Our Top 200 Companies - Page 66

Executive of the Year: Mark Waller, Ebos Group p36

New leaders for a new world

Company of the Year:Beca Group p39

Understanding the new world...John Key, Alan Bollard, Sir Stephen Tindall, Jeanette Fitzsimons, Rod Drury, Greg Cross p24 + Kevin Roberts p15

9 21902 251030

DECEMBER 2010 $7.10INCL GST

TOP 2OOCompanies

Mark Waller, Ebos Group

management.co.nz

THE ALL NEW BMW 520d SEDAN. WINNER OF THE LARGE CAR CLASS AT THE AA ENERGYWISE RALLY 2010.

IT COMBINED OUTSTANDING PERFORMANCE WITH AN OUTSTANDING PER FORMANCE.

The all new BMW 5 Series

www.bmw.co.nz

The winner of the Large Car class at the AA Energywise Rally, the 520d offered an exceptional fuel effi ciency of 5.2l/100km. Thismodest fi gure is due to BMW Effi cientDynamics® – a suite of technologies designed to increase fuel effi ciency without compromising performance, driving dynamics or comfort. These same technologies are deployed in all of our vehicles, and were a signifi cant factor in BMW being named Greenest Premium Fleet. Experience Joy, take a test drive at your Authorised BMW Dealership today and fi nd out why BMW has been the world’s leading premium vehicle manufacturer for the last fi ve years.

The all new BMW 520d Sedan. From $1,299 per month. Subject to normal BMW Financial Services lending criteria. Offer based on BMW 520d $109,500.00 (excluding ORC). Finance offer based on a 48 month Hire Purchase agreement consisting of 47 monthly payments of $1,299.00 and a fi nal payment of $46,194.00, with an interest rate of 10.99% and a deposit of $32,850.00. Offer expires 31/12/2010.

BM

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THE ALL NEW BMW 520d SEDAN. WINNER OF THE LARGE CAR CLASS AT THE AA ENERGYWISE RALLY 2010.

IT COMBINED OUTSTANDING PERFORMANCE WITH AN OUTSTANDING PER FORMANCE.

The all new BMW 5 Series

www.bmw.co.nz

The winner of the Large Car class at the AA Energywise Rally, the 520d offered an exceptional fuel effi ciency of 5.2l/100km. Thismodest fi gure is due to BMW Effi cientDynamics® – a suite of technologies designed to increase fuel effi ciency without compromising performance, driving dynamics or comfort. These same technologies are deployed in all of our vehicles, and were a signifi cant factor in BMW being named Greenest Premium Fleet. Experience Joy, take a test drive at your Authorised BMW Dealership today and fi nd out why BMW has been the world’s leading premium vehicle manufacturer for the last fi ve years.

The all new BMW 520d Sedan. From $1,299 per month. Subject to normal BMW Financial Services lending criteria. Offer based on BMW 520d $109,500.00 (excluding ORC). Finance offer based on a 48 month Hire Purchase agreement consisting of 47 monthly payments of $1,299.00 and a fi nal payment of $46,194.00, with an interest rate of 10.99% and a deposit of $32,850.00. Offer expires 31/12/2010.

BM

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Vol 57 No 11 • ISSN 1174-5339 (Print), 1179-3910 (Online)

We’ve reached another year end battling, adapting to, or in some cases riding high on the winds of

change in the aftermath of the Global Financial Crisis. Those organisations and individuals that are casualties of the turmoil will question whether there is any silver lining to the GFC cloud.

Having completed the lengthy process once again of data-gathering and auditing to produce this year’s Deloitte/Management magazine Top 200 Companies list, and the judging process to determine the award winners, we can state unequivocally that, yes, New Zealand’s best performing companies have created opportunity out of adversity.

For the corporate sector the opportunity was not around revenue growth but cost control and efficiencies and building the bottom line. The successful companies have become leaner and smarter as our Top 200 overview for the year (pg 21) and the award winners that follow show.

As uncomfortable in this new environment as many of us may be though, we only have to look to Europe to remind ourselves that we don’t have it so bad. And take a look at the musings of some of our thought leaders on page 24; for those still waiting for a return to some kind of ‘normal’ – welcome to the new world where constant change and

accelerated market shifts are the new norm.

The organisations that are thriving are those that have embraced the new culture of openness and transparency engendered by this age of instant online communication. There is no better example of this than our company of the year, Beca Group (page 39). It is the first time that a private company has won the title and that was made possible by Beca opening its books for scrutiny by our auditors and judges.

And while we are on the subject of auditing I’d like to acknowledge the sterling efforts of our data gathering and proofing team, especially Gill Prentice and Kevin Lawrence and our auditing team partners from Deloitte. Under the watchful eye and direction of Kim Fisher who has been managing this process for several years now, Daniel Karlsson and Maria Vorobieva did a thorough and efficient job of auditing the figures. The ranked list of Top 200 Companies, together with the learned deliberations of our judging panel, produce a set of results with integrity.

I am sure you will enjoy reading the background to the success of this year’s Top 200 winners and finalists. Such success is no mean feat in our ‘new world’. My congratulations to all of the top performers. And to our readers and partners, thank you for your support through another challenging year. May you have a pleasant and welcome break over summer and we look forward to working with you in 2011. And don’t forget to visit www.management.co.nz for coverage of the Top 200 Awards event and video interviews.

DecemBeR 2010 | management.co.nz | 3

Welcome to the new world...

T O P 2 O O

Deloitte/ManagementMagazine

A Bold Spirit Toni myers, publisher

24 Top 200 Cover STory

Bold conversations

As part of this year’s Deloitte/Management magazine

Top 200 campaign 'Understanding the New World’,

NZ Management analysed six major contemporary

issues and opportunities for business. In this,

the final chapter, we ask leading New Zealanders to

peek into the country’s future.

31

Against the oddsTop 200 companies

rise to new world challengesNew Zealand’s largest companies improved pre-tax

profits despite lower revenue in 2010. It was, in the

words of the Deloitte/Management magazine Top

200 Awards judges, a year of consolidation.

By Neil prentice and reg Birchfield.

contents

executive of the year 2010: Mark Waller, ebos Group.

T O P 2 O O

Deloitte/ManagementMagazine

A Bold Spirit

3 pUBLISHer’S LeTTer

6 INBox: News and views

13 AS I See IT: Scott Bradley, voucherMob

15 MANAGerS ABroAD: Kevin roberts

16 NZIM: TetraMap’s mirror image – conflict and diversity. Reg Birchfield

18 MANAGING SUSTAINABLy: putting a price on eco-systems. Janet Ranganathan

93 FoCUS

96 exeCS oN THe Move

97 exeCUTIve DeveLopMeNT

OpiniOn

20 poLITICS: enemies of capitalism. Colin James

Advice

21 LeGAL: Contracting under the spotlight Anthony Drake

92 exeC HeALTH: Sun smarter. Peter Tynan

DECEmbEr 2010 • Vol 57 No 11

top 20023 Top 200 CoNTeNTS

36 Deloitte/Management magazine executive of the year. Mark Waller

39 Deloitte/Management magazine Company of the year. Beca Group

42 NZIM/eagle Technology young executive of the year. Claire Szabó

47 QBe Insurance Chairperson of the year. Alison Paterson

49 Kensington Swan responsible Governance Award. Vodafone New Zealand

54 Marsh Most Improved performance Award. Restaurant Brands

56 Workbase Best Growth Strategy. Sky Network Television

60 Designworks visionary Leader. Douglas Goodfellow

61 JUDGeS

66 Top 200 CoMpANIeS

80 Top 30 FINANCIAL CoMpANIeS

features90 FACe To FACe: paul Brock – The customer’s banker

Kiwibank’s new chief executive likes to listen in when customers call his bank. He sees it as part of his job. He talks with ruth Le pla about his marketing roots and the bank’s next incarnation as a challenger brand.

98 reCoGNISING exCeLLeNCe – AppreCIATING QUALITy It’s the time of year to think about rewarding staff and planning team building and incentives for 2011. We’ve found great examples of the best in learning/team building experiences, luxury get-away venues, fine-dining and champagne – everything you need to uplift or wind down.

107 NZIM'S FoCUS oN MANAGeMeNT: Maori managers – will they make any difference?; regional News; Member Comment – Lynda Carroll.

90

98

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15

M inbox

Mid-levels under fireWe need to focus

more on mid-level leaders, a new study by Development

Dimensions International (DDI) has shown.

In today’s world, middle managers are more like general

managers of the past. They are

shock absorbers of pressures exerted

from many sources – senior leaders, their peers, their teams. It’s stressful and creates risk of disengagement.

However, the DDI meta study of current literature and research has shown

that very often mid-level leaders lack the confidence and training needed to execute on the business drivers of their organisations. Research shows that only 27 percent of mid-level leaders rate

themselves as “very effective”. To drive performance in a changing

world, with fewer resources, where we are fighting relevance in changing markets, there’s no margin for error, says Christien Winter, director of Sheffield, DDI’s exclusive licensee in New Zealand.

She says today’s mid-level leaders must execute flawlessly, while successfully managing constant change. “Effectively addressing the issues at mid-level is critical to organisational continuity, through the ‘next generation’ of leadership talent,” Winter says.

The study shows mid-level leaders are at the mercy of many influences that put them inside a pressure cooker. As key leaders in the drive to execute strategy, they are challenged to make decisions with trade-offs on cost, quality and efficiency, find ways to motivate and retain their teams through hard times, and influence a range of stakeholders to execute strategy – all in an environment of constant change.

It’s time the development needs of middle management were assessed and addressed, says Winter. M

6 | www.management.co.nz | deceMBeR 2010

B eca’s Christchurch office is a winner in the health stakes – with an incredible 79 percent of staff signing up to

bike to work as part of the New Zealand Transport Agency initiative, the Bike Wise Challenge.

The NZTA initiative encourages people to give biking a go and is open to any organisation, with a goal of encouraging as many staff as possible to ride a bike for at least two kilometres, or 10 minutes, during Bike Wise Month.

Among the staff at Beca’s Christchurch office were 22 new cyclists. In total they went for 1344 rides during Bike Wise month 2010, covering 21,621 kilometres.

Ditching the car and biking to work has been proven to raise productivity, foster better teamwork and also provides the obvious benefits of better health and fitness, less congestion and less pollution.

Bike Wise Month is coming up in February and more information on the initiative and the events being held to support it is available at www.bikewise.co.nz. M

Bikers wise up

Biking is a great way to get to work.

Kea comes home

Global Kiwi network KEA has launched its

first branch on domestic soil in Auckland. Around 500 KEA supporters and members gathered to wet the fledgling’s head and listen to addresses from notable KEAs.

KEA founder Sir Stephen Tindall acknowledged New Zealand success stories but warned that they are not sufficient for future prosperity. He pointed out that we export too much of our talent and our future wellbeing depends on attracting some of that talent back here. To that end he admonished supporters to get behind this KEA initiative which is to help repatriate returning expats and new migrants into Auckland business and its networks.

World Class New Zealander Award Winner in 2006, Brent Hansen, former CEO of MTV International, was keynote speaker at the event, describing his experience in music television, beginning with New Zealand’s Radio with Pictures.

KEA says it is also looking to establish similar offices in other parts of the country. M

deceMBeR 2010 | management.co.nz | 7

Manage your TaxiSpend with Innovation

and Technology tel: 09 306 1790email: enquiries@taxicharge.co.nz

The head of the international jewellery retailing chain, Michael Hill is a strong

supporter of classical music.

• Bach Solo Sonatas and Partitas by Monica HuggettThis is complex music that has endless interpretations. • Michael Houston performs Beethoven Early Sonatas PianoforteHe is New Zealand’s best-kept secret.• J S Bach Italian Concerto in F – Dubravka Tomsic Playing PianofortePure bliss.• Joseph Lin playing Bach and Eugene YsayeLin is the winner of the first Michael Hill International Violin Competition and has just been chosen to be the violinist in the famous Julliard Trio. M

On my iPod

Michael Hill.

C hanging workforce demographics means many organisations need older workers more than ever, say management lecturer Professor Peter Cappelli

and HR expert William Novelli.The pair say older workers transfer knowledge between generations,

transmit your company’s values to new hires, make excellent mentors for younger employees, and provide a “just in time” workforce for special projects.

Yet more of these workers are reporting to people younger than they are, say the pair.

“This presents unfamiliar challenges that if ignored can prevent you from attracting, retaining, and engaging older employees,” the pair say in their new book, Managing the Older Worker.

In it Novelli explains how companies and younger managers can maximise the value provided by older workers.

The key is recognising that boomers’ needs differ from younger generations and adapting your management practices accordingly.

The pair draw on research in management, psychology, and other disciplines as they suggest that managing older workers will enrich your workforce. M

age challenges

Remember to lock those phones!O nly 18 percent of Kiwis always lock

their mobile phones and the rest are risking identity theft, according to new research from Unisys.

“Employers need to realise that it isn’t just the user of the phone who is at risk, but also the organisations they work for – especially since many of us use the same device in both our work and personal life,” says Brett Hodgson, managing director of Unisys New Zealand.

The results from the latest Unisys Security Index also show that six out of 10 (59 percent) New Zealanders never secure their mobiles, PDAs or smartphones by using, and regularly changing, a password or PIN.

The survey also showed only 35 percent

always use hard-to-guess passwords which are changed regularly when using the internet.

“By not bothering to lock their mobile devices with a password or PIN, the majority of New Zealanders are leaving themselves unnecessarily vulnerable to cyber crime and identity theft. Consider the information that many of us keep on our mobile phones: phone numbers, addresses, birthdays and even bank account numbers. It’s information which, in the wrong hands, can be used to recreate your identity,” says Hodgson.

He warns that many organisations have not yet caught up with the security protection and policies that the latest mobile gadgets require. M

Do you want to know what it takes to be one of New Zealand’s Most Reputable Organisations?

Hay Group and NZ Management magazine will be hosting a workshop in Auckland in March 2011, revealing the critical factors needed to build and maintain a strong reputation. Led by Hay Group experts and a panel of CEOs, this workshop will include:

• a presentation on the key fi ndings from the 2010 survey;

• a keynote panel discussion on building and maintaining organisational reputation;

• a practical session addressing the skills and behaviours required for what it takes to be one of New Zealand’s Most Reputable Organisations.

Hay Group had a fantastic response to this year’s survey, identifying New Zealand’s Most Reputable Organisations, and will be undertaking this research again in May 2011. If you are a CEO, Board member or Senior Executive responsible for the reputation of your organisation and would like to attend this workshop, please contact Carolyn Dunn on t 0800 429 477 or e haygroup.nz@haygroup.com to register your interest .

Designer Di Curtis created a seal to represent trust, integrity and approval, and she used a fruiting Nikau as a metaphor for fertility – tree

of knowledge – New Zealand style.

In today’s business marketplace....

Reputation is everything

New Zealand’s Most Reputable Organisations

Workshop 2011

Acknowledged in 2010 as New Zealand’s Most Reputable Organisations were (from left): NZ Police, Air New Zealand, The Salvation Army and Kiwibank.

deceMBeR 2010 | management.co.nz | 9

T he NZ Open Source Awards 2010 celebrated and rewarded the best and most innovative in New

Zealand’s open source software at a gala event on November 9 attended by more than 200 people at the Intercontinental Wellington.

The Catalyst Lifetime Achievement in Open Source Award was given to University of Auckland associate professor of statistics Dr Ross Ihaka. Ihaka is one of the originators of the world-renowned ‘R’ programming language and software environment for statistical computing and graphics.

The New Zealand Open Source Awards are run by open source IT firm Catalyst IT.

Other winners were: • Open Source in Government, IRD’s use of Moodle. • Open Source in Education, Albany Senior High School. • Open Source Use in Business, Ponoko. • Open Source Use in the Arts, Ghosts in the Form of Gifts (Te Papa). • Open Source Project, SilverStripe. • Open Source Advocate, Linux.conf.au organisers Andrew and Suzanne Ruthvern. • Open Source Contributor, Tabitha Roder for One Laptop per Child.

• People’s Choice, Amie McCarron for the Alcoholics Anonymous NZ websites. • The University of Auckland Clinton Bedogni Prize for Open Systems, Rob O’Callahan for his contributions to Mozilla Firefox and open web standards.

For further information, see the NZ Open Source Awards website www.nzosa.org.nz. M

Software superstars

Investors not concerned about sustainabilityA joint study by global consultancy Accenture and the United Nations

confirms that chief executives care about sustainability although their investors do not.

The study shows today’s CEOs are more committed than ever to creating a sustainable business, although the motivator is no longer just social responsibility. It’s now equally about achieving high performance measured in terms such as lower costs, stronger customer relationships and increased revenue.

Entitled “A new Era of Sustainability”, the study is based on 50 in-depth interviews with company bosses and an online survey of a further 766 CEOs from around the world. Almost without exception, CEOs said they would like

to do more on sustainability but their investors just didn’t care about it. This, according to US and UK-based Accenture staffers Rob Hayward

and Peter Lacy, “shows the nature of the impasse and the disconnect”. CEOS apparently cite a lack of investor interest as a critical barrier to further investment, but few attempt to communicate to shareholders on sustainability as a business issue. Even fewer see investors as an important voice in shaping their activities in this area over the next five years.

However, the report suggests we are closer than many think to a “new era of sustainability”, in which environmental, social and corporate governance issues are embedded throughout operations, the supply chain and subsidiaries. M

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10 | management.co.nz | deceMBeR 2010

M inbox

Making change easyA new organisation to help

businesses move through change has been set up in Auckland.

Changeability is backed by parent company Connect SR, a not-for-profit which has been successfully using an approach originally developed by Boston University and used for many years to help individuals to flourish.

The team at Connect saw the enormous potential the application offers to the commercial workplace, and started Changeability to adapt and deliver this unique technology to modern business. All profits from Changeability are given to Connect to provide solutions in the community that are not funded by government bodies.

Changeability’s Jeannine Walsh, says: “Executives told us they were looking for a short but effective intervention that would help managers lead change better and create engagement from staff during change. What makes us unique is that we help individuals take an active role in their own change.

“By closing the gap between awareness and action,

Changeability supports employees to be more engaged, successful, and satisfied throughout the change process. This in turn helps organisations to maximise productivity, target resources effectively, and minimise disruption caused by the change,” Walsh says. “Changeability provides CEOs, HR managers, and other change leaders with a well developed practice technology.”

Walsh says when an organisation wants a change to occur, managers need staff to get on board quickly. They have typically invested considerable time in preparation and planning to chart the way forward.

However, before expecting staff to move forward with change, managers need to realise they are one step ahead of the rest of the organisation. Change is not a directive, it is a process; and people move through various stages before they are ready to take action.

“When an organisation matches its resources and communication appropriately to its staff’s stage of change, the result is a smoother, more successful change process,” says Walsh. M

We have access to 2.3 million Fly Buys card holders, so we have the potential to see into the shopping baskets of over 70% of Kiwi households. A direct marketing campaign with us can help you win back lost customers and attract new ones, talk to your existing customers to keep them engaged, increase sales to your current customers and launch new products to the most relevant audience. Because people who use New World Direct get a measurable response and that’s valuable.

To get great results from your next campaign, head to newworlddirect.co.nz now. N

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NEED SOMEONE ON THE INSIDE?Talk to New World Direct.

Talent miningIn these tough economic times, many

organisations don’t understand the capabilities of the people they have, says Iain Fraser, CEO at Project Plus.

In general, he says the business world is still ‘jittery’ about investing in new initiatives in programme and project management and admits that in some respects that nervousness is still well founded. “For example with central government projects, the time it takes to approve them typically seems to be longer than in the past. People are more hesitant and take care about making a yes decision. Whereas in the for-profit world once those organisations commit to an initiative, they get right behind it and focus on the delivery time to ensure the benefits flow through sooner and RoI is generated earlier.”

He says that this generates more risk and requires additional skills. That said he can see a growing maturity in leaders and managers who are becoming more sensitive to understanding the skills of their workforce and their talent capability via capability assessments.

“You have to understand what you’ve got, so you can deploy the staff in the right way,” says Fraser. “You need to make sure a ‘super-duper’ person isn’t working on a job that might as well be sharpening pencils. You need them working on a complex initiative that requires a super-duper person.”

Fraser says leaders need to understand the talents of the people they have and target investment in those people, “rather than just throwing 100 people on a training course that doesn’t benefit all 100”.

He says that means people will get more effective learning investments and development opportunities.

“If you match people to skill set demands and give people greater motivation, they will be willing to stay with your organisation. The key is to keep them longer and make better use of them and at the same time provide greater job satisfaction.” M

Iain Fraser.

deceMBeR 2010 | management.co.nz | 11

W hen employees love going to work every day, companies find it easy to attract and retain staff, say the organisers of the

JRA Best Workplaces Survey 2010.And confectionery giant Mars proves it as this year’s top

workplace, returning for its fourth time as a finalist after winning the medium-large category in 2008.

This year a car wholesaler, a district council, a stationery business and a hospice were all finalists in the survey, which is New Zealand’s largest annual workplace climate-employee engagement survey. It uses confidential feedback from organisations’ employees to rate their employers.

This year 35 finalists from all over the country were contenders for the coveted title of Best Workplace.

Almost 31,000 employees from 245 organisations across the country took part in the survey this year, up from last year’s 216.

The 2010 finalists came in a range of shapes and sizes from the small team of just 22 employees at Gopher business directory, to the 866-strong team at Warehouse Stationery.

Now in its 11th year, the Best Workplaces Survey has become the benchmark for best employer claims.

This year’s finalists’ employees responded to 60 questions, grouped into categories such as culture and values, learning and development, reward and recognition, communication and co-operation.

JRA managing director John Robertson says it is encouraging to see a large number of organisations still entering the survey, and the high level of staff satisfaction, despite difficult economic

conditions for some.“The JRA Best Workplaces Survey gives employees the chance

to have their say, and provides employers with some fantastic feedback on what is working and how happy and satisfied their people are.

“Finalists and winners rightly use their result to attract and retain the best staff and improve market perceptions of their organisation,” he says.

Mars New Zealand was also winner of the medium-large size category and other winners by size from the 35 finalists were Redvespa Consultants in the small category, The Retail Institute in the small-medium category and Warehouse Stationery in the large category. M

Love to work here

Who’s lying now?A third of job candidates exaggerate in interviews, 10 percent lie

about their past salary, and 17 percent stretch the truth about their experience in interviews.

But employers can be equally dishonest about what the job is, says Joe Ungemah, recruitment company SHL’s director of professional services, Australia and New Zealand.

They often promise advancements, seniority and an environment that never eventuate.

The company followed up people who had been for an interview within the past two years and found widespread misrepresentation on both sides – and figures show it may be on the rise.

Additional research by SHL in New Zealand found that seven percent of HR professionals admitted that they themselves exaggerated their own education or skill to get a job.

Further investigation showed employers do not always treat candidates with professionalism or reveal all aspects of the opportunity:• 74% of candidates reported negative interview experiences.• 44% were not notified of the hiring outcome.• 27% believed the job fell short of interview promises.

• 44% were asked to do jobs outside of the job description.• 33% experienced a poorer environment than expected.

Not only that, but negative interview experiences can lead to resentment and lose companies customers. Previous research by SHL has found that nearly half of candidates have a negative view of the organisation following an unsuccessful application.

The top areas where disillusionment occurs for those that are hired (from Talent Drain, 2008) involve lack of promotion opportunities, lack of training and development opportunities, and poor relationships with supervisors or managers.

“Research from clinical and organisational psychology emphasises that negative experiences are hard to overcome,” says Ungemah. “In fact, a magic ratio exists that an employee would have to experience five positive interactions to counteract the harm done for every one negative interaction.”

He says starting off on the right foot with a new employee is crucial to ensuring a strong psychological contract. “You can establish and maintain trust by having clarity about what will be provided and making the new hire clear about their obligations.” M

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M AS I SEE IT

DECEMBER 2010 | management.co.nz | 13

Scott BradleyScott Bradley is the CEO of the new retail voucher smart-phone venture, VoucherMob, launched last month.

You’ve held a number of executive positions within the digital and communications corporate sector and been an entrepreneur too. Which do you prefer?I worked in consultancy roles within global professional services organisations, which was a challenge, but it wasn’t until I co-founded Utilyx, a digital start-up in the UK, that I really found my passion, which is being an entrepreneur. I love being involved in start-ups. Tell me about the launch phase of VoucherMob.There are a million balls in the air – trying to juggle emerging technologies like the iPhone and Android operating systems, marketing a new service using a complex social media strategy, developing a strong consumer brand in a cluttered market, signing up retailers, wooing investors, engaging the media and all while you’re putting in place the foundations of a rapid growth organisation. Luckily I have an incredibly supportive family!

What is your biggest challenge?It is liquidity. As with my first start-up, suppliers won’t sign up without customers, customers won’t sign up without enough suppliers. The same challenge exists with VoucherMob – finding the right liquidity equilibrium without overspending and running out of capital before the business is cash-flow positive.

Where do you see the future of communications?My first introduction to the internet was 1996 working on the Microsoft account at a large ad agency. I was the only person in the agency to have a dial-up connection to the internet because I worked on Microsoft. I then understood the massive potential of the internet. Mobile smartphone devices are about to change the game again. I think the personal smartphone changes the way consumers will interact with their friends, colleagues, brands and organisations.

What does New Zealand need to make it great?Most of the very successful business people in New Zealand today have had extensive international exposure. Living and working in overseas markets allows you to identify opportunities and gives people the skills they need to be a successful entrepreneur – to understand failure is as important as success, realise you need a strong network around you to help you succeed and being a ‘winner’ is okay. New Zealand has some amazingly talented people, but not all of them realise their potential.

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DECEMBER 2010 | management.co.nz | 15

M MANAGERS ABROAD

Q: Cities, countries even, are increasingly seeing major sporting events as a way to market themselves as a destination and of reaping some economic benefits. Is this wishful thinking or can the massive cost be justified economically?

A: Bringing great sporting events to nations is an emotional short-cut to the heart. When Barcelona and Beijing ran the Olympics, when South Africa ran the Rugby World Cup, these were events that galvanised a nation, that gave hope and belief. Feeling a sense of pride, of belonging, of community is good for you.

Q: China got the 2008 Olympic Games right, but India mis-stepped with the 2010 Commonwealth Games. Are these events getting too big for many countries to host?

A: India had a tough run. They are under a terrific threat from terrorism. They have Pakistan on the border. They had chutzpah, they had courage in asking, but I think they found they have a long way to go. Ideas are the right of everyone, execution is what makes the difference. China and Sydney executed

World Cup wins?Kevin Roberts, CEO Worldwide of Saatchi & Saatchi, has some suggestions for tackling commercial opportunities thrown up by sporting events such as the Rugby World Cup.

superbly. I hope that New Zealand executes what will be the world’s last traditional tour next year superbly.

Q: For some countries, might the money be better spent elsewhere? In other words, even if an event can pull a large international audience, might it nevertheless divert too many resources and stir up too much resentment and division at home to be worthwhile?

A: Not at all. I think the fact that people talk about them shows that it is important. We live in a world of “and-and” not “either-or”. It isn’t we either become Mother Teresa and look after the world’s poor one by one, or we run a great sporting event. Life is much more complex than that. Sport is one of the few ways out for all of these people. It is a great equaliser.

Q: How do you measure success from a branding or marketing perspective, and is this even done? More than 700 million watched the 2006 Soccer World Cup final in Germany, but did that translate into anything meaningful in marketing terms?

A: We are drowning in the statistics. There are great economic justifications for all of these events which may or may not be true because they are based on forecasts and then on rewriting the past. What you do know is that Barcelona was redeveloped as a city because of its Olympics, that Auckland would not have the Viaduct if we hadn’t got the America’s Cup, that South African tourism and economic vitality have increased massively since they were able

to demonstrate that they had security under control.

Q: Closer to home, great things have been promised from the Rugby World Cup. What is your feeling about its potential, and have the organisers got it right?

A: Martin Snedden and McCully are doing a fantastic job. Most of the calls that have been made have been good for New Zealand, good for rugby. The next World Cups are going to go to gigantic commercial places. This is going to be the last great tour. I’m the chair of USA Rugby. Our guys are going to be living in Taranaki, in New Plymouth and they are excited. They want to see the real New Zealand, real grass-roots rugby. This will be a great opportunity to showcase New Zealand and our people.

The real work, frankly, is not in 2011. We will get this right. The real task is how do we take advantage of this from a commercial point of view. How do we invite the movers and shakers to New Zealand and then show them that they should invest in New Zealand, recruit New Zealanders and have joint ventures with our companies. That we have intellectual capital that travels. That is one area I am a little concerned about. I am telling businesses here, don’t peak in October 2011. That is for Graham Henry and the boys. We have got to be peaking in the two years after because that is what will matter to New Zealand, when the World Cup is over. M

Kevin Roberts is Honorary Professor of Innovation and Creativity at the Auckland University Business School. With thanks to the University of Auckland Business School Quarterly.

16 | management.co.nz | DECEMBER 2010

NZIM: CoNflICt MaNagEMENt

possibilities, they reasoned.The extension of their thinking soon

revealed that the critical issue in conflict understanding and resolution, one that challenges not just organisations but whole communities and countries today, is diversity. “When you can open up peo-ple’s minds to the value of people’s dif-ferences and understand why individuals are different and why those differences annoy them, that conflict invariably disappears,” says Jon Brett.

Yoshimi started out using estab-lished personality profiling techniques to search for explanations as to why we are like we are. Companies used various psychometric models which attempted to put “people into boxes so they could understand them better”. What Yoshimi wanted, however, was to “make the learning enjoyable, accessible, reasonably priced and applicable across all levels of the organisational hierarchy”.

The Bretts understood the value

and importance of diversity, but the word held little organisational pulling power. “It didn’t seem to mean anything. Until one experiences the huge value and benefits that come with diversity, it doesn’t seem to register,” says Jon Brett. “But the phrase ‘reducing conflict’ does register and it is just the reverse. In or-der to reduce conflict, you have to value diversity.” So their pitch to the market changed. The emphasis swung to ex-plaining the nature of the problem and enlightenment about how to resolve it follows. Out of this rationale, TetraMap was born.

So while reducing conflict is Te-traMap’s core marketing message, the Bretts’ real focus is “to help people work more inter-dependently, and to accomplish that, organisations must value diversity”.

TetraMap is a behavioural model that uses nature as a metaphor, mapping peo-ple’s ‘nature’ on a tetrahedron using the

TetraMap’s mirror image

conflict The New Zealand Institute of Management

is working with Auckland-based behavioural consultancy TetraMap to enhance the effectiveness

of NZIM training and development programmes. Reg Birchfield talked to TetraMap founders Yoshimi and Jon Brett about their approach

to reducing conflict in organisations.

&diversity

L ike many of life’s “ah ha” mo-ments, the underpinning of Yoshimi and Jon Brett’s Te-traMap behavioural model is

rooted in life fundamentals and natural simplicity. It owes something to ancient Chinese philosophy, more to the clarity of the brilliant mind of designer, archi-tect and innovator Buckminster Fuller, and the rest to their personal observation of the behaviours of people employed by the organisations to which they con-sulted, over 18 years.

The Bretts discovered early in their consulting careers that personal conflict was a major contributor to organisa-tional waste and blighted progress. That understanding prompted them to seek an explanation and provide a simple but powerful metaphor to explain why conflict is so pervasive and integral to human nature. If they could explain the nature of behaviour, minds could perhaps be opened to more positive

Valuing diversity: Jon and Yoshimi Brett.

DECEMBER 2010 | management.co.nz | 17

four elements of earth, air, water and fire as personal descriptors. In that respect it is a mind-shifter, replacing the more tra-ditional positive and negative language of, for example, “submissive” or “compliant” personalities.

The metaphor is driven out into a wide range of applications from the nature of individual behaviour that offers insights into personal development, communica-tion and relationships, leadership, change and conflict resolution to programmes on the nature of team strategies, planning and sales and service.

It is a non-prescriptive model. “We try to provoke creativity,” says Jon Brett. “You don’t get answers. We don’t tell you what the solution is.” TetraMap is, he says, a tool designed to help individuals find solutions in a collaborative, complex and rapidly changing environment.

Many behavioural models are based around four central pillars. And the Bretts’ adoption of Buckminster Fuller’s four-sided tetrahedron provided the perfect extension of their earth, air, fire and wa-ter metaphor. Each element touches the other but there are not opposites in this unique structure which Fuller famously described as “the minimal structural system in the universe”.

The structure, according to the Bretts, graphically explains how people are “just different” and don’t necessarily have “strengths and weaknesses”, a descriptor that often drives individuals’ perceptions of themselves and others into contrite or commanding corners.

Since publishing their first workbook in 1995, the Bretts have taken their Te-traMap learning tool to the world. They have created a global and local network of certified facilitators and licensees. The Bretts and their partners are consulting to some surprising organisations, including the Singapore Armed Forces.

And now they are building their work-ing relationship with NZIM. One Master TetraMap Facilitator, Jan Alley, and two Certified Facilitators, Lesley Coleman and Robyn Walshe, are NZIM trainers and facilitating TetraMap learning in their NZIM programmes. Walshe says that

over the past two or so years she has used TetraMap with more than 250 people to gain new insights around engaging with others. “Workshop participants – and coaching clients too – aren’t bogged down in theory,” she says. “It is the most depend-able tool in my toolkit.”

“We are very picky about who deliv-ers TetraMap,” says Yoshimi Brett. “The most important thing about it is not the simplicity of the model, or that people get it and that they have a good time sharing it with others – it is the whole message about sustainability that sits behind it. By reducing conflict we can create more sustainable organisations.”

For quality control reasons, the company’s international growth strategy has been organic rather than formulaic. The Bretts decided against the standard global distributor route. “We needed to find people that were passionate about TetraMap and who understood the im-portance of the message,” says Yoshimi Brett. “We only have three associate or-ganisations. One each in the UK, Mexico and Germany.”

TetraMap does not, however, lend itself to online learning without blending with face-to-face learning. “TetraMap is a learning journey,” she says. “Unless people see it and embrace it, it becomes just an-other fun workshop. It is about making connections, about having conversations and about sharing stories.”

TetraMap, according to the Bretts, forces both user and learner to be creative in seeking holistic solutions. And that, they say, is the difference between their ap-proach and more traditional behavioural learning programmes.

TetraMap with NZIM as co-sponsors, will run an international “Making the Connections” conference – which they call a TetraHui – in Auckland in Febru-ary 2011. The conference will feature high profile international speakers on behavioural change and organisational learning. They are all exponents of the TetraMap model. http://www.tetramap.com/read/tetrahui. M

Reg Birchfield is a Life Fellow of NZIM.

NATIONAL BOARDPhILLIP MeyeR FNZIM (ChaIRMaN) BRIaN SOUTaR aFNZIMGaRy STURGeSS LIFe FNZIM LLOyd davIeS FNZIMJOhN SaNdFORd FNZIM CheRyL dOIG FNZIMLyNda CaRROLL aFNZIM

OFFICES NATIONAL OFFICE acting CeO PhILLIP MeyeR FNZIM Box 67, Wellington 6140 Ph 0-4-473 0470, Fax 0-4-473 0479 email national_office@nzim.co.nz National website http://www.nzim.co.nz

NORThERN President: JOhN SaNdFORd FNZIM CeO: KevIN GaUNT FNZIM, FaIM Box 6600, Wellesley St, auckland 1141 Ph 0-9-303 9100, Fax 0-9-303 9109 email kevin_gaunt@nzimnorthern.co.nz Website www.nzimnorthern.co.nz

CENTRAL President: PhILLIP MeyeR FNZIM CeO: KaRIN CaLLaGhaN FNZIM, FIPaa Box 11781, Wellington 6142 Ph 0-4-495 8300, Fax 0-4-495 8301 email karin_callaghan@nzimcentral.co.nz Website www.nzimcentral.co.nz

SOuThERN President: BRIaN SOUTaR aFNZIM CeO: JOSePh ThOMaS aFNZIM Box 13044, Christchurch 8141 Ph 0-3-379 2302, Fax 0-3-366 7069 email joseph@nzimsouthern.co.nz Website www.nzimsouthern.co.nz

NZIM FOUNdaTIONChaIRPeRSON: davId MOLONey FNZIMSeCReTaRy: JIM ThOMSONPO BOx 67 WeLLINGTON, Ph 0-4-473 0470NaTIONaL_OFFICe@NZIM.CO.NZ

LEADERS BUILDING LEADERSOur aim is to build management capabilitythrough Research, Learning, and Recognition

Our focus is to:• Researchleadingmanagementtrendsandpractice

and promote a constantly developing model of best management capability for New Zealand.

• Enablemanagersandaspiringmanagerstoparticipate in learning programmes, mentoring, and events that provide the information and experience they need to develop their capability.

• Toidentifyleadingmanagementrolemodelsandprovide awards that recognise the career and educational achievements of managers.

18 | management.co.nz | DECEMBER 2010

Putting a price on ecosystemsEvery country in the world should be putting a value on its ecosystems, says the World Bank. Janet Ranganathan answers questions about this new global initiative and how it will affect economic development.

M SUSTAINABIlITY

The World Bank has launched a new programme that aims to put a value on a country’s ecosystems in the

same way a country measures its national income and product accounts, or GNP and GDP.

Janet Ranganathan, an expert at the World Resources Institute (WRI), says countries need to start measuring the value of nature and the benefits and challenges of setting up these so-called national ecosystem service accounts.

What aRE ECosYstEM sERVICEs?Ecosystem services are the benefits that nature provides to people. Food, fresh water, timber and cotton for clothes are some of the most familiar and visible services. But there are other types of unseen services that we often take for granted, for example the ability of forests to sequester carbon and mitigate climate change and the way in which wetlands filter and purify water.

What aRE NatIoNal ECosYstEM sERVICE aCCouNts aND WhY aRE thEY NEEDED?Conventional measurements of national economic performance, such as Gross Domestic Product and Standard National Accounts, do a poor job of tracking stocks and flows of ecosystems and their services. A country can cut down its forests, drain its wetlands and pollute its water sources and none of this shows up in the national accounting system. There is therefore little incentive for

better management of precious natural resources. By giving these assets a value and including them in the national accounts, the hope is that what gets measured will get managed. Current macroeconomic decisions largely fail to account for natural assets, leading to decisions that degrade ecosystems. These new accounts will also raise awareness about the value of a country’s natural assets and increase public support for decisions that are better for people and nature.

What Is thE CoNNECtIoN BEtWEEN ECosYstEM sERVICEs aND ECoNoMIC DEVElopMENt?Economic development and ecosystem services are intertwined. We can’t really deal with one without dealing with the other. Unfortunately, the current mindset of society is to put economic development and nature in separate boxes, overseen by separate government agencies and separate academic disciplines. We think that protecting the environment is an impediment to development. We view it as a cost. Thinking about the environment in terms of ecosystem services can transform that mindset and help us see and value the environment as a series of assets or benefits that development in fact depends upon. By including ecosystems as assets alongside capital, labour and other commonly measured units in national accounts, governments will hopefully spur economic growth while sustaining or even growing natural assets.

What aRE soME of thE ChallENgEs of CREatINg NatIoNal ECosYstEM sERVICE aCCouNts?Architects of green accounts must grapple with three measurement challenges: how to define standardised units, how to measure physical quantities and how to assign values. None of these tasks are easy. If the accounts are to be integrated into existing national income accounts, then double counting must be avoided. The chosen measurement units must also be quantifiable at the national level. Finally, the physical measurements must be converted into financial values. The pros and cons of various valuation approaches will need to be carefully weighed to avoid risking the credibility of the entire effort.

aRE aNY CouNtRIEs alREaDY DoINg thIs?A number of efforts are under way to create national indicators of ecosystem health. The UK is conducting a National Ecosystem Assessment of the country’s natural environment in terms of the benefits it provides to society. The results of this could be integrated into national accounts. Emerging indicators like the Genuine Progress Indicator combine measures of the value of natural, economic and social capital. The European Commission, United Nations and others are exploring ways to define complementary indicators for GDP that address sustainable development. M

DECEMBER 2010 | management.co.nz | 19

ThE NumBER ONE pRIORITy at Wright Communications is to help clients earn and protect enviable reputations.

a successful structure of small dedicated client teams has enabled Wright Communications to become a trusted adviser to a wide range of organisations since it began in 2006 – these include some of the country’s largest corporates, successful not-for-profits, and flourishing small businesses.

Company founder and managing director Nikki Wright says the firm’s comprehensive range of skills and experience means it is able to offer clients full service public relations advice and implementation.

“a total understanding of clients’ needs is the key to the company’s delivery of outstanding public relations results,” she says.

In most cases, the first client priority is to increase their profile through premium media exposure in front of their key audience, whether it be in specific newspapers, lifestyle or trade magazines, television, radio, or the new phenomenon of social media.

Wright Communications works with its clients to develop effective public relations strategies for each part of the organisation, which includes

comprehensive analysis of objectives, risks and mitigation, audiences, and step by step implementation to achieve the desired results.

“This is coupled with a strategic messaging programme that reflects the long term goals of the organisation and positions a corporate vision and strategy,” says Nikki Wright.

Nikki Wright says the firm assists clients facing public inquiries or litigation, corporate restructuring, senior executive appointments and departures and reputation issues.

“When an unexpected issue occurs and the media comes calling, we swing into action to help a client manage journalists and get its messages across in a planned and effective way,” she says.

From crucial early advice and strategic counsel to urgent media training for spokespeople, the development of key messages and timely media statements, and co-ordinating interviews, Wright Communications has the experience and expertise on hand to deal with any client issues in a professional way to prevent the situation escalating into a full-blown crisis.

