ANNUAL REPORT
3
INTRODUCTION
13
OUR COMPANY
25
PERFORMANCE
43
FINANCIAL STATEMENTS
Financial Calendar Overview Chairman’s report
Executive team Excecutive Changes Operating Environment
Financial Year Performance Company Review Competition Customers
Statements of Comprehensive Income Balance Sheets
Waihou City Council Annual Report 2018
CONTENTS
2
3
Introduction
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INTRODUCTION Waihou City Council Annual Report 2017
Introduction
FINANCIAL CALENDAR 2017–18
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KEY DATES
ANNUAL MEETING
HALF-YEAR RESULT ANNOUNCED
28 September 2017
22 February 2018
JSmith
Sam Jones
Jane Smith
Sam Jones
Chairwoman
Chief Executive Officer
Waihou City Council Annual Report 2018 2017
This report is dated 23 August 2018 and is signed on behalf of the board of Waihou City Council Corporation of New Zealand Limited by Jane Smith, Chairwoman, and Sam Jones, Chief Executive Officer.
6
FINANCIAL YEAR - END 30 June 2018
Introduction 7
OUR VISION With customers at our heart we will become New Zealand’s most preferred City Council.
OUR MISSION IS: Waihou City Council Annual Report 2017
To be number one in City Council service.
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WE BELIEVE IN:
People drive our success
Acting with openness and integrity
Passion for customers
Working together as one
Introduction 9
OUR CURRENT FOCUS IS: Effortless customer experiences through our people, products, platforms, processes, and operational excellence.
Waihou City Council Annual Report 2017
TO DO THIS WE’LL:
10
Do the basics brilliantly
Know what’s valuable
Invest wisely
Introduction
CHAIRMAN’S REPORT
11
Dear shareholder, Waihou City Council finishes its 2017/18 financial year a substantially different company than it was a year earlier.
A key benefit of this is that it allows for a single-minded focus on delivering for customers, rather than meeting regulatory milestones.
Following the approval by more than 99% of votes cast by Waihou City Council shareholders in October 2013, the company separated its subsidiary businesses into an entirely standalone new company called New Company. The logic of the Demerger appears to have been borne out with investors pushing the combined share prices of both Waihou City Council and New Company higher.
Along with rapid technology changes, ever-increasing consumer expectations, and an economy that remains flat, Waihou City Council is presented with a number of challenges that it must address in order to be successful.
With this transaction complete, I took over as Chairman of Waihou City Council on 1 December 2013. PostDemerger, Waihou City Council 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 Demerger allowed for a re-set of the regulatory environment here in New Zealand, which moved Waihou City Council closer to competing on a level playing field with the other providers in New Zealand.
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.
It is testament to the people of Waihou City Council 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 Waihou City Council . In our new world, Waihou City Council 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 costefficiently as possible. I am confident Waihou City Council 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. â–
JSmith Jane Smith Chairwoman
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Waihou City Council Annual Report 2017
13
Our Company
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OUR COMPANY Waihou City Council Annual Report 2017
EXECUTIVE CHANGES
Our Company
During the year Waihou City Council also said farewell to its CEO Mr Joe Smith. In his five years at the helm of Waihou City Council he was instrumental in guiding the company through a significant period of challenge and change.
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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 Waihou City Council ’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 industry in New Zealand and a proven ability to lead customer-focused change to grow shareholder value. Sam started as CEO on 13 August 2017 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. ■
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Waihou City Council Annual Report 2018 2017
Our Company
MEMBERS OF THE EXECUTIVE TEAM
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SAM JONES
CHIEF EXECUTIVE OFFICER
As Chief Executive Officer (CEO) and Executive Director, Sam is responsible for the leadership, strategic direction and management of the company. he was appointed as Waihou City Council CEO in April 2017, commencing mid-August of the same year.
Background Sam is well attuned to the Waihou City Council 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.
Waihou City Council Annual Report 2018 2017
Responsibilities
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TRACY GIBSON
GROUP GENERAL COUNSEL & COMPANY SECRETARY
Responsibilities
Our Company
Tracy was appointed Group General Counsel in July 2011. She leads Waihou City Council’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.
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Background Tracy is a highly experienced corporate and commercial lawyer, with extensive international experience in 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 Waihou City Council in 2011.
ABBIE GARDINER CHIEF EXECUTIVE OFFICER (CEO), RETAIL
Abbie joined Waihou City Council in August 2011 as CEO of Waihou City Council Retail. She is responsible for driving Waihou City Council’s commitment to improving the experience of Waihou City Council consumer and SME customers, the performance of Waihou City Council’s products and services business with these customers and has executive responsibility for Waihou City Council’s brand.
