Bosses Rebuilding

The final boss we're revisiting this week before this programme wraps up for the year is Auckland International Airport CEO Adrian Littlewood.It was during the level three lockdown in May that Adrian appeared on Bosses in Lockdown.Back then, as it is now, it was brutal stuff for his business.He joined Heather du Plessis-Allan on Bosses Rebuilding to weigh in on where things are now. LISTEN ABOVE

It has been a rollercoaster year for one of our iconic retailers.The first lockdown decimated revenue at Briscoes Group, but Kiwis more than made up for it with a shopping boom over the rest of the year.Briscoes Group managing director Rod Duke returned to Bosses Rebuilding to reflect on the year with Heather du Plessis-Allan.LISTEN ABOVE

First, we had Bosses in Lockdown, and then we had Bosses Rebuilding.Now, it's coming to the end of this crazy, crazy, year and we thought it would be great to touch base again with some of the Kiwi bosses we spoke to earlier this year.It was mid-May, during level three, that Eden Park's Nick Sautner told us his industry was in a bad place.He joined Heather du Plessis-Allan on Bosses Rebuilding to look at where the industry is now.LISTEN ABOVE

If there's one story you might not have predicted during the thick of the Covid lockdown this year, it's the story of the housing market.Back in April, headlines were talking about house prices coming well off the boil, as New Zealand stared down the barrel of what it was thought would be a serious recession.Peter Thompson, the managing director of Barfoot and Thompson is our boss we're revisiting tonight.LISTEN ABOVE

First, we had Bosses in Lockdown, and then we had Bosses Rebuilding.Now, it's coming to the end of this crazy, crazy, year and we thought it would be great to touch base again with some of the Kiwi bosses we spoke to back in March and April.Tourism Holdings boss Grant Webster is back to give us an update on how the industry is holding up post-Covid-19.LISTEN ABOVE

First, we had Bosses in Lockdown, and then we had Bosses Rebuilding.Now, it's coming to the end of this crazy, crazy, year and we thought it would be great to touch base again with some of the Kiwi bosses we spoke to back in March and April.Jason Paris, the CEO of Vodafone, was one of the first guests on Bosses in Lockdown. He rejoined Heather du Plessis-Allan to discuss what's changed over the last months and how the company is bouncing back.LISTEN ABOVE

Covid threw a serious curveball to the world's movie industry this year, including local listed cinema software company, Vista Group.But instead of retreating, Vista doubled down, and they believe it's now ending the year in a stronger and more competitive positionSo how did they do it? Kimbal Riley is the CEO of Vista Group, and is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

Many of you will know Les Mills, the New Zealand gym chain.But what many of you might not know, is that Les Mills is also a super successful export product.Les Mills International exports workout programmes to 100 other countries and to tens of thousands of gyms around the world.Naturally, in the post Covid world, home workout programmes have become more important than ever, and the company has just secured powerful backing.ACC has bought a 18 percent share in Les Mills international.Chief executive Clive Ormerod is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

This time last year, the tourism industry was talking about needing an extra 40,000 workers.Such was required from the influx of international visitors this country was basking in.So Matt Stenton set up a new support service called 'go with tourism'.He even got $5.2 million in funding from the new visitor levy to help attract people to tourism jobs.They were all set to launch in March, hen lockdown hit, and the business was turned on its head.Matt Stenton is the programme director for 'Go with Tourism', which is now focused on helping displaced tourism workers to find jobs. He joined Heather du Plessis-Allan to discuss his work on Bosses Rebuilding. LISTEN ABOVE

The story of Waikato company Fiasco is nothing short of an extreme Covid pivot.Before the pandemic, they were making those really cool road cases that bands use for all their stuff on tour, but then Covid hit, and they turned their attention to producing amazing flat pack home desks, and specialist screens to help businesses protect staff and customers.Joe Bradford is the Head of Operations at Fiasco and is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