“It is crucial for PR practitioners to be calm under pressure, and be able to produce accurate work quickly. Our consultants are adept at helping clients deal with issues and protect their brand.”

Nikki Wright says it is increasingly important for businesses to demonstrate and report on their corporate responsibility initiatives – Wright Communications’ specialist expertise in CR is in demand.

“as conscious consumers assess products like never before, and businesses increasingly examine their suppliers and partners’ corporate responsibility credentials, effective communication becomes a critical factor in business success,” she says.

In addition to its annual report-writing

capability, Wright Communications has years of experience in producing clients’ sustainability reports to global best practice standards, and challenging clients to increase their corporate responsibility. Because sustainability has been a bedrock philosophy since the firm’s inception, clients know Wright Communications walks the walk alongside them.

“This is an increasingly important way for organisations to cement their reputation, and it is a vital part of an overall communications strategy,” says Nikki Wright.

Ph: +64 9 366 0040 . Fax: +64 9 366 0041 . www.wrightcommunications.co.nz

Ground Floor, General Building, 29-33 Shortland Street . PO Box 90290, Victoria Street West, Auckland 1142

CoMpaNY pRofIlE

ExpERT pR ThE kEy TO OuTSTANDINg RESuLTS

“It is crucial for PR practitioners to be calm under pressure, and be able to produce accurate work quickly. Our consultants are adept at helping clients deal with issues and protect their brand.”

Nikki Wright leads a team of highlyskilled pR practitioners from the CBD office in auckland’s shortland street.

Enviable media contacts and an ability to think outside the square allow Wright consultants to devise and implement the correct media strategy for crucial opportunities such as major product or corporate reputation announcements, new staff appointments, thought-leader opinion editorials and executive profiles in business media.

20 | management.co.nz | DECEMBER 2010

M politics colin james

Beware the enemy within. Business leaders might take a leaf from democrats’ phrasebook: the price

of freedom is eternal vigilance. That is because the enemies of democracy and its freedoms are part of the democracy.

The same goes for business. Many enemies of capitalism lie within. When capitalism’s leaders don’t expose and denounce those enemies, they risk the freedoms on which capitalism depends.

A parallel is the great damage done to the Catholic church, not just by the child-abusing priests but by the bishops and cardinals who covered it up. That the Pope in earlier roles did some covering up will slow the recovery of trust and respect.

This obscures the good the church does. As author and “faith adviser” to two United States presidents, Jim Wallis told Radio New Zealand on September 28: “Those of us who are people of faith have to be the first to ... say [religion] has been a force for sectarianism, for patriarchy, for division, for violence, [even though it is] also a force for healing and for good and for justice and for social movement.”

As with priests, so with corporations. The activities of some can damage the system. They damage trust.

Gary Hamel of London Business School told the BBC in May: “We know from surveys in the United States [that] only 12 percent think executives are very ethical or highly ethical.”

Hamel thinks the financial crisis “drove an even bigger wedge between

Enemies of capitalismRip-offs and amateurism in business damage capitalism just as surely as child-abuse accusations damaged the Catholic Church, says Colin James.

individuals and institutions” and caused “a steady erosion of trust”. Who needs socialists and anti-capitalist greens when capitalists do it to themselves?

Trust is a critical ingredient of capitalism, according to right-wing political scientist Francis Fukuyama, who devoted a book to the topic in 1995.

What happens when trust goes? Hamel: “When you become untethered, society will ultimately put some rules back on you.”

And then capitalism works less effectively, for profits, employees and consumers.

This is not a matter only of legality. Not many enemies-of-capitalism-within end up in court and many don’t deserve to. But that is not the point.

Auckland commercial law professor Susan Watson wrote in September that directors on boards need to apply “care, diligence and skill” and “provide the good sense and leadership that those who repose trust in them justifiably expect”.

So it is not just venality that defenders of capitalism need to speak out on (and they fall short even on that). It is also incompetence in its wider sense. Many voters don’t see the difference. Says Hamel: “The big institutions of society less and less represent their interests.”

That is why the “difficulty of getting proof” defence for not speaking out, which one business lobby luminary uses, is unconvincing.

Morality and ethics aren’t court matters. But the rip-offs and amateurism

in finance companies – and the “investor” group, including an ex-MP, who cynically creamed the South Canterbury Finance taxpayer guarantee – damaged capitalism’s standing, less spectacularly than the bonus-kings in New York and London but, in the local context, just as effectively.

Those actions tell small investors and sacked employees that self-regulation doesn’t work. The miscreants do things that are perfectly legal, perfectly in conformity with Adam Smith’s “invisible hand”, but also perfectly inimical to social order and decency. Smith himself bothered about that. As Hamel says: “There is a hole in the soul of business.”

The political response, by voters and parties, is to regulate. Labour here has moved some way back towards the more regulated pre-1984 state.

But too much, or badly designed, regulation is bad for the small investors and employees.

So if leaders of corporations and business lobbies caned those within capitalism who damage trust, they would be acting not only in their self-interest but in capitalism’s and the public’s interest. Perhaps it is time for a “defender of capitalism” category in the Top 200 awards.

Business leaders might find voters – and parties – then get in behind. M

Colin James is New Zealand’s leading political commentator and NZ Management’s regular political columnist.

DECEMBER 2010 | management.co.nz | 21

M legal

W ith speed reminiscent of Tolkien’s Black Riders, the Government passed legislation

to help the film industry keep the production of The Hobbit in New Zealand, but there are wider implications for other businesses, says Anthony Drake, a partner at Kensington Swan.

There was an important prequel to the recent events, Drake says, in the first employment case to go to the New Zealand Supreme Court: Bryson v Three Foot Six Ltd [2005] ERNZ 372.

Bryson was engaged as a model-maker on the Lord of the Rings trilogy. The contract said he was an independent contractor. When his services were no longer required and Peter Jackson’s company, Three Foot Six Ltd ended his contract, Bryson claimed that he was an employee, and as such, had been unjustifiably dismissed.

On appeal to the Supreme Court, Bryson was successful in his claim. The court considered that the company had a high level of control over him (for example, he was required to work set hours), that he was integrated into the business (the company provided the training and tools he required to do his job) and that he was not providing services on his own account, despite being responsible for his own tax affairs. The real nature of the relationship was determined to be one of employer/employee, despite the written contract stating otherwise. Section 6 of the Employment Relations Act 2000 trumped the parties’ agreement.

Now that Warner Brothers, through Three Foot Seven, is back in New Zealand and seeking to engage workers for The

Contracting under the spotlight

anthony drake

Hobbit, it was understandably concerned about this level of uncertainty in its relationships with these workers.

It is this grey area the legislation addresses, says Drake.

“Its effect is that persons working in the film industry are deemed not to be employees, unless there is a written employment agreement recording the parties’ agreement that the worker is to be an employee. Since 1992, a similar clarity has existed for the real estate industry.”

However, the distinction between an independent contractor and an employee is an important one and can only be answered by examining the “real nature of the relationship”, says Drake.

An employee is afforded the protections of the Employment Relations Act and related legislation, including minimum standards of employment, the right to bargain collectively, and the ability to bring a personal grievance if dismissed. An independent contractor has no such protections. Disputes are dealt with by the Disputes Tribunal or District Court, and not by the employment institutions. Contracts can be terminated by giving the requisite notice, with no need to justify the termination. In contrast, an employer needs to have substantive grounds for terminating an employee’s employment and follow a fair and proper process.

“That is the intent behind section 6 of the Employment Relations Act 2000, and to deny businesses the ability to engage workers as independent contractors and not have the real nature of the relationship questioned,” says Drake. “It stops businesses effectively contracting out of the protec-

tions available under employment laws.”While the film industry has been

afforded certainty with regard to workers in its industry, it is a timely reminder for other businesses in managing independent contractors, says Drake. Important factors include:• Having the right written contract in place. While the label ‘contractor’ will not be determinative, a carefully tailored contract can provide evidence of the real nature of the relationship and provide strong disincentives for the worker to subsequently claim that she or he is an employee.• Insisting an independent contractor provide GST invoices. Where possible, enter into the agreement with the worker’s company.• Ensure that your managers understand the distinction between employees and contractors and manage the different relationships appropriately.

The NZ Actors and Equity Union and CTV joined forces with the Australian-based Media, Entertainment and Arts Alliance, to target the Hobbit project. The unions’ strategy unfolded like a Shakespearean tragedy, says Drake.

“The precept of good theatre is getting the audience to understand and sympathise with the situation. Far from it. There has been a strong public backlash against the union movement over the black-listing of the Hobbit film production in New Zealand.

“Plainly the unions’ strategy was the wrong one. This may cause the union movement to rethink its future strategies before embarking on industrial action. M

The new “Hobbit” legislation has once again highlighted the uncertainty that exists in determining who is an employee and who is a contractor.

While living off low hanging fruit from your own backyard might ensure your temporary survival, there comes a time when the tree will be bare and you’ll start considering the nutritional benefits of bark. New Zealand needs businesses bold enough to pursue bigger game from new and exciting hunting grounds. So, if you’re unsure of which spear to choose or where to hunt, you need to talk to us.

www.deloitte.co.nz

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/nz/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

© 2010 Deloitte. A member of Deloitte Touche Tohmatsu Limited.

T O P 2 O O

Deloitte/ManagementMagazine

A Bold Spirit

DESPERATELY SEEKING BUFFALO HUNTERS.

Contents

Top 200 Awards

24 Understanding the New World: Bold Conversations

31 Against the odds: Top 200 Companies rise to new worldchallenges•AroundtheTop200sectors

36 Deloitte/ManagementmagazineExecutiveof the Year Mark Waller 39 Deloitte/ManagementmagazineCompanyof the Year Beca Group 42 NZIM/EagleTechnologyYoungExecutiveof the Year Claire Szabó 47 QBEInsuranceChairpersonoftheYear Alison Paterson

49 Kensington Swan Responsible Governance Award Vodafone New Zealand

54 MarshMostImprovedPerformanceAward Restaurant Brands

56 Workbase Best Growth Strategy Sky Network Television

60 Designworks Visionary Leader Douglas Goodfellow

61 Judges

62 Criteria

63 Deloitte Viewpoint

65 A-Z Index

66 Top 200 Companies

80 Top 30 Financial Companies

83 Year-on-Year Comparisons

84 Analysis

86 PerformancebySector

88 Missed,Merged,Miscellaneous

2010

Visionary LeaderDouglasGoodfellow.

ChairpersonoftheYearAlisonPaterson.

ExecutiveoftheYearMarkWaller.

YoungExecutiveoftheYearClaireSzabó.

DECEMBER 2010 | management.co.nz| 23

The world will never again be as we knew it before the global financial crisis. We teetered on the edge of a precipice, staring into the chasm of the total failure of

the world’s financial systems. Globally we have been forced to mature, and we learned some hard lessons – in banking, in ethics and about greed.

It has taught us that even in this country, far from the world’s wealth centres, we must be constantly examining our economy, our ethics, our drive and our innovation to ensure we prosper and that we can compete in this new world.

These pages aren’t just about just a group of top-performing companies that are the envy of other businesses – they are also a record of an incredibly smart and powerful group of individuals who hold the future of New Zealand in their hands.

As we gather all these people in one room for a night of celebration and networking, we are also acknowledging the forces that help us survive in this new world of business.

Over our series of six themes, we’ve looked at this new environment and here’s what we found:Leadership: We’ve learned that even though we’re busier than ever, the best bosses are first of all leaders of people, then storytellers, role-models for the behaviour they want to see, transparent, honest and ethical.Banking: We’ve discovered that banking is going back to the people, with a resurgence in neighbourhood banks and an emphasis on building relationships and forming networks.Technology: We’ve learned that all of life is a conversation. If we want to talk to our customers and our contacts, we have to learn new, bold ways of talking through technology, using social media like Facebook, Twitter, blogs and Linked In.Brands: As the consumers of this new world become more sophisticated and cynical, brands need to work harder and in different ways. Our search for New Zealand’s Most Reputable Organisations discovered that ethical behaviour and honesty

As part of this year’s Deloitte/Management magazine Top 200 campaign “Understanding the New World’, NZ Management analysed six major contemporary issues and opportunities for business.

Boldconversations

24 | management.co.nz | DECEMBER 2010

As part of this year’s Deloitte/Management magazine Top 200 campaign “Understanding the New World’, NZ Management analysed six major contemporary issues and opportunities for business.

are key attributes to give a brand standing among its peers.The environment: New Zealand has cultivated an image of this country as clean and green, so why are we not at the forefront of the cleantech revolution?Innovation: “We punch above our weight but the rest of the world isn’t waiting for us to turn up. We’ve got to get out there.” - Kensington Swan chairman, Clayton Kimpton.

In this, the final chapter in this year’s Top 200 campaign, we asked leading New Zealanders to peek into the country’s future.

LEADERShIp

Rt Hon John Key, Prime Minister

One of the best parts of my job as Prime Minister is trav-elling throughout the country, and meeting all sorts of

people doing extraordinary things. They make me optimistic for our country’s future.

During last year’s global economic recession, entrepre-neurs, businesses, and people in our communities showed excellent leadership. I would like to thank all of you who went the extra mile to help others get through.

It proves just what New Zealanders can achieve if we set our minds to it. We are a gritty little country of people who dig deep when the going gets tough and work together.

As Prime Minister, I worked hard to lead New Zealand through the recession. New Zealanders needed strong eco-nomic leadership, and that is what the National-led Govern-ment delivered.

Our economy is recovering now, but the need for strong leadership is no less than it was a year ago. That’s why my team is working hard to build on the recovery of the economy.

There’s no better time than now to unleash your potential as a leader and an entrepreneur. So I encourage you to get out there, strive for excellence, and find the leader within.

BANKING

Dr Alan Bollard, Reserve Bank Governor

Banking in New Zealand has been traditional in focus and this will always be a cornerstone of the New Zealand

economy.The Global Financial Crisis (GFC) taught Northern Hemi-

sphere banks lessons about problems with risk, governance and capital quality; it taught us more about the fragility of funding, hence our new liquidity policy. It has worked well having Australian-owned banks through the GFC, but Austral-ian domination does bring its own challenges.

Basel III (new rules that require banks to hold top-quality capital totalling seven percent of their risk-bearing assets) still has some way to go to sort out issues, and then we will decide what is relevant for New Zealand.

The CUBS (Credit Unions and Building Societies) have come through the crisis in reasonable shape due to con-servative lending and loyal customers. But the deposit-taking finance company sector is tiny and a mess, with major recon-struction and a re-building of balance sheets ahead. Some of these companies previously provided high-risk equity-type funding for speculative property development. To meet this need in the future, we are starting to see securitisation and other funding forms.

I believe we won’t achieve full economic recovery until the private sector takes over as an engine of growth and we start to see moderate growth in credit.

Ultimately the financial system is also a reflection of our national savings and consumption imbalance. More saving could mean less foreign funding, less vulnerability, and higher New Zealand equity.

DECEMBER 2010 | management.co.nz| 25

TEChNoLoGY

Rod Drury, CEO, Xero

I think New Zealanders are very aware of technology – what’s coming, and what’s new on Google and Facebook

makes the papers the same day. But in terms of accessibility, we’re seeing more and more stuff that’s not available to us; for example we missed the Kindle – it just passed us by – and there are a lot of applications we’re seeing now that we just can’t access. iTunes in the Cloud is about to arrive in the US, but we won’t be able to use it here and the new Skype multi-party video conferencing, Skype 5, doesn’t really work in New Zealand.

I’m very concerned about this growing digital divide. It’s becoming obvious that the way that we’re doing business isn’t changing to the same extent as companies overseas that are operating in the same business are changing, and it will have an impact.

The way to fix this is international broadband. We need to put New Zealanders on the same platform as the US.

There are some great things coming in the future: We’re starting to see technological changes that I’m excited about, like the Android information ‘widget’ that will let you see all the bits of information you need in your personal and professional life in one place. What we’ve seeing with An-droid and Windows 7 is more information-centric than ever before, with a personal information dashboard that has the weather, time, what the latest tweets are, RSS, and even my office CRM.

The next big thing will be near field communications which will become a payment system; just touch your phone to an EFTPOS terminal – that’s the next big thing. Changes to the banking system are quite a long way ahead and will improve with high penetration of mobile phones.

BRANDS

Sir Stephen Tindall, The Warehouse founder

W hat makes a successful brand in my opinion? A brand is not a brand without a huge amount of behind-the-

scenes activity. When we started The Warehouse the logo said The Warehouse, Where Everyone Gets a Bargain. This meant nothing until we started delivering on that promise.

It takes time to build a successful brand. Securing a good reputation is a lot of hard work. It comes from a good idea transformed into a strategy and a business plan and then excellent execution to ensure you deliver the promise. To me the word “brand” equals reputation. People buy either a product or a service, not a brand.

However they do recognise either a good or poor product or service through memory recall by recognising the brand name. We’ve seen how the brand Sanlu was destroyed over night when a number of Chinese babies died and the health of hundreds of thousands was severely jeopardised. As a result the reputation of that company was destroyed along with its brand.

To me another interesting brand that comes to mind is McDonald’s. This company has had to struggle over the past decade as a result of its incredible efficiency in producing food at an amazingly low price. In the US this resulted in a whole new way of eating and has been a contributor to their national obesity problem. To recover, McDonald’s has had to put in a massive effort to offer healthy foods as well as its traditional burgers.

You have to be aware how reputation equals brand, how it takes a huge effort to develop a trusted brand – and how quickly it can be destroyed.

26 | management.co.nz | DECEMBER 2010

ThE ENVIRoNMENT

Jeanette Fitzsimons, former Leader Green Party

New Zealand has huge natural advantages in its claim to be “100% pure” or clean, green and sustainable. If we

build on those advantages we could even make that claim true. It is not true at the moment.

Our electricity is already around 70 percent renewable. We have an excellent wind resource, big geothermal potential, an excellent tidal energy resource, the land and expertise to grow wood well, and a moderately good solar input. We haven’t inherited overpopulation or a lot of dirty industry from the past.

So it is heart-breaking that our water quality is steadily deteriorating as a result of runoff from intensive land use and overuse of irrigation, and to see large-scale plans for extracting huge quantities of lignite, which would dwarf our other climate changing emissions if it goes ahead.

In a world of dangerous climate change and serious resource shortages, the future belongs to countries and in-dustries that can meet the demand of discerning markets for food, beverages and industrial products that respect nature, the people who work for them, and their local communities. Firms are finding that if they cut waste, use energy, materials and water more efficiently, reorganise their transport pat-terns, replace toxic inputs and involve their workers more they actually improve their bottom line too.

New Zealand could be world leaders in sustainability science, as well as in clean technology, whether it is in dairy-ing, tourism, fishing, forestry or manufacturing. We could embrace the clean tech revolution – or carry on down the dirty tech path. It’s our choice.

INNoVATIoN

Greg CrossChairman, The Icehouse

Two key ideas from a couple of well known innovators really resonate with me as I think about innovation in

New Zealand.One is from Peter F Drucker: “Entrepreneurs innovate.

Innovation is the specific instrument of entrepreneurship. It is the act that endows resources with a new capacity to create wealth.”

New Zealanders have always been entrepreneurial but the past 10 years has seen the establishment of a series of entrepre-neurial ecosystems and capability building organisations that are clearly demonstrating how smarter, more connected entrepre-neurs can make a significant impact on economic growth.

Organisations like The Icehouse, which grew out of the University of Auckland’s Business School as a direct result of the Knowledge Wave conference in 2000, are turning clever New Zealand entrepreneurs and their businesses into internationally competitive firms that employ more people, and deliver more export earnings.

This is being achieved through a whole raft of pro-grammes, but the one that really stands out for me is the Ice-house Owner Manager Programme targeted at New Zealand’s heartland entrepreneurs. This, more than anything I have ever been involved in, creates more raving fans, changes the growth trajectory of more businesses and lifts the aspirations of more of our entrepreneurs on to the world stage.

The other quote comes from Steve Jobs: “Innovation has nothing to do with how many R&D dollars you have. It’s about the people you have, how you’re led, and how much you get it.”

This highlights the opportunity for New Zealand and its growing population of internationally capable entrepreneurs. We should be spending way less time worrying about how our R&D dollars are being spent in research institutions and putting more time and effort into making sure that we are building the right connections and support for our entre-preneurs who really get it!

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DECEMBER 2010 | management.co.nz| 27

“When we’re trying to make our mark in the global field, or in the world, you have to have really unique points of difference that have real benefits. If design thinking isn’t a key part of your business, you won’t get there. We want to be a world leader in what we do, and to do that, design thinking has to be central to our business.”

Rick Fala, CEO, Methven

“People start to generate passion about a great piece of design thinking”

designworks.co.nz/designthinking

2009 Bank Of The Year – New ZealandThe Banker Magazine

Best Overall Value Bank (5th Year Running) 2010 Sunday Star-Times CANSTAR Banking Awards

Emerging Large And Corporate Business AwardNZI National Sustainable Business Network (SBN) Awards 2009

New Zealand’s Most Trusted Bank (4th Year Running) Reader’s Digest Most Trusted Brand Awards 2010

Education Award And Commerce Award 2010 Telecommunication Users Association of New Zealand (TUANZ)

Innovation Awards

Best New Zealand Internet Banking Site 2009 Global Reviews of Melbourne

Best In Class Banking – Springload – Kiwibank WebsiteInteractive Media Awards (IMA) 2009

Best In Show And Gold Sustained Success 2009 New Zealand Advertising Effectiveness Awards – Agency: Ogilvy

We’re proud of what we’ve done for all of our customers, but we’re not stopping there. We’re going to keep challenging the status quo to make banking better for all Kiwis.

www.kiwibank.co.nz

Each award we’ve won had over 750,000 winners

Ogilvy/KB1290/NZMKiwibank Limited.

Kb1290 Award Ad 8.indd 1 16/11/10 3:43 PM

Despite the chal lenges of a domestic economy struggling to recover, there are signs that

the organisational shakeout induced by the global financial crisis has at least some of our largest companies refocus-ing their strategies to become more in-novative and efficient.

Revenue performance overall was flat for our top 200 corporates, with total turnover down a tad under two percent this year to $147.5 billion. The top 30 financial institutions fared much worse – with their revenue dropping a shade over 18 percent to $29.4 billion.

Profits before tax for the Top 200, however, were up 37 percent, claw-ing back part of the big hit our largest companies took on their collective bot-tom lines in 2009 when pre-tax profits plummeted 51 percent. This shows that our biggest enterprises still have a way to go to recover the ground lost after the GFC plunged the world into a reces-sionary spiral. EBITDA, included in our analysis of company performance for the first time this year, was up 8.1 percent for the year.

Against the odds Top 200 Companies rise to new

world challenges

New Zealand’s largest companies improved pre-tax profits despite lower revenue in 2010. It was, in the words of the Deloitte/Management magazine Top

200 Awards judges, a year of consolidation. By Neil Prentice and Reg Birchfield.

The Top 200 companies also con-tributed more to the government coffers – with tax paid to the consolidated fund up 150 percent from $1.3 billion to $3.28 billion. This meant total after-tax profit was down marginally by 0.6 percent. Tax changes were a significant factor in this and included substantial deferred taxation provisions by companies with balance dates after May 2010, resulting from the Budget’s abolition of building depreciation allowances.

The profitability of the Top 30 finan-cial institutions slipped an eye-watering 86.6 percent after tax while tax paid climbed 118 percent – in large measure a reflection of the impost on the major banks of the Inland Revenue Depart-ment’s successful court action on their tax practices. The top six banks might own 89 percent of the assets in this sec-tor but generated negative profits, with two of the “big five” suffering substantial losses resulting from provisioning for bad loans. However, the banks results are mainly for the 2009 year. They are only now reporting much improved preliminary 2010 results, past the Top

200 compilation deadline.In general, the companies that per-

formed well in 2010 adopted “classic tough times” management strategies says Neil Paviour-Smith, managing director of Forsyth Barr and one of this year’s Top 200 awards judges. “They focused on costs, introducing efficiencies and addressing balance sheet issues.”

THE BIGGER THE BETTER Bigger companies have generally weath-ered the storm better than the small busi-ness sector which generates its revenue predominantly from domestic markets such as retail and building. These busi-nesses are often financed off household balance sheets and don’t have the same capital or resources to battle through tough times when cash flow is tight.

Evidence of this reality is also re-flected in the performance of the larger companies within the top 200. This year the top 50 of our 200 companies gener-ated 70 percent of the revenue and 86 percent of the profits. They also own 67 percent of the assets. Last year they generated the same revenue percent but

DECEMBER 2010 | management.co.nz| 31

earned only 66 percent of the profits on 64 percent of the assets. The bottom 150 companies were, therefore, hit more heavily.

With some notable exceptions, New Zealand’s largest companies have not carried the high debt levels that were a feature of the late 1980s and early ’90s re-cession when consequently it took them longer to recover, says Roger Kerr, direc-tor of Asia-Pacific Risk Management and another Top 200 judge. “Because most of our big companies weren’t so highly geared this time round, they have been able to make decisions and cut their cloth to the environment more quickly and effectively.”

Balance sheet issues and non-per-forming assets were, by-and-large, ad-dressed in 2009 as investors and finan-ciers put debt levels under the spotlight. Another Top 200 judge Janine Smith, a professional director and principal of governance advisors The Boardroom Practice, thinks companies that were over geared for the new low-risk busi-ness and investment environment that emerged following the GFC managed the debt reduction process competently. “Most have worked well with their banks and there hasn’t been the slash and burn approach that we’ve perhaps seen before. Banks recognised that they have to work with their customers and this helped maintain a stable business environment,” says Smith.

As Kerr also points out, New Zealand hasn’t experienced the big corporate failures that had a destabilising effect in many other countries. “The obvious exception was the finance companies but that was a fraught business model that would eventually have tipped over regardless of the GFC,” he says.

Smith thinks stronger board leader-ship has also helped pull corporate per-formance round more quickly. “Boards have become more involved in the new business environment without interfer-ing with management. They are acting more like a resource board and adding value,” she says.

There has, in her opinion, also been

more carefully managed and measured cost cutting rather than knee jerk reac-tions to the difficult economic envi-ronment. She believes boards learned something from past mistakes and so companies didn’t lay off skilled labour unless absolutely necessary. Manage-ment looked to other solutions such as putting staff on shorter hours or four-day weeks. “There’s been a more collegial approach with workforces prepared to be more flexible,” says Smith.

Overall, it was a steadying year for many of our major companies. The aged care and healthcare companies contin-ued to make the most of opportunities presented by our aging populations. Abano Healthcare, Ryman Healthcare and Ebos Group grew strongly and managed their companies so well they were able to turn additional revenue into equally strong profit results.

Kerr believes many Top 200 compa-nies exposed to the domestic economy adapted well to market conditions which continued to be challenging. “The retail sector is a good example. Despite a very tough environment where margins were squeezed and retail spending was flat, most of our bigger retailers have done okay.”

A nEW WAy OF EXPORTInG It was also a challenging year abroad, with exporters confronted with both price and exchange rate volatility. “But, with agriculture commodity prices at record levels and terms of trade at 30-year highs, it’s a great environment to be exporting out of New Zealand,” says Kerr.

The country’s largest exporter and most profitable business, dairy giant Fonterra, lifted its revenue a healthy 4.5 percent to pass the $17 billion mark. It also milked the marketplace of an ad-ditional $75 million in profits to nudge within $15 million of the $700 million mark. That’s an excellent result, given the state of many of the world economies.

A number of our other top 200 companies are also now performing better on the global stage, according to

Janine Smith...

“Boards have become more

involved in the new business

environment.”

Roger Kerr...

“It’s a great environment to

be exporting.”

Neil Paviour-Smith...

“The big issue is our flat

economic performance.”

32 | management.co.nz | DECEMBER 2010

Paviour-Smith. “There are some good examples of companies that aren’t just trading internationally in a small way. They are generating the bulk of their income offshore and growing strongly in markets that, in some cases, have been under the same sort of economic pres-sure as New Zealand.”

There has also been a noticeable shift in the whole concept of “export-ing”. Major commodity exporters such as Fonterra, kiwifruit marketer Zespri and the meat companies will obviously continue to process most of their prod-ucts in New Zealand, but the model is changing for a growing number of New Zealand companies that are moving to manufacture more offshore. They retain head offices, undertake research, product development, marketing and design in New Zealand but manufacture in countries where they can source the most competitive price to the best qual-ity. Sadly, this is often no longer in New Zealand.

A new breed of “intellectual” ex-porters is also earning valuable foreign exchange by selling their talent and expertise internationally. There are few better examples of this than home grown engineering consultancy Beca. It joined the Top 200 list for the first time this year and went on to win the Deloitte/Management magazine Company of the Year Award. Beca is a global success story, earning 40 percent of its annual $366 million in consultancy revenue offshore.

LOOKInG AHEADGiven prevailing local and global eco-nomic conditions, the performance of New Zealand’s Top 200 companies might be considered as good as could be expected. But that is not good enough to propel the country with great enough confidence into the brave new world of business we find ourselves in. A lot more innovation, leadership and global strategy will be required to deliver any-thing like the results the current National Government is seeking.

New Zealand’s economic growth is still lagging forecasts. True, com-modity prices are strong. But we need more companies like Beca to provide greater stability and diversity – more new world enterprises. Going forward, the challenge for our biggest enterprises will be to launch from their more stable platforms, grow revenue and position themselves with the right strategies and resources to take advantage of new global opportunities, particularly in Asia and around the Pacific which are home to the world’s strongest perform-ing economies.

“You cut costs in a tough environ-ment,” says Kerr. “That has been done effectively by many of our larger com-panies. But they can only do that once. The next step is to grow the top line. The economic environment is looking reasonably positive for the next couple of years, maybe more so in the export sector where prices are up and less so in the domestic environment which is

constrained by deleveraging. But the domestic economy will eventually come right.”

Paviour-Smith thinks the global challenges lie more with the high levels of debt in the government and house-hold sectors. The corporate sector is, by comparison, relatively under geared.

“The big issue for New Zealand is our flat economic performance compared with the growth that Australia and other neighbouring Asia Pacific countries are generating. We must do better interna-tionally. It is, however, encouraging that there is a higher degree of confidence about expanding globally and succeed-ing. There are signs of a maturity in the big business sector that has been missing in the past,” he says.

All three Top 200 judges, but par-ticularly Kerr, were positive about next year. “Every time export prices go up, and that is happening right now, GDP growth follows and we do well. Many of our top 200 companies have done the hard work over the past two years. They are well positioned now to optimise the opportunities that are definitely out there,” says Kerr. Our major enter-prises have therefore seemingly come through the first round of the new post-GFC business environment with a tick for effort. However, the real test as to whether we can change and grow is still to come. While this year’s top 200 results throw up some encouraging signs, they need to be more than just straws in the wind. M

Keep ahead of the times… NZ Management readers can now also receive weekly updates on the latest in management news, thinking, trends and practices through Executive Update, a weekly e-newsletter sent to your In Box every Friday.

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DECEMBER 2010 | management.co.nz| 33

There was a wide variation in per-formance from the business sec-tors covered by our Top 200 list

again this year but, generally there were few signs of increased optimism until well into the year. Cash flow remained tight through 2010, with domestic consumers reluctant to take their hands out of their pockets. Among industries that experienced some lift in 2010 were the dairying, forestry, energy, food and packaging.

AGRICuLTuREPrimary production, the biggest sector of our economy and in our Top 200, was substantially helped by international commodity prices which, while still volatile, were at or close to record levels for much of the year. The dairy industry, well led by Fonterra, had a very strong year and most of the big New Zealand subsidiaries of multinational forestry companies recovered from their losses of the previous year. Our top five busi-nesses in this sector boosted revenue by $1 billion while profitability almost trebled. While global prices for sheep, beef and wool also reached historically high levels, farmers in these sectors are still struggling to achieve acceptable returns. Agricultural servicing is a com-petitive market and it did not get any easier in 2010.

AuTOMOTIvEThe automotive repair business was reportedly the worst it has ever been

through much of 2010. Car sales, how-ever, were reasonable ahead of the GST increase, although many second hand car sale operators fell out of the nest. New cars, particularly the more expensive lines, continued to sell though not at the old levels. Revenue in the top five companies in this sector fell $150 million but profitability improved slightly.

COMMunICATIOnS AnD MEDIAIt was a hell of a year in the comms industry, with revenue from the 13 com-panies in this sector slipping over half a billion dollars while profits dived from $700 million last year to a cumulative loss of $166 million in 2010. Only Tel-ecom, Vodafone and Sky Network TV re-ported profits, and only Sky recorded an increase. Telecommunications continues to be a challenging, competitive business with the only certainty being constantly changing technology. Print-based media suffered, in some cases seriously, while the printing industry felt the pain of the transition to online communication. Advertising bookings were down across all media until television ad sales started to lift as the year progressed. Classified advertising continued its electronic migration.

EnERGy Our energy sector, encompassing oil, gas, electricity, water and mineral companies, turned in a much improved profit per-formance. While sales from its collective 21 companies were down by over $3

billion to $23.3 billion, tax paid profits jumped from just under $1 billion to $1.6 billion. New Zealand subsidiaries of the multinational petroleum behemoths have always featured highly in the Top 200 list in terms of turnover. And for this year’s list, while their revenue was down, they turned in much improved profit performances at their December 09 balance dates. Shell NZ led the way, turning a small loss the previous year into a $331 million profit, although that included a $175 million gain from selling out of Fulton Hogan. It was an up and down year for our electricity suppliers, with some like Meridian showing big profit increases while others had their bottom lines severely pinched.

PROCESSED FOOD / BEvERAGESThe wine industry’s hangover really came on in 2010. The wine glut sav-aged prices, profits and land values. However, others in the food industry continued to benefit from consumers’ basic need to be fed and watered. Food manufacturing, however, came under pressure from record high commodity prices, particularly for sugar. Across all 25 companies in this sector, revenue was up $400 million while profitability increased by $80 million.

MAnuFACTuRInGDespite a challenging exchange rate re-gime, the manufacturing sector started something of a bounce back in 2010. Exports to Australia had climbed 20

Around the Top 200 sectors

34 | management.co.nz | DECEMBER 2010

percent on last year by September, helped by an Aussie dollar that has strengthened – in contrast to the currencies of many of our other major trading partners. Sales of specialist industrial electronics were strong and hi tech manufactur-ing generally returned to better times. Overall, manufacturing is still some way from healthier levels of two years ago and continues to lose ground in more traditional industries to cheaper labour markets in other parts of the world. While profits for our top five manufac-turing companies edged up, revenue and profit performance from the total sector continued to decline.

RETAIL AnD WHOLESALEThe FMCG market started to pick up a little in 2010 but generally retailing was tough in an economy and domestic market that was going nowhere, very slowly. Some major retail clothing, sporting goods and homeware chains improved their efficiency through cost cutting and enhanced management but margins were slim, revenue static or down and profit improvements hard to come by. While profits for some of our larger retailers increased, these were the exception and overall profits for the 32 companies in this sector halved, down almost $200 million. M

The primary production sector had a strong year, led by the dairy industry.

CELEBRATING SUCCESS IN THE 2010 TOP 200 BUSINESS AWARDS

A leAding investor in And operAtor of heAlthcAre And medicAl services businesses in new ZeAlAnd, AustrAliA And AsiA

D E N TA L | A U D I O LO GY | R A D I O LO GY | O R T H OT I C S | B R A I N I N J U R Y R E H A B I L I TAT I O N | PAT H O LO GY

DECEMBER 2010 | management.co.nz| 35

Mark WallerNew-world leader

W hile Mark Waller, the Deloitte/Management magazine Ex-ecutive of the Year, has been

around a long time he is very much the face of the future of New Zealand business.

As managing director of Ebos Group, he heads one of a growing number of “smart” companies which have devel-oped a highly successful business model in New Zealand and then expanded internationally. Like Beca, the Deloitte/Management magazine Company of the Year, Ebos’ success has been based, not on what it produces, but on the exceptional services it provides to customers.

Waller is no flash in the pan. Like our other two Executive of the Year finalists, he has a long association with the company he leads, having been its chief executive for the past 23 years. Over time, he has steadily built Ebos Group into a billion-dollar success story and a medical market leader. Under Waller’s leadership, Ebos has consistently turned in outstanding performances while growing to become a truly Australasian enterprise, the Top 200 judges said. “His understanding of organisational culture and how to successfully integrate new ac-quisitions into the group is exceptional,” they said.

Under Waller’s stewardship, Ebos Group has become the major supplier in New Zealand of medical consumable products and pharmaceuticals to the total health industry, including public hospitals, GPs, aged care centres, and retail pharmacies. Having established a

Deloitte/Management magazine Executive of the Year

strong position in New Zealand, Ebos is now endeavouring to emulate that suc-cess in the Australia market.

Waller, who follows last year’s winner Rob Fyfe as the Deloitte/Management magazine Executive of the Year, says Ebos recognised back in the early 1990s that it couldn’t be a “product-centric” company. Instead it focused on bridg-ing a gap in the health market between what patients require through the vari-ous stages of their lives and how health providers deliver what is needed at the right time to service their customers. Embracing new technology has been an important part of that and Ebos has become one of this country’s largest e-commerce trading organisations, with every pharmacy and hospitals able to order online.

“We’re quite unique in having a mul-titude of channels to market, where we have the flexibility to shift,” says Waller. “So if the Government decided, for ex-ample, to have more aged care in homes, we have the capability to actually deliver more of that, right now.”

Waller says Ebos has also recognised that what is successful today is unlikely to be so in five years’ time. “Life is moving so quickly in so many areas today, you probably only get a two or three-year time frame before the game moves on and you have to do things differently. Every five years or so we reinvent the organisation and reshape it. I think every organisation in a dynamic field – and healthcare certainly is – has to do that.”

For Waller, who is a Fellow of the

36 | management.co.nz | DECEMBER 2010

FInALIST

John FelletChief Executive, Sky TV

John Fellet is a highly effective, single minded and focused chief executive who fights to keep a low profile in the high profile media world. He is simply and steadfastly dedicated to delivering outstanding results for Sky Network TV. Originally the company’s chief operating officer, Fellet was appointed CEO in 2001. Since then he has systematically built a brilliantly successful enterprise.

Fellet’s leadership skills are reflected in the company’s employee-focused culture. He consistently acknowledges that the personal performance of his employees accounts for more than 50 percent of his company’s success. He is, said the judges, an open, honest and understated individual who prides himself on his company’s strong team spirit that allows him to set high standards and have individuals work to achieve them.

FInALIST

Alan ClarkeManaging Director, Abano Healthcare Group

Alan Clarke has implemented the Abano Healthcare Group’s winning develop-ment strategy that last year resulted in his company winning the Deloitte/Management magazine Top 200 Company of the year Award. There is probably no more tangible testament to his success as a managing director. Clarke is, said the judges, a courageous MD who knows when to buy and when to divest assets for the good of the Group as a whole. He has been critical to the building of a business that became New Zealand’s largest private specialist medical and healthcare organisation. He has guided Abano through a period of dramatic growth without missing a per-formance beat for his shareholders. He has successfully delivered the business to a point where it looks set to begin a new phase of development – still under his leadership.

WInnER

Mark WallerCEO and Managing Director, Ebos Group

Mark Waller is, said the judges, the person most responsible for the sustained and outstanding growth and profit performance of Ebos Group. He has been at the helm of the company since 1987. In that time he has developed and implemented a successful growth strategy – based primarily on strategic and synergistic business acquisitions. Just how adept he is at the integration process is borne out by the results achieved under his leadership. Ebos is now New Zealand’s leading medical consumables enterprise, and is also operating successfully in a highly competitive Australasian marketplace. He is a hands-on CEO who has guided the company through a critical period in its growth and development. His leadership has been outstanding, the judges said.

Judges’ Comments:

New Zealand Institute of Management, success is about building and creating things through people. “I’m a believer that regardless of the circumstances, whether there be a recession or a boom, it makes absolutely no difference to the management style you need to adopt. I have a management style that I call ‘vol-untary co-operation’ – if I can’t convince somebody to follow and contribute, then I’ve failed as a leader.

“I’ll go out of my way to explain to people why we want to do something, and if they disagree with some of those things, then I will explain why we think we need to do them. It’s not about forcing anybody to do anything; your staff have to believe

in what you want to do,” says Waller. “If you get that right, people come along on the journey; they feed off each other, and you create a positive snowball.”

Waller says his background has made him more flexible as a person and as a leader. “All of us when we are kids are programmed a certain way, and I was lucky to have grown up as an expatriate in a colonial society in Fiji. I mixed with a lot of different cultures, went to foreign

schools, and I saw that there is not one way of doing things. It made me very adaptable.”

Waller regards adaptability as an es-sential component to success in today’s fast moving new world of business. “Business is not prescriptive, it’s a live thing. We can over plan. You’ve got to be able to feel and sense and react quickly to things. That’s more important than the mission statements.” M

DECEMBER 2010 | management.co.nz| 37

Waiting to see what the future holds is no longer an option. Great leadership is being redefined by those with a strong vision who are not afraid to move mountains and take risks to make things happen. If you don’t want to be second-best, now is the time to take the lead. Talk to us for a head start.

www.deloitte.co.nz

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/nz/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

© 2010 Deloitte. A member of Deloitte Touche Tohmatsu Limited.

T O P 2 O O

Deloitte/ManagementMagazine

A Bold Spirit

LEADER OR FOLLOWER?

