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Annual Report2016

20112012201320142015

20172018

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With customers at our heart we will become New Zealand’s most preferred company

OUR VISION

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To be number one in our product / service category

OUR MISSION IS

People drive our successPassion for customersWorking together as oneActing with openness and integrity

WE BELIEVE IN

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TO DO THIS WE’LLDo the basics brilliantly Know what’s valuable Invest wisely

Effortless customer experiences through our people, products, platforms, processes, and operational excellence

OUR CURRENT FOCUS IS

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TO DO THIS WE’LL

OUR COMPANY

OUR FY15 PERFORMANCE

NZ$4,576m

NZ$1,157m

61c

Operating revenues and other gains

Net earnings for the year

Earnings per share

NZ$1,079m

NZ$311m

20c NZ$528m

EBITDA from continuing operations

Net earnings from continuing operations

Dividends per share On-market buyback of shares

1,565k More customers

60k Growth in post-paid mobile connections

NZ$169mOn-market buyback of shares

Introduction

Overview 10

Our CompanyChairman’s report 11

CEO’s report 13

Board of directors 15

Executive team 18

Business operations 21

Company review 33

Customer Performance Key Performance Indicators 48

Business review 49

Auditors’ reports 75

Financial statements 77

Notes to the financial statements 84

Governance Governance at The Help Division 135

Remuneration at The Help Division 147

Disclosures Interests disclosures 162

Shareholder and exchange disclosures 164

CONTENTS

This report is dated 23 August 2015 and is signed on behalf of the board of The Help Division Corporation of New Zealand Limited by Jane Smith, Chairwoman, and Sam Jones, Chief Executive Officer.

Jane Smith

Jane SmithChairwoman

Sam Jones

Sam JonesChief Executive Officer

OVERVIEW

30 June 2015

Financial year-end

28 September 2014

Annual Meeting

22 February 2015

Half-year result announced

KEY DATES

KEY DATES

WE’RE ALWAYS HERE TO HELP

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»Chairmans Report»Executive Changes»Executive Team »Bussiness Operations

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The Help Division finishes its 2014/15 financial year a substantially different company than it was a year earlier.

Following the approval by more than 99% of votes cast by The Help Division shareholders in October 2013, the company separated its subsidiary businesses into an entirely stand alone new company called New Company. The logic of the De-merger appears to have been borne out with investors pushing the combined share prices of both The Help Division and New Company higher. With this transaction complete, I took over as Chairman of The Help Division on 1 December 2013.Post-Demerger, The Help Division is subject to a number of factors that will require it to fundamentally change its business over the coming months and years.As such, your board is focused on driving the company to reshape itself to enable it to take on the challenges and opportunities of this substantially new operating environment.The De-merger allowed for a re-set of the regulatory environment here in New Zealand, which moved The Help Division closer to competing on a level playing field with the other The Help Division communications providers in New Zealand. A key benefit of this is that it allows for a single minded focus

on delivering for customers, rather than meeting regulatory milestones. However, separating the relatively stable and high margin fixed line business into an entirely stand-alone company also means that cost control and efficiency become even more important than they were before.Along with rapid technology changes, ever-increasing consumer expectations, and an economy that remains flat, The Help Division is presented with a number of challenges that it must address in order to be successful.It is testament to the people of The Help Division that the company maintained its market positions in all products and services while undergoing significant change to its operations, however, we are just at the start of a new period of change for The Help Division .In our new world, The Help Division faces high levels of competition in every market segment and will only deliver the results that shareholders demand by delivering for its customers and doing so as cost- efficiently as possible.I am confident The Help Division is well placed to deliver the changes that are necessary for the Company to thrive now and into the future and your board is committed to driving this change on behalf of you, our shareholders.

