview – Robin Hapi
AFL operations – Jeremy Fleming, CEO
Sealord operations – Graham Stuart, CEO
Tikanga – Tutekawa Wyllie
Outlook for 2009/10 – Robin Hapi
Questions & answers
The world experienced its worst recession since World War II.
Our global reach and diversity allowed us to weather the storm.
We have continued to grow.
Our earnings increased to $19.2m NPAT.
We have been working with you to understand what it means to be a Maori business and to develop our tikanga.
We are charting a well defined course for the future.
We are firmly on course to pay dividends this year.
Six-monthly growth in selected economies, October 2008 through March 2009
All our major markets were impacted.
Demand contracted sharply in Europe as credit dried up.
North American consumers tightened their wallets and moved down market.
Asian consumers left canned abalone off their Chinese New Year menu’s.
In Australia and New Zealand consumers remained loyal to seafood but traded down.
Live lobsters bucked the trend.
Your company is a major player in the international seafood sector.
We have fishing operations in New Zealand, Australia, South America, the Indian Ocean, and the Antarctic.
We have fish processing factories in New Zealand, Asia, and Europe.
Our marketing and distribution operations reach out to customers in 60 countries.
Our products range from highly sought after banquet items such as live lobster and raw oysters to everyday meal items such as frozen crumbed hoki in your supermarket.
In November last year some of you were able to see at first hand the close personal relationships between our people and our customers around the world.
Keeping our people safe is our top priority. Sealord is world class, AFL operations are catching up.
Our mussel business is now North Island based.
We have implemented the difficult decision to move Nelson to one shift and to process more at sea.
We have continued our programme of expanding our control of fish supply with major quota investment in New Zealand, Australia, and Argentina.
We have invested in upgrading all our New Zealand export facilities to keep pace with international standards.
We have made our first major investment in finfish aquaculture.
We have opened a new ration packing facility in Palmerston North.
We have been recognised internationally for the quality of our product.
The world is still a tough place to do business.
We have planned a modest improvement in earnings to $24m however the rampant dollar has already dented our expectations.
We will renew our funding facilities in Sealord and AFL.
We will continue to expand our global reach as opportunities arise.
We will be looking for opportunities to grow our business with you.
We will continue our journey toward being a business owned by and for all Maori.
We will pay dividends.
Jeremy Fleming, Tumuaki, AFL
new Wellington business.
from sea to customers.
The purchase of Ocean Ranch makes Prepared Foods, NZ’s largest paua quota holder, processor, and exporter.
Prepared Foods recently established joint venture, Prepack, now supplies Defence Force ration packs.
Prepack operates a new facility in Palmerston North employing 26 people, lead by Glenn Mullany of Ngati Kahungunu.
Aquaculture joint venture Jemco celebrated 10 years and over 25 million oysters exported to Japan.
Prepared Foods has entered into a marketing joint venture with our largest canned abalone customer, focused on reducing our dependence on Chinese New Year.
Our CEO is on the Board of SeaFIC.
We work closely with Te Ohu Kaimoana, the Ministry, and stakeholder organisations on TACC and other fishery management decisions.
We are strong supporters of the Quota Management System as the worlds best fisheries management regime.
The integrity of the Quota Management System, and Individual Transferable Quota, must be maintained as the basis for an enduring Settlement.
We work closely with SeaFIC, the Ministry and other industry players to combat the misinformation by some NGO’s.
We work with Te Ohu Kaimoana to influence key government policies such as the ETS.
Plan operating EBIT remains flat on 2008/09 at $16m.
Improvement in returns from Moana Pacific and OPC wetfish offset by lobster pricing returning to normal.
Abalone pricing flat as producers quit 2008/09 stock.
Oyster sales forecast to recover toward pre-recession levels.
Exchange rates back up over NZD:USD 0.70
Funding costs forecast to remain steady.
Graham Stuart, Tumuaki Sealord
Results above plan, although below 2007/08.
Sales ahead of last year and ahead of plan.
Sealord UK and NZ local markets did well.
Good NZ catches.
Associates companies in Europe hit by (flat) market collapse.
Spain worse hit – poor year for Europacifico.
Significant progress was made on the strategic plan.
- Review of the NZ fishing business.
- Turn around in the aquaculture business.
- Purchase of Queensland-based barramundi business King Reef.
- Purchase of Argentinean fishing company Yuken.
Tutekawa Wyllie, Kaiwhakahaere Tauhokohoko Whakawhanaunga-a-Iwi
“The set of beliefs associated with practices and procedures to be followed in conducting the affairs of a group or an individual”
Tikanga other Definitions Whakawhanaunga-a-Iwi
“ A system or philosophy of conduct and principles practiced by a person or group”
“Maori philosophy in practice and the practical face of Maori knowledge”
Which manifest in
Mana Moana Mana Whenua
Takutai ki tuawhenua
Te tuakana me te teina
Outlook for 2009-10
Robin Hapi, Tiamana
Our plan was set in September at $24m NPAT.
Since then the NZ dollar has strengthened making the target harder.
AFL operating divisions had a good first quarter – pleasing to see Prepared Foods and Moana Pacific doing better than expected.
Sealord has had a tough first six months.
Overall at this stage we expect to be close to plan for the year.
QUESTIONS pay our first dividend this year
That Shareholders –
A choppy sea can benavigated