Beca Group

uncertainty, particularly since 2007.Beca is one of New Zealand’s most

impressive commercial success stories. Not just because of the deliberate, strategic and professional way in which it has built the enterprise over almost 100 years, but also because of its consistent commitment to best practice management, customer service, people recruitment and sustain-able leadership.

As the Group’s former chairman, now Sir Ron Carter used to say: “Win the work, do the work well, get paid for it, and do it with the best possible people.” In the past year the company has focused on what its first ever externally recruited group chief executive, Keith Reynolds, calls “mainstreaming its business model” by formulating its vision and values, mis-sion statement, strategic framework and balanced scorecard reporting.

Beca may have been historically suc-cessful but, according to Reynolds, it is now preparing to be even more effective at serving its clients, providing more opportunities for its people, setting a

stronger growth course, delivering high performance and becoming a “truly great international business”.

With more than 2500 employees operating in nine countries, Beca is the largest employee-owned engineering and related consultancy services group in New Zealand. It works in four key markets: industrial, infrastructure, buildings and the public sector – delivering engineering services, planning, architecture, project and cost management, applied technolo-gies and valuation services. Headquartered in Auckland, it operates from three “hubs” – Australia, New Zealand and Asia.

Beca has been raising its profile, both locally and globally. Earlier this year it was recognised in NZ Management ’s first ever Most Reputable Organisations survey of business leaders as New Zealand’s fourth most reputable business organisation. In the past five years it has been involved with more than 60 “award winning land-mark projects around the world”.

The company is also a model em-ployer. One third, more than 900, of its employees own shares in the consultancy. Its employee shareholding structure is considered an important business “dif-ferentiator”. In his shareholders’ report this year, executive chairman Richard Aitken said that “sharing the rewards with employee shareholders has been one of the main drivers of the extraordinary success of the Beca business, both in New Zealand and internationally”.

How long this structure can be main-tained given the pressures of the new world marketplace is difficult to predict. But in the company’s 2010 Annual Review, Aitken also said: “Many of our global competitors,

Given this year’s Top 200 Awards “new world” theme, there could hardly be a more fitting Company

of the Year winner than our own, home grown engineering consultancy global success story, Beca Group. As the award judges said: “Beca is a model of what it takes to be successful in the new world order of enterprise.”

More importantly, Beca represents the new generation of intellectual and personal competency export that New Zealand needs to address the nation’s over reliance on commodities-based income. This $366 million enterprise generates 40 percent of its revenue offshore.

As a private company, Beca has not previously submitted its financials for inclusion in the Deloitte/Management magazine Top 200 list. It enters this year at number 94. In the five years 2006 to 2010, Beca grew its annual revenue from $180 million to $366 million and doubled its after tax profit to $33 million. It has re-ported record profits seven years in a row, despite a back drop of global economic

Deloitte/Management magazine Company of the Year

DECEMBER 2010 | management.co.nz| 39

FInALIST

Ryman Healthcare GroupRyman is one of New Zealand’s healthiest companies. Its performance in 2010 was once against exceptional. Given the company’s year-on-year performance, Ryman cannot be denied its place as a finalist in the Deloitte/Management magazine Company of the Year category, said the judges.

The company’s strong earnings growth is based on providing first-class retirement accommodation and healthcare services for the New Zealand’s aging population. Ryman consistently delivers for its residents and for its shareholders. The company has grown consistently and responsibly with its market opportunity. And it has continued to provide a high-quality product despite working through recent tougher times in the property market.

Ryman is a New Zealand success story with a solid growth profile and excellent management and governance. The combination ensures delivery on the company’s potential. Another great year and company performance.

FInALIST

Ebos GroupEbos Group’s rise up the Deloitte/Management magazine Top 200 list has been stellar. It ranked 100th just three years ago. Now it is 25th. Its growth strategy holds important lessons for New Zealand. Frankly, said the judges, we need more companies to grow like this. But more important than the growth, is the way in which it has been managed and led.

The company has made excellent decisions and acquisitions and now has them working for the enterprise as a whole. Ebos is now one of the leading independent (non-multinational) healthcare supplies companies in Australasia.

It is looking to the world for growth, and that too sets it apart. It turned in another great result this year with a profit boost of 18 percent on just a two percent revenue increase. Ebos may be 80 something years old but it looks to be just hitting its straps. It was a finalist in this category last year and that too speaks volumes about its performance.

WInnER

Beca GroupBeca is simply a world leader. Its reputation as an outstanding engineering consultancy is reflected both in the scope and scale of the global contracts it wins and in the industry awards and personal accolades bestowed on the company and its people.

The company is, said the judges, an outstanding example of the kind of enterprise that New Zealand needs to deliver the future. It is an exporter of intellect and professional competency rather than commodities. It earns around 40 percent of its total annual revenue offshore.

To be named the Deloitte/Management magazine Top 200 Company of the Year on debut is an outstanding achievement. But, said the judges, Beca is not an overnight success story. Its roots go back almost 100 years. Now, it operates from 20 offices in nine countries. It is the outcome of visionary leadership and years of dedication to world best practice. It has been deliberately, strategically and professionally constructed. It is a model of what it takes to be successful in the new world order of enterprise.

Judges’ Comments:

which also operate in our New Zealand, Australian and Asian markets, are active in the merger and acquisition area. Com-petition is global and relentless whichever country we are in, however, we are for-tunate to have the comfort of previous success to help drive the new initiatives Beca is pursuing today.”

Give the new world of knowledge and technology-driven enterprise, Beca

is better placed than many New Zealand companies to sustain its undoubtedly successful and award-winning formula. It is, as the Top 200 judges also said, “an outstanding example of the kind of enterprise that New Zealand needs to deliver the (country’s economic) future”. For that reason, too, they chose Beca as the Deloitte/Management magazine Top 200 Company of the Year. M

40 | management.co.nz | DECEMBER 2010

Glazebrook New Zealand is a proud to sponsor the Deloitte/Management Magazine Top 200 Awards.

Discover.

Find your bearings, follow your nose. www.glazebrook.co.nz

Claire SzabóA change leader

participatory processes to prioritise a range of possible changes, external sizing of 200 roles, analysing roles to create categories, sourcing of market data, significant fundraising, and a two-stage process to move salary fund-ing to benchmarked bands over a six-month period.

Hard on the heels of that restructuring and a name change to better reflect the organisation’s role, Szabó went into a year of strategic reviewing and planning, resulting in 39 recommen-dations.

Working with a senior staff member, she drafted a strategic framework en-compassing a vision for the community, a vision for the organisation in three to five years, four result areas and 13 specific goals.

To gear up for the new strategic direc-tion, she restructured the national office, appointed a deputy CEO from within the staff and hired someone to a new role as client relationships developer.

So which project is Szabó most proud of? “In 2008, I had the chance to negotiate a new $1.12 million annual fund with the Tertiary Education Commission. This purchased a programme for 690 people needing small group or one-to-one lan-guage support and was rolled out across

NZIM/Eagle TechnologyYoung Executive of the Year

all 23 locations. Seventy teaching staff were trained to deliver the specialised tuition.”

Szabó says the job was made tougher by a very short timeframe, which created some stress. “But the tensions were worked through admirably by staff.” This year, the second year of its delivery, it funded 127 new tutoring positions, reaching several thousand clients a year.”

External relations have been a major focus, say Szabó, who was a founding mem-ber of three alliances over the past three years – Adult and Community Education

R estructuring an organisation is one of the hardest tasks a chief executive can face – yet Claire

Szabó has done it twice, putting her organisation in great shape over a tough period in the business landscape.

“I have restructured twice since start-ing as CEO in June 2006, as strategic plans have taken us in a new direction,” says Szabó, who heads English Language Partners and is this year’s NZIM Central Region winner and winner of the NZIM/Eagle Technology Young Executive of the Year.

English Language Partners (formerly ESOL Home Tutors) offers migrants and refugees a range of English-language programmes delivered by a combination of qualified professionals and trained vol-unteers. “Our clients are all people with amazing stories who have been through amazing things to get here,” Szabó says.

Staff management and leadership has been made easy by working with an excellent team of highly committed, diverse and skilled people, she says. “Be-ing appointed chief executive at 27, I got lots of support from the fantastic staff in my team.”

Szabó says she inherited an organisa-tion that was dissatisfied with its salary system. Funds dispersed by the national office for organising and delivering services were seen as inequitable and out of step with the market.

“Working with senior managers, I implemented a programme of change on salary funding for members. This involved

42 | management.co.nz | DECEMBER 2010

FInALIST

Brendon McWilliamOperations Manager, Christchurch Engine Centre

Brendon McWilliam, 33, is an impressive young executive who has developed from a technical background as an aircraft engineer to quickly become a key executive in his organisation. Under his guidance, the Christchurch Engine Centre’s V2500 jet engine product line at Christchurch Airport has now positioned itself as the world’s number-one ranked overhaul facility, with 95 percent of its work coming from offshore. He has a good business sense and a broad range of skills, the judges remarked. Most particularly, he empathises with his people, with around 200 employees of 20 different nationalities working under his direction. He is enthusiastic and passionate about what he does, is self aware and is valued by his organisation. He will be another leader in his field said the judges.

FInALIST

Sharon McCookGroup Manager, Health Research Council

Sharon McCook oversees the allocation of a budget of approximately $6 million for national and international health research projects. She is holistic, innovative and strategic, the judges noted, and has demonstrated an outstanding ability to establish and maintain relationships in her role as group manager of research partnerships and to use these to create collaborative solutions. She is a good listener with a sense of balance and a pragmatic approach. Most of all, she has an ability to deliver, which has resulted in high-level outcomes from the 100-plus research projects she overviews. The judges can see her as a future leader in the health sector.

WInnER

Claire Szabó Chief Executive, English Language Partners

Claire Szabó, 32, is an outstanding young leader who will grow in influence, the judges said in announcing her as the Young Executive of the Year 2010. The award recognises leaders, innovators, team builders and high achievers aged 35 and under who make a positive impact on the growth, productivity and morale of their organisation. Claire is energetic and confident. She is also a strategic and visionary thinker who makes the most of her forward thinking capabilities, the judges noted. She is a dynamic leader who has very professionally led her organisation through a period of significant change. She engages her team and others in her change processes and has created collaborative solutions across the sector.

Judges’ Comments:

Strategic Alliance, Literacy Alliance and the Settlement Non-Government Organisa-tions Networking Group, which she chairs. She has also created a new partnership with the Open Polytechnic of New Zealand to deliver a foundation skills programme, and with the Rural Education Activity Programmes Aotearoa NZ (REAPANZ) to deliver language training to learners in rural locations.

Formerly an English language instruc-tor to adults at Berlitz language services, moving to become a project developer for Berlitz International and the EU, and then a consultant, Szabó says when she saw the calibre of her fellow finalists, she felt honoured.

Charles Berridge, National Board chair of English Language Partners New Zealand, says the award is very much deserved: “Claire is seen in the organisa-tion as a strong, clear communicator with knowledge and passion. Her commentary is sought by other organisations, both within and beyond the sector.”

Claire Szabó loves her job, but knows part of her role is to equip the organisation for the future. “If I were to leave tomorrow,

I feel confident that the association would have a very strong management team and national office, a clear strategic direction focused on partnership with migrants and refugees, and a set of compelling plans and ideas on to build capability and perform-ance for the future.” M

DECEMBER 2010 | management.co.nz| 43

Claire Szabó, Chief Executive English Language Partners NZ, was honoured alongside New Zealand’s leading

business individuals and organisations at the Deloitte/Management magazine Top 200 Awards

in Auckland on December 2 2010.

Management developement compliments of NZIM. Travel prize to London compliments of Singapore Airlines.

PRINCIPAL SPONSORS:

IN ASSOCIATION WITH:

Congratulations to our 16th

Young Executive of the Year

2010

NZIM/Eagle Technology

Claire SzabóChief Executive, English Language Partners NZ

www.nzim.co.nz • www.eagle.co.nz • www.management.co.nz/top200

adit

ude

1123

9

“In rebranding her organisation, Claire successfully achieved a unanimous vote of support from all its members.”

We are proud to invest in the leaders of tomorrow with our ongoing support of the NZIM/Eagle Technology Young Executive of the Year Awards. After all, they are the future of New Zealand business.

2010 NZIM/Eagle Technology Young Executive of the Year

Congratulations Claire SzaboCEO, English Language Partners New Zeland

Sir Henry van der HeydenSir Henry van der Heyden has again proved that he deserves to be recognised as one of New Zealand’s most effective and successful chairs. His leadership of Fonterra’s renewed capital restructuring in 2010 was impressive, said the judges. He led from the front to complete a complex and controversial exercise. His chairmanship of New Zealand’s largest dairy industry cooperative is delivering a robust and increasingly successful global enterprise.

Sir John AndersonBecause of his exceptional leadership skills, Sir John has effectively become the nation’s organisational “Mr Fix It”. And fix it, he invariably does. It is doubtful whether any other chair has been hand-ed so many difficult and diverse govern-ance leadership roles – from television, to health, the meat industry, banking and, of course, sporting organisations. Little wonder he is so highly regarded by his peers as an effective chair. Sir John is, said the judges, an outstanding chairman and industry leader.

WInnER

Alison PatersonAs the past and present chair of a number of New Zealand’s largest private and public sector enterprises, Alison Paterson is acknowledged by her peers as an outstanding leader. She is dedicated to best practice govern-ance, forging partnerships with chief executives and other board members to ensure enterprises she leads perform to the highest governance standards. She is prepared to make tough decisions and big calls when it is in the interests of the organisation and its stakeholders to do so. She is, said the judges, an out-standing chairperson and inspirational team leader.

Alison PatersonBeing the first woman to receive

QBE’s 2010 Chairperson of Year award is another first in a long

and impressive list of accomplishments for Alison Paterson. She won this Top 200 award for her many years of outstanding leadership of a wide range of New Zealand private and public sector enterprises and organisations. And the judges specifically acknowledged her inspired leadership of Abano Healthcare in recent years.

Other current chair roles include Farm IQ, a primary growth partnership; the University of Auckland’s National Centre for Growth and Development; New Zea-land’s (medical) Best Practice Advocacy Centre and Stevenson Agriculture. She has, in the past, chaired Waitemata Health and Landcorp. She was the first woman to become a New Zealand public company director and has sat on the boards of some

QBE Chairperson of the Year

The award judges this year’s acknowl-edged Paterson’s undoubted professional skills and inspired leadership capabilities. But they also commented on her personal humility and humanity, a trait also noted by Alan Clarke, managing director, Abano Healthcare.

“She treats all with the same level of respect and always takes time to say hello to support staff, listen attentively and be genuinely engaged in conversations with them,” says Clarke.

“She operates her boards by consen-sus and encourages everyone to speak freely, challenge ideas and explore op-tions. However, she is clear on the fine line between management responsibility and governance and once a direction is chosen she will defend that decision to the hilt with a will of steel… and in a game of blink, she wins!” M

Judges’ Comments:

FIn

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FIn

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of the country’s most august organisations, including 15 years on the Reserve Bank board. She was made a Companion of the New Zealand Order of Merit in this year’s honours list in recognition of her service to business.

DECEMBER 2010 | management.co.nz| 47

AU C K L A N D W E L L I N GTON A BU D H A B I K E N S I N GTO N SWA N .COM

The Top 200 Awards recognise excellence in New Zealand business.

We congratulate those whose commitment and hard work have raised them to the top in their respective fi elds. At Kensington Swan we too celebrate excellence and are proud of the achievements of our people who are recognised leaders in their specialty area of the law.

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David Lewis | IFLR1000 M&A

David Ireland | IFLR1000 Banking and project fi nance

Vodafone New Zealand

Stakeholder commitment

Vodafone’s commitment to re-sponsible and ethical govern-ance is entrenched. The com-

pany’s founding ethical principles are enshrined within its written Business Principles which, in turn, reside within the Vodafone Code of Conduct. The code explains how all employees should apply the principles in practice.

Elements of stakeholder governance were integrated into Vodafone’s corpo-rate responsibility management process some years ago. The Vodafone New Zealand management board – consist-ing of directors and other senior execu-tives – operates an approved stakeholder engagement plan. Individual executives each have stakeholders assigned to them to manage high-level relationships. Every month the management board reviews stakeholder engagement activity. Twice a year the company’s group executive committee is formally updated on cor-porate responsibility activities and the group board gets an annual update.

The stakeholder project that took the eye of this year’s Kensington Swan Re-sponsible Governance Award judges was the kind of activity that this structure and approach is designed to capture and act on. Vodafone’s corporate responsibil-ity strategy includes setting stakeholder targets agreed through stakeholder en-gagement forums. The issue of mobiles and road safety was identified as a prior-ity by these forums.

Kensington Swan Responsible Governance Award

The forums included representa-tives from enforcement agencies such as the police, motorist groups and youth driving educators. Vodafone agreed a stakeholder target to implement a re-sponsible marketing initiative to raise awareness of the dangers of using mobile phones while driving. The stakeholders, however, pushed the company to take a more aggressive stance and to revisit its position on outlawing the use of hand-held mobiles when driving.

Vodafone described its position at the time as “neutral”. It publicly ac-knowledged the use of mobiles while driving was a significant distraction and hazard on the road and advised cus-tomers against it. Its position on a ban was simply to not oppose it. A decision to support a law change would mean advocating a change which limited the revenue-generating usage of Vodafone’s services. It was a call which required commitment from “top level”.

In March 2008 the company strength-ened its position and opted to call for a ban. The call got widespread coverage and Telecom supported the move. In June, the government announced its intention to investigate a ban and Vodafone contrib-uted to the submission process.

In the run-up to the enactment of the law, Vodafone contacted stakeholders to discuss education on the new regulations and to communicate a coordinated mes-sage. Its objective for involvement was,

says the company, to help its customers understand the new law and to educate them on safe driving practices. The com-pany also wanted customers to recognise that mental distraction, rather than physical manipulation of a phone, was the major hazard when making a call.

Awareness of this issue is still high. Vodafone recognises that behaviour change is difficult to achieve so the edu-cation process is ongoing. “Performance measurement of the project’s ultimate aim to improve road safety is difficult and it will take years to get significant statistical evidence of success,” said the company in its award submission. “However, internally we measure the success of the project through an in-creased public awareness of the safety issues and through our demonstration of leadership and responsiveness to our external stakeholders.”

From the award judges’ perspective this is an excellent example of responsible governance in action. M

DECEMBER 2010 | management.co.nz| 49

FInALIST

new Zealand Aluminium SmeltersSustainable stakeholder management

New Zealand Aluminium Smelters, (RTA Pacific), is undoubtedly one of New Zealand’s most responsibly governed enterprises. It has been a finalist in the Top 200 Kensington Swan ethical governance category five times and won the award three times.Its commitment to responsible and ethical governance is unequivocal.

Its nomination as a finalist this year is in large measure based on the success and sustained management of a key stakeholder relationship it has established with the Department of Conservation (DOC).

Twenty years ago the company, formerly Comalco and Rio Tinto Aluminium, became a major sponsor of “Kakapo Recovery” in partnership with DOC and the Forest and Bird Society. The programme is designed to prevent the extinction of New Zealand’s critically endangered native bird, the kakapo.

The partners work together to increase awareness of the programme and to improve the future for kakapo through their commitment and contributions of support, operations and funding. The company’s total commitment so far exceeds $3.75 million.

NZAS’ ongoing commitment to the original Kakapo Recovery project has vastly extended the programme and now effectively incorporates the company’s people, business systems and corporate approach to stakeholder management and sustainability.

FInALIST

AnZ Banking Group Enhancing stakeholder education

ANZ New Zealand is a first-time finalist in the Kensington Swan Responsible Governance Award. Internationally, however, its parent company has for four years in a row been assessed as the world’s leading bank on the Dow Jones Sustainability Index (DJSI).

The DJSI’s corporate responsibility assessment ranks performance and business practices including corporate governance, risk management, customer relations, brand management, human resources, corporate community investment, climate change mitigation and environmental performance.

In the past year, ANZ New Zealand has focused strongly on customer relations, helping communities grow, strengthening corporate governance and creating a risk aware culture. The judges were particularly impressed by the bank’s partnership with Runanga o Ngai Tahu, the governing body of Ngai Tahu Whanau, to undertake what is one of the world’s first indigenous people’s financial knowledge surveys.

The bank began working with Ngai Tahu in a pilot project to tailor and adapt its Money Minded financial education programme to reflect iwi culture and experiences. The long-term aim is to offer the programme to all iwi in New Zealand.

The bank’s education programme is designed to better the financial position of Maori which will, in turn, have significant flow-on impacts by addressing negative social wellbeing indicators. The survey is an important part in the process of improving people’s ability to make informed decisions about how they manage their money and plan for the future.

WInnER

vodafone new ZealandStakeholder commitment

Vodafone has consistently illustrated and articulated its deep-seated acceptance and understanding of the principles of responsible governance. The company has been a finalist in the Top 200’s ethical and responsible governance award category for the past three years. It is this year’s winner both for it comprehensive and long-term commitment to responsible governance and, in particular, for actions in the past year that the award judges said “clearly reflect outstanding stakeholder commitment”.

When its stakeholder engagement forums identified the use of mobiles and road safety concerns as a priority, the company responded by moving to take a proactive stance and changed its position from “not opposing” law changes to “advocating a change”.

The company’s actions demonstrated best practice responsible governance. Its actions:• WereaVodafoneinitiativein

response to a stakeholder need. • Promotedaccountabilityand

reporting against stakeholder targets.• Involvedworkingcollaborativelyacross

sectors to achieve a positive outcome.• Promptedanethicaldecisionto

lobby for a change with negative commercial implications.The company had, said the judges,

shown regard for the Securities Commission Corporate Governance Principle 9 which calls for consideration and respect for stakeholders’ interests and for reports on how those interests are respected. Vodafone accepted that if it was to be consistent with its principles it needed to take a hard line on the use of mobiles in cars. It was, the judges said, “a responsible leadership position” to take.

ResPonsIBLe goVeRnAnCe AWARd Judges’ Comments:

50 | management.co.nz | DECEMBER 2010

An Open Letter to all VMware Customers from Microsoft New Zealand

Dear VMware customers,

If you’re evaluating a new licensing agreement with VMware, or a renewal, talk to us rst.

Microsoft whole-heartedly believes cloud computing represents the biggest opportunity in decades for organisations to be more agile and cost-effective. To take advantage of a complete, effective cloud computing environment you need to be sure you can access the breadth of technology, exibility and scale you’ll need.

At Microsoft, we already offer many of the brands you know, use and trust today as cloud computing services, including Microsoft Of ce, Exchange, SharePoint and SQL. Now our customers can enjoy a complete cloud solution, creating their own private cloud using Microsoft’s Virtualisation technology.

Not only is Microsoft’s server virtualisation solution approximately one-third the cost* of a comparable solution from VMware, but a recent Microsoft study of 150 large companies also showed those running Microsoft virtualisation spent 24% less on IT labour on an ongoing basis**. Learn more at www.microsoft.com/vmwarecompare.

Imagine never having to set up a server, update an operating system or build a database system. That is the promise of cloud computing: the ability to access core services quickly and roll out legacy software and new applications at internet scale without having to deal with today’s deployment logistics, which exist even with a virtualised datacentre. In other words, if you liked the ef ciencies and cost savings of virtualisation, you’ll love the cloud.

Most importantly, as you build out the next generation of your IT environment, we can provide you with scalable worldwide public cloud computing services that VMware does not offer.

Learn how Microsoft can help your business with desktop, datacentre and cloud computing. Learn more at www.microsoft.com/virtualisation.

We appreciate your business.

Sincerely,

Steve HaddockServer and Tools Business Group Manager

*Pricing in US$ **Based on average expenditure

© 2010 Microsoft Corporation. All rights reserved. Microsoft is a registered trademark of the Group of Companies.

MIC 0373 Virtualisation NZ Mgmt_01.indd 1 16/11/10 1:59 PM

Marsh is proud to be the sponsor of the Most Improved Performance Award at the Deloitte / Management

Magazine Top 200.

As the world’s leading insurance broker and risk advisor, we recognise the importance of being the

highest performing organisation within your fi eld. We therefore acknowledge those who are striving to

become New Zealand’s top organisations.

Congratulations to the winner, we salute your achievements.

Call 0800 627 744 or email info.marshnz@marsh.com or visit www.marsh.co.nz for a comprehensive

overview of our credentials.

Most Improved Performance Award 2.0

MAR0083 Management Magazine DPS Ad.indd 1 19/11/10 6:30 PM

Marsh is proud to be the sponsor of the Most Improved Performance Award at the Deloitte / Management

Magazine Top 200.

As the world’s leading insurance broker and risk advisor, we recognise the importance of being the

highest performing organisation within your fi eld. We therefore acknowledge those who are striving to

become New Zealand’s top organisations.

Congratulations to the winner, we salute your achievements.

Call 0800 627 744 or email info.marshnz@marsh.com or visit www.marsh.co.nz for a comprehensive

overview of our credentials.

Most Improved Performance Award 2.0

MAR0083 Management Magazine DPS Ad.indd 1 19/11/10 6:30 PM

FInALIST

Meridian EnergyMeridian Energy switched on a high voltage performance in 2010. Its after tax profit climbed 106 percent to $184 million. Rev-enue climbed eight percent to $2.06 billion. Higher than average rainfalls over the past couple of years delivered ideal energy genera-tion opportunities and the company made the most of its good fortune. It implemented sound organisational changes that resulted from a comprehensive “fit-for-purpose” operational review.

It also recharged its commercial focus through a new performance management framework, more disciplined capital alloca-tion and better and more integrated decision making across its retail and wholesale businesses.

FInALIST

Briscoe GroupBriscoe Group slashed the sale prices of its retail offerings and its operating costs in 2010. It also undertook some long overdue internal restructuring and organisational changes. The result was an impressive 80 percent improve-ment in its bottom line profit. Despite the realities of a competitive and challenging retail marketplace, Briscoe made the most of things by promoting its strong brands, sharpening prices and improving its corporate structure.

The group also enhanced its performance by changing its employee and management remuneration philosophy to a store profit centre structure. Investment in new technol-ogy has also enhanced the ability to control inventories and refine product ranges. A great result in a tough marketplace.

WInnER

Restaurant Brands GroupProduct innovation, brand repositioning, infrastructural cost-cutting and a reces-sionary marketplace that favours the sale of fast foods contributed to a very strong performance by Restaurant Brands in 2010. The company has been transforming its fast food chains for the past three years and worked itself into an ideal position to capitalise on the economic downturn.

The Group is now earning payback on its repositioning investment and product innovation strategies.

Restaurant BrandsIn tougher times, it seems we turn to

fast food outlets for sustenance. The recession, admittedly along with some

other more constructive strategies and ac-tions, proved something of a god send for Restaurant Brands.

To be fair, in naming Restaurant Brands the recipient of the Top 200 Marsh Most Improved Performance Award for 2010, the judges pointed out that two or three years of product innovation, brand repositioning and infrastructural cost-cutting were the key ingredients in the company’s recipe for success.

The strategic plays and economic con-ditions combo proved a winner. Profit after tax climbed 137 percent on a very modest three percent lift in revenues. The profit-ability increase was driven mainly by KFC’s enhanced performance. This was a result of the chain’s brand transformation involving

Marsh Most Improved Performance Award

new products and store refurbishments which grew both sales and margins. The brand also cut its operational costs and benefited from volume growth, despite substantial increases in chicken prices and labour costs.

The Pizza Hut business continued to be challenging but with leveraging through sales growth, closing unprofitable stores and improved cost and management con-trols, it contributed to the group’s perform-ance. However, Starbucks served up a flat and very trim helping. The group’s chief executive, Russell Creedy, said recently that it would, “be quite interested in sell-ing [Starbucks] as a going concern and reinvesting that back into KFC”.

This year’s improved performance is, said the judges, payback for the considerable effort the company has made to smarten its marketing act, to refurbish its outlets, to cut

operational costs and increase efficiencies and to gain market share.

The company has demonstrated its resilience in difficult economic times and the directors expect another strong profit performance in the current year. After tax profit for the first half of the current year is up an impressive 50.3 percent on the prior year, with all three brands contribut-ing to this. M

Judges’ Comments:

54 | management.co.nz | DECEMBER 2010

Healthy people healthy business

0375_AD_NZM_210x275_Sticks Retrieval.indd 1 8/11/10 9:12:34 AM

FInALIST

Zespri GroupZespri’s growth strategy is based on sophisticated global marketing and con-stant product innovation. This is deliver-ing increased sales and new markets. Its marketing approach also ensures that its fruit commands premium prices despite strong competition. Revenue increased five percent and profit eight percent over the past year in a challenging interna-tional business environment. While not big numbers, they showed that Zespri’s global strategy is working despite flat economies in many of its markets. New varieties, such as the gold kiwifruit, have been globally successful and are build-ing new sales opportunities and lifting returns to growers.

FInALIST

Ryman HealthcareA strong, consistent and well articulated business strategy keeps Ryman focused on much needed accommodation and health-care services for New Zealand’s steadily aging population. The company grew both its revenue and its profitability by around 18 percent in 2010. Ryman has, said the judges, executed its growth strategy very well in 2010 and continued to deliver attractive returns to its shareholders. The company’s astute use of capital also showed a management and governance team that understands the importance of business fundamentals and the need to be disciplined about sticking to them.

WInnER

Sky network TvSky is still tuned into growth. It remains that way by staying ahead of the curve, according to the judges. Its strategy is to keep delivering its customers higher value products, to be an innovative marketer and to deliver great service. It also focuses on building a dedicated team of employees. People development strategies account for a major percentage of the company’s consistently high performance, according to its CEO John Fellet . An outstandingly well managed company, Sky has been a Top 200 awards finalist in the past. It deserved to win this category in 2010, the judges said.

Judges’ Comments:

Sky Network TelevisionSky Network Television has been

one of the star performers in the New Zealand business scene over

the past two decades although, ironically for a media organisation, it has mostly shunned the spotlight.

Its success has been based around a well managed and thought out growth strategy. It has consistently grown its subscriber base through innovation, by responding to customer demands and de-livering, to a very high standard, the sort of television content that Kiwis most en-joy – led by lots of sport. As a result, nearly 50 percent of New Zealand households are now Sky subscribers, a phenomenal achievement given it started from scratch in 1990 in a market dominated by free-to-air, state-owned television.

Sky’s growth strategy for 2009/2010

Workbase Best Growth Strategy

was very much more of the same but enabled it to turn in another above-average performance in an environment where discretionary spending was under continuing pressure. Subscriber numbers grew by 23,495 to 802,397.

There is no doubt MySky, the com-pany’s most revolutionary product in-novation yet, has been a box office smash, enabling customers to make the most of precious leisure time. In the year to June 2010, 85,984 Sky subscribers moved to MySky HDi, helped by some aggressive marketing. The addictive MySky has also helped reduce churn, with a lower customer turnover rate than for standard digital, and contributed significantly to Sky’s 6.8 per-cent revenue increase to $742 million.

Net profit’s 16.9 percent hike to $103 million mainly reflected the increase in

revenue as well as an $8.4 million reduc-tion in finance expenses. In financial circles, Sky’s debt and currency manage-ment strategies are highly regarded. And a strong focus on people management and development has been another important factor in Sky’s strong performance. M

56 | management.co.nz | DECEMBER 2010

Literacy, numeracy and language skills underpin every successful business

Our strength is in lifting those skills

Workbase : the New Zealand Centre for Workforce Literacy Development. Call us 09 361 3800

Making a difference www.workbase.org.nz

“Design thinking allows you to look at things from a different perspective. So in terms of creating a new wave, design played a critical part and adds real advantage.” Brian Blake,

Managing Director, DB Breweries

“I think what design allows you to do is to push the boundaries”

designworks.co.nz/designthinking

Douglas GoodfellowA world view

Designworks Visionary Leader

The 2010 Designworks Top 200 Visionary Leader, William Douglas Goodfellow OBE, has

followed in his father’s footsteps as one of New Zealand’s truly visionary busi-nessmen and generous benefactors.

His father, the late Sir William Goodfellow, was the visionary who effectively kick-started the New Zea-land dairy industry and launched its co-operative model. Douglas then led the expansion of his family’s business into exporting of almost every kind – from fish to meat, live breeding stock to fruit and vegetables, while simul-taneously building the Goodfellow’s Amalgamated Dairies enterprise.

Douglas Goodfellow is, however, more than a visionary and motivated businessman committed to expanding New Zealand’s exports. He is a philan-thropist, particularly committed to sup-porting education and medical science research and aged care programmes in New Zealand.

He has unstintingly supported Auck-land’s St Kentigern College, the Presby-terian school his father helped establish in 1951. Now 93, he remained on the school’s trust board until 2000.

In 1978, to mark the 50th anniver-sary of Amalgamated Dairies and in memory of his father, Douglas funded the Goodfellow unit in the School of Population Health at Auckland Univer-sity. He also established a postgraduate chair in general practice at Auckland Medical School.

He was Chair of the Auckland Medi-cal Research Foundation for many years and has been a generous benefactor to this and, along with the whole Good-fellow family, the St Andrew’s Village retirement complex.

Douglas Goodfellow’s Presbyterian work ethic is evident in everything he tackles and his approach to life. He is a self-confessed workaholic who prefers to labour into the night on the projects with which he becomes involved. “It all comes from the basis of his Presbyterian faith which is about hard work, study and giving back to society,” says his son Bruce who is chairman of The St Kenti-gern Trust Board.

Douglas Goodfellow and his wife Ju-dith prefer to keep low personal profiles. Douglas shuns publicity of almost any kind and is reluctant to accept accolades for either his commercial success or his many charitable contributions to the community.

But, said the Top 200 judges, Douglas Goodfellow has made a significant contri-bution to New Zealand in many different ways. He built a successful family business and always thought outside the square. He was and still is committed to New Zea-land, to the need to export our products to the world and to promote education and medical care. He has always taken a global view of New Zealand’s needs. He is a worthy Top 200 Awards Designworks Visionary Leader. M

60 | management.co.nz | DECEMBER 2010

Judges

TOP 200 JuDGES

Roger J Kerr is a director and shareholder in Asia-Pacific Risk Management, an advisory firm specialising in interest rates, debt, foreign exchange and corpo-rate treasury management, and ETOS, a company which manages outsourced treasury services. With 29 years’ investment banking and financial markets experience, he is an advisory board member of the New Zealand Government

Debt Management Office, board member of the National Provident Fund, chairman of Trust Invest-ments Management and of PIE Funds Management, a director of Select Access New Zealand and a trustee of Auckland City Mission Foundation.

Neil Paviour-Smith has over 20 years experience in various roles in domestic equity markets. He is managing director of NZX firm Forsyth Barr having previ-ously been research director, and following portfolio management and research roles with Westpac Investment Management and National Mutual Funds Management. He is a director of New Zealand Exchange (NZX) and a director

of the New Zealand Institute of Chartered Accountants (NZICA). He is a Fellow of the Institute of Finance Professionals NZ Inc (INFINZ) and formerly chairman of the NZ Society of Investment Analysts 1999-2001. He is a member of the NZX, the Institute of Directors, the Institute of Char-tered Secretaries NZ and the CFA Institute. He was an inaugural recipient of a Sir Peter Blake Trust Emerging Leader Award in 2005.

Janine Smith is a principal of The Boardroom Practice and a professional company director in both the public and private sector. She is currently chair of AsureQuality, chair of McLarens Young NZ, deputy chair of Kordia Group, and a director of The Warehouse Group and New Zealand Steel and Tube. She previously held executive director positions in Arnott’s New Zealand and Telecom

Directories. Smith specialises in boardroom practice, strategic planning, organisational development and organisational change issues for boards and management. She is an alumna of London Busi-ness School and the University of Auckland.

yOunG EXECuTIvE OF THE yEAR AWARD JuDGES

Reg Birchfield is a business journalist and publisher. As a found-ing director of Fourth Estate Holdings in 1971,

he was editor and publisher of National Business Review, The NZ Business Who’s Who, Capital Letter and other publications. He established Profile Publishing, publisher of NZ Management and other magazines, in 1984. He is now a director of RJMedia and a Life Fellow of the New Zealand Institute of Management.

Jo Brosnahan is the founding chair of Leader-ship New Zealand and the chair of Landcare Research. She was

formerly CEO of the Auckland Regional Council for eight years. She is a director with a focus upon strategy and thought leadership and a passion for developing the next generation of New Zealand leaders.

Dave Larsen was acknowledged last year as NZIM/Eagle Technology’s Young Executive of the Year. At that time he was

Rayglass Boats’ sales and marketing manager. He has since been promoted to general man-ager of the company.

Helen Robinson is managing director Markit Group responsible for its global environmental mar-kets business. Robinson

has led numerous businesses, including her own software company, and was previ-ously CEO of Microsoft New Zealand. She was founding chief executive of TZ1 Registry, which was acquired by Markit Group in 2009. A theme of Robinson’s career has been a strong passion and drive to deliver value to stakehold-ers through technology and innovation. She currently serves on several boards including NIWA and the Business Excellence Foundation.

Judges who had a personal interest in any of the companies they were assessing, declared a conflict of interest and did not vote with respect to those companies.

RESPOnSIBLE GOvERnAnCE AWARD JuDGES

Doug Matheson MNZM has over 20 years’ experience in a wide range of governance positions in New Zealand and overseas. He is a member of the NZIM Foundation Executive and a member of the Massey University Graduate School of Business Advisory Board. He is a Fellow of the Institute of Directors and Life Fellow of NZIM.

Rodger Spiller has extensive experience and a doctorate in responsible investment and business. He heads Money Matters and is a wealth manage-ment adviser. Spiller also presents keynotes and training on leadership and increasing ROI from training. He is a director of the Responsible Investment Association Australasia and Oxfam (NZ).

Duncan Paterson is CEO and founder of CAER – Corporate Analysis. Enhanced Responsibility, the not-for-profit ESG research organisation based in Canberra, Australia. He has worked extensively in the field of responsible investment, both in Australia and in the UK with EIRIS – Experts in Responsible Investment Solutions. Paterson is also president of the Responsible Investment Association

Australasia (RIAA), a director of the Hong Kong-based Association for Sustainable and Responsible Investment in Asia (ASrIA), and a member of FINSIA’s Managed Funds & Super Advisory Group.

DECEMBER 2010 | management.co.nz| 61

Taxation changesThe Government announced in the Budget in May 2010 a change in corpo-rate tax rate from 30c to 28c from the 2012 tax year. In addition, tax deprecia-tion on buildings was disallowed from the 2012 income year. These changes have resulted in a one-off impact on the tax expense due to a recalculation of deferred tax by companies in their annual financial statements for the year ended on or after 31 May 2010.

A number of companies in the 2010 tables have amended their deferred tax figures and further adjustments by companies with an earlier balance date than May 2010 are expected in the 2011 figures.

NZ Management magazine’s listing of New Zealand’s largest organisations in-cludes New Zealand sub-

sidiaries and local branches of overseas companies, producer boards, coopera-tives, local authority trading enterprises and state-owned enterprises that operate as limited liability companies.

To be included in the Top 200, or-ganisations must operate for a commer-cially determined profit and be liable for tax on earnings. Companies fully owned by another New Zealand company are excluded.

All figures are the latest available, verified and audited. • Revenue: as disclosed in the entity’s financial statements. Includes sales (ex-cluding gross commission sales), rent, dividends, gains on disposal of assets and interest received. • Profit After Tax: includes equity ac-counted profit including profit attrib-utable to non controllable (minority) interests. • EBITDA: Earnings before interest tax depreciation and amortisation and impairments of property plant or equip-ment or intangible assets. • EBIT: Earnings Before Interest and Tax, includes unusual income and ex-pense items. Not shown for the financial institutions. • Return On Revenue: calculated by profit before interest and tax divided by revenue. Where no profit figures are shown, this calculation is not applicable as indicated by N/A. • Total Assets: as disclosed in the entity’s financial statements. Includes current and non-current assets, invest-ments, tangible and intangible assets, deferred tax assets and goodwill. • Total Equity: as disclosed in the en-tity’s financial statements including non controlling (minority) interests. For New

Zealand branches of overseas companies, the amount shown as owing to head of-fice is taken as deemed equity. • Return on Total Equity/Total Assets: calculated by profit after-tax divided by average total equity/total assets over the past two years. Where an entity is in its first year of operation the current year total equity/total assets figure has been used as an approximate.• Proprietorship Ratio: Total Equity (see above) divided by average total as-sets over the past two years expressed as a percentage.• Total Employees: New Zealand staff who work more than 30 hours a week. Includes staff of wholly owned subsidiaries.

GEnERAL • Companies that have operated less than six months are not included in this listing. • Majority shareholdings greater than 50 percent by other New Zealand entities are indicated in brackets. A key to these abbreviations follows the listing. • A * indicates companies that are more than 50 percent overseas-controlled. • Not disclosed (N/D) is used where figures were not disclosed by the com-pany or disclosed but not able to be verified. • An (-) indicates the company was not ranked last year.

FInAnCIAL InSTITuTIOnS Includes banks, finance companies, insurance companies (life/ fire and general/superannuation) and invest-ment companies. These organisations are ranked on total assets and appear separately.