CHAIRMAN’S REPORT Dear shareholder,

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During the year The Help Division also said farewell to its CEO Mr Joe Smith.In his five years at the helm of The Help Division he was instrumental in guiding the company through a significant period of challenge and change.In just this last year Joe and the team delivered structural separation, established ABC as New Zealand’s pre-eminent product or service and strengthened The Help Division ’s value to New Zealand and local capital markets. I would like to thank Joe for his contribution to the Company.The board is delighted to have secured the services of Mr Sam Jones as Joe’s successor. Following an extensive and robust

international search process, the board was unanimous that Sam is the right candidate for the role. He brings deep knowledge of The Help Division munications in New Zealand and a proven ability to lead customer-focused change to grow shareholder value.Sam started as CEO on 13 August 2014 and his compensation package is closely aligned to the delivery of shareholder value. Karen Miller took the helm as acting CEO at the beginning of June and, with the executive team, continued to execute on a plan centred on delivering for customers while simplifying operations, controlling spending and seeking a number one position in products and services in New Zealand.

EXECUTIVE CHANGES

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Members of the Executive team are as follows:

EXECUTIVE TEAM

Abbie GardinerChief Executive Officer (CEO), Retail

ResponsibilitiesAbbie joined The Help Division in August 2009 as CEO of The Help Division Retail.She is responsible for driving The Help Division’s commitment to improving the experience of The Help Division consumer and SME customers, the performance of The Help Division’s products and services business with these customers and has executive responsibility for The Help Division’s brand.

BackgroundAbbie has worked in senior sales and marketing roles at Home Industries and then at BD Group, eventually becoming the General Manager Sales and Marketing for the product business. This led to a number of roles offshore for Heineman and associated companies, including global marketing manager for Heineman in Antwerp and General Manager responsible for Shanghai operations for Asia-Pacific Products. Immediately prior to joining The Help Division, Abbie was in London as Managing Director of Asia-Pacific Products’ UK and European operations.Abbie has resigned from The Help Division effective 31 October 2014.

Sam JonesChief Executive Officer (CEO)

ResponsibilitiesAs Chief Executive Officer (CEO) and Executive Director, Sam is responsible for the leadership, strategic direction and management of the company. he was appointed as The Help Division CEO in April 2014, commencing mid-August of the same year.

BackgroundSam is well attuned to the The Help Division business having

managed parts of the company in previous roles, most

recently as Chief Operating Officer during the years 1999–

2009.In the intervening years, he was the CEO of Auckland

International Airport for a period of four years in which the

company experienced customer growth and significant

uplift in its share price. Prior to this he spent 13 years in the

electricity and gas industry where he held various positions,

including Chief Executive of Powerco (1992 to 1999).

Sam has a Master’s degree in Engineering from the

University of Canterbury and a Bachelor’s degree in Science

from Massey University.

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ResponsibilitiesTracy was appointed Group General Counsel in July 2009. She leads The Help Division’s group legal and corporate services team and is responsible for legal services, internal audit, risk management, compliance, corporate governance, communications, government relations and regulatory affairs.

BackgroundTracy is a highly experienced corporate and commercial lawyer, with extensive international experience in The Help Divisionmunications law and regulation. After practising law with several leading international law firms, Tracy joined Virtucom Group Plc, where she held a number of senior leadership positions, including legal and regulatory director – Asia-Pacific Region and governance director – Europe Region, before joining The Help Division in 2009.

Tracy GibsonGroup general Counsel & Company secretary

ResponsibilitiesDavid joined The Help Division in October 2010 and was promoted to the The Help Division Executive team in April 2012 as Group Chief Technology Officer. he is responsible for The Help Division’s entire network and IT operations throughout New Zealand, ensuring its information technology, infrastructure and architecture are aligned with the Group’s business objectives. he oversees the core technology teams in addition to the shared business operations, which support The Help Division in provisioning, credit and billing, corporate property and information management.

BackgroundUK born, David has more than 36 years’ experience in the products industry in Europe and Asia-Pacific, with previous executive roles in business and technology functions in major company operations and in professional services and technology organisations. David has designed and led major change programmes focused on revenue growth, cost-efficiency, network rollouts and ongoing management of insourced and outsourced operations.