Fisher and Paykel Healthcare said its first-half net profit shot up by 86 per cent to $225.5 million, driven by demand for its respiratory products arising from the Covid-19 pandemic.The company said that based on stronger hospital hardware sales to date its net profit for the full year was forecast to be $400m to $415m, up from its August forecast of $365m-$385m.F&P Healthcare said the result was driven by increased demand for the company's hospital hardware, in particular its "Optiflow" and "Airvo" systems."This reflected a shift in clinical practice toward using nasal high flow therapy as a front-line treatment for Covid-19 patients in hospital," it said.In the hospital product group, which includes products used in acute and chronic respiratory care and surgery, operating revenue grew 93 per cent over the first half of the previous financial year to $681m.Hospital products made up three-quarters of the company's operating revenue."Sales in hardware and consumables continued to track surges in Covid-19 globally, as the virus moved across Europe, North America, South America and South Asia," chief executive Lewis Gradon said.In the homecare product group, which includes products used in the treatment of obstructive sleep apnea (OSA) and nasal high flow therapy in the home, operating revenue grew 5 per cent to $226.2m.Gradon said since the pandemic started, many sleep clinics have been closed, resulting in a reduction in new patient diagnoses.He said the company's "F&P Evora" and "F&P Vitera" masks for OSA had yet to reach their full potential.A reduction in gross margin for the six-month period to 61.7 per cent was due to the increased use of air freight and the elevated costs associated with it.Excluding these additional freight costs, gross margin was in line with the first half of the previous financial year in constant currency terms.F&P Healthcare declared an interim dividend of 16 cents per ordinary share, up 33 per cent on the interim dividend last year.Gradon said the company could not predict the course of Covid-19, the effectiveness or adoption of preventative measures, the progress of a vaccine and its outcomes, the impact on future hospitalisation rates, or the investments countries may make in treatment measures.He said the full-year forecast was based on the following assumptions:Hospital hardware sales return to normal levels from January 2021.The use of its hospital hardware returns down to approximately normal rates for the second half of the financial year.OSA diagnosis rates are reduced for the second half of the financial year, due to limited access to customers.Freight costs remain elevated, resulting in a reduction in gross margin of about 200 basis points.F&P Healthcare - New Zealand's biggest NZX-listed company by market capitalisation - designs, makes and markets products respiratory systems.The company's shares last traded at $35.18, up $1.13 or 3.3 per cent from yesterday's closing level. The stock has rallied by just over 63 per cent over the past 12 months.

One of the first businesses to fall victim to Covid in New Zealand was Bauer Media.In early April, the German magazine giant closed iconic magazine titles, including North and South.Now, like a phoenix from the ashes, the current affairs magazine is returning to shelves under new ownership.Rachel Morris has returned to New Zealand after working for five years for the Huffington Post in Washington to take over the reins of the magazine. With features-writing experience and her investigative background, Morris says her magazine will be willing to ask the "big questions".She joined Heather du Plessis-Allan alongside the magazine's new co-owner Konstantin Richter for tonight's episode of Bosses Rebuilding.LISTEN ABOVE

Like many sectors, the Covid pandemic has turned the global insurance industry on its head.On one hand, there's been a surge in health, travel and business interruption claims.But on the other, this new Covid-world has also brought opportunity.Ian Pollard is the managing director of Delta Insurance and is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

Farmlands Co-operative has announced a $7 million net profit for the 2019-20 financial year - a result chairman Rob Hewett says could have been "a damn sight worse".Profit was down from last year's $8.4 million result, while turnover was $2.6 billion and revenue was $1.1 billion.The impact of Covid-19 was most keenly felt in April when there was a drop in revenue of more than 30 per cent, chief executive Peter Reidie said.The co-operative - which has 72,000 shareholders - would have incurred a substantial loss without the response it initiated, which included the Government's wage subsidy ($8.8 million), rent relief, staff remuneration sacrifice, supplier support and other austerity measures, Reidie said in a statement.LISTEN ABOVE

For almost 30 years, kiwi footwear exporter Bobux has laid claim to making the world's best shoes for little people.The bobux brand is all about science and style and making podiatrist-approved shoes for babies and toddlers.Bobux is finishing up this covid year with online sales up 65%. Their forward-order book is up 15%.How have they done it? Andrew Sharpe is the CEO of Bobux and is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

During this rollercoaster of a year, it's no secret that many of us have probably had a few more drinks at home than usual.Not least, of course, because hospitality has been hit hard by the lockdowns.So how has all of this played out for Lion, New Zealand's largest alcohol beverage company?Rory Glass, the managing director of Lion, joined Chris Lynch on Bosses Rebuilding to discuss how lockdown has affected the alcohol market.LISTEN ABOVE 

An incredible milestone today for a Kiwi company that's crowdfunding its effort to make the world's first biobead Covid vaccine.This is the Covid vaccine corporation  - or CVC - and their campaign on Pledgeme has got off to a dream start today.Dr Claire McGowan is the CEO of Pledgeme, and she is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

The story of Lewis Road Creamery is now the stuff of urban legend.Back in 2014, the company caused a sensation when it teamed up with Whittaker's and made that chocolate milk.Supermarkets had to employ extra security guards it was so popular and there was even a secondary market on Trade Me.Fast forward to 2020, and the company has been growing its high-value exports, cashing in on the lockdown baking frenzy.Nicola O'Rourke is the general manager of Lewis Road Creamery and is tonight's guest on Bosses Rebuilding.LISTEN ABOVE

It's not often Bosses Rebuilding focuses on a global business giant, but Unilever has a big footprint in New Zealand.The company owns household brands like Lipton, Dove, Rexona, Vaseline and Persil, amongst others.But when Covid hit this year, the head of Unilever's New Zealand operation says suddenly, they had to think like a small business.Nick Bangs, the managing director of Unilever New Zealand, joined Heather du Plessis-Allan on Bosses Rebuilding about how they pivoted.LISTEN ABOVE

Sometimes, success in business can mean being in the right place at the right time.Enter the chnnl app. It's a workplace well-being app for medical staff that launched at the end of 2019.And then covid hit, and suddenly, demand was off the charts.Dr Liz Berryman is the founder and CEO of chnnl app. She joined Heather du Plesssi-Allan on Bosses Rebuilding.LISTEN ABOVE

