Parininihi ki Waitōtara Incorporation Annual Report 2024

TE RAU AROHA 2024

ANNUAL REPORT

NGĀ KUPU WHAKARAUORA

OUR STORY

Parininihi ki Waitōtara is on a mission to grow and sustain our people, to create meaningful opportunity for them, their whānau and the generations to come.

We are an intergenerational business with the impetus and determination to continue the legacy of our tūpuna and take control of our own destiny.

Our core values of Kaitiakitanga, Manaakitanga, Whakapono, Whānaungatanga and Kotahitanga are principles and values set down by our shareholders – they provide us with the path we follow towards our vision of He Tāngata, He Whenua, He Oranga.

As Taranaki Māori, our strength lies in ourselves, our connection to the whenua and our determination to build opportunity while staying true to our kaupapa.

We are focused on achieving our long term goals and aspirations through a diversification strategy that promotes innovation and co-operation to deliver sustainable returns. Our whenua is the foundation on which we build the capacity and capabilities of our people and develop our economic strength. We are also proud to stand in the role of kaitiaki of this land, sustaining it for current and future generations .

Each year, our annual report provides another chapter in our story, a contribution to the continuing legacy of determination, of resilience, and the knowledge of who we are and what we mean to become.

Ngāti Maru tohunga, Rumatiki Timu, clears the way for harvest with karakia and tūpuna kōrero at the Mangaoapa Forestry Block, November 2023.

TE RAU O TE KURA O PARININIHI KI WAITŌTARA

OUR PURPOSE

HE PAPA HE TUPU HE ORA

The purpose of Parininihi ki Waitōtara is to make positive contributions to the prosperity of our people, protect our whenua tūpuna, and build wealth that enriches future generations.

We are a proud kaupapa led, diversified and resilient business that has prosperity of our people and whenua at its core.

Our shared whakapapa binds us with our Taranaki Māori whanaunga, together we harness our strengths to build opportunities that deliver sustainable returns that are aligned to our central purpose.

TE IHO OUR VISION

He Tāngata, He Whenua, He Oranga – Sustaining and Growing our People through Prosperity.

TE WHAINGA OUR MISSION

A successfully diversified and sustainable Taranaki Māori-owned and operated business providing meaningful opportunity to its people.

NGĀ MĀTĀPONO OUR VALUES

Manaakitanga Care for our present and future generations

Kaitiakitanga Commitment to leadership

Whakapono Adherence to our tikanga and belief in our future

Whanaungatanga / Kotahitanga Belief in collective action with trusted relationships

TE RAUWHĀRANGI

PARININIHI KI WAITŌTARA INCORPORATION

Te Pūrongo o Te Rau Toi Ariki TR6

Te Pūrongo o Te Rau Toi Ariki 6 Chairperson Report

Te Pūrongo o Te Rau Matomato TR14

Te Pūrongo o Te Rau Matomato 14 Chief Executive Officer Report

Te Rau Rangapū 20 PKW Group Entities

Te Rau Rengarenga 21 Committee of Management

Te Rau Manawanui 22 Executive Leadership Team

Te Ara Putanga 23 Annual Results - Capturing our Core Values

PARININIHI KI WAITŌTARA INCORPORATION ANNUAL FINANCIAL STATEMENTS

Kupu Whakatake 42 Introduction

Te Pūrongo a ngā Kaiarotake 44 Auditor Report

Te Pūrongo ā-Tau ā Komiti 47 Committee’s Annual Report

Te Tauākī Whiwhinga, Whakapaunga Whānui 48 Statement of Comprehensive Income

Te Tauākī Tūnga Pūtea 49 Statement of Financial Position

Te Tauākī Whakaatu i te Rerekētanga o te Tahua 50 Statement of Changes in Equity

Te Tauāki Kapewhiti 51 Statement of Cash Flows

Ngā Whakamārama i

Cover: A montage of images of our Rau Titikura / Shareholder and kaimahi whanau contributing to the PKW kaupapa througout the year.

Puāwaitanga, He Raukotahi 80 Cultivating partnerships He Rau Āwhina He Putanga Tauira 85 Scholarships and Grants

PARININIHI KI WAITŌTARA TRUST ANNUAL FINANCIAL STATEMENTS

Whakatake 96 Introduction Te Pūrongo a ngā Kaiarotake 98 Auditor Report

He Pāronga Kōrero 100 Entity Information

Te Tauāki Koronga mō ngā Mahi kia Tutuki 101 Statement of Service Performance

Te Tauākī Whiwhinga, Whakapaunga Whānui 102 Statement of Financial Performance

Te Tauākī Tūnga Pūtea 103 Statement of Financial Position Te Tauākī Kapewhiti 104 Statement of Cash Flows Ngā Whakamārama i ngā Tauākī Pūtea 105 Notes to the Performance Report

TE PŪRONGO O TE RAU TOI

ARIKI CHAIRPERSON REPORT

E ngā mana, e ngā reo, e ngā karangarangatanga maha, te whānau o Parininihi ki Waitōtara, tēnā koutou katoa. Nei rā te mihi maioha ki a koutou i runga i ngā āhuatanga o te wā. Ko te tūmanako kia noho ora mai koutou katoa i roto i te āhuru mōwai o tō tātou whānau me ngā hapori e noho nei tātou.