The financial institution results are based on the entity’s legal set of accounts and not those accounts which include funds under administration (ie, accounts

which include assets that are not legally owned by that institution, but adminis-tered by it). • Revenue: as disclosed in the entity’s financial statements. • Profit After Tax: is shown for infor-mation purposes only and no ranking is given. • Total Equity: as disclosed in the en-tity’s financial statements including non controlling (minority) interests. For New Zealand branches of overseas companies, the amount shown as owing to head of-fice is taken as deemed equity. • Pre-tax Return on Revenue: cal-culated by profit before tax (and after interest) divided by revenue. Where no profit figures are shown, this calculation is not applicable as indicated by N/A.• Proprietorship Ratio: Total Equity (see above) divided by average total as-sets over the past two years expressed as a percentage. M

Criteria

62 | management.co.nz | DECEMBER 2010

A Great Time to Invest

just as most businesses have done. As this takes longer for households, growth in consumer demand will not rebound quickly. This will keep economic growth low, despite efforts of governments to stimulate it. There will be increased regulation, especially in the financial sector, and this will undoubtedly have unintended consequences which may also delay recovery.

But there are significant opportuni-ties in the new world for business. These lie primarily in the rising economic pow-er of Asia, and to a lesser extent South America and parts of Eastern Europe. The growth trajectory will not always be even but the continued rise of emerg-ing markets is inexorable. For anyone who has visited Shanghai the vibrancy, confidence and sheer determination to succeed is palpable.

New Zealand has real advantages as this new world unfolds. Our agricul-tural commodities are now strengths as demand for protein in Asia grows with increased wealth. Our relative closeness to Asia does not disadvantage our educa-tion and tourism industries. We have a vibrant and growing technology sector with an increasing reputation for inno-vation. And perhaps most significantly of all, we are closely tied to Australia which is now well integrated into Asia’s supply chain.

So how are we doing in taking advan-tage of the opportunities presented by the new economic order that is emerg-ing? The rebalancing of our economy towards the export sector is underway. The growth in trade with China has accelerated significantly following the

free trade agreement – over 35 percent in the past year alone. New Zealand busi-nesses are making material investments in China, as are Chinese businesses in New Zealand. China is now New Zea-land’s second largest export market and Fonterra’s largest customer.

But to be successful will require a step up in the level of business investment; in research and development, distri-bution channels, facilities, marketing and talent. Business balance sheets are in good shape. I think it’s time to take some risks to exploit the opportunities emerging from the new world that is taking shape.

Government efforts to help are hav-ing mixed success. There is good invest-ment in much-needed infrastructure, particularly roads, rail and electricity transmission. The jury is still out on the broadband initiative. But the effort to open up mining has so far failed and progress on reducing the size of govern-ment slow. The hard choices foreshad-owed in the 2025 Task Force Report have yet to be made.

I congratulate all the finalists in the 21st Deloitte/Management magazine Top 200 Awards, and of course the winners. Reading through the list of New Zea-land’s Top 200 companies, you should all be proud of your success and the contribution you are making to wealth creation in New Zealand. Our businesses are strong and performing well, and the stable of globally competitive enterprises continues to grow. We have faced un-precedented uncertainty, and now we face unprecedented opportunity. Right now is a great time to invest. M

Over the past year since the last Deloitte/Management maga-zine Top 200 Awards we have

experienced only a very modest recovery from the “Great Recession”. At the end of 2009 we were looking ahead to 2010 with optimism but as the year wore on consumer confidence did not rebound and business confidence fell once more. Even now, 18 months into the recovery, consumer spending remains subdued and business investment anaemic. The rebalancing in the household sector from spending, and often borrowing to fund it, to cutting expenditure and paying off debt has been more rapid than many expected. Although painful in the short term, this will prove more positive in the long run.

For business the past year has con-tinued to see a focus on cost control, cash management and balance sheet strengthening. It has been a continuation of “back to basics”. Those businesses that reacted quickly to trim capacity have seen profitability recover even as demand has remained subdued. Those that did not react quickly are either now doing so or are prepared to suffer lower returns until their markets recover. I think they may have a long wait.

In large part these reactions reflect the new world that business will face in the aftermath of the global financial crisis and the great recession. What does this new world look like? I think in the immediate term it will see consumers continuing to repair their balance sheets,

MurrayJack:CEo Deloitte

DECEMBER 2010 | management.co.nz| 63

Deloitte and NZ Management magazine would also like to extend their gratitude to all the sponsors and supporters of this year’s event. We look forward to seeing you all again in 2011!

Thank You...

2010 winners

To all our 2010 finalists and winners who have shown us their vision...

Deloitte/Management magazineExecutive of the YearMark Waller, Ebos Group

Deloitte/Management magazineCompany of the YearBeca Group

DesignworksVisionary Leader Douglas Goodfellow

QBE InsuranceChairperson of the Year Alison Paterson

Kensington SwanResponsible GovernanceVodafone New Zealand

WorkbaseBest Growth Strategy Sky Network Television

MarshMost Improved PerformanceRestaurant Brands

NZIM/Eagle TechnologyYoung Executive of the Year Claire Szabó

DECEMBER 2010 | management.co.nz| 65

Top 200 A-Z ListingAbano Healthcare Group ...................................... 125ABB Grain (NZ) .................................................... 113ABB ..................................................................... 146AFFCO Holdings ..................................................... 33AgResearch .......................................................... 184Air New Zealand ...................................................... 5Airways Corporation of New Zealand .................... 197Alcatel-Lucent New Zealand ................................. 102Alesco New Zealand and Subsidiaries ................... 180Alliance Group ....................................................... 23Allied Foods (NZ) .................................................. 119Amcor Packaging (New Zealand) ............................ 93AMP NZ Office Trust ............................................. 199ANZCO Foods ........................................................ 28Aperio Group (New Zealand) ................................ 198Apple Sales New Zealand ..................................... 157Ashburton Trading Society .................................... 163Auckland International Airport ................................ 96Avon Pacific Holdings ........................................... 162Ballance Agri-Nutrients ........................................... 49Beca Group ............................................................ 94Bidvest New Zealand .............................................. 71Blue Star Group...................................................... 58BP New Zealand Holdings ........................................ 8Bridgestone New Zealand ..................................... 143Briscoe Group ........................................................ 81British American Tobacco Holdings (NZ) ................ 111Bunnings................................................................ 62Bupa Healthcare New Zealand .............................. 174CablePrice (NZ) .................................................... 196Cadbury ............................................................... 122Cavalier Corporation ............................................ 141CDC Pharmaceuticals ........................................... 171Cerebos Gregg’s ................................................... 178Chevron New Zealand ............................................ 13Christchurch City Holdings ...................................... 55Coca-Cola Amatil (NZ) ............................................ 68Coles Group New Zealand Holdings ...................... 149Combined Rural Traders Society .............................. 42Contact Energy ....................................................... 11Datacom Group ...................................................... 51DB Breweries ......................................................... 79Delegat’s Group ................................................... 142DFS New Zealand ................................................. 173DGL Investments .................................................... 38DHL Holdings (New Zealand) ................................ 169Downer EDI Engineering Group ............................ 108DSE (NZ) ................................................................ 97Dunedin City Holdings .......................................... 134Ebos Group ............................................................ 25Exego (NZ) Holdings ............................................. 158ExxonMobil New Zealand Holdings ......................... 18Fairfax New Zealand Holdings ................................ 54Farmlands Trading Society ....................................... 59Fernhoff ............................................................... 118Fisher & Paykel Appliances Holdings ....................... 31Fisher & Paykel Healthcare Corporation ................... 65Flavoured Beverages Group Holdings ...................... 80Fletcher Building ...................................................... 2Fonterra Co-operative Group .................................... 1Foodstuffs (Auckland) ............................................... 6Foodstuffs (Wellington) Co-operative ...................... 10Foodstuffs South Island ............................................ 9Ford Motor Company of New Zealand .................. 106Freightways .......................................................... 104Frucor Beverages .................................................... 87Fuji Xerox New Zealand ........................................ 164

Fulton Hogan ......................................................... 12GE Crane NZ .......................................................... 60General Cable Holdings NZ ................................... 136Genesis Power ....................................................... 17Geon Group Holdings ........................................... 103GlaxoSmithKline NZ ............................................. 195Goodman Fielder New Zealand ............................... 29H J Heinz Company (New Zealand) ......................... 43Hallenstein Glasson Holdings ................................ 148Harvey Norman Stores (NZ) .................................... 41Hellaby Holdings .................................................... 73Hewlett-Packard New Zealand ................................ 63Holden New Zealand ............................................ 114Honda New Zealand ............................................. 193Housing New Zealand ............................................ 35IBM New Zealand .................................................. 90Imperial Tobacco New Zealand ............................. 120Infratil .................................................................... 16Ingram Micro New Zealand Holdings ...................... 57ITW New Zealand ................................................. 194JB Hi-Fi NZ ........................................................... 190Juken New Zealand .............................................. 137Kathmandu Holdings ............................................ 130Kiwi Income Property Trust .................................... 161Kordia Group ....................................................... 127Kura ....................................................................... 53Landcorp Farming................................................. 170Linde Holdings New Zealand ................................ 139Lion Nathan Wines and Spirits New Zealand ......... 159Livestock Improvement Corporation ...................... 200Mainfreight ............................................................ 32Market Gardeners ................................................ 109MARS New Zealand ............................................. 166Mazda Motors of New Zealand ............................. 152McDonald’s Restaurants (New Zealand) ................ 167Mediaworks NZ .................................................... 117Mercedes-Benz New Zealand................................ 181Meridian Energy ..................................................... 15Methanex New Zealand ......................................... 70Michael Hill International........................................ 76Mighty River Power ................................................ 22Millstream Equities ............................................... 100Mitre 10 New Zealand............................................ 61Nestle New Zealand ............................................... 77New Zealand Breweries .......................................... 83New Zealand Investment Holdings ........................ 175New Zealand Post .................................................. 26New Zealand Railways Corporation ........................ 34New Zealand Sugar Company ............................... 133New Zealand Wool Services International .............. 189Newmont Waihi Gold ........................................... 154Nissan New Zealand............................................. 176Nobilo Holdings ................................................... 140Noel Leeming Holdings ........................................... 67Norske Skog Tasman ............................................... 72Northpower ......................................................... 150Nuplex Industries ................................................... 24NZ Poultry Enterprises ............................................ 84NZ Snack Food Holdings ....................................... 124NZPM Group ........................................................ 135Oceana Gold Holdings (New Zealand) ..................... 86OfficeMax Holdings ................................................ 85Open Country Dairy .............................................. 123Opus International (NZ) .......................................... 92Oregon Group ........................................................ 69Orica Investments (NZ) ........................................... 64Pacific Brands Holdings (NZ) ................................. 185

Pact Group (NZ) ................................................... 121Pan Pac Forest Products ........................................ 126Panasonic New Zealand ....................................... 144Paperlinx (NZ) ...................................................... 186Pepsico New Zealand Holdings ............................. 191PGG Wrightson ...................................................... 30PMP (NZ) ............................................................. 115Port of Tauranga ................................................... 182Ports of Auckland ................................................. 160Powerco ................................................................. 99Pumpkin Patch ....................................................... 89Radius Health Group ............................................ 183Rakon .................................................................. 192Ravensdown Fertiliser Co-operative ........................ 40Renaissance Corporation ...................................... 156Restaurant Brands NZ ........................................... 105Retirement Care (NZ)............................................ 147RTA Pacific (NZ) ...................................................... 36Ryman Healthcare ................................................ 172Sanford .................................................................. 75SCA Hygiene Holding ........................................... 112Scales Corporation ............................................... 145Sealed Air (New Zealand) ..................................... 153Shell New Zealand Holding Company ....................... 7Siemens (NZ) .......................................................... 74Silver Fern Farms .................................................... 14Sime Darby Motor Group ........................................ 82Skellerup Holdings ................................................ 168Sky Network Television ........................................... 45SKYCITY Entertainment Group ................................ 39Smiths City Group ................................................ 138Solid Energy NZ ...................................................... 50Sony New Zealand ............................................... 188Spotless Services (NZ) ............................................. 95Steel & Tube Holdings ............................................. 91Tasman Steel Holdings ............................................ 37Telecom Corporation of New Zealand ....................... 3Television New Zealand .......................................... 98Telstra New Zealand Holdings ................................. 48The Colonial Motor Company ................................. 78The New Zealand Refining Company..................... 128The Tatua Co-operative Dairy Company ................. 151The Warehouse Group ............................................ 19Toll Group (NZ) .................................................... 101Tourism Holdings.................................................. 165Toyota New Zealand............................................... 47Transfield Services (New Zealand) ........................... 52Transpacific Industries Group Finance (NZ) ............ 107Transpower New Zealand ....................................... 46TrustPower ............................................................. 44Turners & Growers .................................................. 56Unilever New Zealand .......................................... 116Unison Networks .................................................. 187Vector .................................................................... 27Vitaco Health Group ............................................. 179Vodafone New Zealand .......................................... 20Wahn Investments ................................................ 177Watercare Services ............................................... 155Wesfarmers Industrial and Safety Holdings NZ ...... 131Westland Co-operative Dairy Company ................... 88Weyville Holdings ................................................. 129WGL Retail Holdings ............................................ 132Wilson & Horton .................................................... 66Woolworths New Zealand Group .............................. 4YPG Holdings ....................................................... 110ZESPRI Group ......................................................... 21

New Zealand CompaniesPr

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66 | management.co.nz | DECEMBER 2010

EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

Profit After Tax($000s)

Revenue($000s)

1 1 Fonterra Co-operative Group Auckland

Co-op 17,080,000 4.5 685,000 1 12.3 1,583,000 1,099,000 6.4 14,169,000 2 0.4 4.8 5,667,000 3 13.1 40.07 15,800 07/10

2 2 Fletcher Building Auckland

NZSX* 6,853,000 -4.0 282,000 4 842.1 716,000 510,000 7.4 5,714,000 7 -1.6 4.9 3,023,000 5 9.4 52.49 17,000 06/10

3 3 Telecom Corporation of New Zealand Wellington

NZSX* 5,297,000 -6.9 382,000 2 -4.5 1,785,000 753,000 14.2 6,865,000 6 1.5 5.6 2,545,000 8 15.3 37.34 N/D 06/10

4 5 Woolworths New Zealand Group1 Auckland

* 5,015,933 1.0 -53,374 192 -186.3 283,042 116,812 2.3 3,678,533 13 -0.7 -1.4 1,368,387 18 -4.0 37.07 N/D 06/09

5 4 Air New Zealand (75% NZG) Auckland

NZSX 4,100,000 -19.2 82,000 19 290.5 491,000 194,000 4.7 4,597,000 11 -8.9 1.7 1,566,000 13 5.2 32.48 10,499 06/10

6 8 Foodstuffs (Auckland) Auckland

Co-op 3,523,129 5.4 11,487 93 257.9 48,599 48,599 1.4 1,468,911 35 -1.8 0.8 633,910 31 1.8 42.77 1,000 02/10

7 6 Shell New Zealand Holding Company2 Wellington

* 2,993,378 -19.6 331,632 3 5,101.2 382,395 361,617 12.1 953,588 48 -20.2 30.9 680,111 28 45.0 63.30 N/D 12/09

8 7 BP New Zealand Holdings Wellington

* 2,933,328 -20.0 79,546 20 36.6 186,155 153,738 5.2 1,271,808 41 8.0 6.5 257,831 72 38.0 21.05 1,740 12/09

9 11 Foodstuffs South Island Christchurch

Co-op 2,354,216 4.0 12,100 90 1,124.7 25,379 25,379 1.1 752,958 54 0.2 1.6 203,190 83 6.3 27.01 1,300 02/10

10 12 Foodstuffs (Wellington) Co-operative Lower Hutt

Co-op 2,330,498 4.4 -6,804 170 24.9 7,305 7,305 0.3 764,389 53 9.1 -0.9 148,960 104 -4.5 20.34 1,504 03/10

11 13 Contact Energy Wellington

NZSX* 2,172,949 -2.5 154,668 8 33.8 430,270 268,367 12.4 5,147,763 9 2.4 3.0 2,776,778 6 5.7 54.59 1,050 06/10

12 17 Fulton Hogan Christchurch

- 2,164,064 15.9 79,535 21 -21.3 134,118 134,118 6.2 1,550,112 31 17.1 5.5 389,670 52 13.8 27.11 5,101 06/10

13 9 Chevron New Zealand Auckland

* 2,113,297 -17.8 46,745 37 177.4 94,745 72,074 3.4 854,464 51 -27.8 4.6 407,270 49 11.5 39.97 130 12/09

14 14 Silver Fern Farms Dunedin

Co-op 2,064,176 3.0 43,597 39 16.0 101,181 71,335 3.5 603,197 69 -9.8 6.9 242,116 75 19.6 38.07 7,000 08/09

15 16 Meridian Energy (50% MF, 50% MSOE) Wellington

SOE 2,063,910 8.5 184,049 7 106.2 570,418 364,052 17.6 8,715,599 5 21.4 2.3 5,070,684 4 3.9 63.81 804 06/10

16 18 Infratil Wellington

NZSX 1,970,800 11.6 95,000 16 174.0 428,000 273,500 13.9 4,508,400 12 -4.2 2.1 1,731,300 12 5.6 37.57 3,000 03/10

17 15 Genesis Power (50% MF, 50% MSOE) Auckland

SOE 1,897,583 -3.3 69,314 27 151.1 266,666 154,900 8.2 2,532,324 16 -2.1 2.7 1,445,565 16 4.9 56.49 961 06/10

18 10 ExxonMobil New Zealand Holdings Auckland

* 1,835,992 -24.7 7,046 108 105.5 63,152 48,048 2.6 782,246 52 6.7 0.9 264,598 70 2.6 34.93 N/D 12/09

19 19 The Warehouse Group Auckland

NZSX 1,684,109 -2.8 60,540 32 -21.4 166,075 125,138 7.4 675,032 63 4.0 9.1 303,246 62 19.4 45.80 8,000 08/10

20 20 Vodafone New Zealand Auckland

* 1,607,900 -0.5 121,600 10 -31.6 542,000 280,300 17.4 1,772,300 26 9.8 7.2 365,300 55 37.1 21.57 1,400 03/10

21 23 ZESPRI Group Mt Maunganui

Co-op 1,550,934 5.1 25,890 54 8.2 45,651 42,095 2.7 370,626 93 10.1 7.3 77,920 136 34.1 22.03 162 03/10

22 22 Mighty River Power (50% MF, 50% MSOE) Auckland

SOE 1,511,514 2.2 84,614 18 -47.0 322,749 175,747 11.6 4,894,900 10 11.6 1.8 2,688,970 7 3.2 57.93 840 06/10

23 26 Alliance Group Invercargill

- 1,501,476 16.9 19,008 73 -43.2 56,489 35,567 2.4 517,624 77 5.1 3.8 360,920 56 5.4 71.45 5,500 09/09

24 21 Nuplex Industries Auckland

NZSX 1,466,016 -2.4 66,982 30 251.2 138,011 107,817 7.4 1,004,294 44 -4.1 6.5 523,330 35 12.8 51.03 240 06/10

25 25 Ebos Group Christchurch

NZSX 1,373,367 2.1 23,437 61 18.8 45,744 41,552 3.0 518,343 76 3.7 4.6 182,790 89 13.6 35.91 110 06/10

26 28 New Zealand Post (50% MF, 50% MSOE) Lower Hutt

SOE 1,252,838 -1.6 1,279 135 -98.2 140,718 54,313 4.3 13,075,472 4 15.7 0.0 832,530 24 0.2 6.83 N/D 06/10

27 30 Vector Auckland

NZSX 1,194,896 -14.9 199,118 5 -47.5 580,429 419,974 35.1 5,550,905 8 0.2 3.6 2,084,208 9 9.6 37.59 N/D 06/10

28 33 ANZCO Foods Christchurch

* 1,192,618 6.2 7,301 107 -53.3 30,801 21,223 1.8 491,475 79 11.3 1.6 249,096 73 3.1 53.39 2,800 09/09

29 32 Goodman Fielder New Zealand Auckland

NZSX* 1,173,993 -0.8 -6,152 167 95.7 141,610 117,186 10.0 1,578,761 30 -2.4 -0.4 228,555 80 -2.7 14.30 N/D 06/09

30 27 PGG Wrightson Christchurch

NZSX 1,171,806 -10.9 23,304 62 135.1 73,184 66,805 5.7 1,526,882 32 -1.1 1.5 635,470 30 4.5 41.38 2,500 06/10

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 67

% Change

1 1 Fonterra Co-operative Group Auckland

Co-op 17,080,000 4.5 685,000 1 12.3 1,583,000 1,099,000 6.4 14,169,000 2 0.4 4.8 5,667,000 3 13.1 40.07 15,800 07/10

2 2 Fletcher Building Auckland

NZSX* 6,853,000 -4.0 282,000 4 842.1 716,000 510,000 7.4 5,714,000 7 -1.6 4.9 3,023,000 5 9.4 52.49 17,000 06/10

3 3 Telecom Corporation of New Zealand Wellington

NZSX* 5,297,000 -6.9 382,000 2 -4.5 1,785,000 753,000 14.2 6,865,000 6 1.5 5.6 2,545,000 8 15.3 37.34 N/D 06/10

4 5 Woolworths New Zealand Group1 Auckland

* 5,015,933 1.0 -53,374 192 -186.3 283,042 116,812 2.3 3,678,533 13 -0.7 -1.4 1,368,387 18 -4.0 37.07 N/D 06/09

5 4 Air New Zealand (75% NZG) Auckland

NZSX 4,100,000 -19.2 82,000 19 290.5 491,000 194,000 4.7 4,597,000 11 -8.9 1.7 1,566,000 13 5.2 32.48 10,499 06/10

6 8 Foodstuffs (Auckland) Auckland

Co-op 3,523,129 5.4 11,487 93 257.9 48,599 48,599 1.4 1,468,911 35 -1.8 0.8 633,910 31 1.8 42.77 1,000 02/10

7 6 Shell New Zealand Holding Company2 Wellington

* 2,993,378 -19.6 331,632 3 5,101.2 382,395 361,617 12.1 953,588 48 -20.2 30.9 680,111 28 45.0 63.30 N/D 12/09

8 7 BP New Zealand Holdings Wellington

* 2,933,328 -20.0 79,546 20 36.6 186,155 153,738 5.2 1,271,808 41 8.0 6.5 257,831 72 38.0 21.05 1,740 12/09

9 11 Foodstuffs South Island Christchurch

Co-op 2,354,216 4.0 12,100 90 1,124.7 25,379 25,379 1.1 752,958 54 0.2 1.6 203,190 83 6.3 27.01 1,300 02/10

10 12 Foodstuffs (Wellington) Co-operative Lower Hutt

Co-op 2,330,498 4.4 -6,804 170 24.9 7,305 7,305 0.3 764,389 53 9.1 -0.9 148,960 104 -4.5 20.34 1,504 03/10

11 13 Contact Energy Wellington

NZSX* 2,172,949 -2.5 154,668 8 33.8 430,270 268,367 12.4 5,147,763 9 2.4 3.0 2,776,778 6 5.7 54.59 1,050 06/10

12 17 Fulton Hogan Christchurch

- 2,164,064 15.9 79,535 21 -21.3 134,118 134,118 6.2 1,550,112 31 17.1 5.5 389,670 52 13.8 27.11 5,101 06/10

13 9 Chevron New Zealand Auckland

* 2,113,297 -17.8 46,745 37 177.4 94,745 72,074 3.4 854,464 51 -27.8 4.6 407,270 49 11.5 39.97 130 12/09

14 14 Silver Fern Farms Dunedin

Co-op 2,064,176 3.0 43,597 39 16.0 101,181 71,335 3.5 603,197 69 -9.8 6.9 242,116 75 19.6 38.07 7,000 08/09

15 16 Meridian Energy (50% MF, 50% MSOE) Wellington

SOE 2,063,910 8.5 184,049 7 106.2 570,418 364,052 17.6 8,715,599 5 21.4 2.3 5,070,684 4 3.9 63.81 804 06/10

16 18 Infratil Wellington

NZSX 1,970,800 11.6 95,000 16 174.0 428,000 273,500 13.9 4,508,400 12 -4.2 2.1 1,731,300 12 5.6 37.57 3,000 03/10

17 15 Genesis Power (50% MF, 50% MSOE) Auckland

SOE 1,897,583 -3.3 69,314 27 151.1 266,666 154,900 8.2 2,532,324 16 -2.1 2.7 1,445,565 16 4.9 56.49 961 06/10

18 10 ExxonMobil New Zealand Holdings Auckland

* 1,835,992 -24.7 7,046 108 105.5 63,152 48,048 2.6 782,246 52 6.7 0.9 264,598 70 2.6 34.93 N/D 12/09

19 19 The Warehouse Group Auckland

NZSX 1,684,109 -2.8 60,540 32 -21.4 166,075 125,138 7.4 675,032 63 4.0 9.1 303,246 62 19.4 45.80 8,000 08/10

20 20 Vodafone New Zealand Auckland

* 1,607,900 -0.5 121,600 10 -31.6 542,000 280,300 17.4 1,772,300 26 9.8 7.2 365,300 55 37.1 21.57 1,400 03/10

21 23 ZESPRI Group Mt Maunganui

Co-op 1,550,934 5.1 25,890 54 8.2 45,651 42,095 2.7 370,626 93 10.1 7.3 77,920 136 34.1 22.03 162 03/10

22 22 Mighty River Power (50% MF, 50% MSOE) Auckland

SOE 1,511,514 2.2 84,614 18 -47.0 322,749 175,747 11.6 4,894,900 10 11.6 1.8 2,688,970 7 3.2 57.93 840 06/10

23 26 Alliance Group Invercargill

- 1,501,476 16.9 19,008 73 -43.2 56,489 35,567 2.4 517,624 77 5.1 3.8 360,920 56 5.4 71.45 5,500 09/09

24 21 Nuplex Industries Auckland

NZSX 1,466,016 -2.4 66,982 30 251.2 138,011 107,817 7.4 1,004,294 44 -4.1 6.5 523,330 35 12.8 51.03 240 06/10

25 25 Ebos Group Christchurch

NZSX 1,373,367 2.1 23,437 61 18.8 45,744 41,552 3.0 518,343 76 3.7 4.6 182,790 89 13.6 35.91 110 06/10

26 28 New Zealand Post (50% MF, 50% MSOE) Lower Hutt

SOE 1,252,838 -1.6 1,279 135 -98.2 140,718 54,313 4.3 13,075,472 4 15.7 0.0 832,530 24 0.2 6.83 N/D 06/10

27 30 Vector Auckland

NZSX 1,194,896 -14.9 199,118 5 -47.5 580,429 419,974 35.1 5,550,905 8 0.2 3.6 2,084,208 9 9.6 37.59 N/D 06/10

28 33 ANZCO Foods Christchurch

* 1,192,618 6.2 7,301 107 -53.3 30,801 21,223 1.8 491,475 79 11.3 1.6 249,096 73 3.1 53.39 2,800 09/09

29 32 Goodman Fielder New Zealand Auckland

NZSX* 1,173,993 -0.8 -6,152 167 95.7 141,610 117,186 10.0 1,578,761 30 -2.4 -0.4 228,555 80 -2.7 14.30 N/D 06/09

30 27 PGG Wrightson Christchurch

NZSX 1,171,806 -10.9 23,304 62 135.1 73,184 66,805 5.7 1,526,882 32 -1.1 1.5 635,470 30 4.5 41.38 2,500 06/10

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

31 24 Fisher & Paykel Appliances Holdings Auckland

NZSX 1,164,063 -15.1 -83,328 194 12.5 47,746 -74,875 -6.4 1,652,199 28 -17.2 -4.6 601,152 32 -14.3 32.95 3,300 03/10

32 29 Mainfreight Auckland

NZSX 1,132,720 -10.5 36,365 43 2.5 73,545 57,244 5.1 565,377 72 3.2 6.5 297,443 65 12.5 53.44 1,600 03/10

33 34 AFFCO Holdings (50% MF, 50% MSOE) Hamilton

NZSX 1,107,489 -1.2 25,365 56 -57.9 44,808 30,504 2.8 434,576 84 -0.9 5.8 340,948 58 7.7 78.09 3,500 09/09

34 (-) New Zealand Railways Corporation3 Wellington

SOE 1,106,543 N/A 194,497 6 N/A 514,815 233,811 21.1 13,248,827 3 -0.6 1.5 12,419,432 1 1.6 93.44 4,000 06/10

35 37 Housing New Zealand (100% NZG)4 Wellington

Govt 988,000 3.8 -675,000 200 -2,209.4 397,000 217,000 22.0 15,443,000 1 3.6 -4.4 11,528,000 2 -5.8 75.96 1,118 06/10

36 31 RTA Pacific (NZ) Wellington

* 919,576 -20.5 -14,199 180 -151.7 -7,833 -8,143 -0.9 389,248 90 -49.0 -2.5 140,172 108 -4.6 24.34 800 12/09

37 39 Tasman Steel Holdings Auckland

* 905,678 -2.2 112,672 12 -20.4 185,665 149,442 16.5 2,317,890 19 6.2 5.0 2,043,849 10 5.8 90.83 N/D 06/09

38 46 DGL Investments Auckland

* 851,519 15.0 67,708 29 23.6 123,681 95,888 11.3 616,171 66 -1.3 10.9 386,326 53 17.6 62.28 N/D 06/09

39 40 SKYCITY Entertainment Group Auckland

NZSX 849,534 -0.5 101,868 15 -11.8 309,432 241,925 28.5 1,636,240 29 -12.6 5.8 759,517 26 13.6 43.29 4,500 06/10

40 38 Ravensdown Fertiliser Co-operative Christchurch

Co-op 835,952 -12.0 196 144 -98.7 42,587 25,275 3.0 691,197 62 -10.0 0.0 326,869 59 0.1 44.80 600 05/10

41 43 Harvey Norman Stores (NZ) Auckland

* 802,925 1.8 25,037 57 -19.1 39,005 39,005 4.9 274,601 113 4.0 9.3 152,915 101 17.8 56.77 1,684 06/09

42 42 Combined Rural Traders Society Dunedin

Soc 801,851 -0.1 1,177 136 -42.2 5,682 1,974 0.2 153,490 157 11.5 0.8 45,822 157 2.7 31.48 447 03/10

43 47 H J Heinz Company (New Zealand) Auckland

* 782,958 9.4 53,794 36 27.1 109,625 86,691 11.1 666,811 64 6.1 8.3 430,723 46 13.4 66.49 N/D 04/10

44 44 TrustPower Tauranga

NZSX 759,672 -3.4 119,413 11 13.6 285,699 224,564 29.6 2,558,797 15 1.3 4.7 1,437,146 17 8.3 56.51 450 03/10

45 49 Sky Network Television Auckland

* 742,276 6.8 103,021 14 16.9 287,808 175,302 23.6 1,909,161 24 1.9 5.4 1,250,947 20 8.4 66.15 1,000 06/10

46 48 Transpower New Zealand (50% MF, 50% MSOE) Wellington

SOE 734,418 5.0 64,985 31 -30.1 355,322 185,734 25.3 3,565,497 14 16.3 2.0 1,454,981 14 4.6 43.88 680 06/10

47 45 Toyota New Zealand Palmerston North

* 726,863 -6.4 4,543 122 63.1 17,200 12,513 1.7 252,818 120 3.9 1.8 61,216 144 7.5 24.67 209 03/10

48 (-) Telstra New Zealand Holdings Auckland

* 716,471 2.4 -52,139 191 6.0 175,803 24,891 3.5 1,703,599 27 -0.1 -3.1 368,221 54 -13.2 21.61 1,400 06/09

49 41 Ballance Agri-Nutrients5 Tauranga

Co-op 694,210 -18.5 5,542 117 270.9 53,158 27,224 3.9 459,234 83 -17.9 1.1 299,889 64 1.9 58.90 625 05/10

50 36 Solid Energy NZ (50% MF,50% MSOE) Christchurch

SOE 693,941 -29.7 67,837 28 -38.8 162,789 116,232 16.7 1,000,193 45 26.3 7.6 443,394 45 15.5 49.49 1,223 06/10

51 54 Datacom Group Wellington

* 667,273 9.6 30,246 49 13.8 60,809 44,639 6.7 279,257 111 18.1 11.7 123,231 112 26.6 47.79 3,383 03/10

52 60 Transfield Services (New Zealand) Auckland

* 625,485 9.4 12,341 88 9.1 39,676 19,559 3.1 361,823 94 0.7 3.4 174,745 93 7.3 48.45 3,000 06/09

53 61 Kura (50% TWU) Nelson

- 605,552 6.7 22,752 64 -6.1 49,246 39,069 6.5 735,756 55 11.4 3.3 465,510 40 5.0 66.69 N/D 06/09

54 50 Fairfax New Zealand Holdings Wellington

* 598,563 -11.6 -69,407 193 -200.7 186,150 93,116 15.6 2,203,606 22 -0.5 -3.1 479,658 39 -13.5 21.71 2,400 06/09

55 56 Christchurch City Holdings (100% CCC) Christchurch

- 595,454 0.1 54,990 34 -30.0 220,589 144,664 24.3 2,286,120 20 3.4 2.4 1,366,536 19 4.0 60.78 4 06/10

56 57 Turners & Growers Auckland

NZSX* 592,277 1.5 9,529 96 -32.6 37,952 20,002 3.4 425,357 85 2.0 2.3 293,948 66 3.3 69.78 N/D 12/09

57 96 Ingram Micro New Zealand Holdings6 Auckland

* 586,039 N/A 4,187 126 N/A 20,575 15,630 2.7 209,157 131 N/A 2.0 6,058 193 107.0 N/A 310 12/09

58 58 Blue Star Group7 Auckland

- 571,335 -1.3 -2,656 157 -104.9 41,139 18,922 3.3 419,608 87 12.7 -0.7 110,958 116 -2.4 28.03 700 06/10

59 66 Farmlands Trading Society Hastings

Soc 565,088 5.9 213 143 158.7 2,208 2,208 0.4 110,806 178 11.6 0.2 41,451 165 0.5 39.47 358 06/10

60 52 GE Crane NZ Christchurch

* 555,221 -14.7 -4,948 162 -194.5 18,679 8,950 1.6 332,079 97 -14.3 -1.4 56,755 148 -7.0 15.77 900 06/09

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 69

% Change

31 24 Fisher & Paykel Appliances Holdings Auckland

NZSX 1,164,063 -15.1 -83,328 194 12.5 47,746 -74,875 -6.4 1,652,199 28 -17.2 -4.6 601,152 32 -14.3 32.95 3,300 03/10

32 29 Mainfreight Auckland

NZSX 1,132,720 -10.5 36,365 43 2.5 73,545 57,244 5.1 565,377 72 3.2 6.5 297,443 65 12.5 53.44 1,600 03/10

33 34 AFFCO Holdings (50% MF, 50% MSOE) Hamilton

NZSX 1,107,489 -1.2 25,365 56 -57.9 44,808 30,504 2.8 434,576 84 -0.9 5.8 340,948 58 7.7 78.09 3,500 09/09

34 (-) New Zealand Railways Corporation3 Wellington

SOE 1,106,543 N/A 194,497 6 N/A 514,815 233,811 21.1 13,248,827 3 -0.6 1.5 12,419,432 1 1.6 93.44 4,000 06/10

35 37 Housing New Zealand (100% NZG)4 Wellington

Govt 988,000 3.8 -675,000 200 -2,209.4 397,000 217,000 22.0 15,443,000 1 3.6 -4.4 11,528,000 2 -5.8 75.96 1,118 06/10

36 31 RTA Pacific (NZ) Wellington

* 919,576 -20.5 -14,199 180 -151.7 -7,833 -8,143 -0.9 389,248 90 -49.0 -2.5 140,172 108 -4.6 24.34 800 12/09

37 39 Tasman Steel Holdings Auckland

* 905,678 -2.2 112,672 12 -20.4 185,665 149,442 16.5 2,317,890 19 6.2 5.0 2,043,849 10 5.8 90.83 N/D 06/09

38 46 DGL Investments Auckland

* 851,519 15.0 67,708 29 23.6 123,681 95,888 11.3 616,171 66 -1.3 10.9 386,326 53 17.6 62.28 N/D 06/09

39 40 SKYCITY Entertainment Group Auckland

NZSX 849,534 -0.5 101,868 15 -11.8 309,432 241,925 28.5 1,636,240 29 -12.6 5.8 759,517 26 13.6 43.29 4,500 06/10

40 38 Ravensdown Fertiliser Co-operative Christchurch

Co-op 835,952 -12.0 196 144 -98.7 42,587 25,275 3.0 691,197 62 -10.0 0.0 326,869 59 0.1 44.80 600 05/10

41 43 Harvey Norman Stores (NZ) Auckland

* 802,925 1.8 25,037 57 -19.1 39,005 39,005 4.9 274,601 113 4.0 9.3 152,915 101 17.8 56.77 1,684 06/09

42 42 Combined Rural Traders Society Dunedin

Soc 801,851 -0.1 1,177 136 -42.2 5,682 1,974 0.2 153,490 157 11.5 0.8 45,822 157 2.7 31.48 447 03/10

43 47 H J Heinz Company (New Zealand) Auckland

* 782,958 9.4 53,794 36 27.1 109,625 86,691 11.1 666,811 64 6.1 8.3 430,723 46 13.4 66.49 N/D 04/10

44 44 TrustPower Tauranga

NZSX 759,672 -3.4 119,413 11 13.6 285,699 224,564 29.6 2,558,797 15 1.3 4.7 1,437,146 17 8.3 56.51 450 03/10

45 49 Sky Network Television Auckland

* 742,276 6.8 103,021 14 16.9 287,808 175,302 23.6 1,909,161 24 1.9 5.4 1,250,947 20 8.4 66.15 1,000 06/10

46 48 Transpower New Zealand (50% MF, 50% MSOE) Wellington

SOE 734,418 5.0 64,985 31 -30.1 355,322 185,734 25.3 3,565,497 14 16.3 2.0 1,454,981 14 4.6 43.88 680 06/10

47 45 Toyota New Zealand Palmerston North

* 726,863 -6.4 4,543 122 63.1 17,200 12,513 1.7 252,818 120 3.9 1.8 61,216 144 7.5 24.67 209 03/10

48 (-) Telstra New Zealand Holdings Auckland

* 716,471 2.4 -52,139 191 6.0 175,803 24,891 3.5 1,703,599 27 -0.1 -3.1 368,221 54 -13.2 21.61 1,400 06/09

49 41 Ballance Agri-Nutrients5 Tauranga

Co-op 694,210 -18.5 5,542 117 270.9 53,158 27,224 3.9 459,234 83 -17.9 1.1 299,889 64 1.9 58.90 625 05/10

50 36 Solid Energy NZ (50% MF,50% MSOE) Christchurch

SOE 693,941 -29.7 67,837 28 -38.8 162,789 116,232 16.7 1,000,193 45 26.3 7.6 443,394 45 15.5 49.49 1,223 06/10

51 54 Datacom Group Wellington

* 667,273 9.6 30,246 49 13.8 60,809 44,639 6.7 279,257 111 18.1 11.7 123,231 112 26.6 47.79 3,383 03/10

52 60 Transfield Services (New Zealand) Auckland

* 625,485 9.4 12,341 88 9.1 39,676 19,559 3.1 361,823 94 0.7 3.4 174,745 93 7.3 48.45 3,000 06/09

53 61 Kura (50% TWU) Nelson

- 605,552 6.7 22,752 64 -6.1 49,246 39,069 6.5 735,756 55 11.4 3.3 465,510 40 5.0 66.69 N/D 06/09

54 50 Fairfax New Zealand Holdings Wellington

* 598,563 -11.6 -69,407 193 -200.7 186,150 93,116 15.6 2,203,606 22 -0.5 -3.1 479,658 39 -13.5 21.71 2,400 06/09

55 56 Christchurch City Holdings (100% CCC) Christchurch

- 595,454 0.1 54,990 34 -30.0 220,589 144,664 24.3 2,286,120 20 3.4 2.4 1,366,536 19 4.0 60.78 4 06/10

56 57 Turners & Growers Auckland

NZSX* 592,277 1.5 9,529 96 -32.6 37,952 20,002 3.4 425,357 85 2.0 2.3 293,948 66 3.3 69.78 N/D 12/09

57 96 Ingram Micro New Zealand Holdings6 Auckland

* 586,039 N/A 4,187 126 N/A 20,575 15,630 2.7 209,157 131 N/A 2.0 6,058 193 107.0 N/A 310 12/09

58 58 Blue Star Group7 Auckland

- 571,335 -1.3 -2,656 157 -104.9 41,139 18,922 3.3 419,608 87 12.7 -0.7 110,958 116 -2.4 28.03 700 06/10

59 66 Farmlands Trading Society Hastings

Soc 565,088 5.9 213 143 158.7 2,208 2,208 0.4 110,806 178 11.6 0.2 41,451 165 0.5 39.47 358 06/10

60 52 GE Crane NZ Christchurch

* 555,221 -14.7 -4,948 162 -194.5 18,679 8,950 1.6 332,079 97 -14.3 -1.4 56,755 148 -7.0 15.77 900 06/09

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

61 64 Mitre 10 New Zealand Auckland

- 548,954 3.4 709 140 131.8 6,163 6,163 1.1 155,582 155 6.9 0.5 45,306 160 2.5 30.09 132 06/10

62 72 Bunnings Auckland

* 541,524 9.2 -2,377 153 -281.5 29,919 20,904 3.9 415,884 88 16.1 -0.6 38,526 169 -6.0 9.95 1,938 06/10