The cold, hard Covid-19 reality of this year has been tough for a lot of Kiwi workers.Thousands of people have been made redundant, others have lost businesses, and many are taking stock of their working life.But it's not all bad news.Business is booming for one Kiwi firm that's helping people find new careers in the Covid downturn.Kaye Avery is the principle consultant at CareerEQ. She joined Heather du Plessis-Allan on Bosses Rebuilding to discuss being a career coach during these times.LISTEN ABOVE 

It has been a hell of a year for most of our tourism businesses, thanks to the Covid-91 pandemic which has ravaged most if not all forms of trade.When the borders closed back in March, Hobbiton, near Matamata, was forced to let go of around 250 staff.Fast forward seven months, and some of those have been rehired as the business looks ahead to what it hopes will be a busy domestic summer.Hobbiton co-founder and CEO Russell Alexander told Heather du Plessis-Allan business is going well, depending on how you look at it."Once we got our head around it in March of what is the new morn and what you're going to be... yeah we're very happy, but if you go back and compare it to a year ago, you don't really want to do that."Probably [down] a little more than a wee bit."Mr Alexander says if things continue to trend well over summer, they should be able to rehire more staff.

The story of marketing company "Reach Media" is not unlike other Kiwi businesses who were smacked in the face this year by covid.Back in level four lockdown, revenue fell off a cliff as advertisers withdrew their campaigns.Fast-forward seven months, and the company has halved its office staff numbers, but it's also on track to have its best month in 18 months.Struan Abernethy is the CEO of Reach Media and joined Heather du Plessis-Allan on Bosses Rebuilding to discuss how they pivoted during and after lockdown. LISTEN ABOVE

Has the Covid crisis forever changed the fashion industry?It's not just about trackpants and activewear sales going through the roof, there are calls for a new type of fashion revolution.Designer Kate Sylvester is one of the names behind "mindful fashion" - it's a collective which aims to make sure our local fashion scene is sustainable.Kate Sylvester joined Heather du Plessis-Allan on Bosses Rebuilding to discuss the future of the fashion industry.LISTEN ABOVE

What if it's not a business that needs rebuilding because of Covid, but in fact an entire industry?Arrowtown-based Sam Brough has just launched a new tourism venture called Kiwi Welcome.It's an online membership programme that gives discounts to tourists, but the upshot is, all the profits go back into the local community and environment in Queenstown, Wanaka and Central Otago.Brough joined Heather du Plessis-Allan on Bosses Rebuilding to discuss how it all works.LISTEN ABOVE

The Covid recession has driven huge changes in the way people choose to make their living, with lots of people turning towards freelancing and self employment, to boost their income.The good news is, that's meant busy times for one of New Zealand's fastest-growing accountancy firms.James Fuller is the CEO Hnry, and he joined Heather du Plessis-Allan on Bosses Rebuilding.LISTEN ABOVE

It's no surprise the local hotel sector has been turned on its head.Hotel chains are either relying only on domestic travellers to fill occupancy, or they're taking up a new income stream as a managed isolation facility.But here's the good news, amidst the uncertainty, there's optimism.Stephen Mansfield, chief executive of Quest Apartment Hotels NZ, joined Heather du Plessis-Allan on Bosses Rebuilding.LISTEN ABOVE

A cool innovation story for you tonight, it's called Upstock, and it's an app which is making waves in the hospitality sector.It's an online stock ordering system for bars, restaurants and cafes, which replaces the pretty-medieval pen and paper systems many use, reducing mistakes, waste and cost.Philip Fierlinger is Upstock's co-CEO and also the co-founder of Xero.He joined Heather du Plessis-Allan for tonight's episode of Bosses Rebuilding.LISTEN ABOVE

When the first lockdown hit this country, Kiwi tech firm Joy Business Academy lost a monthly revenue stream of a million dollars, overnight.At the same time, CEO James Coddington had 46 staff wanting to know if they still had a job.So what did he do?He went to the bank and asked for a million dollars to cover their wages for six months.What happened next is the amazing story of what his staff then did for him.Joy Business Academy CEO James Coddington joined Heather du Plessis-Allan on Bosses Rebuilding to discuss his story. LISTEN ABOVE

The social enterprise 'Eat my Lunch' has undergone an incredible overhaul since the first lockdown, when suddenly it had no-one in offices to buy their lunches and no kids at school to deliver to.This story is the type of nimble thinking we all can learn from.Kellie Burbidge, general manager of Eat My Lunch, joined Heather du Plessis-Allan to discuss how they were able to pivot.LISTEN ABOVE 

The business of retirement and aged care has been thrown into uncertainty with the Covid pandemic.There's the physical issue of keeping residents safe, a closed border affecting its workforce, and the impact on some operators property values.Earl Gasparich, CEO of Oceania Healthcare, joined Heather du Plessis-Allan on Bosses Rebuilding to discuss how the pandemic has affected their business.LISTEN ABOVE