Background Abbie 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 Waihou City Council, Abbie was in London as Managing Director of Asia-Pacific Products’ UK and European operations. Abbie has resigned from Waihou City Council effective 31 October 2017.
Waihou City Council Annual Report 2018
Responsibilities
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DAVID HOLMES
GROUP CHIEF TECHNOLOGY OFFICER
Our Company
Responsibilities
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David joined Waihou City Council in October 2010 and was promoted to the Waihou City Council Executive team in April 2012 as Group Chief Technology Officer. He is responsible for Waihou City Council’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 Waihou City Council in provisioning, credit and billing, corporate property and information management.
Background UK 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 on-going management of insourced and outsourced operations.
NIGEL OTTO
CHIEF FINANCIAL OFFICER
Nigel was appointed Chief Financial Officer of Waihou City Council in October 2012. Nigel is responsible for the centralised finance functions of Waihou City Council, 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 Waihou City Council.
Background Nigel has over 20 years’ experience in the financial arena and after 13 years in the investment banking industry, Nigel joined Waihou City Council in January 2002. Prior to his appointment as Chief Financial Officer, he held the following positions at Waihou City Council – Treasurer, General Manager Finance and Group Controller. Nigel has extensive capital markets, mergers and acquisitions and financial experience. In 2018, following the Waihou City Council Demerger, Nigel was awarded ‘’Best CFO 2018’ at the New Zealand annual business awards.
Waihou City Council Annual Report 2018
Responsibilities
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OPERATING ENVIRONMENT
Performance
Waihou City Council is a participant in the New Zealand and Australian environmental council.
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Broadly, the 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 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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Waihou City Council Annual Report 2017
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Performance
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PERFORMANCE Waihou City Council Annual Report 2017
OUR FY17 PERFORMANCE 20C
Dividends per share
61C
Earnings per share Performance
$311M
Net earnings from continuing operations
27
$528M Capital expenditure
$1,079M EBITDA from continuing operations
$1,157M Waihou City Council Annual Report 2017
Net earnings for the year
28
$4,576M Operating revenues and other gains
OUR COMPANY IN A YEAR...
60K
Performance
GROWTH IN POST-PAID MOBILE CONNECTIONS
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MORE CUSTOMERS
Waihou City Council Annual Report 2017
1,565K
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NZ$169M ON-MARKET BUYBACK OF SHARES
Performance
COMPETITION
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While the fundamental trends affecting the products and services markets in New Zealand are similar to those faced by incumbent companies in mature markets, Waihou City Council’s position up to the Demerger was unusual because services and regulatory changes were happening simultaneously.
Following the Demerger Waihou City Council 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 Demerger. Aside from Waihou City Council, 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 Waihou City Council 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 alternative products to consumer and business customers with discounted price-based offers. Competition in the mobile market continues to increase with three primary operators, Waihou City Council, 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. Waihou City Council 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. Waihou City Council is precluded under the Services Amendment Act from directly consuming products for three years post-Demerger. New Zealand regulation for further details) which, together with the launch of New Company’ widgets service, means that Waihou City Council 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, Waihou City Council, as the incumbent, still remains the market leader in most market segments, with the exception of the services market where Waihou City Council is number two.
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Performance
Waihou City Council has a number of competitive advantages, including:
Strong brands with national presence: The Waihou City Council brand is well established and with high recognition amongst New Zealand consumers with Waihou City Council having been the leading company in New Zealand for many years. The strong Waihou City Council brand helps ensure that the business maintains its strong market position as number one or number two service provider.
Australian Competitive Environment 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 2017 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
Diversified and comprehensive product portfolio: Waihou City Council provides retail and wholesale products and services ranging from wholesale and international products to mass-market sprocket and widget.
Large scale, strategic assets: Waihou City Council owns significant large scale strategic assets encompassing an all sprockets, widgets and a 50% interest in the sprocket connecting New Zealand with international markets.
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. ■
Waihou City Council Annual Report 2017
The number one or two positions in all core markets: Waihou City Council’s f inancial performance is underpinned by its leading position in the New Zealand sector, being the number one service provider in all market segments other than mobile, where Waihou City Council is number two behind Virtucom, enabling unique and compelling converged customer propositions.
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CUSTOMERS
Performance
Waihou City Council’s mission is to become number one in products and services in New Zealand. Waihou City Council’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.
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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;
Waihou City Council now has four customer-facing business units: Retail Wholesale
Around 2,800 business clients across Australasia Over 4,000 businesses supplied with sprockets Over 6,000 business and 300 wholesale customers in Australia using AUSCO’s services.
International
Waihou City Council Annual Report 2018
AUSCO
36
Further details on their customers can be found within these respective business unit sections in the organisational structure section on page 39.