63 53 Hewlett-Packard New Zealand8 Auckland

* 539,320 -12.0 -8,857 174 -132.3 -7,885 -9,020 -1.7 299,769 107 7.5 -3.1 56,045 149 -14.6 19.37 N/D 10/09

64 63 Orica Investments (NZ) Lower Hutt

* 527,673 -1.8 72,461 25 -21.0 105,133 99,170 18.8 1,025,694 43 2.0 7.1 940,366 22 7.8 92.58 N/D 09/09

65 69 Fisher & Paykel Healthcare Corporation Auckland

NZSX 508,248 3.8 71,631 26 15.1 130,709 113,259 22.3 475,059 81 14.8 16.1 293,164 67 28.8 65.97 2,340 03/10

66 55 Wilson & Horton Auckland

* 503,318 -16.9 -3,270 158 -233.3 84,240 33,644 6.7 1,375,961 36 14.9 -0.3 459,312 42 -0.7 35.69 N/D 12/09

67 62 Noel Leeming Holdings Auckland

* 499,610 -7.0 -4,414 161 -168.9 10,224 3,124 0.6 209,376 130 -5.5 -2.0 23,517 182 -17.2 10.91 1,360 03/09

68 68 Coca-Cola Amatil (NZ) Auckland

* 496,428 0.8 57,333 33 15.1 119,134 97,766 19.7 699,107 61 3.2 8.3 355,506 57 17.6 51.64 975 12/09

69 (-) Oregon Group9 Auckland

* 490,473 23.4 79,469 22 402.1 104,113 93,378 19.0 726,350 57 -1.2 10.9 414,492 48 21.2 56.72 579 06/10

70 51 Methanex New Zealand Auckland

* 488,983 -26.0 -28,951 187 -63.5 -5,788 -28,242 -5.8 346,055 95 -13.1 -7.8 94,277 125 -18.9 25.33 130 12/09

71 91 Bidvest New Zealand Auckland

* 477,005 10.3 8,330 101 -27.4 27,444 22,297 4.7 131,732 163 12.4 6.7 64,418 141 13.8 51.75 917 06/10

72 97 Norske Skog Tasman Kawerau

* 476,957 37.1 105,699 13 250.4 212,607 139,694 29.3 712,695 60 8.6 15.4 280,068 69 46.5 40.92 N/D 12/09

73 73 Hellaby Holdings Auckland

NZSX 459,474 -4.5 10,301 95 1,357.0 29,311 21,944 4.8 229,278 124 -7.2 4.3 100,099 122 11.2 42.02 2,282 06/10

74 178 Siemens (NZ) Auckland

* 454,498 178.6 8,250 102 69.3 18,549 12,246 2.7 100,445 181 11.5 8.7 44,053 163 16.8 46.24 227 09/09

75 74 Sanford Auckland

NZSX 449,688 -5.9 39,139 40 -26.7 76,668 62,440 13.9 720,889 59 8.5 5.7 548,521 33 7.3 79.19 N/D 09/09

76 82 Michael Hill International Wellington

NZSX* 444,886 7.7 26,509 52 -60.3 46,721 36,475 8.2 258,843 117 5.3 10.5 159,923 98 17.3 63.38 N/D 06/10

77 80 Nestle New Zealand Auckland

* 437,728 4.7 34,578 45 8.7 57,848 50,204 11.5 126,632 167 -12.2 25.5 13,459 186 295.3 9.94 N/D 12/09

78 70 The Colonial Motor Company Wellington

NZSX 434,395 -10.9 -1,372 149 -129.7 13,467 10,039 2.3 206,872 134 -6.1 -0.6 117,340 113 -1.1 54.93 762 06/10

79 81 DB Breweries Auckland

* 434,094 3.7 12,595 86 -56.8 37,318 19,544 4.5 301,449 106 -3.9 4.1 196,410 86 6.4 63.88 430 09/09

80 (-) Flavoured Beverages Group Holdings Auckland

* 423,596 -1.1 -43,989 190 -30.0 54,610 43,615 10.3 1,322,913 38 -2.7 -3.3 501,423 36 -8.6 37.39 N/D 09/09

81 88 Briscoe Group10 Auckland

NZSX 417,994 7.1 21,026 66 80.7 41,602 31,310 7.5 173,707 145 -2.0 12.0 127,621 110 16.9 72.74 1,500 01/10

82 59 Sime Darby Motor Group Auckland

* 413,571 -27.9 -22,335 184 -40.3 -3,821 -8,076 -2.0 239,994 121 -5.1 -9.1 -38,110 198 N/A -15.47 760 06/09

83 87 New Zealand Breweries Auckland

* 406,116 3.4 44,774 38 4.2 84,588 62,817 15.5 957,834 46 33.5 5.3 496,636 37 9.1 59.28 850 09/09

84 65 NZ Poultry Enterprises11 Auckland

- 405,902 -13.1 22,609 65 76.8 74,706 60,645 14.9 648,631 65 -0.6 3.5 230,504 79 10.2 35.44 N/D 04/10

85 86 OfficeMax Holdings Auckland

* 403,118 2.6 20,430 67 3,784.0 40,357 34,055 8.4 273,045 114 8.1 7.8 178,112 92 12.2 67.77 1,120 12/09

86 101 Oceana Gold Holdings (New Zealand) Dunedin

NZSX* 393,295 25.3 126,766 9 1,248.6 301,132 185,941 47.3 507,025 78 -4.7 24.4 143,101 107 184.8 27.55 495 12/09

87 (-) Frucor Beverages Auckland

* 389,489 -15.2 35,764 44 -75.4 63,166 54,739 14.1 564,934 73 176.1 9.3 462,457 41 12.2 120.20 501 12/09

88 (-) Westland Co-operative Dairy Company12 Hokitika

Co-op 384,832 -16.5 -19,651 183 -872.8 -4,956 -24,380 -6.3 283,602 109 -13.0 -6.4 171,540 95 -11.2 56.26 345 07/09

89 78 Pumpkin Patch Auckland

NZSX 382,198 -10.9 25,502 55 195.4 51,719 40,309 10.5 178,589 143 -5.1 13.9 80,867 134 30.1 44.10 950 07/10

90 83 IBM New Zealand Lower Hutt

* 380,953 -6.1 20,152 68 41.2 43,908 33,112 8.7 237,256 123 -39.6 6.4 102,257 120 21.9 32.47 800 12/09

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 71

% Change

61 64 Mitre 10 New Zealand Auckland

- 548,954 3.4 709 140 131.8 6,163 6,163 1.1 155,582 155 6.9 0.5 45,306 160 2.5 30.09 132 06/10

62 72 Bunnings Auckland

* 541,524 9.2 -2,377 153 -281.5 29,919 20,904 3.9 415,884 88 16.1 -0.6 38,526 169 -6.0 9.95 1,938 06/10

63 53 Hewlett-Packard New Zealand8 Auckland

* 539,320 -12.0 -8,857 174 -132.3 -7,885 -9,020 -1.7 299,769 107 7.5 -3.1 56,045 149 -14.6 19.37 N/D 10/09

64 63 Orica Investments (NZ) Lower Hutt

* 527,673 -1.8 72,461 25 -21.0 105,133 99,170 18.8 1,025,694 43 2.0 7.1 940,366 22 7.8 92.58 N/D 09/09

65 69 Fisher & Paykel Healthcare Corporation Auckland

NZSX 508,248 3.8 71,631 26 15.1 130,709 113,259 22.3 475,059 81 14.8 16.1 293,164 67 28.8 65.97 2,340 03/10

66 55 Wilson & Horton Auckland

* 503,318 -16.9 -3,270 158 -233.3 84,240 33,644 6.7 1,375,961 36 14.9 -0.3 459,312 42 -0.7 35.69 N/D 12/09

67 62 Noel Leeming Holdings Auckland

* 499,610 -7.0 -4,414 161 -168.9 10,224 3,124 0.6 209,376 130 -5.5 -2.0 23,517 182 -17.2 10.91 1,360 03/09

68 68 Coca-Cola Amatil (NZ) Auckland

* 496,428 0.8 57,333 33 15.1 119,134 97,766 19.7 699,107 61 3.2 8.3 355,506 57 17.6 51.64 975 12/09

69 (-) Oregon Group9 Auckland

* 490,473 23.4 79,469 22 402.1 104,113 93,378 19.0 726,350 57 -1.2 10.9 414,492 48 21.2 56.72 579 06/10

70 51 Methanex New Zealand Auckland

* 488,983 -26.0 -28,951 187 -63.5 -5,788 -28,242 -5.8 346,055 95 -13.1 -7.8 94,277 125 -18.9 25.33 130 12/09

71 91 Bidvest New Zealand Auckland

* 477,005 10.3 8,330 101 -27.4 27,444 22,297 4.7 131,732 163 12.4 6.7 64,418 141 13.8 51.75 917 06/10

72 97 Norske Skog Tasman Kawerau

* 476,957 37.1 105,699 13 250.4 212,607 139,694 29.3 712,695 60 8.6 15.4 280,068 69 46.5 40.92 N/D 12/09

73 73 Hellaby Holdings Auckland

NZSX 459,474 -4.5 10,301 95 1,357.0 29,311 21,944 4.8 229,278 124 -7.2 4.3 100,099 122 11.2 42.02 2,282 06/10

74 178 Siemens (NZ) Auckland

* 454,498 178.6 8,250 102 69.3 18,549 12,246 2.7 100,445 181 11.5 8.7 44,053 163 16.8 46.24 227 09/09

75 74 Sanford Auckland

NZSX 449,688 -5.9 39,139 40 -26.7 76,668 62,440 13.9 720,889 59 8.5 5.7 548,521 33 7.3 79.19 N/D 09/09

76 82 Michael Hill International Wellington

NZSX* 444,886 7.7 26,509 52 -60.3 46,721 36,475 8.2 258,843 117 5.3 10.5 159,923 98 17.3 63.38 N/D 06/10

77 80 Nestle New Zealand Auckland

* 437,728 4.7 34,578 45 8.7 57,848 50,204 11.5 126,632 167 -12.2 25.5 13,459 186 295.3 9.94 N/D 12/09

78 70 The Colonial Motor Company Wellington

NZSX 434,395 -10.9 -1,372 149 -129.7 13,467 10,039 2.3 206,872 134 -6.1 -0.6 117,340 113 -1.1 54.93 762 06/10

79 81 DB Breweries Auckland

* 434,094 3.7 12,595 86 -56.8 37,318 19,544 4.5 301,449 106 -3.9 4.1 196,410 86 6.4 63.88 430 09/09

80 (-) Flavoured Beverages Group Holdings Auckland

* 423,596 -1.1 -43,989 190 -30.0 54,610 43,615 10.3 1,322,913 38 -2.7 -3.3 501,423 36 -8.6 37.39 N/D 09/09

81 88 Briscoe Group10 Auckland

NZSX 417,994 7.1 21,026 66 80.7 41,602 31,310 7.5 173,707 145 -2.0 12.0 127,621 110 16.9 72.74 1,500 01/10

82 59 Sime Darby Motor Group Auckland

* 413,571 -27.9 -22,335 184 -40.3 -3,821 -8,076 -2.0 239,994 121 -5.1 -9.1 -38,110 198 N/A -15.47 760 06/09

83 87 New Zealand Breweries Auckland

* 406,116 3.4 44,774 38 4.2 84,588 62,817 15.5 957,834 46 33.5 5.3 496,636 37 9.1 59.28 850 09/09

84 65 NZ Poultry Enterprises11 Auckland

- 405,902 -13.1 22,609 65 76.8 74,706 60,645 14.9 648,631 65 -0.6 3.5 230,504 79 10.2 35.44 N/D 04/10

85 86 OfficeMax Holdings Auckland

* 403,118 2.6 20,430 67 3,784.0 40,357 34,055 8.4 273,045 114 8.1 7.8 178,112 92 12.2 67.77 1,120 12/09

86 101 Oceana Gold Holdings (New Zealand) Dunedin

NZSX* 393,295 25.3 126,766 9 1,248.6 301,132 185,941 47.3 507,025 78 -4.7 24.4 143,101 107 184.8 27.55 495 12/09

87 (-) Frucor Beverages Auckland

* 389,489 -15.2 35,764 44 -75.4 63,166 54,739 14.1 564,934 73 176.1 9.3 462,457 41 12.2 120.20 501 12/09

88 (-) Westland Co-operative Dairy Company12 Hokitika

Co-op 384,832 -16.5 -19,651 183 -872.8 -4,956 -24,380 -6.3 283,602 109 -13.0 -6.4 171,540 95 -11.2 56.26 345 07/09

89 78 Pumpkin Patch Auckland

NZSX 382,198 -10.9 25,502 55 195.4 51,719 40,309 10.5 178,589 143 -5.1 13.9 80,867 134 30.1 44.10 950 07/10

90 83 IBM New Zealand Lower Hutt

* 380,953 -6.1 20,152 68 41.2 43,908 33,112 8.7 237,256 123 -39.6 6.4 102,257 120 21.9 32.47 800 12/09

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

91 71 Steel & Tube Holdings Lower Hutt

NZSX* 380,736 -21.6 5,714 116 -78.1 22,637 16,151 4.2 218,159 128 -7.2 2.5 145,549 106 3.9 64.22 711 06/10

92 92 Opus International (NZ)13 Wellington

NZSX* 371,819 -1.3 18,613 75 25.7 34,059 27,851 7.5 213,325 129 0.2 8.7 57,939 146 35.2 27.19 2,291 12/09

93 75 Amcor Packaging (New Zealand) Auckland

* 369,065 -16.1 -7,435 171 -118.6 39,752 27,259 7.4 525,214 75 -42.4 -1.0 300,135 63 -2.4 41.77 860 06/09

94 (-) Beca Group Auckland

- 366,452 8.9 33,170 47 7.4 56,583 48,319 13.2 167,059 149 22.9 21.9 95,566 124 40.5 63.08 1,587 03/10

95 94 Spotless Services (NZ) Auckland

* 366,035 -0.2 5,386 119 7.9 28,745 14,222 3.9 159,717 152 -8.8 3.2 42,860 164 13.1 25.61 N/D 06/09

96 93 Auckland International Airport Auckland

NZSX 364,003 -1.4 29,694 51 -28.8 285,878 230,142 63.2 2,262,058 21 -26.8 1.1 1,913,634 11 1.6 71.53 290 06/10

97 (-) DSE (NZ)14 Auckland

* 362,085 6.2 13,906 81 -34.0 25,926 21,158 5.8 92,637 184 -3.3 14.8 57,350 147 27.6 60.88 N/D 06/09

98 89 Television New Zealand (50% MF, 50% MSOE) Auckland

SOE 359,438 -7.2 -26,026 185 -1,338.2 237,508 -13,561 -3.8 258,689 118 -15.0 -9.2 157,055 100 -15.2 55.78 N/D 06/09

99 (-) Powerco New Plymouth

- 357,551 -8.6 19,785 69 144.3 171,066 98,269 27.5 1,874,806 25 2.0 1.1 494,738 38 4.6 26.65 247 06/10

100 95 Millstream Equities (69% MFL) Auckland

- 352,716 -3.3 -1,969 151 93.6 81,081 60,183 17.1 1,474,176 34 1.5 -0.1 453,840 44 -0.4 31.01 N/D 06/09

101 35 Toll Group (NZ) Auckland

* 341,475 -68.9 -36,135 188 -112.2 5,501 1,136 0.3 1,094,027 42 -38.7 -2.5 725,425 27 -4.9 50.38 N/D 06/09

102 76 Alcatel-Lucent New Zealand Wellington

* 336,991 -23.0 12,063 91 -60.4 19,235 17,389 5.2 196,522 138 -19.6 5.5 55,856 150 20.9 25.33 N/D 12/09

103 90 Geon Group Holdings Auckland

* 335,007 -12.7 -182,852 198 -418.7 -13,439 -149,465 -44.6 327,559 100 -33.9 -44.4 -101,806 200 N/A -24.73 400 06/09

104 98 Freightways Auckland

NZSX 328,755 -3.3 23,164 63 -33.0 64,142 54,281 16.5 382,508 91 -2.9 6.0 157,926 99 15.2 40.69 1,750 06/10

105 103 Restaurant Brands NZ Auckland

NZSX 318,533 2.8 19,536 72 136.7 42,733 29,240 9.2 102,970 180 1.9 19.2 48,670 155 45.6 47.71 4,260 02/10

106 77 Ford Motor Company of New Zealand Auckland

* 314,167 -27.4 5,475 118 -21.6 8526 8,024 2.6 126,777 166 -34.4 3.4 66,178 140 6.8 41.35 70 12/09

107 100 Transpacific Industries Group Finance (NZ) Auckland

NZSX* 308,349 -2.6 14,393 80 -76.7 107,414 81,707 26.5 1,288,082 40 -6.9 1.1 393,922 51 3.6 29.49 1,800 06/09

108 135 Downer EDI Engineering Group Hamilton

NZSX* 305,088 39.1 7,909 105 367.2 24,129 19,316 6.3 106,768 179 -7.6 7.1 33,880 172 26.4 30.48 60 06/09

109 105 Market Gardeners Christchurch

Co-op 305,078 2.3 4,237 123 -41.4 15,271 12,112 4.0 186,578 141 10.0 2.4 72,033 138 6.1 40.45 360 06/10

110 (-) YPG Holdings15 Auckland

* 304,108 -3.6 -338,325 199 -452.9 1,057 -216,467 -71.2 2,520,393 17 -6.2 -13.0 232,314 77 -89.0 8.92 615 06/09

111 99 British American Tobacco Holdings (NZ) Auckland

* 297,009 -6.2 54,231 35 -49.2 154,651 152,535 51.4 405,362 89 20.4 14.6 84,748 131 45.7 22.84 125 12/09

112 110 SCA Hygiene Holding Auckland

* 293,143 5.4 -16,022 182 40.7 19,344 -8,006 -2.7 329,805 98 -5.2 -4.7 81,070 132 -28.6 23.92 590 12/09

113 (-) ABB Grain (NZ)16 Auckland

* 292,504 11.3 -2,580 156 -142.1 2,731 1,791 0.6 204,759 135 59.3 -1.5 7,493 190 -29.4 4.50 N/D 09/09

114 79 Holden New Zealand Auckland

* 283,426 -32.4 684 141 -79.7 2,45 2,294 0.8 120,930 172 -7.2 0.5 44,110 162 1.6 35.11 35 12/09

115 106 PMP (NZ) Auckland

* 277,756 -6.7 -5,413 164 -218.4 15,232 3,779 1.4 139,936 161 0.3 -3.9 -4,606 195 -1046.0 -3.30 N/D 06/09

116 117 Unilever New Zealand Auckland

* 272,183 5.2 4,904 120 -64.0 10,075 6,313 2.3 99,270 182 1.8 5.0 40,110 166 11.3 40.77 N/D 12/09

117 108 Mediaworks NZ17 Auckland

- 267,975 -6.9 -91,420 195 -274.3 51,600 -91,227 -34.0 467,792 82 -21.7 -17.2 312,788 60 -25.4 58.72 N/D 08/09

118 104 Fernhoff Christchurch

* 266,661 -14.1 6,488 112 -32.0 55,535 28,873 10.8 0 200 -100.0 2.6 26,262 178 23.1 10.73 500 12/09

119 128 Allied Foods (NZ) Auckland

* 266,613 11.7 13,221 83 51.6 25,894 18,564 7.0 127,261 165 -11.9 9.7 93,008 126 12.7 68.44 1,000 08/09

120 120 Imperial Tobacco New Zealand Lower Hutt

* 266,437 7.8 12,548 87 15.9 21,990 18,715 7.0 68,575 189 4.0 18.7 38,634 168 37.9 57.45 N/D 09/09

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 73

% Change

91 71 Steel & Tube Holdings Lower Hutt

NZSX* 380,736 -21.6 5,714 116 -78.1 22,637 16,151 4.2 218,159 128 -7.2 2.5 145,549 106 3.9 64.22 711 06/10

92 92 Opus International (NZ)13 Wellington

NZSX* 371,819 -1.3 18,613 75 25.7 34,059 27,851 7.5 213,325 129 0.2 8.7 57,939 146 35.2 27.19 2,291 12/09

93 75 Amcor Packaging (New Zealand) Auckland

* 369,065 -16.1 -7,435 171 -118.6 39,752 27,259 7.4 525,214 75 -42.4 -1.0 300,135 63 -2.4 41.77 860 06/09

94 (-) Beca Group Auckland

- 366,452 8.9 33,170 47 7.4 56,583 48,319 13.2 167,059 149 22.9 21.9 95,566 124 40.5 63.08 1,587 03/10

95 94 Spotless Services (NZ) Auckland

* 366,035 -0.2 5,386 119 7.9 28,745 14,222 3.9 159,717 152 -8.8 3.2 42,860 164 13.1 25.61 N/D 06/09

96 93 Auckland International Airport Auckland

NZSX 364,003 -1.4 29,694 51 -28.8 285,878 230,142 63.2 2,262,058 21 -26.8 1.1 1,913,634 11 1.6 71.53 290 06/10

97 (-) DSE (NZ)14 Auckland

* 362,085 6.2 13,906 81 -34.0 25,926 21,158 5.8 92,637 184 -3.3 14.8 57,350 147 27.6 60.88 N/D 06/09

98 89 Television New Zealand (50% MF, 50% MSOE) Auckland

SOE 359,438 -7.2 -26,026 185 -1,338.2 237,508 -13,561 -3.8 258,689 118 -15.0 -9.2 157,055 100 -15.2 55.78 N/D 06/09

99 (-) Powerco New Plymouth

- 357,551 -8.6 19,785 69 144.3 171,066 98,269 27.5 1,874,806 25 2.0 1.1 494,738 38 4.6 26.65 247 06/10

100 95 Millstream Equities (69% MFL) Auckland

- 352,716 -3.3 -1,969 151 93.6 81,081 60,183 17.1 1,474,176 34 1.5 -0.1 453,840 44 -0.4 31.01 N/D 06/09

101 35 Toll Group (NZ) Auckland

* 341,475 -68.9 -36,135 188 -112.2 5,501 1,136 0.3 1,094,027 42 -38.7 -2.5 725,425 27 -4.9 50.38 N/D 06/09

102 76 Alcatel-Lucent New Zealand Wellington

* 336,991 -23.0 12,063 91 -60.4 19,235 17,389 5.2 196,522 138 -19.6 5.5 55,856 150 20.9 25.33 N/D 12/09

103 90 Geon Group Holdings Auckland

* 335,007 -12.7 -182,852 198 -418.7 -13,439 -149,465 -44.6 327,559 100 -33.9 -44.4 -101,806 200 N/A -24.73 400 06/09

104 98 Freightways Auckland

NZSX 328,755 -3.3 23,164 63 -33.0 64,142 54,281 16.5 382,508 91 -2.9 6.0 157,926 99 15.2 40.69 1,750 06/10

105 103 Restaurant Brands NZ Auckland

NZSX 318,533 2.8 19,536 72 136.7 42,733 29,240 9.2 102,970 180 1.9 19.2 48,670 155 45.6 47.71 4,260 02/10

106 77 Ford Motor Company of New Zealand Auckland

* 314,167 -27.4 5,475 118 -21.6 8526 8,024 2.6 126,777 166 -34.4 3.4 66,178 140 6.8 41.35 70 12/09

107 100 Transpacific Industries Group Finance (NZ) Auckland

NZSX* 308,349 -2.6 14,393 80 -76.7 107,414 81,707 26.5 1,288,082 40 -6.9 1.1 393,922 51 3.6 29.49 1,800 06/09

108 135 Downer EDI Engineering Group Hamilton

NZSX* 305,088 39.1 7,909 105 367.2 24,129 19,316 6.3 106,768 179 -7.6 7.1 33,880 172 26.4 30.48 60 06/09

109 105 Market Gardeners Christchurch

Co-op 305,078 2.3 4,237 123 -41.4 15,271 12,112 4.0 186,578 141 10.0 2.4 72,033 138 6.1 40.45 360 06/10

110 (-) YPG Holdings15 Auckland

* 304,108 -3.6 -338,325 199 -452.9 1,057 -216,467 -71.2 2,520,393 17 -6.2 -13.0 232,314 77 -89.0 8.92 615 06/09

111 99 British American Tobacco Holdings (NZ) Auckland

* 297,009 -6.2 54,231 35 -49.2 154,651 152,535 51.4 405,362 89 20.4 14.6 84,748 131 45.7 22.84 125 12/09

112 110 SCA Hygiene Holding Auckland

* 293,143 5.4 -16,022 182 40.7 19,344 -8,006 -2.7 329,805 98 -5.2 -4.7 81,070 132 -28.6 23.92 590 12/09

113 (-) ABB Grain (NZ)16 Auckland

* 292,504 11.3 -2,580 156 -142.1 2,731 1,791 0.6 204,759 135 59.3 -1.5 7,493 190 -29.4 4.50 N/D 09/09

114 79 Holden New Zealand Auckland

* 283,426 -32.4 684 141 -79.7 2,45 2,294 0.8 120,930 172 -7.2 0.5 44,110 162 1.6 35.11 35 12/09

115 106 PMP (NZ) Auckland

* 277,756 -6.7 -5,413 164 -218.4 15,232 3,779 1.4 139,936 161 0.3 -3.9 -4,606 195 -1046.0 -3.30 N/D 06/09

116 117 Unilever New Zealand Auckland

* 272,183 5.2 4,904 120 -64.0 10,075 6,313 2.3 99,270 182 1.8 5.0 40,110 166 11.3 40.77 N/D 12/09

117 108 Mediaworks NZ17 Auckland

- 267,975 -6.9 -91,420 195 -274.3 51,600 -91,227 -34.0 467,792 82 -21.7 -17.2 312,788 60 -25.4 58.72 N/D 08/09

118 104 Fernhoff Christchurch

* 266,661 -14.1 6,488 112 -32.0 55,535 28,873 10.8 0 200 -100.0 2.6 26,262 178 23.1 10.73 500 12/09

119 128 Allied Foods (NZ) Auckland

* 266,613 11.7 13,221 83 51.6 25,894 18,564 7.0 127,261 165 -11.9 9.7 93,008 126 12.7 68.44 1,000 08/09

120 120 Imperial Tobacco New Zealand Lower Hutt

* 266,437 7.8 12,548 87 15.9 21,990 18,715 7.0 68,575 189 4.0 18.7 38,634 168 37.9 57.45 N/D 09/09

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

121 112 Pact Group (NZ) Dunedin

* 265,905 -1.2 23,860 59 -7.4 62,172 42,348 15.9 310,116 103 0.3 7.7 106,621 118 23.4 34.43 260 06/10

122 107 Cadbury Auckland

* 263,078 -10.6 8,003 103 -54.8 13,267 11,704 4.4 218,687 127 -45.3 2.6 163,000 96 4.0 52.70 780 12/09

123 (-) Open Country Dairy18 Waharoa

- A 260,048 N/A 4,200 125 N/A 19,344 12,318 4.7 321,429 101 N/A 1.5 199,345 85 2.5 N/A N/D 07/09

124 124 NZ Snack Food Holdings Auckland

* 259,494 6.4 13,119 84 352.2 59,116 46,217 17.8 584,618 71 -0.3 2.2 223,762 81 6.1 38.21 N/D 12/09

125 158 Abano Healthcare Group Auckland

NZSX 257,307 37.0 78,948 23 579.8 96,803 85,999 33.4 161,906 150 -29.7 40.2 113,390 114 89.8 57.80 N/D 05/10

126 109 Pan Pac Forest Products Napier

* 254,801 -9.5 19,588 70 690.2 40,253 26,539 10.4 424,138 86 2.8 4.7 309,630 61 6.7 73.99 326 03/10

127 127 Kordia Group (50% MF, 50% MSOE) Auckland

SOE 254,067 6.0 -1,127 148 -234.5 41,266 7,900 3.1 278,323 112 5.8 -0.4 96,996 123 -1.1 35.84 806 06/09

128 84 The New Zealand Refining Company Whangarei

NZSX 250,716 -37.1 23,622 60 -81.1 106,619 39,584 15.8 948,461 49 0.7 2.5 540,510 34 4.2 57.20 N/D 12/09

129 122 Weyville Holdings Timaru

* 250,279 1.8 377 142 150.8 11,369 3,558 1.4 208,982 132 -1.4 0.2 128,638 109 0.3 61.11 540 06/09

130 153 Kathmandu Holdings19 Christchurch

* 248,089 14.7 9,387 97 -37.0 35,611 29,638 11.9 319,414 102 -8.6 2.8 239,127 76 5.0 71.51 N/D 07/10

131 118 Wesfarmers Industrial and Safety Holdings NZ Auckland

* 247,035 -2.7 5,746 115 -16.1 13,540 11,771 4.8 116,006 175 -0.8 4.9 50,542 153 12.1 43.40 700 06/09

132 134 WGL Retail Holdings20 Auckland

* 246,934 6.8 2,040 132 -69.4 15,373 12,546 5.1 201,147 136 7.4 1.1 26,168 179 8.0 13.47 N/D 08/09

133 148 New Zealand Sugar Company Auckland

* 241,192 18.8 15,700 79 -2.7 28,152 23,507 9.7 125,353 168 10.0 13.1 89,525 129 19.0 74.83 N/D 03/10

134 138 Dunedin City Holdings (100% DCC) Dunedin

- 233,664 8.7 18,110 76 108.1 81,726 63,154 27.0 889,710 50 18.1 2.2 152,238 103 11.9 18.53 1 06/10

135 123 NZPM Group Palmerston North

Co-op 231,701 -5.6 -2,487 155 16.1 8,649 2,101 0.9 112,576 177 -2.1 -2.2 29,225 176 -8.1 25.68 554 03/10

136 115 General Cable Holdings NZ Christchurch

* 228,597 -12.1 -15,560 181 15.7 -5,964 -14,911 -6.5 158,202 154 -9.5 -9.3 74,706 137 -18.3 44.87 467 12/09

137 132 Juken New Zealand Auckland

* 228,017 1.4 86,689 17 152.5 146,481 132,391 58.1 592,720 70 -11.8 13.7 213,684 82 62.2 33.78 825 03/10

138 129 Smiths City Group Christchurch

NZSX 226,208 -5.4 1,644 133 61.8 11,484 8,848 3.9 174,481 144 -2.8 0.9 45,700 158 3.6 25.82 700 04/10

139 116 Linde Holdings New Zealand21 Auckland

* 226,039 -0.7 24,446 58 12.8 53,573 40,522 17.9 603,370 68 -8.9 3.9 425,394 47 5.5 67.23 N/D 12/09

140 151 Nobilo Holdings Kumeu

* 224,359 15.0 12,893 85 212.9 51,649 40,014 17.8 535,986 74 -1.6 2.4 263,604 71 5.8 48.78 N/D 02/10

141 119 Cavalier Corporation Auckland

NZSX 223,061 -10.4 11,369 94 -23.6 29,993 24,412 10.9 191,024 140 -2.8 5.9 91,451 127 12.7 47.20 950 06/10

142 130 Delegat’s Group Auckland

NZSX 222,304 -3.1 -6,719 168 -121.8 29,788 8,530 3.8 340,509 96 -6.7 -1.9 152,394 102 -4.2 43.19 N/D 06/10

143 137 Bridgestone New Zealand Auckland

* 220,766 0.5 -39,142 189 -450.5 -49,284 -51,598 -23.4 154,784 156 -10.5 -23.9 71,352 139 -43.0 43.54 560 12/09

144 141 Panasonic New Zealand Auckland

* 215,438 2.4 1,424 134 5,376.9 2,581 2,199 1.0 52,768 194 10.2 2.8 23,048 183 6.8 45.79 113 03/10

145 157 Scales Corporation Christchurch

- 211,126 13.1 13,622 82 79.8 35,359 27,195 12.9 302,885 105 15.4 4.8 112,960 115 14.2 39.97 15 06/09

146 152 ABB Auckland

* 209,607 7.9 6,770 109 -22.9 14,660 10,517 5.0 124,602 169 1.1 5.5 47,911 156 13.8 38.66 N/D 12/09

147 (-) Retirement Care (NZ) Auckland

* 209,331 68.0 -169,924 197 -2,762.6 27,048 -106,058 -50.7 726,163 58 -10.8 -22.1 -93,825 199 N/A -12.18 N/D 05/09

148 149 Hallenstein Glasson Holdings Auckland

NZSX 208,267 4.5 19,581 71 52.9 35,155 29,232 14.0 83,641 187 6.8 24.2 62,064 143 33.1 76.66 1,100 08/10

149 140 Coles Group New Zealand Holdings22 Auckland

* 206,508 -9.0 1,065 137 -90.2 3,501 838 0.4 270,915 115 -14.3 0.4 243,961 74 0.4 83.11 900 06/09

150 154 Northpower (100% NEPT) Whangarei

- 206,375 8.3 3,939 128 -51.9 25,823 11,060 5.4 372,811 92 2.8 1.1 231,365 78 1.7 62.91 840 03/10

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 75

% Change

121 112 Pact Group (NZ) Dunedin

* 265,905 -1.2 23,860 59 -7.4 62,172 42,348 15.9 310,116 103 0.3 7.7 106,621 118 23.4 34.43 260 06/10

122 107 Cadbury Auckland

* 263,078 -10.6 8,003 103 -54.8 13,267 11,704 4.4 218,687 127 -45.3 2.6 163,000 96 4.0 52.70 780 12/09

123 (-) Open Country Dairy18 Waharoa

- A 260,048 N/A 4,200 125 N/A 19,344 12,318 4.7 321,429 101 N/A 1.5 199,345 85 2.5 N/A N/D 07/09

124 124 NZ Snack Food Holdings Auckland

* 259,494 6.4 13,119 84 352.2 59,116 46,217 17.8 584,618 71 -0.3 2.2 223,762 81 6.1 38.21 N/D 12/09

125 158 Abano Healthcare Group Auckland

NZSX 257,307 37.0 78,948 23 579.8 96,803 85,999 33.4 161,906 150 -29.7 40.2 113,390 114 89.8 57.80 N/D 05/10

126 109 Pan Pac Forest Products Napier

* 254,801 -9.5 19,588 70 690.2 40,253 26,539 10.4 424,138 86 2.8 4.7 309,630 61 6.7 73.99 326 03/10

127 127 Kordia Group (50% MF, 50% MSOE) Auckland

SOE 254,067 6.0 -1,127 148 -234.5 41,266 7,900 3.1 278,323 112 5.8 -0.4 96,996 123 -1.1 35.84 806 06/09

128 84 The New Zealand Refining Company Whangarei

NZSX 250,716 -37.1 23,622 60 -81.1 106,619 39,584 15.8 948,461 49 0.7 2.5 540,510 34 4.2 57.20 N/D 12/09

129 122 Weyville Holdings Timaru

* 250,279 1.8 377 142 150.8 11,369 3,558 1.4 208,982 132 -1.4 0.2 128,638 109 0.3 61.11 540 06/09

130 153 Kathmandu Holdings19 Christchurch

* 248,089 14.7 9,387 97 -37.0 35,611 29,638 11.9 319,414 102 -8.6 2.8 239,127 76 5.0 71.51 N/D 07/10

131 118 Wesfarmers Industrial and Safety Holdings NZ Auckland

* 247,035 -2.7 5,746 115 -16.1 13,540 11,771 4.8 116,006 175 -0.8 4.9 50,542 153 12.1 43.40 700 06/09

132 134 WGL Retail Holdings20 Auckland

* 246,934 6.8 2,040 132 -69.4 15,373 12,546 5.1 201,147 136 7.4 1.1 26,168 179 8.0 13.47 N/D 08/09

133 148 New Zealand Sugar Company Auckland

* 241,192 18.8 15,700 79 -2.7 28,152 23,507 9.7 125,353 168 10.0 13.1 89,525 129 19.0 74.83 N/D 03/10

134 138 Dunedin City Holdings (100% DCC) Dunedin

- 233,664 8.7 18,110 76 108.1 81,726 63,154 27.0 889,710 50 18.1 2.2 152,238 103 11.9 18.53 1 06/10

135 123 NZPM Group Palmerston North

Co-op 231,701 -5.6 -2,487 155 16.1 8,649 2,101 0.9 112,576 177 -2.1 -2.2 29,225 176 -8.1 25.68 554 03/10

136 115 General Cable Holdings NZ Christchurch

* 228,597 -12.1 -15,560 181 15.7 -5,964 -14,911 -6.5 158,202 154 -9.5 -9.3 74,706 137 -18.3 44.87 467 12/09

137 132 Juken New Zealand Auckland

* 228,017 1.4 86,689 17 152.5 146,481 132,391 58.1 592,720 70 -11.8 13.7 213,684 82 62.2 33.78 825 03/10

138 129 Smiths City Group Christchurch

NZSX 226,208 -5.4 1,644 133 61.8 11,484 8,848 3.9 174,481 144 -2.8 0.9 45,700 158 3.6 25.82 700 04/10

139 116 Linde Holdings New Zealand21 Auckland

* 226,039 -0.7 24,446 58 12.8 53,573 40,522 17.9 603,370 68 -8.9 3.9 425,394 47 5.5 67.23 N/D 12/09

140 151 Nobilo Holdings Kumeu

* 224,359 15.0 12,893 85 212.9 51,649 40,014 17.8 535,986 74 -1.6 2.4 263,604 71 5.8 48.78 N/D 02/10

141 119 Cavalier Corporation Auckland

NZSX 223,061 -10.4 11,369 94 -23.6 29,993 24,412 10.9 191,024 140 -2.8 5.9 91,451 127 12.7 47.20 950 06/10

142 130 Delegat’s Group Auckland

NZSX 222,304 -3.1 -6,719 168 -121.8 29,788 8,530 3.8 340,509 96 -6.7 -1.9 152,394 102 -4.2 43.19 N/D 06/10

143 137 Bridgestone New Zealand Auckland

* 220,766 0.5 -39,142 189 -450.5 -49,284 -51,598 -23.4 154,784 156 -10.5 -23.9 71,352 139 -43.0 43.54 560 12/09

144 141 Panasonic New Zealand Auckland

* 215,438 2.4 1,424 134 5,376.9 2,581 2,199 1.0 52,768 194 10.2 2.8 23,048 183 6.8 45.79 113 03/10

145 157 Scales Corporation Christchurch

- 211,126 13.1 13,622 82 79.8 35,359 27,195 12.9 302,885 105 15.4 4.8 112,960 115 14.2 39.97 15 06/09

146 152 ABB Auckland

* 209,607 7.9 6,770 109 -22.9 14,660 10,517 5.0 124,602 169 1.1 5.5 47,911 156 13.8 38.66 N/D 12/09

147 (-) Retirement Care (NZ) Auckland

* 209,331 68.0 -169,924 197 -2,762.6 27,048 -106,058 -50.7 726,163 58 -10.8 -22.1 -93,825 199 N/A -12.18 N/D 05/09

148 149 Hallenstein Glasson Holdings Auckland

NZSX 208,267 4.5 19,581 71 52.9 35,155 29,232 14.0 83,641 187 6.8 24.2 62,064 143 33.1 76.66 1,100 08/10

149 140 Coles Group New Zealand Holdings22 Auckland

* 206,508 -9.0 1,065 137 -90.2 3,501 838 0.4 270,915 115 -14.3 0.4 243,961 74 0.4 83.11 900 06/09

150 154 Northpower (100% NEPT) Whangarei

- 206,375 8.3 3,939 128 -51.9 25,823 11,060 5.4 372,811 92 2.8 1.1 231,365 78 1.7 62.91 840 03/10

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

% Change

Profit After Tax($000s)

Revenue($000s)

151 (-) The Tatua Co-operative Dairy Company23 Morrinsville

Co-op 204,742 21.7 37 145 -99.0 8,062 2,622 1.3 129,409 164 1.4 0.0 44,655 161 0.1 34.75 196 07/09

152 (-) Mazda Motors of New Zealand Auckland

* 202,948 2.4 3,524 129 1,368.3 6,054 5,731 2.8 65,035 191 -16.4 4.9 39,957 167 8.1 55.97 25 03/10

153 144 Sealed Air (New Zealand) Auckland

* 202,205 -0.4 16,861 77 186.0 29,177 24,555 12.1 237,919 122 -7.1 6.8 199,951 84 8.8 80.96 N/D 12/09

154 155 Newmont Waihi Gold Waihi

* 201,903 6.1 30,879 48 -1.1 91,274 49,834 24.7 280,229 110 18.8 12.0 182,071 91 18.5 70.55 N/D 12/09

155 160 Watercare Services Auckland

- 200,033 8.2 -27,709 186 -167.4 84,437 15,115 7.6 2,470,790 18 -1.3 -1.1 1,452,613 15 -1.9 58.41 420 06/10

156 156 Renaissance Corporation Auckland

NZSX 196,901 3.6 -2,208 152 -313.3 733 -2,290 -1.2 43,676 197 -9.1 -4.8 12,932 187 -15.7 28.19 400 12/09

157 (-) Apple Sales New Zealand Auckland

* 195,655 113.9 4,168 127 37.0 5,363 5,363 2.7 89,643 185 50.1 5.6 7,405 191 78.3 9.92 N/D 09/09

158 (-) Exego (NZ) Holdings Auckland

* 193,672 -3.7 -5,430 165 -462.1 7,169 4,279 2.2 173,491 146 -0.3 -3.1 27,675 177 -17.3 15.93 760 06/09

159 169 Lion Nathan Wines and Spirits New Zealand Auckland

* 193,119 14.0 6,265 113 26.8 16,781 15,183 7.9 200,533 137 49.8 3.7 55,067 151 12.1 32.93 850 09/09