Sky TV has reported a net loss of $156.8m for the year to June 30, including a non-cash impairment of goodwill of $177.5m - but raised its guidance for FY2021, saying the faster-than-expected return of sport will see a return to net profit, and at a higher level than it previously forecast.Sky shares fell about 8 per cent to 15.3c as the NZX opened, partially reversing sharp gains made over the past two trading days.Net profit excluding the write-down was $20.7m.Ebitda was $164.2m, at the midpoint of revised guidance issued in May.Revenue decreased 6 per cent to $747.6m, at the upper end of revised guidance issued in May, as a 35 per cent increase in streaming revenue was not enough to offset a 6 per cent decline in the company's larger pool of satellite revenue.The pay-TV broadcaster forecast it would be back in black for its 2021 financial year, with a net profit of $10m to $20m and $125m-$140m ebitda on revenue in the range of $660m to $700m. The numbers were all ahead of Sky's initial 2021 guidance, issued in May, which had assumed a gradual return of sport from January.There was no full-year dividend, as previously flagged, but management commentary with today's result said, "The Board currently intends to reinvest available free cash flow during FY21 and will re-evaluate the commencement of dividends following the completion of that period."Total subscriber numbers for 2020 increased 27 per cent to 990,000, in part due to Sky's purchases of the Lightbox and RugbyPass streaming services, but average revenue per user dropped.The number of streaming customers increased 153 per cent from 160,000 to 404,000 - albeit with 52 per cent of its entertainment streaming subs accounted for by a wholesale agreement with Lightbox's former owner, Spark, which runs through to January next year.Sky broke out an average revenue per month figure for its streaming customers for the first time - $19.80 versus the $82.08 spent by the average satellite customer.That was reflected in streaming's modest contribution to Sky's accounts. Streaming contributed 8 per cent of total revenue, up from 5 per cent in 2019.There had been a small decline in streaming numbers from May to June due to Sky losing some of the "sugar-hit" subcribers that Neon received during the March and April lockdowns, and not all Spark customers who were paying for Lightbox signed up to the merged Lightbox-Neon platform, CFO Blair Woodbury said.On a conference call, chief executive Martin Stewart said only 8 per cent of satellite customers cancelled their sports package as Covid hit. Damage was limited by free entertainment channels being used as a loyalty incentive. A "majority" of those who cancelled Sky Sport had now re-subscribed, Stewart said.Despite the generally bullish comments around streaming and the less-bad-than-anticipated sports outlook, the value of RugbyPass was written down by $27.5m to $11m on ongoing uncertainty about the global game. Sky bought the international streaming player in November last year in a deal worth up to US$40m including a potential US$10m earnout in 2022.RugbyPass's former owner claimed around 20,000 paying subs. Sky has not broken out a paid sub number.A $3.2m provision was also made a potential holiday pay issue. The fourth quarter also saw a $7m in one-off redundancy costs.Sports rights renegotiatedStewart said the impact of Covid was mitigated by a $9m saving from renegotiating sports rights, and $9m saved from production costs as various local sports events were scrubbed, and around $4.5m from cuts to executive remuneration. Sky was also able to screw its satellite provider down to a better deal after delays to the launch of its next-generation "bird".The chief executive said there could be further clawbacks from contracts, following overseas precedents, if Covid had further impact on sports coverage in the months ahead.Second impairmentSky's 2019 full-year result also featured a major write-down as the com...

Pushpay is a Kiwi success story. The company provides digital payment and operations services to the religious sector in the US, think those giant mega churches.Covid-19 has meant people have been staying away from churches recently, so the company has been turning to Pushpay for people to make their donations, and still take part in services online.Pushpay CEO Bruce Gordon is tonight's guest on Bosses Rebuilding.LISTEN ABOVE 

Cancelled holidays seem to have boosted profits for the company that owns Briscoes, Rebel Sport and Living and Giving.It's made a net profit of nearly $28 million dollars for the half year ended July 26, just 1.3 percent down on last year.Briscoe Group managing director, Rod Duke told Heather du Plessis-Allan there's extraordinary demand in the suburbs after 50 days in lockdown."There's a bit more money in households from cancelled holidays, so people are spending it on their home."Briscoe Group had put dividends on hold because of Covid-19.But directors have now decided to pay an interim dividend of nine cents a share, up from 8.5 cents last time.LISTEN ABOVE