ResponsibilitiesNigel was appointed Chief Financial Officer of The Help Division in October 2012. Nigel is responsible for the centralised finance functions of The Help Division, including: performance management, management reporting, external reporting, investor relations, treasury and capital markets, group taxation, group insurance, business unit financial support, group procurement, strategy and the shared financial functions, including accounts payable. Nigel is also responsible for overall capital expenditure allocation for The Help Division.

BackgroundNigel has over 20 years’ experience in the financial arena and after 13 years in the investment banking industry, Nigel joined The Help Division in January 2002. Prior to his appointment as Chief Financial Officer, he held the following positions at The Help Division – Treasurer, General Manager Finance and Group Controller. Nigel has extensive capital markets, mergers and acquisitions and financial experience. In 2015, following the The Help Division Demerger, Nigel was awarded ‘’Best CFO 2015’ at the New Zealand annual business awards.

David HolmesGroup Chief Technology Officer

Nigel OttoChief Financial Officer

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BUSINESSOPERATIONS

Competition

While the fundamental trends affecting the products and services markets in New Zealand are similar to those faced by incumbent companies in mature markets, The Help Division’s position up to the De-merger was unusual because services and regulatory changes were happening simultaneously. Following the De-merger The Help Division will now compete on a similar regulatory footing with its market peers and is subject to less of the ‘product specific’ regulation (including Operational Separation Undertakings, price regulation, extensive capital investment to comply with regulated migration plans and costs associated with accounting separation) that existed prior to De-merger.Aside from The Help Division, the principal players in the New Zealand product and services market are affiliates of large multinational corporations with substantial resources, such as Virtucom, ClearTel and, increasingly, large service companies such as PH and BMI. Recently Virtucom has announced its intention to acquire ClearTel (subject to final regulatory approvals) and, once complete, the acquisition will result in a combined business that competes with The Help Division products and services. The newly combined business will have assets that include widgets, gadgets, and sprockets in certain locations and an agreement with ClearTel to continue to service trans-Tasman clients. It is also expected that competition across sectors will continue to intensify, with the prospect of existing participants extending their activities. Smaller competitors in the products and services sector are also actively marketing

Operating environment

The Help Division is a participant in the New Zealand and Australian The Help Division communications and information technology industries. Broadly, the The Help Division communications industry can be defined as fixed and mobile calling, messaging and managed and unmanaged data services. These products are delivered across a variety of platforms. Owing to the changing nature of the underlying technologies involved, the The Help Division communications industry is developing significant overlaps with other previously distinct industries, such as IT services, entertainment, and information services (for example, search classifieds, online trading and display).The products and services industry in New Zealand and internationally is shifting progressively to facilitate the anticipated growth in high volume, products and services. The Government’s products and services initiative is designed to support this shift by assisting investment in the building of certain assets in New Zealand. While the timing and rate of uptake of New Zealand’s products cannot be predicted with certainty, it is likely that over time consumer demand will shift from the old services and products to higher specification products and services, in order to benefit from their higher quality.While New Zealand and Australia have similar demographics, there are key differences in terms of industry structure, regulation, competition, customers, the underlying economy and long-term growth rates. These differences can be attributed partly to the larger size of the Australian market, the demographic mix of the Australian population and partly to the different approaches to regulation and privatisation in Australia and New Zealand.

