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

New Zealand Post LimitedCHAIR » Hon Dr Michael CullenBOARD » Justine Smyth,Al Dunn, Pip Dunphy,Murray Gribben, Temuera Hall,Jackie Lloyd, David WillisCHIEF EXECUTIVE » Brian RocheActivitiesNZ Post operates New Zealand’slargest postal and courierbusinesses. Its subsidiary,KiwiBank, is a significant player inthe New Zealand banking market.NZ Post also has a number ofrelated business activities, suchas data management, stamps andcollectables, and an extensivenetwork of retail outlets.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return 104.3% 10.1% 2.4% 2.5% (12.8%)Dividend yield 3.9% 2.5% 1.2% 0.5% 0.2%Dividend payout 35.6% (32.3%) (2.9%) (192.8%) (0.4%)Adjusted ROE 18.0% 21.1% 12.1% (3.4%) (4.9%)EfficiencyROCE 3.8% 2.4% 1.2% 0.1% (0.2%)Operating margin 12.6% 13.2% 13.1% 9.2% 2.9%Generator efficiency N/A N/A N/A N/A N/ALeverageNet gearing 81.4% 87.4% 89.9% 90.1% 89.4%Interest cover 0.64 0.45 0.32 0.26 0.07Current ratio 0.13 0.08 0.07 0.07 0.23OtherFive-year averageDividend growth (46.7%)Revenue growth 2.0%Income statement$m 2007 2008 2009 2010 2011Revenue 1,197 1,290 1,254 1,204 1,296EBITDAF 151 171 164 110 38NPAT 70 110 72 1 (36)Balance sheet$m 2007 2008 2009 2010 2011Total assets 5,498 8,037 11,304 13,075 14,682Total liabilities 4,902 7,370 10,635 12,243 13,888Commercial value* 1,060 1,140 1,154 1,177 1,024Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 132 (51) (433) 35 (608)Purchase of fixed assets 82 45 47 48 37Dividends paid 31 27 13 6 3Net cash flow 277 (68) 127 (7) 41Note:* Commercial valuation from the SCIpage | 88