Nōku te māringanui ki te whakatakoto i te Pūrongo ā-Tau mō te Kōporeihana o Parininihi ki Waitōtara mō te tau i mutu i te 30 o Pipiri, 2024.

Whakaaroaro ai mātou mō te tau kua hipa ake nei, ka whakanui mātou i ngā nekehanga rautaki nunui i whāia ai, e tāpapatia ana ki te tūāpapa i whakatakototia e ō tātou tūpuna i tō rātou eke i te whaitua matatini. He tau tino whakahirahira tēnei mō te whakaū ehara i te mea he pakari noa iho a Parininihi ki Waitōtara, heoti anō kua rite kē mō te panoni, kua rite hoki ki te tupu hoki, hei te anamata.

WHAIHUA AHUMONI

Mō te tau i mutu i te 30 o Pipiri 2024 i tāngia e Parininihi ki Waitōtara Group he $9.9m ngaronga moni tapeke i muri i te tāke (2023: $1.0m ngaronga). Hui katoa ko te whānuitanga o te ngaronga kua tāngia mō te tau kua pahure he $18.8m (2023: $2.2m ngaronga).

He mea kawatau te otinga, ā, ka whakaatatia te nui o te hekenga wāriu o tō tātou whenua tupuna whakapaingakore (corpus land), he $23.7m te whakaitinga pūmau (2023: $10.6m whakaitinga). I hua mai tēnei i te reiti huamoni teitei o tēnei wā e pā atu ana ki te tauira whakahekenga kapewhiti e ahu mai ana tō mātou tauira mō te wāriu o te whenua tupuna.

He mea hiranga kia mōhio te whānau whaipānga kāore tēnei i te whakaatu i te ngaronga pūtea, kia mōhio hoki e pakari tonu ana ngā tūāpapa pakihi e whakaaturia ana i roto i te $2 miriona pikinga o te monihua whakahaere i mua i te tāke he $9.2m (Tau Pūtea FY22-23: $7.3m).

TE AHUNGA RAUTAKI ME TE PANONITANGA

He tohu te tau pūtea 2024 o te tīmatanga o te panoni tau maha mō Parininihi ki Waitōtara, e hoahoatia ana ki te whakaū i te toitūtanga wā-roa o tō tātou rōpū. Ka arotahi tonu mātou ki te whakawhānui i tō tātou pūtake haumitanga, kia neke ki tua atu i tō tātou whakawhirinaki PARININIHI KI WAITŌTARA INCORPORATION

DION TUUTA

o mua ki te ahuwhenua pāmu, kia whakaurua ngā rāngai kanorau pērā ki te ahumāra, te whakaputanga kai, weu hoki, me te tirotiro ki ngā āhuatanga hou, hei tauira, te pūngao whakahou. He waiwai ngā kaupapa rautaki nei ki te whakakanorau i ō tātou tūraru, kia whai hua hoki i ngā putanga angitu o tēnei taiao mākete nukunuku.

Ehara te panoni rautaki nei i te nuku atu i ō tātou pūtake engari he whakapiki i tō tātou āhei ki te urutau, ki te whai tōnui hoki. E ū tonu ana mātou ki te hāpai i te mana o tō tātou kaupapa, ā, ki te whakaū e hāngai ana ō tātou whakataunga ki ngā wawata o ō tātou Rau Titikura / Shareholders me ngā uara o ō tātou tūpuna.

MANA WHAKAHAERE ME TE HAUTŪTANGA

I tēnei tau, kua kite mātou i ngā panoni nui ki tō mātou hunga mana whakahaere, he waiwai ki te tautoko i tō tātou ahunga rautaki. I pōhiri te Poari ki ngā mema hou e kawea mai nei he tirohanga hou, e waiwai ana mō te whakatere i tēnei wā panoni. I pōhiritia a Serena Fiso ki te poari, ā, i whakatau anō i a Tokatumoana Walden, ā, e titiro whakamua ana mātou ki ā rāua mahi hautū.

I te Hakihea 2023, i poroporoaki mātou i a Tama Pōtaka rāua ko Claire Nicholson, nā rāua te āwhina nui ki te whakatipu i tō tātou Kōporeihana. E tohu ana tō rāua wehenga i te mutunga o tētehi wā motuhake, engari ka aratohu tonu tō rāua whakareretanga i ā mātou tikanga mana whakahaere.