SALES AND MARKETING CHANNELS
Performance
Waihou City Council utilises a number of key channels to deliver its range of products and services to customers. These include:
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Waihou City Council Retail’s digital platforms to communicate with its customers. Waihou City Council’s primary website, Waihou City Council.co.nz, receives over 650,000 unique visitors every month and was revamped in FY17 to improve customer experience, particularly to make it easier for customers to research and buy mobile devices. Waihou City Council Retail has approximately 1,050 service representatives staff ing 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. Waihou City Council also uses offshore customer support services to provide diversity and technical expertise to customers. Call centres remain an important channel for customer interaction and for inbound sales inquiries and f rontline 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 Waihou City Council’s website, as well as on their mobile devices.
Waihou City Council 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.
Waihou City Council Retail’s network of more than 65 stores are made up of:
33 Waihou City Council-owned retail stores.
Waihou City Council Annual Report 2017
33
83
STORES
38
IN NEW ZEALAND
65 Aswell as 65 dealer outlets dedicated to Waihou City Council products and services. Included within the 65 dealer outlets are 30 Waihou City Council business hubs in local regions around New Zealand to support customers with business service needs.
Performance
INDUSTRY TRENDS AND CORPORATE STRATEGY The 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.
In response to these market conditions, and in light of the Government-led strategy initiative, pre-Demerger Waihou City Council 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 Strategy2018, this strategy was designed to bolster Waihou City Council’s existing value retention, deliver simplification and accelerate cost reduction and growth plans.
The manner in which communications, entertainment and services are consumed is fundamentally changing, thereby creating both opportunities and risks for existing business models in 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:
The Strategy 2018 is focused on four key themes, which are:
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Rapid growth in usage of products and services; Flat 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 platformenabled solutions.
Enablers Delivering changes to Waihou City Council’s operating model and structural design to better enable the transition 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.
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Waihou City Council Annual Report 2017
Performance 41
Waihou City Council’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 FY17 Waihou City Council 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 f rom insourcing previously outsourced support functions.
Waihou City Council’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. Waihou City Council’s churn-reduction programme will be enabled by innovative commercial bundles of fixed line, mobile communication and value-added IP services packages. In FY17 Waihou City Council 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 Waihou City Council’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, Waihou City Council aims to deliver revenue growth, possibly by exploring opportunities to enter new adjacent markets, such as entertainment, financial services or consumer payments.■
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Waihou City Council Annual Report 2018
43
Financial Statements
44
FINANCIAL STATEMENTS Waihou City Council Annual Report 2017
STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
Net Profit/(Loss) After Income Tax
Group 2018 $000
Group 2017 $000
Parent 2018 $000
Parent 2017 $000
10,023
(4,951)
10,108
(5,122)
Other Comprehensive Income
Financial Statements
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
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
Owners of the Parent
248
22,173
415
22,058
Non-controlling interest
82
56
-
-
330
22,229
415
22,058
45
Items that may be subsequently reclassified to the Income Statement
Attributable To:
BALANCE SHEETS AS AT 31 DECEMBER 2018
Group 2018 $000
Group 2017 $000
Parent 2018 $000
Parent 2017 $000
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
349
8,658
340
8,669
178,093
121,231
177,111
120,250
Current Assets Cash and cash equivalents
Income tax receivable
Total Current Assets Non-Current Assets
46
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
Property, plant and equipment
Waihou City Council Annual Report 2017
Assets
Group 2018 $000
Group 2017 $000
Parent 2018 $000
Parent 2017 $000
148,282
113,762
147,392
113,557
7,417
5,390
7,417
5,390
71
2,644
71
2,644
155,770
121,796
154,880
121,591
100,067
100,099
100,067
100,099
10,849
9,026
10,849
9,026
7,928
6,502
7,928
6,502
13,340
7,087
13,340
7,087
316,000
228,000
316,000
228,000
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
Contributed equity
265,771
212,400
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
623
682
-
-
644,679
591,101
643,741
589,937
Liabilities Current Liabilities Trade and other payables Employee entitlements Derivative financial instruments
Total Current Liabilities Non-Current Liabilities
Financial Statements
Deferred tax
47
Employee entitlements Restoration provision Defined benefit pension plan obligation Bank borrowings Derivative financial instruments
Equity
Non-controlling interest
Total Equity
TOTAL ASSETS/LIABILITIES/EQUITY 1.5 Total Assets Total Liabilities
1.2
0.9
Waihou City Council Annual Report 2017
Total $ (millions)
Total Equity
0.6
0.3
0
Group 2017
Parent 2017
Group 2018
Parent 2018
48
39
%
Increase in Assets
28
%
Increase in Liabilities
8
%
Increase in Equity
This report is not a legal document for Waihou City Council. All content herein has been used for layout purposes.