SkyCity Entertainment Group's net profit fell 60 per cent from $164.6 million last year to $66.2m this year and the company won't pay shareholders a final dividend.But the result was still at the upper end of the target range the company released when it projected the result in June.Revenue rose 37 per cent from $822.3m to $1.1b in the year to June 30, 2020.The company said it had been a "challenging year" due to conference centre fire and Covid-19, with significant operational and financial impacts."Group normalised ebitda and NPAT were negatively affected but at top end of guidance range provided at time of equity raising," it said.SkyCity said it had a strong balance sheet and was "able to withstand further downside shocks and/or Covid-19 disruptions".Its big Adelaide expansion is on-track, and expected to open this year.Auckland's conference centre and Horizon Hotel reinstatement is progressing satisfactorily.The company's online casino business has grown rapidly despite operational constraints. It has more than 35,000 customer registrations.Graeme Stephens, chief executive, said the 2020 financial year had been complex and challenging for SkyCity."A wide range of strategic decisions and actions have had to be taken to mitigate the impacts of, first, the fire and then the impacts of Covid-19. We have rapidly restructured our New Zealand workforce, downsizing it by around 25 per cent to ensure SkyCity is positioned to be sustainable in the short to medium term; we have undertaken a capital raising and debt restructure to ensure that SkyCity has sufficient liquidity and funding capacity; and significant operational effort has been focused on closing and reopening our properties with rigorous health and safety measures in place," he said."SkyCity was able to move quickly but with care in response to these events and is well positioned to deal with the foreseeable future. The wage subsidy in New Zealand and Australian JobKeeper scheme have been helpful and partially mitigated the impact of property closures and ongoing negligible international customer activity."Our domestic businesses in New Zealand and Adelaide have recovered more quickly than anticipated post reopening which has been encouraging, although the outlook remains unpredictable as we adjust to new social and economic settings," he said."The other aspects of our business that are more reliant on international visitors, including VIP gaming, hotels and restaurants, can only fully recover when country borders reopen. Our International Business activities should recover once travel restrictions are lifted, but the parts of our business driven by corporate travel and by tourism, such as our hotels and the Sky Tower will take longer."SkyCity's strategic plan is focused on managing the post-Covid-19 recovery and completing its major projects in Adelaide and Auckland, which will underpin medium-term earnings and cash flow growth," he said.

You have got to love stories of businesses who are clever enough to not just move with the times, but actually get ahead of the curve.They're thinking smarter, and innovating.Amongst those companies includes Pita Pit, the quick service lunch franchise that has about 90 stores across the country.Pita Pit is venturing into the world of virtual restaurants, utilising its Pita Pit kitchens, along with Uber Eats, to launch a new brand called Bowl'd.Duane Dalton, the co-founder of the Pita Pit franchisees in New Zealand, joins Heather du Plessis-Allan on Bosses Rebuilding to discuss what a virtual restaurant actually is, and how it is changing their brand.LISTEN ABOVE

Kiwibank's profit has taken a big hit from Covid-19 impairments and lower interest rates.The state-owned bank today announced its net profit after tax was down 47 per cent to $57 million for the year to June 30.Kiwibank chief executive Steve Jurkovich said the result reflected the impact of Covid-19 and lower interest rates.The bank recognised $51m in credit impairment provisions, up from $12m in the previous financial year, because of Covid-19.Operating expenses also increased from $375m to $428m and its interest income fell from $933m to $894m.But Jurkovich said the bank continued to grow at a faster rate than the market, with lending growth of 9 per cent and deposit growth of 13 per cent while the market grew at a slower pace of 5 per cent and 9 per cent respectively."As a result, we are growing our lending and deposit rates faster than the market to help more New Zealanders into homes, more Kiwis to save, and support more businesses – living up to our purpose of Kiwis making Kiwis better off."Loans and advances by the bank rose from from $20.4 billion to $22.2b and deposits and other borrowers grew from $18.2b to $20.6b.Jurkovich said the bank had provided support to more than 8000 personal and business banking customers for loans totalling more than $2.6b.It had also moved to support businesses by switching from paying suppliers on the 20th of the month to paying accounts on a weekly basis."We will continue to play our role in New Zealand's economic recovery by offering a better banking alternative that's committed to being fair and easy for Kiwis, the businesses they own, and for future generations," said Jurkovich.

