apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

AsureQuality LimitedCHAIR » Janine SmithBOARD » John Ashby,Sarah Haydon, Dianne Kidd,Jane Lancaster, Dean Nikora,Joanna Perry, Sam Robinson,Hamish StevensCHIEF EXECUTIVE » Tony EganActivitiesAsureQuality Limited wasestablished as an SOE on1 October 2007, from anamalgamation of AsureNew Zealand Limited andAgriQuality Limited.AsureQuality provides a widerange of services to the food andprimary industries in New Zealand,Australia and 40 other countries.In New Zealand, AsureQualityis the sole provider of meatinspection services.Services provided byAsureQuality include mandatorymeat inspection, product andprocess verification, inspection,auditing, testing, training andbiosecurity surveillance andresponse.Financial performance measures2007 2008 2009 2010 2011*ReturnsTotal shareholder return 22.8% 26.3% 72.3% 5.3% 17.0%Dividend yield 12.3% 0.0% 4.4% 5.3% 5.7%Dividend payout 176.8% 0.0% 45.1% 104.8% 56.5%Adjusted ROE (16.1%) 20.3% 20.3% 20.6% 28.4%EfficiencyROCE (0.3%) 20.8% 26.4% 29.4% 32.2%Operating margin 6.8% 8.5% 9.3% 9.5% 12.4%Generator efficiency N/A N/A N/A N/A N/ALeverageNet gearing** 15.5% 9.9% 10.6% 20.6% 13.5%Interest cover 4.64 8.45 20.00 32.42 32.13Current ratio 1.88 1.29 1.13 1.10 1.10OtherFive-year averageDividend growth 1.7%Revenue growth (6.7%)***Income statement$m 2007 2008 2009 2010 2011Revenue 154 138 137 138 117***EBITDAF 10 12 13 13 15NPAT (4) 4 5 5 8Balance sheet$m 2007 2008 2009 2010 2011Total assets 69 60 57 63 68Total liabilities 41 30 26 31 33Commercial value**** 41 51 85 85 95Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 8 6 11 8 12Purchase of fixed assets 6 3 5 7 3Dividends 5 0 3 5 5Net cash flow (1) (9) (5) (1) 1Notes:* The 2010/11 year covers a nine-month period because AsureQuality’s balance date has changed from30 September to 30 June. This has some impact on the interpretation of results** The Net gearing calculation in this table is different from that used in AsureQuality’s SCI which adjusts forrevenue received in advance*** Revenue growth is negative owing to the 2010/11 year being a nine-month period**** Commercial valuation from the SCIpage | 70