160 170 Ports of Auckland (100% ARH) Auckland

CCO 189,432 12.7 37,192 42 588.1 95,434 69,895 36.9 732,284 56 -5.3 4.9 396,750 50 10.1 52.70 539 06/10

161 162 Kiwi Income Property Trust Auckland

NZSX 188,579 2.6 -12,433 178 92.6 49,231 49,231 26.1 1,984,822 23 3.6 -0.6 908,572 23 -1.4 46.58 N/D 03/10

162 136 Avon Pacific Holdings Auckland

* 187,702 -14.0 16,296 78 482.2 31,215 25,466 13.6 122,513 171 -23.4 11.5 80,898 133 22.4 57.27 N/D 06/09

163 146 Ashburton Trading Society24 Ashburton

Soc A 186,109 -7.5 -359 146 -140.5 1,325 668 0.4 25,131 199 -14.5 -1.3 9,815 189 -3.6 36.00 50 06/10

164 143 Fuji Xerox New Zealand Auckland

* 185,464 -9.3 -6,766 169 -138.7 7,268 722 0.4 118,019 174 7.5 -5.9 10,931 188 -47.3 9.60 580 03/10

165 165 Tourism Holdings Auckland

NZSX 183,682 3.8 4,613 121 60.6 49,461 10,848 5.9 268,126 116 -4.7 1.7 182,215 90 2.5 66.34 540 06/10

166 (-) MARS New Zealand Auckland

* 183,397 -0.1 7,934 104 -14.4 16,476 12,713 6.9 62,206 193 12.6 13.5 34,047 171 26.4 57.97 180 12/09

167 168 McDonald’s Restaurants (New Zealand) Auckland

* 183,126 7.9 34,050 46 34.2 60,770 49,600 27.1 289,582 108 18.0 12.7 145,886 105 26.5 54.53 9,300 12/09

168 159 Skellerup Holdings Auckland

NZSX 181,806 -2.5 11,958 92 30.3 27,549 20,643 11.4 172,778 147 -3.0 6.8 100,890 121 13.9 57.51 670 06/10

169 (-) DHL Holdings (New Zealand) Auckland

* 178,061 -10.9 7,783 106 -5.5 19,593 14,863 8.3 159,630 153 -5.2 4.7 58,408 145 12.6 35.61 N/D 12/09

170 166 Landcorp Farming (50% MF, 50% MSOE) Wellington

SOE 176,400 -5.0 -5,841 166 -156.5 16,349 3,792 2.1 1,521,949 33 -8.8 -0.4 1,237,171 21 -0.4 77.55 600 06/10

171 161 CDC Pharmaceuticals Christchurch

Co-op 176,238 -4.3 719 139 52.7 1,569 1,408 0.8 36,856 198 9.8 2.0 7,083 192 10.5 20.11 75 03/10

172 189 Ryman Healthcare Christchurch

NZSX 176,024 17.6 78,417 24 18.7 93,773 87,368 49.6 1,329,360 37 13.3 6.3 456,554 43 18.1 36.48 2,100 03/10

173 175 DFS New Zealand Auckland

* 175,291 5.9 12,134 89 554.1 20,483 17,410 9.9 50,369 195 30.9 27.3 -5,171 196 N/A -11.64 N/D 12/09

174 171 Bupa Healthcare New Zealand Auckland

* 173,859 2.7 26,034 53 122.4 33,546 25,497 14.7 490,341 80 2.6 5.4 124,806 111 35.3 25.78 2,168 12/09

175 139 New Zealand Investment Holdings25 Auckland

* 172,494 -19.0 6,562 110 -38.9 21,094 14,540 8.4 161,821 151 -12.6 3.8 22,830 184 26.3 13.16 180 12/09

176 172 Nissan New Zealand Auckland

* 171,531 3.4 5,894 114 -24.9 7,417 6,623 3.9 146,637 158 10.0 4.2 108,836 117 5.6 77.76 30 03/10

177 121 Wahn Investments Auckland

* 171,517 -30.0 -1,597 150 -113.0 3,841 -582 -0.3 131,864 162 -13.9 -1.1 80,104 135 -2.0 56.20 3 12/09

178 186 Cerebos Gregg’s Auckland

* 169,597 12.5 9,252 98 -5.2 16,932 11,657 6.9 115,542 176 5.1 8.2 89,527 128 10.8 79.41 350 09/09

179 177 Vitaco Health Group Auckland

* 168,500 2.9 -12,835 179 -66.4 8,633 2,028 1.2 207,468 133 -1.0 -6.2 62,447 142 -20.2 29.95 N/D 03/10

180 193 Alesco New Zealand and Subsidiaries Wellington

* 164,503 17.5 29,987 50 159.9 48,486 32,584 19.8 141,558 160 1.9 21.4 50,194 154 85.2 35.80 N/D 05/09

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 77

% Change

151 (-) The Tatua Co-operative Dairy Company23 Morrinsville

Co-op 204,742 21.7 37 145 -99.0 8,062 2,622 1.3 129,409 164 1.4 0.0 44,655 161 0.1 34.75 196 07/09

152 (-) Mazda Motors of New Zealand Auckland

* 202,948 2.4 3,524 129 1,368.3 6,054 5,731 2.8 65,035 191 -16.4 4.9 39,957 167 8.1 55.97 25 03/10

153 144 Sealed Air (New Zealand) Auckland

* 202,205 -0.4 16,861 77 186.0 29,177 24,555 12.1 237,919 122 -7.1 6.8 199,951 84 8.8 80.96 N/D 12/09

154 155 Newmont Waihi Gold Waihi

* 201,903 6.1 30,879 48 -1.1 91,274 49,834 24.7 280,229 110 18.8 12.0 182,071 91 18.5 70.55 N/D 12/09

155 160 Watercare Services Auckland

- 200,033 8.2 -27,709 186 -167.4 84,437 15,115 7.6 2,470,790 18 -1.3 -1.1 1,452,613 15 -1.9 58.41 420 06/10

156 156 Renaissance Corporation Auckland

NZSX 196,901 3.6 -2,208 152 -313.3 733 -2,290 -1.2 43,676 197 -9.1 -4.8 12,932 187 -15.7 28.19 400 12/09

157 (-) Apple Sales New Zealand Auckland

* 195,655 113.9 4,168 127 37.0 5,363 5,363 2.7 89,643 185 50.1 5.6 7,405 191 78.3 9.92 N/D 09/09

158 (-) Exego (NZ) Holdings Auckland

* 193,672 -3.7 -5,430 165 -462.1 7,169 4,279 2.2 173,491 146 -0.3 -3.1 27,675 177 -17.3 15.93 760 06/09

159 169 Lion Nathan Wines and Spirits New Zealand Auckland

* 193,119 14.0 6,265 113 26.8 16,781 15,183 7.9 200,533 137 49.8 3.7 55,067 151 12.1 32.93 850 09/09

160 170 Ports of Auckland (100% ARH) Auckland

CCO 189,432 12.7 37,192 42 588.1 95,434 69,895 36.9 732,284 56 -5.3 4.9 396,750 50 10.1 52.70 539 06/10

161 162 Kiwi Income Property Trust Auckland

NZSX 188,579 2.6 -12,433 178 92.6 49,231 49,231 26.1 1,984,822 23 3.6 -0.6 908,572 23 -1.4 46.58 N/D 03/10

162 136 Avon Pacific Holdings Auckland

* 187,702 -14.0 16,296 78 482.2 31,215 25,466 13.6 122,513 171 -23.4 11.5 80,898 133 22.4 57.27 N/D 06/09

163 146 Ashburton Trading Society24 Ashburton

Soc A 186,109 -7.5 -359 146 -140.5 1,325 668 0.4 25,131 199 -14.5 -1.3 9,815 189 -3.6 36.00 50 06/10

164 143 Fuji Xerox New Zealand Auckland

* 185,464 -9.3 -6,766 169 -138.7 7,268 722 0.4 118,019 174 7.5 -5.9 10,931 188 -47.3 9.60 580 03/10

165 165 Tourism Holdings Auckland

NZSX 183,682 3.8 4,613 121 60.6 49,461 10,848 5.9 268,126 116 -4.7 1.7 182,215 90 2.5 66.34 540 06/10

166 (-) MARS New Zealand Auckland

* 183,397 -0.1 7,934 104 -14.4 16,476 12,713 6.9 62,206 193 12.6 13.5 34,047 171 26.4 57.97 180 12/09

167 168 McDonald’s Restaurants (New Zealand) Auckland

* 183,126 7.9 34,050 46 34.2 60,770 49,600 27.1 289,582 108 18.0 12.7 145,886 105 26.5 54.53 9,300 12/09

168 159 Skellerup Holdings Auckland

NZSX 181,806 -2.5 11,958 92 30.3 27,549 20,643 11.4 172,778 147 -3.0 6.8 100,890 121 13.9 57.51 670 06/10

169 (-) DHL Holdings (New Zealand) Auckland

* 178,061 -10.9 7,783 106 -5.5 19,593 14,863 8.3 159,630 153 -5.2 4.7 58,408 145 12.6 35.61 N/D 12/09

170 166 Landcorp Farming (50% MF, 50% MSOE) Wellington

SOE 176,400 -5.0 -5,841 166 -156.5 16,349 3,792 2.1 1,521,949 33 -8.8 -0.4 1,237,171 21 -0.4 77.55 600 06/10

171 161 CDC Pharmaceuticals Christchurch

Co-op 176,238 -4.3 719 139 52.7 1,569 1,408 0.8 36,856 198 9.8 2.0 7,083 192 10.5 20.11 75 03/10

172 189 Ryman Healthcare Christchurch

NZSX 176,024 17.6 78,417 24 18.7 93,773 87,368 49.6 1,329,360 37 13.3 6.3 456,554 43 18.1 36.48 2,100 03/10

173 175 DFS New Zealand Auckland

* 175,291 5.9 12,134 89 554.1 20,483 17,410 9.9 50,369 195 30.9 27.3 -5,171 196 N/A -11.64 N/D 12/09

174 171 Bupa Healthcare New Zealand Auckland

* 173,859 2.7 26,034 53 122.4 33,546 25,497 14.7 490,341 80 2.6 5.4 124,806 111 35.3 25.78 2,168 12/09

175 139 New Zealand Investment Holdings25 Auckland

* 172,494 -19.0 6,562 110 -38.9 21,094 14,540 8.4 161,821 151 -12.6 3.8 22,830 184 26.3 13.16 180 12/09

176 172 Nissan New Zealand Auckland

* 171,531 3.4 5,894 114 -24.9 7,417 6,623 3.9 146,637 158 10.0 4.2 108,836 117 5.6 77.76 30 03/10

177 121 Wahn Investments Auckland

* 171,517 -30.0 -1,597 150 -113.0 3,841 -582 -0.3 131,864 162 -13.9 -1.1 80,104 135 -2.0 56.20 3 12/09

178 186 Cerebos Gregg’s Auckland

* 169,597 12.5 9,252 98 -5.2 16,932 11,657 6.9 115,542 176 5.1 8.2 89,527 128 10.8 79.41 350 09/09

179 177 Vitaco Health Group Auckland

* 168,500 2.9 -12,835 179 -66.4 8,633 2,028 1.2 207,468 133 -1.0 -6.2 62,447 142 -20.2 29.95 N/D 03/10

180 193 Alesco New Zealand and Subsidiaries Wellington

* 164,503 17.5 29,987 50 159.9 48,486 32,584 19.8 141,558 160 1.9 21.4 50,194 154 85.2 35.80 N/D 05/09

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EBITDA($000s)

% Change RankCompany Name (Head Office)Rank

% Change

Profit After Tax($000s)

Revenue($000s)

TOP 200 FOOTnOTES1 Woolworths New Zealand Group (4) PY figures are expressed over 53 weeks. These have not been extrapolated.2 Shell New Zealand Holding Company (7) Post balance date name change to Greenstone Energy Holdings Limited (6 April 2010).3 New Zealand Railways Corporation (34) First year of operation. PY figures N/A. Trading as KiwiRail.4 Housing New Zealand (35) Taxation includes a deferred tax adjustment of $800m arising from the 2010 budget changes.5 Ballance Agri-Nutrients (49) Post balance date amalgamation with Summit- Quinphos (NZ).6 Ingram Micro New Zealand Holdings (57) Following a business acquisition comparative figures felt to be misleading and are not shown.

7 Blue Star Group (58) Previously reported as Blue Star Print Group.8 Hewlett-Packard New Zealand (63) Post balance date amalgamation with EDS (NZ) Ltd and EDS Defence Services Ltd. EDS (NZ) Ltd was previously a Top200 company. 9 Oregon Group (69) Gained control of Ernslaw One 5 Feb 2010. PY comparatives amended to include Ernslaw One.10 Briscoe Group (81) Current year figures are for 53 weeks. These have not been extrapolated.11 NZ Poultry Enterprises (84) PY figures adjusted post-balance date to accommodate changes relating to purchase of NZ Poultry Finance Ltd.12 Westland Co-operative Dairy Company (88) PY figures annualised from 14 months trading. Name change from Westland Milk Products.

13 Opus International (NZ) (92) Previously reported as Opus International Consultants Limited.14 DSE (NZ) (97) PY figures 53 weeks. These have not been extrapolated.15 YPG Holdings (110) Trading as Yellow. 16 ABB Grain (NZ) (110) Post balance date amalgamation with NRM Feeds, New Zealand Grain and Seed and PCL Feeds to become Viterra (NZ) Limited. 17 Mediaworks NZ (117) No financial statements available for ultimate parent, GR Media Capital. 18 Open Country Dairy (123) Figures annualised from 14 months. Change in company structure therefore PY comparatives not shown.

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange.

181 181 Mercedes-Benz New Zealand Auckland

* 162,849 2.8 4,233 124 -14.0 17,538 16,958 10.4 328,951 99 115.8 1.8 29,311 175 15.6 12.18 90 12/09

182 184 Port of Tauranga Tauranga

NZSX 160,730 3.9 38,016 41 -15.9 93,632 77,049 47.9 956,273 47 5.0 4.1 668,468 29 5.8 71.61 155 06/10

183 182 Radius Health Group Auckland

- 157,997 -3.1 -2,457 154 41.2 7,909 1,856 1.2 94,821 183 -2.9 -2.6 24,817 181 -9.5 25.79 N/D 03/09

184 183 AgResearch (50% MF, 50% MCRI) Hamilton

CRI 156,712 0.5 -8,592 172 -1,039.5 16,531 2,806 1.8 257,844 119 0.7 -3.3 186,529 88 -4.5 72.58 823 06/10

185 150 Pacific Brands Holdings (NZ) Auckland

NZSX* 156,152 -20.5 -8,826 173 -147.1 2,669 -8,153 -5.2 122,939 170 -15.4 -6.6 104,077 119 -8.0 77.59 N/D 06/09

186 167 Paperlinx (NZ) Auckland

* 156,038 -9.9 2,380 130 4.0 8,053 7,565 4.8 65,953 190 -23.6 3.1 4,330 194 42.2 5.69 103 06/09

187 227 Unison Networks Hastings

- 155,264 44.9 18,860 74 31.5 59,206 39,341 25.3 603,754 67 3.4 3.2 285,168 68 6.8 48.02 N/D 03/10

188 125 Sony New Zealand Auckland

* 152,618 -37.1 -10,204 176 -245.1 -7,836 -8,682 -5.7 44,750 196 -44.2 -16.3 19,247 185 -41.9 30.82 100 03/10

189 164 New Zealand Wool Services International Christchurch

- 150,757 -16.2 -4,380 160 -283.3 5,341 -1,536 -1.0 87,275 186 -30.6 -4.1 30,355 173 -13.4 28.50 75 06/09

190 (-) JB Hi-Fi NZ Auckland

* 150,657 37.7 -3,564 159 32.3 -2,063 -3,778 -2.5 68,609 188 11.4 -5.5 51,065 152 -10.9 78.45 N/D 06/09

191 (-) Pepsico New Zealand Holdings Auckland

* 149,970 2.6 -10,893 177 -10.8 9,559 2,269 1.5 309,282 104 -0.9 -3.5 24,995 180 -40.8 8.05 N/D 12/09

192 185 Rakon Auckland

NZSX 149,916 4.8 -5,361 163 -220.0 4,886 -3,537 -2.4 225,582 125 15.9 -2.6 192,944 87 -3.2 91.82 N/D 03/10

193 126 Honda New Zealand Auckland

* 149,741 -37.8 2,242 131 440.2 25,785 9,276 6.2 195,723 139 -13.0 1.1 85,933 130 2.6 40.86 287 03/10

194 174 ITW New Zealand Auckland

* 148,183 -10.5 8,896 99 -51.8 18,700 16,204 10.9 171,922 148 13.7 5.5 35,362 170 29.2 21.89 40 11/09

195 180 GlaxoSmithKline NZ Auckland

* 147,902 -6.6 6,515 111 -26.9 9,681 9,673 6.5 182,282 142 0.3 3.6 162,330 97 4.1 89.20 N/D 12/09

196 142 CablePrice (NZ) Lower Hutt

* 145,438 -30.2 989 138 -45.5 3,306 2,362 1.6 62,513 192 -36.2 1.2 29,381 174 3.4 36.60 300 03/10

197 192 Airways Corporation of New Zealand (50% MF, 50% MSOE) Wellington

SOE 145,356 3.6 -940 147 -120.8 22,295 8,073 5.6 143,161 159 2.5 -0.7 45,588 159 -1.9 32.24 750 06/10

198 198 Aperio Group (New Zealand) Auckland

* 140,587 6.8 -9,081 175 -340.8 6,111 -849 -0.6 119,249 173 16.5 -8.2 -10,973 197 N/A -9.90 90 06/09

199 (-) AMP NZ Office Trust Wellington

- 138,842 3.8 -152,118 196 21.1 -27,935 -28,519 -20.5 1,299,328 39 -7.7 -11.2 767,051 25 -17.4 56.66 N/D 06/10

200 173 Livestock Improvement Corporation Hamilton

Co-op 137,542 -17.1 8,349 100 -66.2 26,343 15,390 11.2 223,663 126 0.1 3.7 173,727 94 4.7 77.69 560 05/10

EBIT($000s)

% Returnon Revenue

TotalAssets($000s) Rank

% Returnon Assets

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 79

% Change

ABBREvIATIOnSARH Auckland Regional Holdings, CCC Christchurch City Council, DCC Dunedin City Council, HBPCT Hawkes Bay Power Consumer Trust, MFL Millstream Finance Limited, MCRI Minister of Crown Research Institutes, MF Minister of Finance, MSOE Minister for State Owned Enterprise, NEPT Northland Electric Power Trust, NZG New Zealand Government, SC Southbury Corporation, TSBCT TSB Community Trust, TWU Te Waka Unua

19 Kathmandu Holdings (130) Previously reported Milford Group Holdings.20 WGL Retail Holdings (132) Previously reported Whitcoulls Holdings Limited. Amalgamated with Whitcoulls Limited & WGL Retail Holdings Limited on 20/01/09.21 Linde Holdings New Zealand (139) PY comparatives annualised.22 Coles Group New Zealand Holdings (149) PY figures annualised from 11 months.23 The Tatua Co-operative Dairy Company (151) PY figures annualised from 14 months.24 Ashburton Trading Society (163) Figures annualised from 15 months. 25 New Zealand Investment Holdings (175) Trading as Marley NZ .

FInAnCIALS1 National Australia Bank group (3) Trading as Bank of New Zealand.2 South Canterbury Finance (12) In receivership from 31/08/2010.3 AXA Asia Pacific Holdings (13) Branch of National Mutual Life Association of Australasia. 4 The Bank Of Tokyo-Mitsubishi (17) NZ branch of an overseas company.5 AMI Members Trust (22) Previously reported as AMI Insurance. 6 Fisher & Paykel Finance (26) A wholly-owned subsidiary of Fisher & Paykel Appliance Holdings, a top 200 company.

181 181 Mercedes-Benz New Zealand Auckland

* 162,849 2.8 4,233 124 -14.0 17,538 16,958 10.4 328,951 99 115.8 1.8 29,311 175 15.6 12.18 90 12/09

182 184 Port of Tauranga Tauranga

NZSX 160,730 3.9 38,016 41 -15.9 93,632 77,049 47.9 956,273 47 5.0 4.1 668,468 29 5.8 71.61 155 06/10

183 182 Radius Health Group Auckland

- 157,997 -3.1 -2,457 154 41.2 7,909 1,856 1.2 94,821 183 -2.9 -2.6 24,817 181 -9.5 25.79 N/D 03/09

184 183 AgResearch (50% MF, 50% MCRI) Hamilton

CRI 156,712 0.5 -8,592 172 -1,039.5 16,531 2,806 1.8 257,844 119 0.7 -3.3 186,529 88 -4.5 72.58 823 06/10

185 150 Pacific Brands Holdings (NZ) Auckland

NZSX* 156,152 -20.5 -8,826 173 -147.1 2,669 -8,153 -5.2 122,939 170 -15.4 -6.6 104,077 119 -8.0 77.59 N/D 06/09

186 167 Paperlinx (NZ) Auckland

* 156,038 -9.9 2,380 130 4.0 8,053 7,565 4.8 65,953 190 -23.6 3.1 4,330 194 42.2 5.69 103 06/09

187 227 Unison Networks Hastings

- 155,264 44.9 18,860 74 31.5 59,206 39,341 25.3 603,754 67 3.4 3.2 285,168 68 6.8 48.02 N/D 03/10

188 125 Sony New Zealand Auckland

* 152,618 -37.1 -10,204 176 -245.1 -7,836 -8,682 -5.7 44,750 196 -44.2 -16.3 19,247 185 -41.9 30.82 100 03/10

189 164 New Zealand Wool Services International Christchurch

- 150,757 -16.2 -4,380 160 -283.3 5,341 -1,536 -1.0 87,275 186 -30.6 -4.1 30,355 173 -13.4 28.50 75 06/09

190 (-) JB Hi-Fi NZ Auckland

* 150,657 37.7 -3,564 159 32.3 -2,063 -3,778 -2.5 68,609 188 11.4 -5.5 51,065 152 -10.9 78.45 N/D 06/09

191 (-) Pepsico New Zealand Holdings Auckland

* 149,970 2.6 -10,893 177 -10.8 9,559 2,269 1.5 309,282 104 -0.9 -3.5 24,995 180 -40.8 8.05 N/D 12/09

192 185 Rakon Auckland

NZSX 149,916 4.8 -5,361 163 -220.0 4,886 -3,537 -2.4 225,582 125 15.9 -2.6 192,944 87 -3.2 91.82 N/D 03/10

193 126 Honda New Zealand Auckland

* 149,741 -37.8 2,242 131 440.2 25,785 9,276 6.2 195,723 139 -13.0 1.1 85,933 130 2.6 40.86 287 03/10

194 174 ITW New Zealand Auckland

* 148,183 -10.5 8,896 99 -51.8 18,700 16,204 10.9 171,922 148 13.7 5.5 35,362 170 29.2 21.89 40 11/09

195 180 GlaxoSmithKline NZ Auckland

* 147,902 -6.6 6,515 111 -26.9 9,681 9,673 6.5 182,282 142 0.3 3.6 162,330 97 4.1 89.20 N/D 12/09

196 142 CablePrice (NZ) Lower Hutt

* 145,438 -30.2 989 138 -45.5 3,306 2,362 1.6 62,513 192 -36.2 1.2 29,381 174 3.4 36.60 300 03/10

197 192 Airways Corporation of New Zealand (50% MF, 50% MSOE) Wellington

SOE 145,356 3.6 -940 147 -120.8 22,295 8,073 5.6 143,161 159 2.5 -0.7 45,588 159 -1.9 32.24 750 06/10

198 198 Aperio Group (New Zealand) Auckland

* 140,587 6.8 -9,081 175 -340.8 6,111 -849 -0.6 119,249 173 16.5 -8.2 -10,973 197 N/A -9.90 90 06/09

199 (-) AMP NZ Office Trust Wellington

- 138,842 3.8 -152,118 196 21.1 -27,935 -28,519 -20.5 1,299,328 39 -7.7 -11.2 767,051 25 -17.4 56.66 N/D 06/10

200 173 Livestock Improvement Corporation Hamilton

Co-op 137,542 -17.1 8,349 100 -66.2 26,343 15,390 11.2 223,663 126 0.1 3.7 173,727 94 4.7 77.69 560 05/10

Companies with a revenue greater than $75 million are eligible to participate in this survey if audited statutory accounts are available for verification and they meet the ‘Criteria’ outlined on page 61. If you feel your company should have been included in the ‘Top 200’, please phone 0-9-845 5114. All care has been taken to ensure accuracy. The publisher accepts no responsibility for errors and omissions.

Financial InstitutionsPr

evio

usYe

ar

80 | management.co.nz | DECEMBER 2010

% Change

% ChangeRank

Total Assets($000s)

% Return on Assets

Revenue($000s)

Company Name (Head Office)Rank

A = annualised figures. * = more than 50% overseas controlled. NZSX = New Zealand Stock Exchange. Footnotes page 78.

1 1 ANZ National Bank Wellington

NZSX* 117,891,000 -4.1 0.2 8,008,000 1 -27.1 298,000 -74.4 9.6 10,088,000 1 3.0 8.38 9,000 09/09

2 2 Westpac New Zealand Auckland

NZSX* 73,444,000 3.6 -0.7 5,232,000 2 -13.0 -494,000 -172.4 11.3 3,905,000 2 -12.3 5.41 5,578 08/09

3 4 National Australia Bank Group1 Auckland

* 69,666,000 7.9 -0.2 4,471,000 3 -23.9 -115,000 -116.2 12.9 2,517,000 4 -4.3 3.75 4,920 09/09

4 3 ASB Bank Auckland

* 63,557,000 -2.6 0.4 4,368,000 4 -17.4 236,000 -44.5 14.7 3,548,000 3 7.0 5.51 N/D 06/10

5 5 Kiwibank (50% MF, 50% MSOE)Lower Hutt

SOE 12,238,375 18.0 0.4 731,938 6 -8.8 45,848 -27.9 8.8 588,763 5 9.7 5.21 N/D 06/10

6 7 Rabobank New ZealandLower Hutt

* 6,936,096 15.3 0.1 486,803 8 -2.0 8,495 -70.3 2.6 266,456 11 3.2 4.11 N/D 12/09

7 6 The Hongkong & Shanghai Banking CorporationAuckland

* 4,770,370 -22.9 0.9 305,178 15 -42.5 50,731 27.5 23.8 26,681 28 214.1 0.49 240 12/09

8 10 TSB Bank (100% TSBCT)New Plymouth

- 4,405,082 15.0 1.2 277,693 16 -7.4 51,178 19.3 26.8 331,125 9 16.1 8.04 266 03/10

9 9 Citibank NA New ZealandAuckland

* 3,500,645 -8.6 0.6 123,393 23 -56.2 21,271 -41.6 24.6 130,276 17 17.8 3.55 N/D 12/09

10 8 Deutsche Bank AG New Zealand Auckland

* 3,099,000 -22.0 2.4 343,000 13 -34.3 84,000 44.8 34.1 202,000 14 43.8 5.71 N/D 12/09

11 11 Southland Building SocietyInvercargill

Soc 2,627,905 3.4 0.6 191,849 19 -23.3 15,037 24.7 10.7 177,664 16 9.0 6.87 224 03/10

12 14 South Canterbury Finance (80% SC)2 Timaru

- 2,354,890 16.0 -2.3 305,678 14 7.3 -49,569 -181.6 -20.8 225,922 13 -21.1 10.31 90 06/09

13 13 AXA Asia Pacific Holdings3 Wellington

* 1,971,000 -8.2 2.6 380,000 10 77.6 53,000 -52.3 21.1 260,000 12 14.4 12.62 321 12/09

14 (-) IAG (NZ) Holdings Auckland

* 1,930,154 -1.1 -1.2 1,241,008 5 1.2 -22,617 26.7 -2.8 192,334 15 -11.1 9.91 N/D 06/09

15 (-) GE Finance and Insurance Auckland

* 1,761,563 -17.6 1.5 343,555 12 -20.3 28,555 118.8 11.7 327,895 10 9.1 16.82 N/D 12/09

16 15 Tower Auckland

NZSX 1,596,460 5.1 3.2 555,690 7 11.0 50,085 23.8 10.9 404,448 7 14.3 25.96 N/D 09/09

17 (-) The Bank of Tokyo-Mitsubishi4 Auckland

* 1,572,808 38.2 0.8 46,762 27 -33.0 10,992 78.4 30.2 10,897 29 116.0 0.80 N/D 03/10

18 16 Pyne Gould Corporation Christchurch

NZSX 1,561,287 6.4 1.5 209,532 18 -0.2 22,006 140.5 13.2 466,621 6 6.8 30.81 300 06/10

19 17 PSIS Wellington

Co-op 1,395,542 5.2 1.0 129,464 22 -9.7 13,120 66.3 12.8 116,872 19 11.9 8.59 293 03/10

20 (-) Custom Fleet NZ Auckland

* 1,144,388 -8.1 2.0 245,333 17 17.8 23,929 228.5 15.5 44,851 27 72.8 3.75 N/D 12/09

21 (-) Toyota Finance New Zealand Auckland

* 1,017,912 2.7 1.2 150,335 21 2.6 11,669 38.0 11.1 129,786 18 9.4 12.92 222 03/10

22 (-) AMI Members Trust5 Christchurch

- 542,653 11.4 6.0 354,800 11 9.8 31,048 68.1 13.9 363,953 8 8.9 70.68 765 06/10

23 (-) Canterbury Building Society Christchurch

Soc 540,845 -1.6 0.4 32,768 28 -37.8 1,910 154.9 3.7 51,552 25 3.8 9.45 57 03/10

24 18 Motor Trade Finances Dunedin

- 536,368 -14.0 1.5 93,420 24 -5.1 8,764 135.8 13.2 63,473 24 15.5 10.94 52 09/09

25 20 Fidelity Life Assurance Company Auckland

- 529,391 7.3 3.3 169,540 20 43.4 16,916 63.4 11.9 112,661 20 16.1 22.03 150 06/10

26 (-) Fisher & Paykel Finance6 Auckland

- 438,618 7.2 2.2 86,632 25 0.2 9,420 70.6 15.6 82,017 23 14.3 19.35 236 03/10

27 (-) Kookmin Bank Auckland Branch Auckland

* 431,695 1.1 1.7 26,674 30 -13.2 7,277 58.9 39.8 8,431 30 104.2 1.96 N/D 12/09

28 23 Lumley General Insurance (NZ) Auckland

* 425,115 3.2 3.4 381,455 9 0.2 14,401 36.3 5.2 96,328 22 15.7 23.02 N/D 06/10

29 22 Southern Cross Building Society Auckland

Soc 402,996 -2.2 -1.2 27,694 29 -28.3 -4,702 46.2 -18.7 47,606 26 -9.4 11.68 N/D 06/10

30 19 Medical Assurance Society NZ Wellington

- 394,293 -22.7 2.7 82,178 26 -8.7 12,056 468.2 18.0 111,996 21 11.4 24.77 161 03/10

Profit AfterTax ($000s)

% Pre-TaxReturn onRevenue

Total Equity($000s) Rank

% Returnon TotalEquity

ProprietorshipRatio (%)

ApproxEmployees

BalanceDate

DECEMBER 2010 | management.co.nz| 81

% Change

1 1 ANZ National Bank Wellington

NZSX* 117,891,000 -4.1 0.2 8,008,000 1 -27.1 298,000 -74.4 9.6 10,088,000 1 3.0 8.38 9,000 09/09

2 2 Westpac New Zealand Auckland

NZSX* 73,444,000 3.6 -0.7 5,232,000 2 -13.0 -494,000 -172.4 11.3 3,905,000 2 -12.3 5.41 5,578 08/09

3 4 National Australia Bank Group1 Auckland

* 69,666,000 7.9 -0.2 4,471,000 3 -23.9 -115,000 -116.2 12.9 2,517,000 4 -4.3 3.75 4,920 09/09

4 3 ASB Bank Auckland

* 63,557,000 -2.6 0.4 4,368,000 4 -17.4 236,000 -44.5 14.7 3,548,000 3 7.0 5.51 N/D 06/10

5 5 Kiwibank (50% MF, 50% MSOE)Lower Hutt

SOE 12,238,375 18.0 0.4 731,938 6 -8.8 45,848 -27.9 8.8 588,763 5 9.7 5.21 N/D 06/10

6 7 Rabobank New ZealandLower Hutt

* 6,936,096 15.3 0.1 486,803 8 -2.0 8,495 -70.3 2.6 266,456 11 3.2 4.11 N/D 12/09

7 6 The Hongkong & Shanghai Banking CorporationAuckland

* 4,770,370 -22.9 0.9 305,178 15 -42.5 50,731 27.5 23.8 26,681 28 214.1 0.49 240 12/09

8 10 TSB Bank (100% TSBCT)New Plymouth

- 4,405,082 15.0 1.2 277,693 16 -7.4 51,178 19.3 26.8 331,125 9 16.1 8.04 266 03/10

9 9 Citibank NA New ZealandAuckland

* 3,500,645 -8.6 0.6 123,393 23 -56.2 21,271 -41.6 24.6 130,276 17 17.8 3.55 N/D 12/09

10 8 Deutsche Bank AG New Zealand Auckland

* 3,099,000 -22.0 2.4 343,000 13 -34.3 84,000 44.8 34.1 202,000 14 43.8 5.71 N/D 12/09

11 11 Southland Building SocietyInvercargill

Soc 2,627,905 3.4 0.6 191,849 19 -23.3 15,037 24.7 10.7 177,664 16 9.0 6.87 224 03/10

12 14 South Canterbury Finance (80% SC)2 Timaru

- 2,354,890 16.0 -2.3 305,678 14 7.3 -49,569 -181.6 -20.8 225,922 13 -21.1 10.31 90 06/09

13 13 AXA Asia Pacific Holdings3 Wellington

* 1,971,000 -8.2 2.6 380,000 10 77.6 53,000 -52.3 21.1 260,000 12 14.4 12.62 321 12/09

14 (-) IAG (NZ) Holdings Auckland

* 1,930,154 -1.1 -1.2 1,241,008 5 1.2 -22,617 26.7 -2.8 192,334 15 -11.1 9.91 N/D 06/09

15 (-) GE Finance and Insurance Auckland

* 1,761,563 -17.6 1.5 343,555 12 -20.3 28,555 118.8 11.7 327,895 10 9.1 16.82 N/D 12/09

16 15 Tower Auckland

NZSX 1,596,460 5.1 3.2 555,690 7 11.0 50,085 23.8 10.9 404,448 7 14.3 25.96 N/D 09/09

17 (-) The Bank of Tokyo-Mitsubishi4 Auckland

* 1,572,808 38.2 0.8 46,762 27 -33.0 10,992 78.4 30.2 10,897 29 116.0 0.80 N/D 03/10

18 16 Pyne Gould Corporation Christchurch

NZSX 1,561,287 6.4 1.5 209,532 18 -0.2 22,006 140.5 13.2 466,621 6 6.8 30.81 300 06/10

19 17 PSIS Wellington

Co-op 1,395,542 5.2 1.0 129,464 22 -9.7 13,120 66.3 12.8 116,872 19 11.9 8.59 293 03/10

20 (-) Custom Fleet NZ Auckland

* 1,144,388 -8.1 2.0 245,333 17 17.8 23,929 228.5 15.5 44,851 27 72.8 3.75 N/D 12/09

21 (-) Toyota Finance New Zealand Auckland

* 1,017,912 2.7 1.2 150,335 21 2.6 11,669 38.0 11.1 129,786 18 9.4 12.92 222 03/10

22 (-) AMI Members Trust5 Christchurch

- 542,653 11.4 6.0 354,800 11 9.8 31,048 68.1 13.9 363,953 8 8.9 70.68 765 06/10

23 (-) Canterbury Building Society Christchurch

Soc 540,845 -1.6 0.4 32,768 28 -37.8 1,910 154.9 3.7 51,552 25 3.8 9.45 57 03/10

24 18 Motor Trade Finances Dunedin

- 536,368 -14.0 1.5 93,420 24 -5.1 8,764 135.8 13.2 63,473 24 15.5 10.94 52 09/09

25 20 Fidelity Life Assurance Company Auckland

- 529,391 7.3 3.3 169,540 20 43.4 16,916 63.4 11.9 112,661 20 16.1 22.03 150 06/10

26 (-) Fisher & Paykel Finance6 Auckland

- 438,618 7.2 2.2 86,632 25 0.2 9,420 70.6 15.6 82,017 23 14.3 19.35 236 03/10

27 (-) Kookmin Bank Auckland Branch Auckland

* 431,695 1.1 1.7 26,674 30 -13.2 7,277 58.9 39.8 8,431 30 104.2 1.96 N/D 12/09

28 23 Lumley General Insurance (NZ) Auckland

* 425,115 3.2 3.4 381,455 9 0.2 14,401 36.3 5.2 96,328 22 15.7 23.02 N/D 06/10

29 22 Southern Cross Building Society Auckland

Soc 402,996 -2.2 -1.2 27,694 29 -28.3 -4,702 46.2 -18.7 47,606 26 -9.4 11.68 N/D 06/10

30 19 Medical Assurance Society NZ Wellington

- 394,293 -22.7 2.7 82,178 26 -8.7 12,056 468.2 18.0 111,996 21 11.4 24.77 161 03/10

82 | management.co.nz | DECEMBER 201082 | management.co.nz | DECEMBER 2010

WHEN THE CANTERBURY EARTHQUAKE HIT, MARSH was very quick to react and implement its business continuity plan.

As soon as we were notifi ed of the earthquake our plan kicked into gear. Key staff were immediately called and within a couple of hours, the Marsh Business Continuity Planning (BCP) team had met and put plans in action. This included ensuring that all staff were accounted for, assessing what help was needed and putting processes in place so that our clients were assisted rapidly and effi ciently.

For example, as our Christchurch offi ce had sustained damage and would be un-operable for the short-term, we quickly diverted phone lines and brought in staff on the weekend to answer calls from our Wellington offi ce.

Most importantly, we moved swiftly to communicate with staff, providing regular updates each day, and offering counselling. Firstly, it was important for staff to know that their colleagues were okay. Those in client facing roles needed to be clear about how client enquiries were going to be handled and the processes in place to manage insurance claims.

We immediately put information on our website to advise clients on how they could make a claim and a supporting advertisement was placed in the Christchurch Press.

The ability to restore operations as quickly as possible after a disaster can make the difference between business survival and failure.

When you are on shaky ground you need a risk advisor that practises what it preaches and that’s where you can always rely on Marsh.

COMPANY PROFILE

WHEN THINGS ARE ON SHAKY GROUND MARSH IS THEREA lesson in the importance of business continuity and risk management.

0800 627 744 . info.marshnz@marsh.com . www.marsh.co.nz

82 marsh cp MGT1210.indd 82 23/11/10 1:12:20 PM

DECEMBER 2010 | management.co.nz| 83

Year-on-Year Comparisons

TOP 200 COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 147,547,198 150,463,075 -1.9

Profit After Tax 3,955,446 3,979,544 -0.6

Tax Paid 3,280,836 1,312,705 149.9

EBITDA 19,464,966 18,011,115 8.1

Assets 210,684,499 209,310,085 0.7

Equity 101,218,718 98,556,072 2.7

TOP 230 COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 176,948,570 186,459,688 -5.1

Profit After Tax 4,395,266 7,255,993 -39.4

Tax Paid 6,139,339 2,623,286 134.0

EBITDA 39,362,221 45,959,233 -14.4

Assets 593,367,950 589,929,778 0.6

Equity 126,117,326 122,669,983 2.8

TOP 30 FInAnCE COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 29,401,372 35,996,613 -18.3

Profit After Tax 439,820 3,276,449 -86.6

Tax Paid 2,858,503 1,310,581 118.1

EBITDA 19,897,255 27,948,118 -28.8

Assets 382,683,451 380,619,693 0.5

Equity 24,898,608 24,113,911 3.3

TOP 200 COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 147,547,198 151,819,285 -2.8

Profit After Tax 3,955,446 4,512,453 -12.3

Tax Paid 3,280,836 1,430,461 129.4

EBITDA 19,464,966 N/A N/A

Assets 210,684,499 193,242,911 9.0

Equity 101,218,718 85,857,908 17.9

TOP 30 FInAnCE COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 29,401,372 36,822,942 -20.2

Profit After Tax 439,820 3,302,731 -86.7

Tax Paid 2,858,503 1,313,680 117.6

EBITDA 19,897,255 N/A N/A

Assets 382,683,451 382,476,325 0.1

Equity 24,898,608 24,911,684 -0.1

TOP 230 COMPAnIES

2010 $000s 2009 $000s % Change

Revenue 176,948,570 188,642,227 -6.2

Profit After Tax 4,395,266 7,815,184 -43.8

Tax Paid 6,139,339 2,744,141 123.7

EBITDA 39,362,221 N/A N/A

Assets 593,367,950 575,719,236 3.1

Equity 126,117,326 110,769,592 13.9

These tables compare the results of this year’s top 200 companies, Top 30 financial organisations, and the combined Top 230 results, with the performance of those same companies in their previous reporting year.

These tables compare the results of the companies which make up this year’s Top 200, Top 30 financial organisations, and the combined Top 230 results, with the companies in last year’s lists.

