16
Above: PKW Executive Leadership Team at the Half Year AGM held at Waiōkura Marae.
<<
Finance costs were $2.3m, an increase on last year (21/22: $1.9m) due to rising interest rates. In terms of our performance as a business, a solid result was achieved with an operating profit after tax of $6m (21/22: $11.7m), supported by $34.4m in revenue (21/22: $37.1m). INVESTMENTS The impacts to some of our key investments were not just economic, with the environmental devastation caused by Cyclone Gabrielle hitting the East Coast impacting Rockit Apples particularly hard, and also affecting the catch rates recorded by Port Nicholson Fisheries (PNF). However, PNF is still doing well with market demand in China for kōura remaining strong, and the project for the new processing plant in its final planning stages before construction begins later in 2023.
"Our people are a vital element in the success of our business, and like taonga, should be protected. "
As previously mentioned, our Miraka Hipi venture has completed its first full year, with the first milk pick-up occurring in July 2022. While we are already experiencing the benefits in the taiao, and in the number of jobs the venture has created, the commercial returns will take time to become apparent as we follow the strategic plan for the increased scale of the operation. Tai Hekenga continues to deliver the consistent returns we expect from this sustainable and consistent part of our investment portfolio – a clear example of the benefits of diversification and value-aligned decision-making. The next rent review cycle is due to begin very soon and will be included in next year’s report. We continue to take a proactive approach to this process to ensure we achieve the best possible outcome. Therefore, a collegial approach with the West Coast Settlement Reserves Lessee Association is necessary to deal with any challenges as they arise. PEOPLE As an organisation, we have an on-going commitment to the hauora of our kaimahi across the entire business, with a distinct focus on health and safety of our PKW Farms and Taiao whānau, given the high-risk environment they work in. Our people are a vital element in the success of our business, and like taonga, should be protected. The consideration we give to health and safety must be