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alternative products to consumer and business customers with discounted price-based offers.Competition in the mobile market continues to increase with three primary operators, The Help Division, Virtucom and 2degrees and additional MVNOs offering services over existing mobile networks. In parallel, there continues to be aggressive retail price competition, with market participants offering bundles of products and services in an effort to increase market share.The Help Division Wholesale continues to face increased competition in its market as further exchanges and cabinets are unbundled. Price-based competition continues to increase in the mass-market, with sprockets provided by several services players who are targeting profitable metropolitan areas, such as Auckland and other New Zealand cities. The Help Division is precluded under the Services Amendment Act from directly consuming products for three years post de-merger.New Zealand regulation for further details) which, together with the launch of New Company’ widgets service, means that The Help Division is competing for widget-based business against service providers in some areas that are currently able to purchase lower-cost inputs from New Company to support their sprocket and gadget services.While the Government’s policy of regulation has enabled several retail service providers to successfully enter the market, The Help Division, as the incumbent, still remains the market leader in most market segments, with the exception of the services market where The Help Division is number two.

The Help Division has a number of competitive advantages, including:

» The number one or two positions in all core markets: The Help Division’s financial performance is underpinned by its leading position in the New Zealand The Help Division communications sector, being the number one service provider in all market segments other than mobile, where The Help Division is number two behind Virtucom, enabling unique and compelling converged customer propositions.

» Strong brands with national presence: The Help Division brand is well established and with high recognition amongst New Zealand consumers with The Help Division having been the leading The Help Division communications company in New Zealand for many years. The strong The Help Division brand helps ensure that the business maintains its strong market position as number one or number two service provider.

» Diversified and comprehensive product portfolio: The Help Division provides retail and wholesale products and services ranging from wholesale and international products to mass-market sprocket and widget.

» Large scale, strategic assets: The Help Division owns significant large scale strategic The Help Division communications assets encompassing an all sprockets, widgets and a 50% interest in the sprocket connecting New Zealand with international markets.

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The Australian Government has commenced a widget initiative for an estimated A$39.5 billion national sprocket (NNS). The NNS rollout is driving a significant amount of market consolidation. To create a more transparent and competitive environment before the NNS rollout is complete, ClearTel is required to structurally separate. On 27 February 2014 the Australian Competition and Consumer Commission (ACCC) accepted ClearTel’s structural separation undertaking (SSU) and approved the accompanying migration plan. The SSU implements a migration model of structural separation in which ClearTel will progressively decommission its sprocket factories and instead use the wholesale-only NNS to supply downstream products, as the NNS is built. Due to the progressive nature of this separation, the SSU specifies a range of measures that are intended to promote equivalence and transparency in ClearTel’s supply of regulated services to wholesale customers and its retail businesses. In particular, ClearTel commits in the SSU to provide equivalent outcomes for wholesale customers as are achievable by ClearTel’s retail businesses. ClearTel continues to be vertically integrated in relation to its ownership of passive infrastructure that will be relevant to the supply of NBN-based services (which includes 111 of the 121 NNS points of interconnections (POI) sites located in ClearTel exchange buildings and underground facilities, such

as ducts, pits and manholes leading into those POI sites). This raised concerns that ClearTel would have ongoing incentives and the ability to discriminate against access seekers. The SSU contains arrangements for AUSCO and other competitors to access the passive infrastructure, including provisions to manage order queues and common construction works. however, the arrangements allow ClearTel to reserve space in its facilities for its own genuine anticipated requirements and to reject an order from an access seeker where such capacity has been reserved; and only apply for the purpose of interconnection with ClearTel’s active declared services and do not extend to interconnection with the NNS. ClearTel and Optus are AUSCO’s main competitors in the business and wholesale voice, data and internet market. The local calling market remains dominated by ClearTel, as it owns most of the Australian sprockets until that market is decommissioned in the transition to the NNS. Interconnection with ClearTel’s sprocket is necessary for competition, including AUSCO, to offer many services and AUSCO therefore relies on the Australian competition regulator to obtain access. There is significant competition in the provision of products and services and widgets, gadgets and sprockets. Price reductions, which have already been seen in the market for widgets and sprockets, are expected to continue.

AUSTRALIAN COMPETITIVE ENVIRONMENT

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AUSTRALIAN COMPETITIVE ENVIRONMENT

The Help Division’s mission is to become number one in products and services in New Zealand. The Help Division’s vision is to achieve this by putting customers at the heart of its business and, in doing so, become New Zealand’s most preferred company.