84 | management.co.nz | DECEMBER 2010

Analysis

MOST IMPROvED REvEnuETop 200 Rank % Change

74 Siemens (NZ) 178.6

157 Apple Sales New Zealand 113.9

147 Retirement Care (NZ) 68.0

187 Unison Networks 44.9

108 Downer EDI Engineering Group 39.1

190 JB Hi-Fi NZ 37.7

72 Norske Skog Tasman 37.1

125 Abano Healthcare Group 37.0

86 Oceana Gold Holdings (New Zealand) 25.3

69 Oregon Group 23.4

151 The Tatua Co-operative Dairy Company 21.7

133 New Zealand Sugar Company 18.8

172 Ryman Healthcare 17.6

180 Alesco New Zealand and Subsidiaries 17.5

23 Alliance Group 16.9

12 Fulton Hogan 15.9

38 DGL Investments 15.0

140 Nobilo Holdings 15.0

130 Kathmandu Holdings 14.7

159 Lion Nathan Wines and Spirits New Zealand 14.0

MOST IMPROvED PROFITSTop 200 Rank % Change

144 Panasonic New Zealand 5376.9

7 Shell New Zealand Holding Company 5101.2

85 OfficeMax Holdings 3784.0

152 Mazda Motors of New Zealand 1368.3

73 Hellaby Holdings 1357.0

86 Oceana Gold Holdings (New Zealand) 1248.6

9 Foodstuffs South Island 1124.7

2 Fletcher Building 842.1

126 Pan Pac Forest Products 690.2

160 Ports of Auckland 588.1

125 Abano Healthcare Group 579.8

173 DFS New Zealand 554.1

162 Avon Pacific Holdings 482.2

f 30 Medical Assurance Society NZ 468.2

193 Honda New Zealand 440.2

69 Oregon Group 402.1

108 Downer EDI Engineering Group 367.2

124 NZ Snack Food Holdings 352.2

5 Air New Zealand 290.5

49 Ballance Agri-Nutrients 270.9

BIGGEST PROFIT MAKERSTop 200 Rank Profit $000s

1 Fonterra Co-operative Group 685,000

3 Telecom Corporation of New Zealand 382,000

7 Shell New Zealand Holding Company 331,632

f 1 ANZ National Bank 298,000

2 Fletcher Building 282,000

f 4 ASB Bank 236,000

27 Vector 199,118

34 New Zealand Railways Corporation 194,497

15 Meridian Energy 184,049

11 Contact Energy 154,668

86 Oceana Gold Holdings (New Zealand) 126,766

20 Vodafone New Zealand 121,600

44 TrustPower 119,413

37 Tasman Steel Holdings 112,672

72 Norske Skog Tasman 105,699

45 Sky Network Television 103,021

39 SKYCITY Entertainment Group 101,868

16 Infratil 95,000

137 Juken New Zealand 86,689

22 Mighty River Power 84,614

BIGGEST LOSS MAKERSTop 200 Rank Loss $000s

35 Housing New Zealand -675,000

f 2 Westpac New Zealand -494,000

110 YPG Holdings -338,325

103 Geon Group Holdings -182,852

147 Retirement Care (NZ) -169,924

199 AMP NZ Office Trust -152,118

f 3 National Australia Bank Group -115,000

117 Mediaworks NZ -91,420

31 Fisher & Paykel Appliances Holdings -83,328

54 Fairfax New Zealand Holdings -69,407

4 Woolworths New Zealand Group -53,374

48 Telstra New Zealand Holdings -52,139

f 12 South Canterbury Finance -49,569

80 Flavoured Beverages Group Holdings -43,989

143 Bridgestone New Zealand -39,142

101 Toll Group (NZ) -36,135

70 Methanex New Zealand -28,951

155 Watercare Services -27,709

98 Television New Zealand -26,026

f 14 IAG (NZ) Holdings -22,617

F = Financial organisations ranked by total assets. Page 80.

DECEMBER 2010 | management.co.nz| 85

TOP RETuRnS On TOTAL EquITyTop 200 Rank % Return on Equity

77 Nestle New Zealand 295.3

f 7 The Hongkong & Shanghai Banking Corporation 214.1

86 Oceana Gold Holdings (New Zealand) 184.8

f 17 The Bank of Tokyo-Mitsubishi 116.0

57 Ingram Micro New Zealand Holdings 107.0

f 27 Kookmin Bank Auckland Branch 104.2

125 Abano Healthcare Group 89.8

180 Alesco New Zealand and Subsidiaries 85.2

157 Apple Sales New Zealand 78.3

f 20 Custom Fleet NZ 72.8

137 Juken New Zealand 62.2

72 Norske Skog Tasman 46.5

111 British American Tobacco Holdings (NZ) 45.7

105 Restaurant Brands NZ 45.6

7 Shell New Zealand Holding Company 45.0

f 10 Deutsche Bank AG New Zealand 43.8

186 Paperlinx (NZ) 42.2

94 Beca Group 40.5

8 BP New Zealand Holdings 38.0

120 Imperial Tobacco New Zealand 37.9

TOP RETuRnS On TOTAL ASSETSTop 200 Rank % Return on Assets

125 Abano Healthcare Group 40.2

7 Shell New Zealand Holding Company 30.9

173 DFS New Zealand 27.3

77 Nestle New Zealand 25.5

86 Oceana Gold Holdings (New Zealand) 24.4

148 Hallenstein Glasson Holdings 24.2

94 Beca Group 21.9

180 Alesco New Zealand and Subsidiaries 21.4

105 Restaurant Brands NZ 19.2

120 Imperial Tobacco New Zealand 18.7

65 Fisher & Paykel Healthcare Corporation 16.1

72 Norske Skog Tasman 15.4

97 DSE (NZ) 14.8

111 British American Tobacco Holdings (NZ) 14.6

89 Pumpkin Patch 13.9

137 Juken New Zealand 13.7

166 MARS New Zealand 13.5

133 New Zealand Sugar Company 13.1

167 McDonald’s Restaurants (New Zealand) 12.7

81 Briscoe Group 12.0

the

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86 | management.co.nz | DECEMBER 2010

Performance by SectorCOMMunICATIOnS | MEDIA

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Telecom Corporation of New Zealand 382,000 2 3

Vodafone New Zealand 121,600 10 20

Sky Network Television 103,021 14 45

BAnKInG | FInAnCE

Profit $000s

Top 30 Profit Rank

Top 30 Asset Rank

ANZ National Bank 298,000 1 1

ASB Bank 236,000 2 4

Deutsche Bank AG New Zealand 84,000 3 10

TSB Bank 51,178 5 8

The Hongkong & Shanghai Banking Corp 50,731 6 7

Kiwibank 45,848 8 5

GE Finance and Insurance 28,555 10 15

Custom Fleet NZ 23,929 11 20

Pyne Gould Corporation 22,006 12 18

Citibank NA New Zealand 21,271 13 9

Southland Building Society 15,037 15 11

PSIS 13,120 17 19

Toyota Finance New Zealand 11,669 19 21

The Bank of Tokyo-Mitsubishi 10,992 20 17

COMMunITy SERvICES

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Abano Healthcare Group 78,948 23 125

Ryman Healthcare 78,417 24 172

Bupa Healthcare New Zealand 26,034 53 174

Ebos Group 23,437 61 25

Transpacific Ind. Group Finance (NZ) 14,393 80 107

DIvERSIFIED CORPORATES

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Christchurch City Holdings 54,990 34 55

Alesco New Zealand and Subsidiaries 29,987 50 180

PGG Wrightson 23,304 62 30

Dunedin City Holdings 18,110 76 134

Hellaby Holdings 10,301 95 73

CHEMICAL | PHARMACEuTICALS

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Orica Investments (NZ) 72,461 25 64

GlaxoSmithKline NZ 6,515 111 195

CDC Pharmaceuticals 719 139 171

COnSTRuCTIOn | InFRASTRuCTuRE

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Fletcher Building 282,000 4 2

Fulton Hogan 79,535 21 12

DGL Investments 67,708 29 38

Beca Group 33,170 94 47

Opus International (NZ) 18,613 92 75

Transfield Services (New Zealand) 12,341 88 52

FOOD (PROCESSED) | BEvERAGES

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Coca-Cola Amatil (NZ) 57,333 33 68

H J Heinz Company (New Zealand) 53,794 36 43

New Zealand Breweries 44,774 38 83

Frucor Beverages 35,764 44 87

Nestle New Zealand 34,578 45 77

McDonald’s Restaurants (New Zealand) 34,050 46 167

NZ Poultry Enterprises 22,609 65 84

Restaurant Brands NZ 19,536 72 105

New Zealand Sugar Company 15,700 79 133

Allied Foods (NZ) 13,221 83 119

NZ Snack Food Holdings 13,119 84 124

Nobilo Holdings 12,893 85 140

DB Breweries 12,595 86 79

Cerebos Gregg’s 9,252 98 178

Cadbury 8,003 103 122

MARS New Zealand 7,934 104 166

ANZCO Foods 7,301 107 28

Lion Nathan Wines and Spirits NZ 6,265 113 159

AuTOMOTIvE

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Nissan New Zealand 5,894 114 176

Ford Motor Company of New Zealand 5,475 118 106

Toyota New Zealand 4,543 122 47

Mercedes-Benz New Zealand 4,233 124 181

Mazda Motors of New Zealand 3,524 129 152

Honda New Zealand 2,242 131 193

CablePrice (NZ) 989 138 196

Holden New Zealand 684 141 114

DECEMBER 2010 | management.co.nz| 87

Companies listed under the various industry sectors are ranked on their profit after tax, except for insurance which is ranked on revenue. Ranking in the Top 200 or Top 30 is also provided.

MAnuFACTuRInG

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Tasman Steel Holdings 112,672 12 37

Fisher & Paykel Healthcare Corporation 71,631 26 65

Nuplex Industries 66,982 30 24

Pact Group (NZ) 23,860 59 121

Sealed Air (New Zealand) 16,861 77 153

Avon Pacific Holdings 16,296 78 162

Skellerup Holdings 11,958 92 168

Cavalier Corporation 11,369 94 141

RETAIL | WHOLESALE

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

The Warehouse Group 60,540 32 19

British American Tobacco Holdings (NZ) 54,231 35 111

Michael Hill International 26,509 52 76

Pumpkin Patch 25,502 55 89

Harvey Norman Stores (NZ) 25,037 57 41

Briscoe Group 21,026 66 81

OfficeMax Holdings 20,430 67 85

Hallenstein Glasson Holdings 19,581 71 148

DSE (NZ) 13,906 81 97

Imperial Tobacco New Zealand 12,548 87 120

DFS New Zealand 12,134 89 173

Foodstuffs South Island 12,100 90 9

Foodstuffs (Auckland) 11,487 93 6

Turners & Growers 9,529 96 56

Kathmandu Holdings 9,387 97 130

Bidvest New Zealand 8,330 101 71

TRAnSPORTATIOn

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

New Zealand Railways Corporation 194,497 6 34

Air New Zealand 82,000 19 5

Port of Tauranga 38,016 41 182

Ports of Auckland 37,192 42 160

Mainfreight 36,365 43 32

Auckland International Airport 29,694 51 96

Freightways 23,164 63 104

PRIMARy PRODuCTIOn

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Fonterra Co-operative Group 685,000 1 1

Norske Skog Tasman 105,699 13 72

Juken New Zealand 86,689 17 137

Oregon Group 79,469 22 69

Silver Fern Farms 43,597 39 14

Sanford 39,139 40 75

ZESPRI Group 25,890 54 21

AFFCO Holdings 25,365 56 33

Kura 22,752 64 53

Pan Pac Forest Products 19,588 70 126

Alliance Group 19,008 73 23

Scales Corporation 13,622 82 145

OIL | GAS | MInERAL | ELECTRICITy | WATER

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Shell New Zealand Holding Company 331,632 3 7

Vector 199,118 5 27

Meridian Energy 184,049 7 15

Contact Energy 154,668 8 11

Oceana Gold Holdings (New Zealand) 126,766 9 86

TrustPower 119,413 11 44

Mighty River Power 84,614 18 22

BP New Zealand Holdings 79,546 20 8

Genesis Power 69,314 27 17

Solid Energy NZ 67,837 28 50

Transpower New Zealand 64,985 31 46

InSuRAnCE

Revenue $000s

Top 30 Revenue

Rank

Top 30 Asset Rank

IAG (NZ) Holdings 1,241,008 5 14

Tower 555,690 7 16

Lumley General Insurance (NZ) 381,455 9 28

AXA Asia Pacific Holdings 380,000 10 13

AMI Members Trust 354,800 11 22

Fidelity Life Assurance Company 169,540 20 25

IT | COMPuTER HARDWARE

Profit $000s

Top 200 Profit Rank

Top 200 Revenue

Rank

Datacom Group 30,246 49 51

IBM New Zealand 20,152 68 90

Alcatel-Lucent New Zealand 12,063 91 102

Ingram Micro New Zealand Holdings 4,187 126 57

Apple Sales New Zealand 4,168 127 157

88 | management.co.nz | DECEMBER 2010

Missing, Merged, Miscellaneous

JuST MISSED THE TOP 200 LISTRank

This YearPrevious

Year CompanyRevenue($000s)

%Change

Profit After Tax ($000s) Rank

%Change

EBIT ($000s)

% Returnon Revenue

Balance Date

201 (-) Pfizer New Zealand 137,307 7.2 7,952 112 -23.5 9,527 6.9 11/09

202 (-) AsureQuality 136,747 -1.4 4,886 136 11.5 7,731 6.1 09/09

203 200 Compass Group New Zealand 134,858 2.4 4,764 138 -18.0 7,118 5.3 09/09

204 191 Armourguard Security 134,177 -7.5 -123 180 -111.0 -235 4.6 09/09

205 (-) Goodman Property Trust 132,900 2.2 -7,000 210 90.6 12,500 24.4 03/10

206 (-) Johnson & Johnson (New Zealand) 131,358 7.2 8,813 106 68.3 13,133 10.0 12/09

207 187 Schneider Electric (NZ) 130,520 -13.2 5,152 134 -44.3 6,636 5.4 12/09

208 194 Methven 129,842 -5.5 7,820 117 -22.2 11,027 9.2 03/10

209 188 New Zealand Radio Network 128,478 -14.6 10,228 99 -20.7 11,037 9.2 12/09

210 (-) Dow AgroSciences (NZ) 127,968 3.4 5,674 130 -59.8 8,208 6.5 12/09

WHATEvER HAPPEnED TO…

Company Prev Year RankLast Recorded

Revenue ($000s)Last Balance

Date

Aquiline Holdings 197 In receivership from 10/08/10. 132,575 06/08

BBI Networks NZ 114 Changed name to Prime Infrastructure Networks (NZ) and sold Powerco (99). 268,806 06/09

EDS (New Zealand) 85 Amalgamated with EDS Defence Services and Hewlett-Packard New Zealand. No financial statements for FY09 were available. 396,687 12/08

Ernslaw One 102 Now a subsidiary of Oregon Group (69). 311,651 06/09

Metro Water 179 Ceased operations as from 1/11/10. 158,498 06/09

Onesource Holdings NZ 131 Changed name to Copier Holdings NZ post balance date. No updated financial statements available. 226,729 06/08

Redeal Limited 113 No updated financial statements available. 270,890 12/08

Richina Land (NZ) 111 No updated financial statements available. 277,321 12/08

South Pacific Tyres 147 Amalgamated, now Goodyear & Dunlop Tyres (NZ). No financial statements available. 200,691 12/08

Suncorp Group Holdings (NZ) F 12 No updated financial statements available. (Assets) 2,224,564 06/09

Tenon 67 Changed presentation currency to US dollars. 494,000 06/09

JuST MISSED THE FInAnCIAL InSTITuTIOnS LIST

Rank This Year

Previous Year Finance Company

Revenue($000s)

%Change

Profit After Tax ($000s)

%Change EBIT ($000s)

% Returnon Revenue

Balance Date

31 24 QBE Insurance (Int’l) NZ Branch 384,390 3.9 18,477 48.5 25,813 13.1 12/09

32 21 SG Portfolio Management Group 376,802 -16.9 2,982 -76.2 4,765 27.3 12/09

33 (-) Mercedes-Benz Financial Services NZ 338,788 -4.6 3,849 135.0 3,766 53.2 12/09

34 25 Orix New Zealand 317,451 -3.7 8,634 140.6 13,321 25.3 03/10

35 (-) NZF Group 296,613 1.8 -4,561 -33.6 -3,539 47.0 03/10

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90 | management.co.nz | DECEMBER 2010

faCE to faCE

Paul BrockThe customer’s banker

Kiwibank’s new chief executive likes to listen in when customers call his bank. He sees it as part of his job. He talks with Ruth Le Pla about his marketing roots and the bank’s

next incarnation as a challenger brand.

He cites as an example, Kiwibank’s new Notice Saver account which acts as though a savings account has mated with a term deposit facility giving customers better returns than their usual savings account without penalising them for ac-cessing their dollars.

Launched at the end of October this year, Notice Saver is being marketed as a New Zealand first. Brock says it smacks of changes to come under his leadership as he ramps up the bank to a new growth level. He won’t be drawn on the specifics at this point. But he does suggest there are plenty of opportunities for building on the bank’s work in the personal banking space and spreading out further into the small business banking market.

For Brock, direction stems from identifying and untangling customer frustrations. “We don’t do things just because we think they’re a good idea. We do them because we’re trying to make things better for customers and we listen to what people have told us about what’s frustrating them with their banking.”

His customer-driven approach means he still sometimes listens in on Kiwibank’s phones so he can get to grips with issues from a customer’s point of view. He be-lieves the essence of a good chief executive

is someone who is prepared to listen and that one of the most important aspects of leadership is to create the right environ-ment for success. “In many cases that’s about having a clear vision of what you’re trying to achieve and, ultimately, it comes down to understanding people and being prepared to work with them.”

Brock first segued into the banking sector as a 20-something year old, un-leashed from Massey University with a business degree heavily weighted towards marketing. “My grandfather had cut an ad out of the paper and said to me, ‘you should really go and do this’.” It was Trust Bank, looking for someone to help with its central region marketing.

Even back then, Brock saw himself as someone who liked to challenge the status quo and sniff out fresh opportunities. He says it was “an interesting dimension” to enter an industry that worked along what were very well-trammelled lines. “I wanted to find new ways of doing things that would ultimately be better for customers and therefore drive growth for the bank,” he says. “That was my starting point, my entry, into banking.”

Years later, his itch to challenge re-mains as strong as ever. When Kiwibank fired off a brief announcement about his

For someone with a background in marketing, Paul Brock has shifted very quietly into the chief executive’s chair at Kiwibank.

Maybe he’s just too busy to make a big fuss about it. After all, he’s got some 700,000 customers and 1000 staff to care for.

Brock’s new role is a natural pro-gression for someone who, together with the bank’s first ever chief executive Sam Knowles, helped draw up the original blueprint for the bank over a decade ago.

Brock took over from Knowles in Sep-tember this year. In doing so, he headed off a deluge of local and international candidates for the job and consolidated his climb through the bank’s ranks via a series of key positions including general man-ager marketing and, most recently, general manager savings and transactions.

He has been championing a listening line of business right from the get-go. “People don’t get up in the morning and say, ‘I really want to do my banking today’,” he reasons. “It’s not something they spend a lot of time thinking about. So banks have to think about customers first and then think about how we can make banking far more straightforward for them.”

DECEMBER 2010 | management.co.nz | 91

I want to encourage the next wave of leaders to stand up for what they believe in.

appointment as chief executive earlier this year, Brock’s few comments centred around his excitement at the prospect of helping Kiwibank continue to be a chal-lenger brand.

Eight years since its inception, Ki-wibank is no longer a new player on the New Zealand banking block but Brock sees plenty of room for it to play a role as a more mature brand challenger. This often involves reinvention, he says, and looking again at markets through a new lens.

“An example of that is where custom-ers are actively using the internet now. So we’ve had to find ways to reinvent the bank’s offering in the virtual space. It’s just a different flavour but you can’t afford to be stagnant. You’ve got to make sure you’ve got that lens on your business and on your customers, and you must realise the lens is constantly changing and developing.

“As we look forward I think about how I would simplify the things that we need to do. More importantly, how would I encourage my leaders to get out there and continue to make a difference?”

To Brock’s mind, leaders permeate Kiwibank: they’re from every rung of the organisation right up to members of his executive leadership team. “I want to see the people who have perhaps started in the contact centres becoming leaders in other parts of the business,” he says. “I want to encourage the next wave of leaders to stand up for what they be-lieve in.”

He sees leadership as a melting pot of learnings from all aspects of life. He draws, for example, on his insights as a father to four boys aged from 5 to 11, and their experiences learning and growing together. “One of the amazing learnings from being a father is that everyone has different drivers, motivations and skills. So I have this other set of experiences around how to help another group of people try to achieve different things.

“Part of being a listener and having a different perspective on the world is about being a sponge and learning to grow from the environment around

you. That’s not always from your work environment. People are 360 degrees an individual. You only see a proportion of that at work. The rest is occurring in their private and social lives and, in many cases, these are the experiences that create great leaders.”

Kiwibank continues to maintain its positioning as a bank with ‘Kiwi values at heart’. Its website still carries the story of how it ‘keeps Kiwi money where it be-longs – right here, in New Zealand’. Given the Australian ownership of most of its competitors, it’s easy to read such lines as anti-Australian.

In recent times, some commentators have suggested that Kiwibank would be best not to push the anti-Aussie senti-ment too far in its marketing. The global financial crisis has shown Aussie banks have been good for banking – and by

extension, business – in New Zealand. So where does Brock draw the line

between promoting his bank as ‘Kiwi’ without being anti-Australian? “I don’t think it’s about being anti-Australian,” he says. “We have a large number of large banks in this market that have perhaps done things that haven’t always benefited customers.”

So it’s more of a pro-customer yard-stick than an anti-Australian one? “If people are happy with their bank that’s fine but we’re saying there’s a better way. Our idea is of challenging the status quo and how it does things. The fact is that much, or pretty much all, of the status quo is owned by offshore banks: that just happens to be a coincidence.

“Our main premise is: are those banks standing by New Zealand during a global financial crisis? That’s the question New Zealand asks itself in the form of small businesses, savers and borrowers. Those

are the questions that, ultimately, banks should be judged on. Do they stand by their customers or not?”

Sam Knowles, says Brock, achieved a lot in a short space of time. “He came here with a very diverse banking knowl-edge and his legacy is probably that we have many of the prerequisites for us becoming a full service bank.”

For his part, Brock says that when he eventually leaves he’d like his legacy to be positive answers to two big questions. “Have I made a difference to banking for New Zealanders? And have my staff developed and grown and been able to be the best they could be in the environ-ment in which we operate?

“Those are the two main things I’d hope to have achieved in my tenure here.” M

Ruth Le Pla, a former editor of NZ Management, is a freelance business journalist. ruth.lepla@xtra.co.nz

92 | management.co.nz | DECEMBER 2010

ExEC hEalth

Kiwis are extremely proud of the way we punch above our weight on the world stage. But when it comes to skin cancer,

our world-leading position is cause for concern, not celebration. As a country, our incidence of melanoma – the dead-liest form of skin cancer – is around four times higher than Canada, the US and the UK. In New Zealand, new skin cancers total around 67,000 each year, compared to a total of 16,000 for all other forms of cancers.

In fact, if you’re a New Zealander there’s a one in 17 chance you’ll develop a melanoma in your lifetime, while research suggests two-thirds of us will develop a non-melanoma skin cancer. But New Zea-land’s high incidence of skin cancer isn’t wholly down to a sun-seeking attitude. According to the National Institute of Water & Atmospheric Research (NIWA), differences in ozone and pollution levels, and sun-earth separation mean the peak ultraviolet (UV) intensity in New Zealand during summer is approximately 40 per-cent higher than corresponding latitudes in the Northern Hemisphere.

But while skin cancer is by far the most common cancer affecting New Zea-landers, it is also one of the most prevent-able. Over 90 percent of skin cancers are

Sun smarterNew research suggests a little bit of UV is good for us – but it’s no

cause to be sloppy in our approach to the sun, says Peter Tynan.

due to excess radiation exposure.However, a steady stream of recent

media articles has raised the question of whether our strong ‘sun smart’ message means some New Zealanders are now not receiving enough sunlight to syn-thesise the vitamin D in our skin. A 2005 University of Otago study of nearly 3000 New Zealanders found that 48 percent had insufficient levels of vitamin D for optimal health.

Vitamin D is needed for the healthy development of bones, muscles and teeth and may also offer some protective effects against osteoporosis, multiple sclerosis, Type 1 diabetes and certain types of can-cer, such as colon cancer. In general, those with dark skin require a greater amount of sunlight for its production than those with fair skin.

The conundrum is that the optimal levels of UV for the synthesis of vitamin D are also those that cause sunburn – three or higher on the UV index (the UV index is an international measure of UV intensity that ranges from one to 11+). So how do we marry our need for vitamin D with the need to be sun smart? As with much health advice, it comes down to a matter of balance and individual need.

Research by NIWA scientist Richard McKenzie suggests that, for those with

fair skins, as little as five minutes in sunlight might be needed for the syn-thesis of vitamin D. During summer, his research suggests the sun should be avoided between 11am and 4pm, with any exposure to sunlight taken outside these hours when the UV index is be-tween one and three.

The Cancer Society says a balance between adequate vitamin D levels and increased risk of skin cancer is needed, and that “sensible sun protection is unlikely to put people at risk of vitamin D deficiency”. Between September and April, it says most people should be able to achieve adequate vitamin D levels through usual UV exposure outside peak times, and recommends those at higher risk of vitamin D deficiency, such as the elderly, housebound or people with dark skins, talk to their doctor about their individual vitamin D requirements.

The Cancer Society’s message on sun exposure remains as strong as ever – any-one who is exposed to UV light is at risk of skin cancer. The society recommends that sun protection is used between the months of September to April, or when the UV index is at three or higher. M

Peter Tynan is chief executive of Southern Cross Health Society.

activa is brought to you by Activa Health Limited. The activa Account and related banking services are provided by ASB Bank Limited. Activa Health Limited receives services fees from ASB Bank Limited and Southern Cross Medical Care Society. Neither Activa Health Limited nor the Southern Cross Medical Care Society is a registered bank. A copy of ASB’s disclosure statement is available free of charge at www.asb.co.nz.

The best way to keep staff happy since wages.The activa card is a simple, fun way to attract, retain, and inspire your staff. You set the annual amount, then your staff use their activa card to enhance their health and wellbeing. It’s what you’d call a healthy incentive. To find out more about the benefits of activa for your staff talk to Southern Cross on 0800 323 555 now or visit www.healthybusiness.co.nz.

DECEMBER 2010 | management.co.nz | 93

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Kea auckland launch:Kea auckland’s launch party at Shed 5, Wellesley St, November 11.The launch of Kea auckland attracted a capacity crowd of 500 at Shed 5 on Wellesley St. Developer of the Rhubarb Lane project on the venue site, Doug Rikard-Bell, played host in his premises. Guests had the opportunity to look through the display suite showing the multiple use buildings that are to be developed in the area that is now called Victoria Quarter.

1 David Slack, Kea auckland launch MC, interviews guest speaker Brent Hansen, former CeO of MTV europe.2 Doug Rikard-Bell, developer, Rhubarb Lane.3 Guests enjoying the hospitality in Shed 5.4 Harvindar Singh (The Curve enterprises).5 David MacGregor, creative director, Brand World.6 Kea chairman Sir Stephen Tindall.7 Toni Myers (Mediaweb) and Sarah Trotman (Bizzone).8 Sue Sinclair, World Class New Zealand Network Manager, Kea New Zealand.

eeO Trust Work & Life awards 2010: 9 eeO Trust’s Philippa Reed and Michael Barnett, CeO of auckland Regional Chamber of Commerce.10 ellie Hayward (Millennium Hotels and Resorts), anne Marinelli-Poole (Counties-Manukau MDHB) and Tina Rose (Manukau Institute of Technology).11 Shayne Mathieson (Top Drawer Consultants), Bill Tiffin and wife alison Quesnel (Blackmores), and anna McNaughton (Mental Health Foundation).12 Betiina Urbanski (OMeGa), Mary Dawson (auckland Regional Migrant Centre), Justin Treagus (OMeGa) and wife Celeste Treagus.

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94 | management.co.nz | DECEMBER 2010

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Leading for MillennialsThE TRuTh aBouT LEaDERshipBy James M. Kouzes & Barry Z. PosnerPublisher: Jossey Bass • $24.95

The context of leadership changes; the content hardly changes at all. James Kouzes and Barry Posner have been interviewing leaders around the world for 30-something years. The result of their endeavours is a database of a million responses, from which they have drawn this conclusion.

According to these gurus of the leadership process, fundamental behaviours, actions and practices have remained essentially the same since they first began researching and writing about leadership. The world, on the other hand, is a very different place in so many different ways.

They set out to write a new book for “emerging leaders in the Millennial generation”. Millennials are an influential group on the cusp of replacing baby boomers. What they found, however, was that this group wanted to know what every other generation wanted to know.

So, age makes no difference when it comes to explaining why leaders are, or are not, effective. Leaders can generate positive work attitudes, be they generation Xers, boomers, traditionalists or millennials. “Good leadership is good leadership regardless of age”.

The Truth about Leadership is a collection of fundamental principles that inform and support leadership practices. Its value does not lie in anything particularly new, but rather that what they have articulated are essential leadership “truths”, a word for something that doesn’t change much over time. The lessons they uncovered were, they claim, “true 30 years ago, are true today, and we believe will be true 30 years from now”.

The authors explore 10 fundamental truths. They are leadership realities to help managers think, decide and act more effectively.

At just short of 200 pages, this is a compact, insightful summary that is accessible, sensible and reassuring. It is a book that either emerging or seasoned leaders can read and real benefits from. It is also relevant to those coaching and mentoring. – Reg Birchfield

at the official opening of the CleanTech Centre at otaki: From left to right: otaki Mp and Minister of internal affairs Nathan Guy; spectioNZ Chief Executive Mike henare; Kapiti Mayor Jenny Rowan; Research, science and Technology Minister Dr Wayne Mapp; Grow Wellington Chief Executive Nigel Kirkpatrick; and business leader sir stephen Tindall.

A new CleAn TeChnology CenTre at Otaki is part of a concerted Wellington regional push to help innovative people turn good ideas into a market reality.

The CleanTech Centre in Otaki’s Miro Street stems from a number of coincidences and synergies.

Kapiti Coast District Council (which Otaki falls within) has a history of encouraging conservation, biodiversity, sustainability and community involvement in environmental issues.

The principals behind new company SpectioNZ were keen to test their concepts of generating electricity and biochar from human waste, and were looking to base themselves in the area because of the support and innovative approach of Kapiti Coast District Council.

Separately, Grow Wellington, the regional economic development agency, had been in discussions about the establishment of Centres of Excellence where world-class institutions, companies and people working in specialised areas could come together and build on their combined talents.

Four potential areas were identified: screen and digital technologies; sustainable and renewable energy; biotechnology and life sciences; and natural hazard preparedness.

In November 2009 Kapiti council staff began discussions with Grow Wellington to facilitate the location of the CleanTech Centre on the Kapiti Coast under the Centre of Excellence for Sustainable Energy.

Otaki quickly became the natural location as it showed strong interest in the opportunities that such a development might bring. The town has a goal of becoming a net supplier of energy to the national grid, with households and businesses ready to be used to pilot new technologies. Coupled with this came direct support from leading property developer Stuart Pritchard.

“Clearly there has been a happy coming

together of minds with the result that we now have a purpose built business park at Otaki,” says Kapiti Mayor Jenny Rowan. “The park is equal distance from a number of learning institutions and CRIs which will allow complementary research and science activity.”

These same institutions and CRIs are being encouraged to take up residence in the centre. High levels of innovation and collaboration are expected in this environment with real opportunities to commercialise research and good ideas.

Companies or individuals who want to take their innovative ideas through to market realities in the area of sustainable and renewable energy, but need support and development to commercialise, will need to apply to Creative HQ, the action arm of Grow Wellington.

“The entry bar has been deliberately set high to ensure we are dealing with innovations that stand a good chance of flying on the open market, while adding real value to our community, our region and in turn, New

Zealand. We are looking specifically in the clean tech area,’ says Mayor Rowan.

Kapiti Council itself is offering support. It has established three new innovation funds in the areas of water, waste and energy. The waste fund is split into two with some money set aside for new technologies and processes, and the other for businesses using proven existing technologies and processes.

Otaki community has got firmly behind the clean technology park. The community has set a vision for the Riverbank Road Industrial Area (where the park is situated) to become a clean technology business park. This, with the goal of going ‘off-grid’, provides the community context for a new approach to business development.

Research, Science and Technology Minister Wayne Mapp officially opened the centre last month.

Kapiti Mayor Jenny Rowan, Wellington Mayor Celia Wade-Brown and business leaders Sir Stephen Tindall and Ray Avery were among those present.

CoMpaNy pRoFiLE

MAking A reAl CleAn deAlWellington region builds on local synergies to create new clean technology centre

DECEMBER 2010 | management.co.nz | 95

M ExEcs on thE movE

Brent AldertonThe Commerce Commission has announced the appointment of Alderton as its new CEO from 1 January 2011. He replaces Nicholas Hill who is leaving the Commission at the end of this year. Currently the Commission’s general manager, regulation, Alderton joined the Commission in early 2009. Prior to that, he was commercial manager for New Zealand Oil and Gas.

Max Pedersen The Plumbers, Gasfitters and Drainlayers Board (PGDB) has appointed Pedersen as its next chief executive. He was previously the chief executive of Upper Hutt City Council, a role he held for the 17 years.

Helen O’SullivanReal Estate Institute of NZ (REINZ) has a new chief executive. O’Sullivan, operations manager at Crocker’s Property Group for the past three years, replaces interim CEO Wendy Alexander who returns to her role as CEO of Barfoot & Thompson. Jo-Ann JacobsonGen-i , a division of Telecom New Zealand, has appointed Jacobson to the newly established role of health business development manager. Chief information

degree in politics and law, brought a wide-ranging skill set to the firm.

“Nick will help us to further strengthen our offerings in both the public and private sectors. He’s incredibly well networked and has very strong strategic leadership skills.”

Hill moves to consulting firmCurrently CEO of the Commerce Commission, Nick Hill is joining Martin Jenkins, a consulting firm which works on organisational performance, public policy and economic analysis, and evaluation and research.

Hill took over as the first CEO of the Commerce Commission in June 2008, and was previously chief executive at Sport and Recreation New Zealand (SPARC). He leaves the commission after developing and implementing a programme of change to the organisation.

Hill will join in February as a director based in the firm’s new Auckland office.

Martin Jenkins director Doug Martin said Hill, who has a double

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officer at the Hawke’s Bay District Health Board (HBDHB) for the past three years, Jacobson has also been IT service manager with Air New Zealand and held other commercial management roles. Kirk SeniorCinema management software company Vista Entertainment Solutions has appointed Kirk Senior, former CEO of Village Cinemas, to its board of directors as executive chairman.

Sargon Elias Velocity Trade has appointed Elias as general manager for its new New Zealand operations. Formerly general manager of CMC Markets, Elias’ new role will focus on Velocity Trade’s expansion into the Asia Pacific region.

Simon Bennett, Stewart RobertsonThe Madison Group has announced two new appointments: Bennett, who was most recently consulting at Fletchers, joins as commercial director and Robertson, previously with Tradeforce and Kelly Services, has been appointed divisional manager of Force Labour Solutions.

Frank SpencerFollowing the merger and the launch of the HBS Bank brand, Spencer, the managing director of Crighton Stone and former chairman of Hastings Building Society, has been officially appointed to the board of SBS Bank.

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DECEMBER 2010 | management.co.nz | 97

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ecognising excellence

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BMW Driver Training covers everything from the essential driving skills to advanced compe-tency levels – whether it’s avoiding an obstacle on a wet road, gaining valuable off-road experi-ence away from the highway, or perfecting the

It’s the time of year to think about rewarding staff and planning team building and incentives for 2011. We’ve found great examples of the best in learning/team building experiences, luxury get-away venues, fine-dining and champagne – everything you need to uplift or wind down.

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MoviE MagiCThe easy-to-use Flip Video™ shoot and share pocket video cameras make movie-making simple. Just plug them directly into your com-puter to download the footage and save your summer memories.

Now Cisco has announced an all-new range of the cameras just in time for summer. The new UltraHD and MinoHD video cameras feature the signature Flip simplicity and are now equipped with integrated image stabilisation and a higher frame rate that make videos look even better.

The pre-loaded FlipShare software now also features direct uploading to Twitter, Facebook and YouTube.

FlipShare allows users to take digital still im-ages from video and comes with a Magic Movie button, helping consumers to make fun movies of multiple video clips.

DECEMBER 2010 | management.co.nz | 99

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Appreciating quality

“Flip Video has been making it easy for New Zealand consumers to shoot and share video for a year now, and the new models mean even higher quality HD video is now avail-able,” said Todd Lyn-ton, managing director of Cisco Consumer Products ANZ.

“Kiwis love being able to share their videos quickly and easily, and with Christmas and summer on the way it’s a perfect time to extend our range.”

100 | management.co.nz | DECEMBER 2010

fantail loDgE CountRy EstatE A balance of facilities, service, and fine cuisine - a winning formulaFantail Lodge near Katikati in the Bay of Plenty, one of the country’s finest and dedicated bou-tique lodges, has been re-inventing itself. While many industry players find the current market challenging, Fantail Lodge is positioning itself for the next decade, significantly increasing capacity and upgrading existing premises. It now has more than 30 luxury rooms.

Fantail’s founders Harrie and Barbara Ger-aerts have created a delightful and sustainable environment over the past 20 years. Although the ‘party style’ conference may be a thing of the past with more emphasis on focused work-ing and performance, businesses often have a real desire to escape to the countryside.

A business group may occupy the lodge exclusively with everything tailored to its needs and excellent service and facilities exceeding the market’s expectations for ‘big city’ capabilities.

The Garden Villas offer space and comfort with a state-of-the-art fibre optic network, fast broadband internet, voice and data carry-ing capacity, Freeview and Sky TV. This newly installed system allows corporate guests to communicate in real time with overseas offices

100 | management.co.nz | DECEMBER 2010

and to download large amounts of data/video during any meeting session. One of the key ad-vantages at Fantail, and increasingly important for businesses and governmental organisations with sensitive data, is that the communications system is guaranteed secure.

Fantail Lodge has for two decades been renowned for a well balanced blend of superb facilities, excellent service, and fine cuisine. This alone is a great achievement; but to accom-plish growth and expansion in these straitened economic times is no less than remarkable.

To host a business meeting or conference at Fantail Lodge Country Estate promises exactly that: something truly remarkable.

For more information, contact:Harrie Geraerts at Fantail Lodge Country Estatephone: (07) 549 1581 or 0800 conferenceemail: info@fantaillodge.co.nzweb: www.fantaillodge.co.nz

Recognising excellence

DECEMBER 2010 | management.co.nz | 101

EuRo... is a statEMEnt, a vERy finE statEMEntAn expression of excellence on Auck-land’s waterfront, by John Clarke.The city’s real essence is its harbour; its real front entrance the downtown wharf area. It’s just a pity it’s been such a mess for so long. But the refurbished Euro symbolises what can be done and what should be done with this city’s magnificent front door.

The reinvented version is still recognisably Euro but it has swallowed up its sister Nourish establishments, the Green Room and Pasha. The enhanced Euro is larger; it is smarter with more choice, more accessible and it is every-thing we Aucklanders were hoping for. The Nourish Group has now provided the city’s waterfront with what it has always deserved; an establishment of which Aucklanders can at least be vicariously proud.

There is a stunning new private dining room, an open chef’s table/bar where one can be cooked for exclusively but not feel excluded. The service area/bar runs almost the whole length of the place and leads directly out onto the full length wharf alfresco area.

And, as always, with the passionate chef-patron Simon Gault’s total dedication to qual-ity, there is no compromise. The restaurant has in full view a meat drying/aging room providing all with proof – appreciated or not – of the high quality products Gault prepares for diners, and the respect he has for those products.

The character is Kiwi but the service world class; the balance has always been about right. The food is excellent as one would expect and the range more extensive than before. With the extended premises the whole wining and dining experience has more variety.

One wonders why in the past certain journals have refused to give this establishment the rec-ognition it deserves. Perhaps they’ve confused a refusal to compromise on quality and a com-mitment to excellence with arrogance. But Euro has none of the sneering superiority of some world-famous establishments elsewhere; it has always been convivial and refreshing.

The revamp makes this restaurant the newest and best expression of Auckland hospitality. No pale cringe-inducing copy of some indefinable Mediterranean café-restaurant this; Euro is definably Auckland and proud of it.

In the new Euro, Gault and his compatriots have managed to identify and portray – in the finest hospitality sense – the essence of Auckland; a long time coming, but here it is.

Shed 22 Princes Wharf, Auckland, New ZealandPhone: +64 9 309 9866 www.eurobar.co.nz

Appreciating quality

Recognising excellence

102 | management.co.nz | DECEMBER 2010

Champagne TaittingerOne of the fundamental themes of

the romance that is champagne is that the region and its wines are so

deeply ingrained in French culture that it’s impossible for modern people to imagine France without champagne, or champagne without France.

Champagne is the most industrial of all the world’s fine wines, made in large quantities and blended to a standard of consistent reliability using the most precise processes. Since its early days at the beginning of the 19th century it was the focus of considerable technological activity in refining processes of viticulture, crushing, winemaking and clarification that for the most part have become part of the tradition that is now known as the methode champenoise.