Port of Tauranga has posted group net profit of $90 million and increased container volumes, despite the pandemic storm that lashed global shipping and trade in the final months of its financial year.New Zealand's largest port said net profit after tax was $10.6m down on the previous year while revenue also fell to $302m from $313m as log exports slumped by nearly 22 per cent and imports and exports were buffeted by the global Covid virus.The company will pay a final dividend of 6.4c a share but has suspended the special dividend scheme to reserve funds to accelerate capital expenditure for growth.The full year dividend is 12.4c a share, 90 per cent of underlying net profit after tax. The average annual compounding total shareholder return has been 23.34 per cent over the past 10 years, the company said.Container volumes increased 1.5 per cent to total 1,251,741 for the year ended June 30.Also up, by 18.5 per cent, were earnings from subsidiary and associate companies at $14.1m. Group ebitda fell 8.1 per cent to $166.5m.Total trade of 24.8m tonnes was slightly down on FY19's 26.9m tonnes.Exports decreased 8 per cent to 15.8m tonnes and imports fell 7.8 per cent to 9m tonnes as NZ Inc. struggled to keep business flowing in local and international Covid shutdowns.Log export volumes were squeezed in the first half of the financial year by lower international prices and demand. By March positive signs were emerging from New Zealand's main log market China as business there returned to normal after Covid shutdown disruption, but then forestry was deemed a non-essential industry during New Zealand's level 4 response. Logs already on the Tauranga wharves could be shipped but it was May before trucks could start bringing in fresh supply.Overall log volumes fell 21.5 per cent to 5.5m tonnes.Dairy exports increased 1.7 per cent to nearly 2.4m tonnes and meat exports surged by 15.4 per cent.Kiwifruit exports held steady with a continuing trend to containerisation.Transhipped containers remained nearly a third of total containers handled. Transhipment is when containers are transferred from one ship to another.Highlights included a 15.3 per cent reduction in the port's overall carbon emissions and the company's land and buildings portfolio value swelling by $43.5m.The port remains Australasia's most productive container terminal with the average net crane rate increasing 8.8 per cent to 35.8 moves per hour.Chairman David Pilkington said the pandemic impacts included shipping cancellations, reduced cargo volumes, operational challenges and increased costs, with a resulting economic recession in New Zealand and overseas."We are better positioned than most, due to our track record of strong capital discipline, our conservative balance sheet and capacity headroom," he said."Our diversity of cargo gives us some resilience in terms of revenue, while the strength of our people and processes has really shone through in keeping New Zealand's most efficient port operating."Chief executive Mark Cairns said the port was now planning for the next stage of cargo growth in response to customer demand. It would add another container vessel berth to the south of the Sulphur Point wharves. A ninth container crane had been introduced during the year.The port team had put in an "outstanding performance" to keep essential imports and exports flowing through the Covid lockdown.Cairns said the short and medium term impacts of the pandemic were still uncertain."We expect cargo volumes to slowly recover over the next three years, with dairy product and kiwifruit exports likely to be the strongest performers in terms of growth."We are still confident of growth over the long term and given the lead time required for any investment, we continue to pursue capacity expansion."Our track record means we have a strong credit rating and we believe we are well-placed to weather the Covid 19 storm."The company will provide an update on firs...

NZ King Salmon has held operating earnings within guidance despite its sales revenue falling by 50 per cent during the level 4 lockdown response to Covid-19.The world's biggest producer of premium king salmon posted operating ebitda of $25.1m for the year ended June 30, the lower end of its half year guidance of $25-$28.5m.Net profit of $18m was 59 per cent up on the previous year. Revenue at $155.3m was down 10 per cent on the previous year and sales volumes fell 16 per cent at 6331 tonnes.Pricing strengthened to $24.54/kg, up 7 per cent.No final dividend will be paid because of Covid-19 uncertainty, higher inventory levels and to ensure prudent cash availability.Trading was now around 20 per cent below pre-Covid levels but managing director and chief executive Grant Rosewarne said there were encouraging signs in export markets, particularly the key US market, which had been hit hard by the virus.The company qualified as an essential service during lockdown so was able to keep harvesting and selling, but harvesting volumes fell during the response and sales were impacted by a slump in the food service and hospitality sectors in its key export markets.Chairman John Ryder said the year had been one of the most challenging in his business career.He thanked staff for seeing the company through the difficult period and said much of its resilience was due to the support of customers, partners, suppliers and shareholders.Rosewarne said with the help of the wage subsidy, the company had been able to keep its 550 staff employed.The company's application to establish New Zealand's first open ocean farm in Cook Strait, 7km north of Cape Lambert, was progressing well with a resource consent hearing expected by the end of the year.With the departure of chief operating officer Alan Cook, a Canadian who returned home after less than a year in the job, the company had decided to split the role to enable more focus on aquaculture and processing operations respectively.Internal appointment Grant Lovell would become general manager aquaculture.The company paid an interim dividend of 2c per share.

Spark has reported across-the-board full-year growth, in spite of the tough economic times.Net profit for the year to June is up 4.4 percent, to $427 million.Covid has been a mixed bag for Spark.There's been increased demand for mobile, broadband and cloud services.But that's been offset by the loss of global roaming revenue, extra helpdesk costs, and good-will measures like unlimited data for fixed-line customers, free Spark Sport, and the suspension of late payment disconnections.Spark chief executive Jolie Hodson joined Heather du Plessis-Allan to discuss the results on Bosses Rebuilding.LISTEN ABOVE 