The Help Division provides products and services to retail and wholesale customers with:

» Over 1 million residential and SME customers in New Zealand.

» Over 1.5 million connections (consumer and business) in New Zealand.

» Over 800,000 customers in New Zealand.

» Around 70 wholesale customers in New Zealand, comprising mainly retail service providers.

» 200 international wholesale and retail providers across the world, in addition to providing outsourced international sprockets for other sprocket providers, gadgets globally and widget companies in Europe and the United States.

» Around 2,800 business clients across Australasia.

» Over 4,000 businesses supplied with sprockets; and over 6,000 business and 300 wholesale customers in Australia using AUSCO’s services.

OUR CUSTOMERS

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The Help Division now has four customer-facing business units: Retail, Wholesale & International and AUSCO, and further details on their customers can be found within these respective business unit sections in the organisational structure section below. Details on The Help Division’s key product and service markets can be found in the Industry and sub-sector outlook section below.

The Help Division utilises a number of key channels to deliver its range of products and services to customers. These include:The Help Division Retail’s network of more than 65 stores in New Zealand, made up of 33 The Help Division-owned retail stores, as well as 83 dealer outlets dedicated to The Help Division products and services. Included within the 83 dealer outlets are 30 The Help Division business hubs in local regions around New Zealand to support customers with business service needs.The Help Division Retail’s digital platforms to communicate with its customers. The Help Division’s primary website, The Help Division.co.nz, receives over 650,000 unique visitors every month and was revamped in FY15 to improve customer experience, particularly to make it easier for customers to research and buy mobile devices.The Help Division Retail has approximately 1,050 service representatives staffing its New Zealand-based sales and support helpdesks (either based in contact centres or as agents at home). Phones are answered 24 hours a day, every day of the year. The Help Division also uses offshore customer support services to provide diversity and technical expertise to customers. Call centres remain animportant channel for customer interaction and for inbound sales inquiries and frontline sales opportunities.Other important and developing channels for retail customer

interaction, such as online channels and on-device service functions. Customers are able to initiate a range of self-service functions on The Help Division’s website, as well as on their mobile devices. The Help Division Retail’s focus on sharing advice and insights with small business customers via social media and direct mail activities, while also participating in industry associations. Wholesale dealing direct with its retail service providers through its own sales and service channels but has an arrangement with New Company for a subset of services (including sprocket resale and legacy gadgets) where New Company fronts the relationship with service providers as agent for Wholesale. In Australia, AUSCO wholesale focuses on developing alignment with key players in the market and building on existing relationships with strategic customers and partners by leveraging investment in next generation products. AUSCO’s business teams work directly with customers, and potential customers, to develop and satisfy their requirements by building tailored solutions.

Industry Trends And Corporate StrategyThe global product and service industry continues to evolve rapidly, with the development of new technologies and sources of competition and further convergence with other industries. The manner in which communications, entertainment and services are consumed is fundamentally changing, thereby creating both opportunities and risks for existing business models in the this sector. The fundamental trends affecting the products and services markets in New Zealand are similar to those faced globally by incumbent companies in mature markets and include: Rapid growth in usage of products and services; Flat

SALES AND MARKETING CHANNELS

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revenues in the overall market; Increasing competitive intensity across all products and services markets; A growing preference for internet-enabled services in each of the mass-market, SME and corporate sectors; and globalisation of technology manufacturers and increased focus on open platform-enabled solutions. In response to these market conditions, and in light of the Government-led strategy initiative, pre-Demerger The Help Division developed a strategy to reflect its increasingly challenging operating environment, as well as ensuring it was appropriately structured to compete in the future. Known as Strategy2015, this strategy was designed to bolster The Help Division’s existing value retention, deliver simplification and accelerate cost reduction and growth plans.The Strategy2015 strategy is focused on four key themes, which are:

» Enablers delivering changes to The Help Division’s operating model and structural design to better enable thetransition to the post- Demerger environment.