Modern champagne is an extension of that method, utilising new technologies and refine-ment of both its sense of style and the nature of its market. Taittinger was at the forefront of this extension, indeed it could be argued that Taittinger initiated the wine style that the world now recognises as champagne. Not just the processes by which champagne is made, but the style of the wine and the way it is marketed.

Pierre-Charles Taittinger probably had the vision of what he wanted champagne to be, especially Champagne Taittinger, when, at the end of the first World War, he bought Côte des Blancs vineyards as the basis for his blend. He recognised the cultural imperative that champagne’s history represented in its largest market, France, and then he set about delivering

By Keith Stewart.

la Marquetterie.

Appreciating quality

a style of wine that was not the full flavoured, sweetened champagnes of history that were almost purely drinks of celebration. Instead he looked for a drier, more sophisticated style that would sit comfortably throughout the great daily French occasion, the midday meal.

In doing this Taittinger seconded the nose and considerable taste skills of the great Fern-and Point, whose restaurant, La Pyramid, was considered the greatest in France. Point was not only the inspiration for the post-war generation of culinary artistry that acclaimed France as the world’s home of haute cuisine, he understood the essential contribution made by finesse. To-gether he and Claude Taittinger, Pierre-Charles’ second son, evolved the style that is now considered the Taittinger standard; a refined,

elegant wine that has excellent mousse texture (see box), deep, fine flavour that is persistent and a dry, lingering finish. In effect, the ultimate all-round table wine for fine dining.

Taittinger also revised the way they marketed champagne, with the same sort of revolution-ary zeal that fired Madame Clicquot to send her salesmen off to Imperial Russia 150 years earlier during a trade blockade. Taittinger looked to the more sophisticated modern practice of marketing, rather than the old-fashioned word-of-mouth approach that was the accepted Champagne way. For the first time in the re-gion’s history this meant placing full page, colour advertisements in leading magazines. The art of media brand building had arrived in Reims.

The developments proved highly successful and Taittinger was soon established as one of the leading maisons of Champagne, with an international market. The wine also laid the foundations for Taittinger to become one of the world’s great luxury companies, owning a string of spectacular hotel properties, the Hermes luxury goods company and other prestige brands.

The luxury goods empire has since become the property of an American investment company, but under Pierre-Emmanuel Tait-tinger, Claude’s son, the family has remained in control of the champagne house they built, continuing the tradition of elegance and depth, and continuing to innovate. This includes the

development of a Grand Cru wine from selected grand cru vineyards, and the remarkable Folies de la Marquetterie, a wine against all accepted Champenoise practice – it is a single vineyard wine, unblended, non-industrial, and a remark-able insight into what inspired Pierre-Charles Taittinger to create his own champagne. M

• An exclusive tasting of the Champagne Tait-tinger range appears on the following page.

• For the remarkable history of House Taittinger and an interview with Clovis Taittinger, fourth generation champagne producer, visit www.management.co.nz.

DECEMBER 2010 | management.co.nz | 103

– a recipe for prestige performance

Making WinE tastE RiChChampagne is full of bubbles, that much is obvious. But what purpose do the bubbles serve? The short answer is that they give champagne its rich texture, its taste of luxury. The mousse as the Champenoise call it, is only a successful component in the wine when it delivers a creamy texture, and essential rich-ness that is much more than a simple fizz. Feeling the mousse is a critical function of all, professional champagne tasters, and a particular pleasure for champagne fans.

from left, Clémence, vitalie, pierre-Emmanuel and Clovis taittinger.

Recognising excellence

taittinger BrutFresh, fine, deeply flavoured wine with a delightfully light creaminess and persistently elegant air.

taittinger prestige RoséPretty looking wine with a creamy rich texture and very fragrant manner. Dry and flavoursome, with a tough edge to its graceful demeanour.

taittinger prelude grands CrusEnergetic feel to the mousse, coming after a fine, fragrant nose that delivers a swathe of pastry and fruit flavours tinged with minerals. Supple and subtle to the very end. A class act indeed.

Keith Stewart tasted the entire range of Champagne Taittinger currently available in New Zealand, and filed these comments:

104 | management.co.nz | DECEMBER 2010

Taittinger: The Tasting

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taittinger Millesimé 2004 BrutBig and heroic, almost unrecognisable as Tait-tinger, which can be the case with vintage wines that reflect the character of a single year. All power until the finish when it leaves a sense of detail and subtlety in its wake.

taittinger folies De la Marquetterie BrutAaaah. High toned, fragrant, very elegant wine with a genuine bouquet of complex aromas. Al-most fragile in its filigree of flavour, but with real depth holding it all together. Has great harmony and poise as well as an abiding richness that seems golden.

taittinger Comtes De Champagne Rosé 2004Smells like cherry blossom and fresh pastry, this brilliantly detailed wine is no blushing virgin, rather it is a perfectly manicured beauty well aware of the world. When it is another 20 years older it is sure to be a revelation.

taittinger Comtes De Champagne Blanc Des Blancs 1999The wine looks like a star burst with its flickering shimmer of bubbles. Smells as beautiful as it tastes, a fragrant dazzling experience of elegant winemaking art. Layers and layers of flavour, and in spite of the blanc des blancs tag this is no minor key charmer but a full throated aria – all passion and rich wonder. M

Appreciating quality

DECEMBER 2010 | management.co.nz | 105

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PO Box 3624, AucklandTelephone (09) 307 0486 Facs imi le (09) 307 0523

Emai l : harbours ide .auck@xtra .co.nzWebsite : www.harbours iderestaurant .co.nz

www.harboursiderestaurant.co.nz1st Floor The Ferry Building

1st F loor, The Ferr y Bui ld ingQuay Street , Auckland, New Zealand

PO Box 3624, AucklandTelephone (09) 307 0486 Facs imi le (09) 307 0523

Emai l : harbours ide .auck@xtra .co.nzWebsite : www.harbours iderestaurant .co.nz

99 Quay Street Auckland

1st F loor, The Ferr y Bui ld ingQuay Street , Auckland, New Zealand

PO Box 3624, AucklandTelephone (09) 307 0486 Facs imi le (09) 307 0523

Emai l : harbours ide .auck@xtra .co.nzWebsite : www.harbours iderestaurant .co.nz

Phone 09 307 0556

G R E A T S E A F O O D D I N I N G O N T H E B E S T D E C K I N T O W N !

Sparkling wine has been high on the agenda of New Zealand wine-making from the time Spanish immigrant

Joseph Solé arrived from Taragona late in the 19th century with the intention of making top class bubbles. Only two vintages were made, and we know nothing of that wine.

In the 1950s Mission Estate made a bottle fermented sparkling wine they called Fontanella, from traditional Champagne grape varieties such as pinot meunier and pinot noir. Again that effort never transformed into a serious sparkling wine industry.

But then in the early 1980s in Marlbor-ough the efforts of Champagne-born Daniel le Brun inspired an entire premium quality sparkling wine sector.

And today, throughout the world, those who know fine wine see New Zealand as being the biggest challenge to Champagne’s dominance of the international bubbly market.

thE WinEs The following selection is chosen by the tasting team from Mediaweb’s grill maga-zine as an expression of the best of the best in bottle-fermented sparkling wines.

Taittinger: The Tasting New Zealand’s bottle-fermented sparklers

no 1 family Estate virginie Cuvée 2006Methode Traditionelle Brut Source: MarlboroughVarieties: pinot noir; chardonnay Winemaker Daniel Le Brun notes: very pale gold with delicate rose petal bubbles. A tightly focussed bouquet; sweet scents of vanilla cream, white flower, nougat and fragrant lemon blossom. The Virginie 2006 deliv-ers further delights on the palate with hints of hazelnut meringue and bright citrus. The rich full palate is made deceptively delicate by a dense satin like mousse. Intriguing and fulfilling, the very pure line and cleansing acidity promises even more for anyone patient enough to wait. M

Quartz Reef Methode traditionnelle nv Source: Bendigo, Central OtagoVarieties: pinot noir; chardonnay Fine nose has fresh yeast and a hint of cit rus/mineral austerity. Palate texture is im mediately impressive, silky rich, with fine fruit/yeast flavour and a long, stylish palate. Absolutely stunning.Winemaker Rudi Bauer notes: focused, fresh and crisp with a beautiful balance and length. Colour: Pale yellow. Bouquet: Royal gala apple with a hint of lime, brioche. Palate: Flirtatious, moreish, enhanced by an invigorating cool, creamy acidity.

no 1 family Estate no 1 Rosé 2008Source: MarlboroughVarieties: pinot noirWinemaker Daniel Le Brun notes: this exceptional rose is made from 100% Pinot Noir. Delicate salmon-pink with a mass of tiny bubbles, the wine offers a seamless balance of subtle cherry and almond hints combined with a dry acidity. Dry, yet fresh and elegant, this wine leaves a lasting impression of opulence and splendour.

106 | management.co.nz | DECEMBER 2010

Exhibit Group helped Hewlett Packard with this major show set-up.

Companies make a big investment in display equipment for shows and exhibitions, but going it alone can leave displays vulnerable to damage and loss, in storage, set-up, pack-down, freighting or cleaning.

Now Exhibit Group has found a solution to take all the worry out of display gear storage and set-up for corporates and organisations, with its one-stop, exhibition and event, Display Management Service (DMS).

The group’s DMS unit prevents the kinds of disasters that confronted one Exhibit client recently.

Says owner Craig Joynt: “We are currently presenting to a client that has lost or had damaged $100,000 worth of display gear in two years – that’s the cost to them in not having a DMS service.”

How does it work?DMS allows centralised storage of even large companies’ display equipment. Part of the service is online cataloguing of equipment and managing the storage and handling. This service is customised to suit the client’s needs and requirements. Online ordering and reporting makes it easy for the client, says Joynt. “We have a dedicated DMS team who will do what it takes to get the job done. Our aim is for a zero percent in-the-field failure rate.”

Why is it easier?Equipment is maintained to a high standard, repairs are made, hardware is covered by warranty and recommendations can be made on replacing any damaged graphics. There are also reports available on equipment movement and frequency of use.

What are the ongoing benefits of DMS?Joynt says clients find the ease of using the service means they can exhibit more frequently, because all the hassle is taken out of the mechanics of the process. “One of our clients went from 35 events in a year to 115,

using the same display gear. We are making them money by putting their brand/message in front of more people more often, and they’re finding the benefit far outweighs the cost.”

Why is it so popular?Says Joynt: “This service is unique, as it is almost impossible to replicate – and it works for our clients because we are experts in display equipment and our equipment is the absolute best available.”

Where to in the future for DMS?The company has just invested in a new warehouse to house display equipment for the growing number of clients and in March is rolling out a new enhanced software package to give clients even more ease of use and reporting.

Is it sustainable and green?There is a pivotal approach by Exhibit Group to adhere to the “three Rs” in sustainable practice:• Reducing waste – by providing quality, long lasting, reusable products that will significantly reduce waste. Many products are smaller in

framework composition and made from high quality recyclable materials, not plastic.• Reusing products – by ensuring that the display products are maintained, and can be reused time and time again.• Recycling – by choosing responsible supply partners who use recyclable packaging and product materials.

Says Joynt: “As part of Exhibit Group’s wider commitment to R&D, we investigate any new green initiatives that emerge in our industry and wherever appropriate, promote these to our clients. In an effort to offset Exhibit Group’s own carbon footprint we have invested in over 15,000 maturing pine trees within New Zealand.”

Why should companies trust Exhibit Group to look after their exhibition needs?“Exhibit Group is into its 29th year in business,” says Joynt. “I have owned it for 15 years. We don’t usually shout about what we do. Our motto is, ‘We say what we do and we do what we say.’ The people in the organisation are, as usual, the key. They are dedicated to quality and service.”

Displays maDe easy

CoMPany PRofilE

For more information, go to exhibit.co.nz or phone 0800 EXHIBIT.

Focus on Management

Maori managers – will they make any difference?

New ZealaNd INstItute of MaNageMeNt IN aCtIoN

The Maori economy is gathering momentum, not only across the primary sector but in

service sectors such as media, education and health. As a result, Maori professionals who may have once studied law to help address historic injustices are increasingly choosing business management as a career option.

“Management is a holistic discipline, which is attractive to a growing number of emergent leaders in Maori networks who now view management as a career pathway, a life choice,” says Bill Karaitiana, NZIM Southern board member.

“While business principles remain the same, for a Maori leader/manager it’s not only about EBIT... the ‘bigger question’ is, will it make any difference for shareholders and/or whänau? Will it change anything in regard to social or economic wellbeing, for this generation and those to come?

“Tradition is a point of difference in today’s global context. It is all about the creation of new value chains based on traditional products which are transforming business relationships and performance in a global setting.”

However, Maori need to become more connected with customers, better integrated along the value chain and much more demanding about raising performance levels, he stresses.

Looking to enhance organisational performance, increasing numbers of Maori businesses and organisations are turning to NZIM programmes.

With almost 37,000 students Te Wananga O Aotearoa (TWOA) is one of New Zealand’s largest tertiary providers, offering programmes ranging from leadership and business, to sports, environmental management, teaching and forestry. NZIM provides leadership courses for TWOA staff, and Te Wanaga’s Koro Turia says the relationship works well.

“It has been a strategic move, in that we want to provide leaders from within the organisation. We identified various courses that best represent where the organisation is going, and managers discuss these as options when they and staff members identify directions for professional development during annual performance reviews. We felt, because of the relationship built from initial meetings two years ago plus feedback from managers who have been on public NZIM

programmes, that NZIM was able to offer a lot more than just competencies. NZIM was also willing to customise courses to suit our organisation’s needs so that’s been a bonus in terms of setting directions and incorporating our culture into the programmes.”

At the Waitemata District Health Board (WDHB), and other DHBs, Ministry of Health CTA Hauora Maori Scholarships are playing a vital role in raising the level of qualification of Maori managers, improving health services and how people relate to patients and clients. WDHB’s Michele Cavanagh says the qualification sought must be on the NZQA framework between Levels 3 and 7, with most of this year’s 50 applicants opting for management courses. The WDHB already had a relationship with NZIM, and has not sought any particular customisation to reflect organisational needs or Maori values. Maori values may well end up enriching management courses even so, given the contribution of participants such as Tanekaha Rosieur.

Tanekaha (Nga Puhi, Ngati Whatua) is pou whakahaere (Maori Health Service manager) of Mo Wai Te Ora, the Maori Health Team, at the WDHB, with three decades of experience in Maori health. He received a CTA Hauora Maori Scholarship and graduated this year with the Diploma in Front Line Management.

“I found that although the course has been developed for particular needs around front line management, I was interested in it more from a Maori perspective. I speak Maori fluently, and I see these things as like looking through a pair of sunglasses on a beautiful day – if you take them off and look at the same world through paua shell eyes you’ll see things that you don’t see in a Western world view. So I tended to question, and talk about values. I’d say, this is how I see it, you may not agree but I’d like you to consider what I’m talking about because some time in your future you may well draw on these thinkings to help you.

“I consciously brought that to the NZIM to try and add value to the whole experience. Working with others and with tutors that were very open to other experiences made it rather a unique experience. The tutors were wonderful – they brought their own perspectives and knowledge but when I spoke to different issues from a Maori perspective, they were all most supportive. I’d like

to think the experience was a very positive one for everyone.”

Tanekaha believes the Maori world view can be applied in the business world.

“It’s really important that the NZIM thinks about adding an indigenous strand to the whole learning experience. It would enrich the NZIM’s world view, because there’s a tendency to concentrate on a skill base or learning and there’s a humanistic element being left out.”

Korio Turia says at the top end of training many Maori managers are immersed in their language, with an expectation that whatever training they receive incorporates the language, culture and Maori values.

“From next year our courses will be at that senior management level and up. It’s important not to lose the essence of the actual training, but it’s also about how you communicate when you’re facilitating – is it engaging people, and does that mean getting them to have some input as to how they want that training to go?”

Bill Karaitiana sees opportunities for NZIM centred upon Maori business needs.

“NZIM must be relevant to add value to these new value chains and to the competencies of emergent Maori business leaders, taking into account the purely commercial aspects as well as traditional, fiduciary and intergenerational aspects. NZIM is well placed to deal with some of the crucial issues of moving start-ups from incubator to fully fledged businesses. The effect of globalisation and how it affects businesses is also crucial. Delivery of such courses would most likely be executed in partnership with clients due to the collaborative nature of operating in the ‘Maori space’.

“Maori leadership is multidimensional. We must weave the cloak together to ensure that the correct decisions are made at the right time. Overall as leaders we must lift our game – but at the same time we need to ensure that undue influences do not distort traditional values, because they are our competitive edge.”

Bill Karaitiana

on management

deCeMBeR 2010 Vol 05 NuMBeR 06 ISSn 1177-5815

Focus on Management

Tetramap –the Nature of BehaviourWith many behavioural tools out there,

it is hard to determine which would be the most help to you and your team. Tetramap is a learning tool that is increasing in popularity among the NZIM faculty as its value is evident in training and learning development. Its application to a wide range of situations, including workplace issues, increases its relevance to all organisations and teams.

Tetramap incorporates nature’s elements of Earth, Air, Fire and Water as a metaphor for people’s behaviours and attributes. With Earth, users tend to be confident and have goals, control and achievement high on their list of values. Air tends to be orderly and focussed, finding logical solutions and trying to make sense of situations. Users that are Water are caring and loyal, have great patience, and promote harmony. Fire, as the element suggests, are passionate about exploring possibilities and look to encourage others towards bright futures.

Because of its ease of content delivery, facilitators using Tetramap find that there is more time for quality learning and in-depth discussions. As most people are looking for a return on investment, Tetramap’s appeal lies in its ability to apply learning straight away. With a better understanding of why you are the way you are, you are in a better position to manage, lead, communicate, deal with conflict and build meaningful relationships. Easy application and taking only minutes to apply, learning to understand your own behaviour and that of others is a powerful tool.

NZIM Northern has successfully implemented Tetramap across a range of both public and in-house programmes with positive results. For more information and testimonies please visit the official Tetramap website www.tetramap.com, or contact the NZIM Northern L&D team (0800 800 694) on how your organisation could work with this truly universal application.

NZIM Northern is proud to announce our partnership with CC Learning to provide

the PRINCE2® Foundation with Practitioner programme. Already covering the Project Management Body of Knowledge®, NZIM Northern is now equipped to meet all of a project manager’s needs to further his or her career and fill in any gaps they may have. Whether you are a new project manager, an old hand, or looking to gain a practitioner qualification, this programme is for you.

PRINCE2 (Projects IN Controlled Environments) is the standard project management method that is widely used by the UK government. It is also increasingly recognised and utilised by the private sector, both in the UK and internationally. PRINCE was originally established in 1989 and has since evolved, with the latest revision PRINCE2 in 1996. With a long history of good practice,

Asian Association ofManagement OrganisationsKevin Gaunt, NZIM Northern Region chief

executive, is our representative on the Asian Association of Management Organisations (AAMO) Council. In September he attended the AAMO Council meeting and triennial conference in Hong Kong.

As well as New Zealand, 12 countries attended the Council meeting – Australia, Hong Kong, India, Japan, Macau, Malaysia, Mongolia, Nepal, Pakistan, Singapore and Sri Lanka. (Other member countries Cambodia, Mauritius, Philippines, Qatar, South Korea and Taiwan did not attend.)

Each country gave an update on what was happening in their region and three main points stood out from the presentations:1. Research – most of these associations are looking to strengthen their reason for being and are focusing on research as a way of increasing the value of the information they have. This is similar to NZIM’s rationale for including research in its strategic plan.2. Links to universities – the leading management organisations appear to have developed partnering relationships with universities and are offering top end management development programmes3. Conferences – a number of member organisations run annual management conferences that have the effect of renewing their organisations and attracting new members. However, these also require

significant resource and expertise.There is a growing interest within the

AAMO membership in the NZIM Management Capability Index. India and Malaysia have both just completed their surveys. Singapore and Mauritius are implementing it, and Australia has asked for information and is considering running it too.

Kevin also attended the AAMO triennial conference, which had the theme “Winning in a Changing World – Innovation in Management”.

A key theme arising from the conference presentations was that the management paradigm is changing. The reason for this is that Y Generation managers are becoming prevalent and this is leading to a radical shift in what the leaders of organisations are interested in. For years the catch cry has been competition and growth, but the Y Generation is more interested in sustainability – that is, the creation and development of organisations that are able to stay in business for some time and contribute positively to both their workforce and environment. The comment was made many times that most current management organisations and training establishments are focused on the traditional model of management and are failing to recognise and react to the change quickly enough. This is perhaps why some of the leading management organisations are now focusing more strongly on research to identify the changing trends.

PRINCE2 has become an internationally accepted standard for project management. Adopting PRINCE2 has the added benefit of this continuity of development through past users as well as providing both flexibility and a customised approach to cater for a wide range of projects.

The PRINCE2 method provides a structured approach to project management, by managing projects within a clearly defined framework. It is an easy method to follow that specifies inputs and outputs for each process, thereby providing better control over resources and helping to manage project risk more effectively, leading to fewer mistakes and most positively, saving time and money.

For more information on the PRINCE2® Foundation with Practitioner programme, please contact the NZIM Northern L & D team on 0800 800 694, or visit www.nzimnorthern.co.nz.

Catering to project managers’ needs

Participants on the September Tetramap certificate course.

for yourdiary

22-23 February 2011TeTraHui inTernaTional “Making THe ConneCTions” – auCklandThis conference will feature high profile international speakers on behavioural change and organisational learning. They are all exponents of the TetraMap model. For more information visit http://www.tetramap.com/read/tetrahui

Focus on Management

IntroducingWillem KnibbelerWillem Knibbeler is

an internationally respected organisational development facilitator, with special expertise in emotional intelligence (EQ) and leadership development.

Trained in Europe as a change facilitator, Willem has had senior change management experience, initially in Holland and since 1981 in New Zealand.

In 1990 Willem established his own practice as a consultant in leadership development, conflict resolution and mediation. He is a senior facilitator for the New Zealand Institute of Management and has consulted to a variety of private sector organisations including Fairfax, Telecom, Fonterra and Mobil Oil. He has also consulted to a variety of public sector organisations including the Departments of Internal Affairs, Corrections, Justice, Inland Revenue, FRST and Agriculture & Forestry. Willem also consults to Parliamentary and Ministerial Services.

Willem holds Masters Degrees in Business Administration (MBA), in International Relations (MIR) and in Management (MMgt). He is currently completing work towards a doctoral degree in emotional intelligence and he is accredited in the use of the BarOn EQiTM psychometric measure of emotional intelligence. He is a frequent guest speaker at conferences and seminars.

developing, inFluenCing and MoTivaTion skillsThis programme will help you to become a skilled persuader in a multitude of settings ranging from being effective in sales and negotiations, to being influential in meetings, presentations and face-to face communication.

A highly interactive and practical programme, there is a strong emphasis on individual, paired and group experiential exercises and discussions. Many opportunities are given to test and practise newly acquired skills in a variety of realistic business settings. Proven Accelerated Learning methods and audio-visual feedback are used to anchor new skills and enable participants to apply them immediately.

Participants will benefit if they:• wish to influence or motivate their manager, or their colleagues, or need to persuade external contacts such as customers or providers• are responsible for team achievement and need to motivate team members to high standards of productivity and effectiveness• need to persuade others in formal or informal sales and negotiation situations• wish to enhance their personal effectiveness during meetings and other decision-making processes.

Dates: March 22 & 23Cost: Members $1100.00 + GSTNon-members: $1450.00 + GSTFacilitator: Willem Knibbeler

leadersHip (dip in MgT advanCed)Objectives:• To develop contemporary strategic thinking and the tools for crafting exceptional business performance through strategic leadership application.• To enable participants to orchestrate ambitious, creative organisational and personal goals that deliver superior performance.

This intensive two-day programme is for middle or senior executives from diverse functional backgrounds, experiences, and levels of responsibility, from the private or public sector irrespective of size. This includes (but is not limited to) human resource development, marketing, finance, operations, IT, and strategic planning executives.

On successful completion of this programme, it is expected you will have the tools to be able to:• Instil an obsession and enthusiasm for change• Accelerate creation and flow of ideas into strategic innovation that creates new business value• Frontier knowledge and best practices in high performance strategic leadership• Drive market growth, orchestrate winning performance, build sustainable value, by linking changes in business strategy to your people capabilities• Leverage information, IT, people and practices to enable better decision-making and innovate in products and services• Exploit what other companies do not know or are not motivated to apply• Develop a well-defined project plan focused on dramatic improvement or transformational change• Use your personal assessment and gap analysis that provides the foundation for taking you to your next level of strategic leadership development and turning inspiration into winning performance.

Dates: December 13 & 14Cost: Members $1400.00 + GSTNon-members: $1600.00 + GSTFacilitator: Willem Knibbeler

Upcoming courses for your

NZIM/WECC Women in Business Women in

Business Breakfast Series NZIM Central in association with the Wellington Employers Chamber of Commerce, held a breakfast meeting on 23 September with guest speaker Melissa Moon. Melissa, twice World Mountain Running champion and this year the first woman up the 86 flights of the Empire State Building, is shown here with Phillip Meyer and Karin Callaghan.

“Despite the 5am start on the morning of 23 September, it was a privilege and a pleasure to attend the NZIM breakfast meeting in Wellington to support Peter Bell when he was awarded his AFNZIM,” says MASH Trust CEO Carol Searle.

Peter is the human resources manager for MASH Trust, which is a non-government organisation providing services for people in the lower North Island with psychiatric, intellectual or physical disability or illness. It employs over 380 staff.

“As a CEO it is often difficult to find learning and development opportunities for senior managers in an environment that will stretch them professionally but also provide an avenue for peer support and mentoring. Having Peter

receive the AFNZIM gave MASH an opportunity to acknowledge a senior team member as well as raise the profile of our organisation,” she said.

Presentation of AFNZIM certificate to Peter Bell

Willem Knibbeler

Carol Searle, CEO MASH Trust, Peter Bell, HR manager, MASH Trust, Phillip Meyer, president/chairman NZIM, Karin Callaghan, CEO NZIM Central.

diary

Focus on Management

exCellenCe in ManageMenT “I recently attended NZIM’s Excellence in Management seven-day programme. We learned, experienced, and grew in our leadership roles as we participated in the programme that consisted of, among many other topics, organisational alignment, finance, change management, marketing, and continuous improvement. We also experienced particular growth in personal development, completing MBTI personality profiling, LPI, leadership profiling, and Career Anchors. Attending the programme was a fantastic way to solidify all of the leadership and management experience of the overall group. I totally recommend the programme. Please feel free to contact me for further information.”

The Advanced Management Programme – a “must do”NZIM Southern’s flagship course, the

Advanced Management Programme (AMP), has been benefiting organisations in New Zealand for more than three decades, and continues to produce top results, year after year. It’s a “must do” for managers serious about achieving excellence in their management and leadership functions. New Zealand companies often send senior managers offshore for this level of training but NZIM Southern offers a viable alternative, by bringing an international faculty to New Zealand once a year to provide similar outcomes.

AMP is excellent for those aspiring to move into senior management, but also provides an opportunity for senior executives to recharge their batteries and further develop their leadership skills. Designed to drive corporate performance by creating indispensable leaders, the course transforms the way executives think, manage and solve problems. It delivers the confidence and self belief people need to inspire and lead others.

An intensive four week programme run in two two-week segments, AMP is highly practical and delivers a return on investment that starts the moment graduates re-enter their work environment.

In a tough and uncertain environment, leadership is more important than ever in giving your company a competitive edge. Organisational restructuring and career advancement place managers in more demanding roles, requiring skills beyond their areas of disciplinary training or expertise.

Rodney Green, CEO of Ravensdown Fertiliser Co-Op Ltd, says: “Ravensdown utilises AMP as an essential component of our training programme for all senior staff who have significant numbers of people working for them. The faculty of the Advanced Management Programme provide a world-class skills development programme.”

We welcome enquiries for this unique programme, commencing 14 June 2011. For a brochure, CD ROM and further information or to register a candidate, contact Keith Walker, business development manager, NZIM Southern, 03 374 8524, keith@nzimsouthern.co.nz.

Excellence in Management 2010

Gail Foster-Bohm, NZIM Southern consultant, 03 374 8527, gail@nzimsouthern.co.nz.

esCo – a personal journeyWhen you invest time and dollars in a training course you obviously want to be sure you or your staff will benefit. However, the ESCO experience is not easy to communicate, and as a result has acquired something of a mystique. NZIM Southern consultant Harry Fox attended the 145th staging of ESCO and unravelled “the secret”.

“One thing participants seemed to share was that, really, we had no idea what we were getting into. Do graduates of ESCO have some sort of collective agreement that they don’t talk about what ESCO really involves?

“Now, as an ESCO graduate myself, I have some sympathy for their dilemma. How does one describe an experience that, by its nature, is truly personal and potentially life-changing? Each one of us brings to ESCO our own unique experiences, attitudes and expectations and leaves with a changed perspective, understanding or discovery about ourselves and our future. That’s the dilemma, because prospective participants think they know what they are getting into and why it will be

useful. How do you prepare someone for this experience?

“This course really delivers in terms of developing a person’s understanding of their strengths and weaknesses as a leader and manager but equally it provides the confidence to grow in these roles.”

If you are considering ESCO for one or more of your staff, you are welcome to contact Harry Fox, 03 374 8526, harry@nzimsouthern.co.nz

NZIM Southern recently delivered the 145th staging of its long-standing

and very popular programme ESCO – the Discovery.

Starting life in 1966, it is remarkable this seven-day residential course continues to ‘hit the mark’ in terms of the impact it makes on the development of those who attend, now totalling over 3500.

As “the ultimate interactive leadership challenge”, ESCO caters for people in all management roles. It is a programme of self-discovery designed to enhance an individual’s effectiveness as a leader, mentor and innovator in the workplace.

The longevity and effectiveness of the course, which is regularly updated to keep it in tune with modern business practices, can be attributed to the passion and commitment of the dedicated and in many cases long-serving faculty to whom we are hugely grateful.

In 2003 ESCO was introduced into Fiji where it has also now established itself as the ‘must do’ programme for aspiring and current managers.

The first ESCO staging for 2011 is planned for 9-16 July. For a no-obligation brochure contact Keith Walker, 03 374 8524 or email keith@nzimsouthern.co.nz.

An amazing tale of longevity

Focus on Management

DEC

6-7 Interpersonal Communication Skills

7-9 Team Leader 3 – Operational Management

8-10 Project Management

15 Effective Use of Time

JAN 2011

18-19 Leadership

19-20 Effective Recruitment

25 Speed & Power Reading

25-27 Team Leader 1 – Essential Skills

26 Effective Business Writing

27 Effective Use of Time

FEB

1-2 Developing a High Performance Team

2-3 Assertiveness Skills

3-4 Workplace Assessment

7-8 Developing Influencing & Motivation Skills

7-9 Project Management

7-9 Introduction to Management

9-10 Report Writing

9-11 Team Leader 2 – Building Effective Teams

10 Emotional Intelligence

15-16 Human Resource Management

16-18 Accounting for Non-Accountants

17 Effective Use of Time

17 Effective Business Writing

21-22 Interpersonal Communication Skills

23-24 Dealing with Difficult Behaviours

23-24 Coaching and Mentoring

MAR

3-4 Presentation Skills

3-4 Negotiation Skills

3-4 Introduction to Supply Chain Management

7 Conducting Effective Meetings

8-9 Conflict Management

9-11 Team Leader 3 – Operational Management

10-11 Essential Sales Fundamentals

14 Effective Use of Time

14 Effective Business Writing

15-16 Operational Management

17 Stress Management Strategies

17 Implementing Effective Performance Reviews

21-22 Practical Management Skill

23 Memory & Mind Mapping

23-24 Think On Your Feet

23-24 Performance Management

Train the Trainer

28-30 Leadership, Motivation & Team Building

28-30 Professional Administrator Skills

30-31 Budgeting for Non Financial Managers

Corporate Story Telling

DEC

13-14 Leadership (Dip in Management

Advanced)

15-16 Confident Communicator

JAN

25 Introduction to Management

FEB

17 Report Writing

17&28 Speed and Power Reading

18 Emotional Intelligence

21 Manage Personal Work Profiles

21-23 Project Management

22 Managing Your Time

24&25 Building a Business Case

25 Effective Business Writing

25 Effective Recruitment and Selection

MAR

1 Memory and Mind Mapping

1&24 Introduction to Management

7&8 Managing Small Projects (NZIM Cert

in Management)

8 Developing an Internal Mentoring

Programme (NEW)

11 Facilitate and Capitalise on

Change and Innovation

15 Peer to Peer Mentoring Skills

16 Managing Your Time

17 Constructive Feedback Techniques

(NEW)

21 Train the Trainer

21 Manage Operational Plan

22&23 Developing Influencing and

Motivation Skills -

25 Resilience in the Workplace (NEW)

28-30 Project Management

31 People Skills for Prince2

CENTRAL All courses shown are in Wellington unless otherwise indicated. For more information phone 0800 373 700 or visit www.nzimcentral.co.nz

NORTHERNAll courses shown are in Auckland. For more information phone 0800 800 694 or visit www.nzimnorthern.co.nz

24-1 APR

31-1 APR

ChRIsTChuRCh

DEC

7 Doing Recruitment Well – Advertising and Interviews

9 Active Listening and Questioning Techniques to Improve Communication

9 Negotiating Performance Goals

10 Coaching Conversations

13-14 Basic Training Skills

FEB

15-16 Accounting for Non Accountants – Stage 1

17 Effective Use of Time

MAR

14-16 Team Leader – The Essential Skills

OTAgO/sOuThlAND

DEC

15-16 Practical Project Management, Invercargill

FEB

9 How to Manage Drug & Alcohol Risks in the Workplace (NEW), Invercargill

16-17 How to Manage & Lead Successfully, Invercargill

25 Emotional Intelligence (NEW), Invercargill

28-2 Four Quadrant Leadership, Dunedin

MAR

7-8 Presentation Skills, Dunedin

15 Managing the Performance of Your Staff, Invercargill

16 Effective Business Writing, Invercargill

17 People & Communication Skills, Invercargill

18 Dealing with Different People, Dunedin & Handling Conflict, Invercargill

21 Effective Use of Time, Invercargill

23 How to Manage Drug & Alcohol Risks in the Workplace (NEW), Dunedin

23-24 Accounting for Non Accountants 1, Invercargill

25 Basic Budgeting, Invercargill

28 The Art of Minute Taking, Dunedin

29 Professional Reception Skills, Dunedin

29-30 Human Resource Management (NEW), Invercargill

30 Essential Skills for the Administrator, Dunedin

SOUTHERN For more information phone 03 379 2302 (Christchurch & Queenstown), 03 477 9277 (Dunedin) or 03 218 7451 (Invercargill) or visit www.managementsouth.co.nz or.

MEMBER COMMENT:

Lynda Carroll AFNZIMLEADERS BUILDING LEADERSOur aim is to build management capability through Research, Learning, and Recognition.

OUR FOCUS IS TO:•Researchleadingmanagementtrends

and practice and promote a constantly developing model of best management capability for New Zealand.

•Enablemanagersandaspiringmanagers to participate in learning programmes, mentoring, and events that provide the information and experience they need to develop their capability.

•Identifyleadingmanagementrolemodels and provide awards that recognise the career and educational achievements of managers.

NATIONAL BOARDPhillipMeyerFNZIM(Chairman)BrianSoutarAFNZIMLloydDaviesFNZIMCherylDoigFNZIMJohnSandfordFNZIMGarySturgessLifeFNZIMLyndaCarrollAFNZIM

OFFICES National Office Acting CEO Phillip Meyer PO Box 67, Wellington 6140 Ph 0-4-473 0470, Fax 0-4-473 0479 Emailnational_office@nzim.co.nz National websitewww.nzim.co.nz

Northern PresidentJohnSandfordFNZIM CEOKevinGauntFNZIM,FAIM PO Box 6600, Wellesley St, Auckland 1141 Ph 0-9-303 9100, Fax 0-9-303 9109 Emailkevin_gaunt@nzimnorthern.co.nz Websitewww.nzimnorthern.co.nz

Central PresidentPhillipMeyerFNZIM CEOKarinCallaghanFNZIMFIPAA PO Box 11781, Wellington 6142 Ph 0-4-495 8300, Fax 0-4-495 8301 Emailkarin_callaghan@nzimcentral.co.nz Websitewww.nzimcentral.co.nz

Southern PresidentBrianSoutarAFNZIM CEOJosephThomasAFNZIM POBox13044,Christchurch8141 Ph 0-3-379 2302, Fax 0-3-366 7069 Emailjoseph@nzimsouthern.co.nz Websitewww.nzimsouthern.co.nz

recognition. We’re asking an awful lot of these people and we need to be very clear as to how we’re supporting them to meet these challenges, because without our middle managers we’re not going to achieve the operational results we’re searching for. Middle managers are right at the core of business and we’re asking them to be very nimble in terms of being able to lead change and translate strategy into execution, deal with the leadership issues, as well as keep the shareholders happy.

So how can we ensure that these people sitting there in the middle are the ones who can actually get it done? How do we make sure that we recruit the right people in the first place, who not only have the skill and experience but also have that motivational fit and the right value set to do the job? How do we recruit so we have people who are going to be successful and have we given sufficient thought to how best to support them and provide them with an environment where they can do their best work in a way that is sustainable in the longer term?

NZIM offers a holistic approach to professional development that is very relevant to middle managers. I joined NZIM in the late 1980s when I was a new manager in the state sector because I wanted to learn, and to have a forum to talk about issues I was facing. Later, as a consultant it was a good networking opportunity, and now as a board member it’s an opportunity to give something back. I’ve just been made deputy chair so that’s exciting for me.

NZIM’s usefulness for me has changed over the years to provide me with something different and relevant to the various roles I have had. So whether people are members from a corporate perspective or on an individual basis, NZIM provides value in a variety of ways from development and networking opportunities through to interesting up-to-date research on the latest management trends. NZIM prefers to view itself as an organisation that provides an opportunity for people to come together and share their knowledge and ideas, rather than positioning itself as the fountain of all knowledge. This is quite a critical thing... there’s a lot of research and information available out there and the Institute wants its members to have access to that wealth of information in an easy, targeted manner.

While NZIM is an established, national organisation with the full range of professional development services it is continually adapting to meet the needs of a new generation who are working and managing in changing environment. As a board member I view this process of change and reinvention as critical to NZIM maintaining its relevance to members and to the sustainability of the organisation.

Lynda is deputy chair of NZIM Central’s Board of Directors, as well as a member of the national NZIM Board. Her interest in people and performance was triggered while working through the challenges of the early state sector reforms in the Education Department. In 1997, after working for international consultancy DDI for some years, she started her own company Carroll Consulting, specialising in strategy, people and performance.

People talk about how you need to have the skills but you also need to be in the right place

at the right time. I moved into HR at the time of the State Sector Act in 1988, and the whole of the public sector was looking at life in a completely different way. Then in 1989 the Department of Education was restructured and I was on the establishment committees for the Ministry of Education and the Education Review Office, which was again a fabulous chance to learn. I applied for and was appointed to the role of Corporate Services Manager with the Early Childhood Development Unit in 1989. It was basically a greenfields start up, so what an opportunity! You do look at things quite differently when you go through something like that.

One of the key things I believe is that your people really are your fundamental, most valuable resource, whether you’re in private business, in a not-for-profit, or in the state sector. You can duplicate financial and IT systems and processes, and products and services to some degree, but you can’t duplicate your people. If you don’t harness their passion, their energy, their goodwill and their discretionary effort, and utilise them very clearly for the good of the business, then you’re probably never going to be as successful as you could be.

One of the key challenges organisations face today is recruiting key talent and then retaining and developing that talent in a manner aligned with business strategy. We hear a lot today about the importance of talent management and identifying our high potentials, and many organisations put a lot of energy and resources into this often small group of people, viewing them as their future leaders. This is, in itself, all well and good, but it is often a small pool and there are a whole lot of other middle managers who may stagnate and feel disengaged because they’re not one of the favoured few. We can’t forget these people as it is these roles that enable our organisations to deliver on our business strategy now.

If you look at the state of our organisations and our economy, we’re putting more and more responsibility on people in middle management roles, but we’re not providing them with the skill development and resources they need to be successful, let alone the

Management Study Scholarships to Australia

Next year’s NZIM Foundation Scholarships will comprise a seven-day study tour to Sydney, 5-11 June 2011, and include return air travel, six nights accommodation,

registration at the AHRI National Convention & Exposition, and board room briefings with iconic New Zealand business leaders in Sydney. This experience will not only benefit the individual scholarship winners but also enhance their value to their organisations – don’t forget to register for this fantastic opportunity in the New Year at www.nzim.co.nz.

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The thinnest 3,000 lumen 3LCD projectors in the world. At just 45mm high – less than

the height of a credit card – and weighing a mere 1.7kg, the Epson EB-1700 series of

ultra-portable projectors deliver striking, bright presentations that are as professional

as you are. All this from a projector that’s small enough to fit in one bag along with

your notebook. Your next presentation is literally in the bag.

For more information visit www.epson.com.au or www.epson.co.nz

The thinnest 3,000 lumen 3LCD projectors in the world. At just 45mm high – less than

the height of a credit card – and weighing a mere 1.7kg, the Epson EB-1700 series of

ultra-portable projectors deliver striking, bright presentations that are as professional

as you are. All this from a projector that’s small enough to fit in one bag along with

your notebook. Your next presentation is literally in the bag.

For more information visit www.epson.com.au or www.epson.co.nz

61734 Epson NZ Management 210x275.indd 1 18/11/10 12:05:34 PM

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