TVNZ has plunged into the red, reporting a $25.8 million net loss for its year to June 30 - against its year-ago profit of $2.9m and its first loss since 2010.But even before the pandemic hit, or the first lick of flames had crept along the roof of the neighbouring International Convention Centre, forcing an extended relocation, Kenrick had been predicting a tough time of it for the state broadcaster's 2020 financial year.Around this time last year, the chief executive predicted a $17.1m loss for FY2020 as his company restructure for more online content, and more local content, in the face of rising competition from the likes of Netflix, Disney+ and Amazon Prime.Kenrick pushed ahead for that plan, and he says it accounts for a lot of the red ink.Operating revenue was stable year-on-year at $310.8m due to advertising revenuegrowth pre Covid-19 and $5.9m government relief partially offsetting revenue declinesincurred from April 2020.Advertising revenue was down $7m for the year to $286.3m.Kenrick says TVNZ recovered quickly from -34% revenue declines in April to -16% in June. Digital advertising revenue grew 19% year-on-year.Operating expenditure increased by $34.5m year-on-year to $320.6m - primarily because of the local content production increase and $30m in one-off charges - including $22.6m for "onerous contract impairment" (which Kenrick says is essentially a write-down of the value of content rights brought pre-Covid, which could now bring in less revenue); a $3.9m change to amortisation of content; and $3.6m redundancy costs.Kenrick said it had been a "booming" first nine months of TVNZ's financial year with ad sales up 5 per cent but a "bruising" final three months with ad sales down 25 per cent.But although brusing, things did pick up faster than expected over the quarter. Ad sales were down April 33 per cent, May 27 per cent, and June 16 per cent, Kenrick said.The CEO said TVNZ was in a strong position in terms of cash-on-hand.The state broadcaster has an existing undrawn bank facility of $20m; and an "uncalled share subscription facility of $30m" - a mechanism to get a $30m leg-up from the Crown.Including cash in the bank, that meant TVNZ had access to $100m in capital, Kenrick said.Kernick offered no forecast for the year ahead, saying with pandemic uncertainty "the only certainty would be that I'd be wrong."He said early indications were that the current lockdown was not as bad as the first - partly because it was regional, and partly because advertisers had got more savvy at online sales since the first lockdown.Wendy Petrie: departure as co-presenter of OneNews delayed because of Level 3. Photo / SuppliedBy June, there was talk of 100 jobs going in a belt-tightening effort to save $10m. The Herald had already been tipped-off that OneNews would be going solo-presenter - a development confirmed the following month as TVNZ said Simon Dallow would present alone from August 14 (although the move back to lockdown saw a temporary reprieve for Wendy Petrie).On that OneNews cullThis afternoon, Kenrick said OneNews was up for a restructure because it had two presenters. Other news shows, like Midday and Te Karere were solo-presenter already.And while Breakfast is multi-presenter, Kenrick said "Breakfast is more of a personality-led, it's a three-hour conversation and it's hard to have a conversation with yourself."RNZ merger recedes into distanceIn one area, the threat of disruption seems to have receded, at least in the immediate sense.This time last year, Broadcasting Minister Kris Faafoi was mooting the merger of TVNZ and RNZ.But in January, the government shelved legislation that would have established TVNZ and RNZ in favour of a single supersize public broadcaster. And in February it commissioned PwC to assess the business case for such a move - and the more back-burner timetable of an outcome that could be implemented in 2023.And with the government having already agreed to Kenr...

At a time when global demand for high quality produce is only growing, New Zealand exporters are well-placed to capitalise.Gareth Edgecombe is the CEO of T&G, which used to be known as Turners and Growers.He joined Heather du Plessis-Allan on Bosses Rebuilding to discuss the demand for their products during the pandemic and how the horticulture sector will fare going forward. LISTEN ABOVE

Construction has been hammered by Covid-19, with delays to projects to foreign workers unable to come in to advance projects. So where to from here for the sector? And what happens when the current pipeline of activity finishes up?Rick Herd is the CEO of Naylor Love, one of the country's top performing commercial construction companies. He joined Heather du Plessis-Allan on Bosses Rebuilding to discuss how they are coping and what work they have coming up.LISTEN ABOVE 

Mercury Energy has kept the faith with thousands of its mum and dad investors by eking out an increased final dividend for the June year and predicting another increase in the payout in year ahead.Drought and disruption from the Covid-19 pandemic helped drive Mercury's operating earnings down by 2 per cent over the year to June, but the company increased its dividend for the 12th year in a row.Operating earnings, (ebitdaf) of $494 million in the year were down $12m on the previous corresponding period but the company reported a 15.8cps dividend for the year, up 2 per cent on 2019.Despite uncertainty surrounding the planned closure of the Tiwai Point aluminium smelter and the impact of Covid-19, Mercury forecast ebitdaf of $515m for the 2021 year and a 17 cps dividend for the year.That would make it a 7.6 per cent increase on the 2020 dividend total - good news for the 70,000 shareholders with fewer than 5000 shares.Grant Swanepoel, director of equity research at Jarden, said the result and earnings outlook reflected the quality of Mercury's mostly North Island assets and the confidence of its board."It does show the board's confidence in its assets and its ability to navigate its way through the next few years," Swanepoel said."It's the one stock that appears to be the most bullet-proof under changing circumstances," Swanepoel said.It was Mercury's first full year without earnings from the Metrix smart metering business, which was sold last year.Mercury's net profit after tax of $207m was down by 42 per cent on the previous year's record profit of $357m, which was inflated by the $177m gain on the sale of Metrix.Adjusting for the sale, Mercury's net profit was up $27m, primarily because lower interest and tax charges more than offset the effects of lower rainfall.Mercury said its overall performance was strong in a testing financial year affected by drought across the Waikato catchment from September, and then disruption from Covid-19.The company said in July that it was well placed to respond to Rio Tinto's move to wind-down Tiwai's operations.Mercury chief executive Vince Hawksworth said the effects of the Covid-19 pandemic on the economy and on customers would "continue to be felt for some time".He added the announced closure of Tiwai, and decisions around timing of the closure, would lead to increased volatility in wholesale electricity markets.The closure of the plant - which uses 13 per cent of New Zealand's power - would have transmission pricing implications, and market and investment implications for Mercury and others.Mercury's renewable generation assets in the North Island are close to load centres and largely free of major transmission constraints.South Island generators Contact and Meridian are expected to bear the brunt of Tiwai's closure.Mercury's share price rallied after the result. The stock last traded at $5.03, up 15c.