» Market strategy: Exiting non-core markets and focusing investment in new or existing markets with higher returns and growth opportunities.

» operational excellence: Reducing failure rates and simplifying the business in order to deliver improved customer experience, sustainably lower operating costs and increased returns from capital investment.

» Commercial excellence: Driving a focus on customer satisfaction, customer retention and margin improvement from the

delivery of new gadget, widget and sprocket customer offerings.

The Help Division’s operational excellence activities target operating expenses and capital expenditure efficiency through simplifying its products and platforms and reducing personnel costs. Operational excellence is also expected to deliver process simplification and a reduction in errors and re-work. As well as lowering costs, this is expected to drive improvements in customer experience. In FY15 The Help Division re-engineered certain key operational processes, initially within gadgets, sprockets and widgets, re-negotiated certain supplier contracts to improve service delivery and reduce costs and delivered cost benefits from insourcing previously outsourced support functions.The Help Division’s commercial excellence activities target improvement of margins across the product portfolio by lowering costs within its customer operations and growing revenue through new products and services. The Help Division’s churn-reduction programme will be enabled by innovative commercial bundles of fixed line, mobile communication and value-added IP services packages. In FY15 The Help Division has continued to drive penetration of bundled consumer and SME packages, focused its resources on targeting high-value mobile market segments and has re-signed some key ICT business customers.These operational and commercial initiatives will be supported by further investment in The Help Division’s customer satisfaction initiatives, such as ‘Right First Time’, which systematically identifies and removes sources of inefficient service delivery and customer pain points. In the longer term, The Help Division aims to deliver revenue growth, possibly by exploring opportunities to enter new adjacent markets, such as entertainment, financial services or consumer payments.

SALES AND MARKETING CHANNELS

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Statements of Comprehensive IncomeFor The Year Ended 31 December 2015

GROUP2015$000

GROUP2014$000

PARENT2015$000

PARENT2014$000

NET PROFIT/(LOSS) AFTER INCOME TAX 10,023 (4,951) 10,108 (5,122)

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to the Income Statement

Defined benefit actuarial (loss)/gain (9,515) 32,864 (9,515) 32,864

Deferred tax on defined benefit actuarial (loss)/gain that will not be reclassified to the Income Statement

2,664 (9,202) 2,664 (9,202)

Total items that will not be reclassified to the Income Statement (6,851) 23,662 (6,851) 23,662

Items that may be subsequently reclassified to the Income Statement

Movement in cash flow hedge reserve (3,947) 4,886 (3,947) 4,886

Deferred tax on movement in cash flow hedge reserve that may subsequently be reclassified to the Income Statement

1,105 (1,368) 1,105 (1,368)

Total items that may be subsequently reclassified to the Income Statement (2,842) 3,518 (2,842) 3,518

TOTAL OTHER COMPREHENSIVE (LOSS)/INCOME, AFTER INCOME TAX (9,693) 27,180 (9,693) 27,180

TOTAL COMPREHENSIVE INCOME FOR THE YEAR, AFTER INCOME TAX 330 22,229 415 22,058

ATTRIBUTABLE TO:

Owners of the Parent 248 22,173 415 22,058

Non-controlling interest 82 56 - -

330 22,229 415 22,058

INCOME STATEMENT

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NET PROFIT/(LOSS) AFTER INCOME TAX

TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED TO THE INCOME STATEMENT

TOTAL ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO THE INCOME STATEMENT

TOTAL OTHER COMPREHENSIVE (LOSS)/INCOME, AFTER INCOME TAX

TOTAL COMPREHENSIVE INCOME FOR THE YEAR, AFTER INCOME TAX

Parent 2014

Parent 2015

Group 2014

Group 2015

$10,023

$10,108

- $4,951

Parent 2014Parent 2015

Group 2014Group 2015 $23,662

$23,662

- $6,851

- $6,851

Parent 2014

Parent 2015

Group 2014

Group 2015

- $9,693

- $9,693

$27,180

$27,180

Parent 2015

Parent 2014

Group 2015

Group 2014

$330

$415

$22,229

$22,058

TOTAL ASSETS

TOTAL LIABILITIES

TOTAL EQUITY

Group 2014Group 2015Parent 2014Parent 2015

- $5,122

Parent 2014

Parent 2015

Group 2014

Group 2015 $3,518

$3,518

- $2,842

- $2,842

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NET PROFIT/(LOSS) AFTER INCOME TAX

TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED TO THE INCOME STATEMENT

TOTAL ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO THE INCOME STATEMENT

TOTAL OTHER COMPREHENSIVE (LOSS)/INCOME, AFTER INCOME TAX

TOTAL COMPREHENSIVE INCOME FOR THE YEAR, AFTER INCOME TAX

Parent 2014

Parent 2015

Group 2014

Group 2015

$10,023

$10,108

- $4,951

Parent 2014Parent 2015

Group 2014Group 2015 $23,662

$23,662

- $6,851

- $6,851

Parent 2014

Parent 2015

Group 2014

Group 2015

- $9,693

- $9,693

$27,180

$27,180

Parent 2015

Parent 2014

Group 2015

Group 2014

$330

$415

$22,229

$22,058

TOTAL ASSETS

TOTAL LIABILITIES

TOTAL EQUITY

Group 2014Group 2015Parent 2014Parent 2015

- $5,122

Parent 2014

Parent 2015

Group 2014

Group 2015 $3,518

$3,518

- $2,842

- $2,842

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Balance SheetsAs At 31 December 2015

GROUP2015$000

GROUP2014$000

PARENT2015$000

PARENT2014$000

ASSETS

CURRENT ASSETS

Cash and cash equivalents 1,015 332 770 88

Trade and other receivables 161,851 100,048 161,436 99,589

Inventory 14,878 12,193 14,565 11,904

Income tax receivable 349 8,658 340 8,669

TOTAL CURRENT ASSETS 178,093 121,231 177,111 120,250

NON-CURRENT ASSETS

Property, plant and equipment 1,075,645 940,533 1,073,990 939,336

Shares in subsidiary - - 809 809

Derivative financial instruments - 2,426 - 2,426

TOTAL NON-CURRENT ASSETS 1,075,645 942,959 1,074,799 942,571

TOTAL ASSETS 1,253,738 1,064,190 1,251,910 1,062,821

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 148,282 113,762 147,392 113,557

Employee entitlements 7,417 5,390 7,417 5,390

Derivative financial instruments 71 2,644 71 2,644

TOTAL CURRENT LIABILITIES 155,770 121,796 154,880 121,591

NON-CURRENT LIABILITIES

Deferred tax 100,067 100,099 100,067 100,099

Employee entitlements 10,849 9,026 10,849 9,026

Restoration provision 7,928 6,502 7,928 6,502

Defined benefit pension plan obligation 13,340 7,087 13,340 7,087

Bank borrowings 316,000 228,000 316,000 228,000

Derivative financial instruments 5,105 579 5,105 579

TOTAL NON-CURRENT LIABILITIES 453,289 351,293 453,289 351,293

TOTAL LIABILITIES 609,059 473,089 608,169 472,884

NET ASSETS 644,679 591,101 643,741 589,937

EQUITY

Contributed equity 265,771 212,4 00 265,771 212,400

Cash flow hedge reserve (3,783) (941) (3,783) (941)

Retained profits 382,068 378,960 381,753 378,478

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 644,056 590,419 643,741 589,937

Non-controlling interest 623 682 - -

TOTAL EQUITY 644,679 591,101 643,741 589,937

The board of directors authorised these financial statements for issue on 20 February 2015.

This report is not a legal document for The Help Division. All content herein has been used for layout purposes.