Taking your business global is maybe not what comes to mind when you think about rebuilding your operations during a global pandemic.But plenty of businesses do, and you only need to look at the likes of Zespri, Fonterra and Xero to see the value in going global.NZ Trade and Enterprise is the government's international business development agency, with around 600 staff they help New Zealand businesses who want to take their ideas and products to the world.Chief executive Pete Crisp joined Heather du Plessis-Allan on Bosses Rebuilding to discuss how the country's trade is faring during the pandemic.LISTEN ABOVE

When Covid-19 hit, there was one Kiwi company which you might say was tailor-made to succeed.Fine Wine Delivery has long been an industry leader when it comes to trading online.Before lockdown, it was already doing 42 percent of its business online. Now, post Covid, that's risen to 55 percent.Jeff Poole is the founder of Fine Wine Delivery and joined Heather du Plessis-Allan on Bosses Rebuilding.LISTEN ABOVE

New Zealand's primary industries believe its unrealistic to replace all migrant workers with unemployed Kiwis.With the borders still shut due to Covid-19 restrictions, the flow of overseas workers have come to a halt.Fonterra CEO Miles Hurrell told Heather Du Plessis-Allan there are pockets of the industry hiring Kiwis but not enough."We're talking to the Government, we'd like to see a bit of relaxation to ensure we could get those workers through."Listen to the full interview on Bosses Rebuilding above

Running a successful restaurant is a tough business in the best of times, but in the worst of times, it's a whole new ball game.Chef Nic Watt is the man behind three Auckland restaurants, SkyCity's Masu, Akarana eatery in Okahu Bay, and Newmarket's Inca.He joined Heather du Plessis-Allan on Bosses Rebuilding.LISTEN ABOVE

Kiwi Property CEO Clive Mackenzie believes kiwis will increasingly rent instead of buying, and the Covid-19 pandemic will not impact this.Mr Mackenzie told Heather du Plessis-Allan currently, just over 50 per cent of Aucklanders rent."At the moment most of that is provided by Mum and Dad owners, and there's really a mixed quality of product out there and we see that as a huge opportunity for professional institutional landlords to come in and provide quality product whit services such as gyms, such as co-working and 24 hour concierge, and also long tenures."We want our tenants to stay as long as possible."Mr Mackenzie says regardless of the global pandemic there will always be a portion of the population who want to rent."It actually takes about 13 years for most people or couples to save for a deposit  to buy a house, so there's this significant segment of the population that renting is really a necessity while they're saving for a deposit or a lifestyle choice."Mr Mackenzie says the lockdown proved tough for his business as well as tenants."We've been really working closely with them, providing assistance and really helping them get back on their feet."LISTEN ABOVE.

Opening the country's tallest building during a pandemic, on the rare occasion it happens, is unheard of.But that's what CEO Scott Pritchard and his company Precinct Properties did, building Commercial Bay in Auckland's CBD with both retail and businesses dwelling inside.Mr Pritchard told Heather du Plessis-Allan the idea for construction started eight years ago, but it did not factor in a pandemic."That wasn't really identified then, but having opened the retail seven weeks ago and then opened the tower this week, look we couldn't be happier to have it open and have people in there experiencing it."Monday was moving day for PwC who will take up six floors in the office block.Mr Pritchard admits there was worry that after the pandemic, people would be more inclined to work from home and businesses would not be using the office space within the tower."The risk there is for how long people are stuck at home."Here in New Zealand the fact that we were only in lockdown, I say only but only in lockdown for five and a half weeks, we've now seen a large degree of the businesses return to their office space."LISTEN ABOVE.

The Covid-19 pandemic likely showed the New Zealand public just how good their fibre internet is.It is so good, Chorus CEO JB Rousselot says it is one of the best in the world that makes other countries envy kiwis.Mr Rousselot told Heather du Plessis-Allan the country was well-prepare for the nation-wide lockdown with strong internet."It's been 10 years in the making, it's been a very successful public private investment mechanics that's delivered superior fibre network."However, not all kiwis who can have fibre are hooked up."80 per cent of people can order fibre, 40 per cent of the people who could haven't yet... and that's a big surprise."Mr Rousselot says they experienced a rise in activity on their network during lockdown that created pressure, however they were able to manage it."Overall the infrastructure in New Zealand was able to cope with it, which is good news."But it is not all good news for Chorus, who will increase their prices for fibre from October, a move that is being criticised by telecommunication retailers.Mr Rousselot says it was a hard decision to make."We're a regulated business so there's only a number of times, it's once a year that we can go and put a price increase. We already delayed it by three months to help cope with the impact of Covid-19."We need to be able to have enough cash flow to continue to invest, to make sure that we can cope with Covid-19 and we can cope with the next one."We raised the price of certain products, we dropped the price of others."LISTEN ABOVE.