"E arotahi tonu ana mātou ki te whakawhānui i tā tātou tūāpapa haumitanga, e mimiti ai mātou i tō mātou whakawhirinaki ki te ahuwhenua miraka kau kia aro ki ngā rāngai matatini, hei tauira, te ahumāra, te whakaputa kai, weu hoki, me te mātaitanga kaupapa hou, pērā i te whakahou pūngao."

E whakahaere tonu a Claire i tōna pakihi angitu me tōna hīkoi mana whakahaere, ā, kua wehe a Tama ki te hāpai i te mahi nui ki tō tātou Kāwanatanga hou hei Minita mō te Whanaketanga Māori i te taha o ētehi atu kawenga nui tae ana ki te ture ki raro rā e whakahaeretia ana te nuinga o ō tātou whenua tupuna, ara, te Māori Reserved Land Amendment Act.

TUKANGA AROTAKE RĪHI 2024

Heoti anō, mai i te tīmatanga o te tau e taukumekune ana te Komiti Whakahaere me te West Coast Leases Association i te tukanga arotake rīhi o ia whitu tau. He mahi matua tonu te arotake rīhi, ā, he mea waiwai ki tō tātou tōnuitanga te tiaki i tēnei ara mahi pūtea hiranga.

Ko tā ngā Kairīhi pātai, ka āhei rānei e rātou te tono mō te utu o tētehi Whakaae Rawa o tēnei wā hei Whakapikinga Wāriu o te Kairīhi. E mahuki ana te Komiti Whakahaere / Te Rau Rengarenga o Parininihi ki Waitōtara kei te hē tēnei whakataunga o te Lessees Association.

I te wā o te tuhinga, kua tae mai te whakataunga tautohetohe o te kaiwhakawā, ā, e harikoa ana mātou ki te pānui atu kua tautokona e te kaiwhakawā te tono o te Kōporeihana. He tino ekenga panuku tēnei whakatau, ā, ka āwhina kia hīkina tēnei wero ki te arotake rēti o nāianei. Kua whakakaha tēnei i te whakatau o te Komiti me whaiwhakaaro ki ngā hōkai matua katoa hei tiaki i te tōpūtanga o ō tātou whaipānga. <<

Kei runga: Rau Titikura / Shareholder whānau Hui ā-Tau (AGM) o PKW, i tū i Aotearoa Marae, Whiringa-ā-rangi, 2023.

Ahakoa i tēnei wā kua kaha hāpaitia ō tātou whāinga, e ū tonu ana te whakaaro ko te pūnaha ture o tēnei wā -me te puna rīhi mutunga kore i waihangahia - i uruhia ki runga i ō tātou tūpuna me ō rātou whenua, he takahanga tonu, ā, ka takea tonutia e mātou ki tō tātou Minita hou mō te Whanaketanga Māori.

TE AROTAHI RAUTAKI ME TE TIROHANGA WHAKAMUA

Titiro whakamua ai mātou, tae ana ō mātou whāinga matua rautaki ki te arotahi ki ngā pānga o te āhuarangi hurihuri me te whakatutuki i ō mātou whāinga kia tukuwaro-kore, kia kōkirihia ō mātou kaupapa pūngao whakahou, whakawhanake whare, whenua hoki. Ka tohu ēnei rāngai i ngā angitu matua mō PKW ki te whakatū kaupapa toitū, kaupapa whai pūtea hoki e āwhina ai i tō tātou manawaroa wā-roa. Whakatata atu tātou ki te huringa tau 50 o PKW hei te tau 2026, e whakatakoto ana mātou i te tūāpapa mō te whakanui i ō tātou whakatutukitanga me te hora i te huarahi mō ngā tau 50 kei mua i te aroaro.

Ka tū tonu te whakapāpā ki ngā hapū hei tumu o tō mātou rautaki. Mā te whakapakari i ēnei hononga ka whakaute i tō tātou ahurea me ā tātou taonga tuku iho, otirā ka whakaūngia hoki ka hua ngā painga o te tupu haere mā ngā kaiwhaipānga katoa.

HE MIHI

E tū ngākau whakaute nei au me te mihi atu ki tō tātou Poari, Te Rau Manawanui, te hunga kaimahi me ngā hoa mahitahi mō tō rātou manawanui me tō rātou pukumahi.

Waihoki, e hiahia ana au ki te whakamānawa i te tāpae nui o tō tātou Te Rau Matomato / CEO hou, a Aisha Ross.

Mai i tōna eke ki tēnei tūranga, kua haria mai te tirohanga me ngā pūkenga hou ki te Rau Manawanui o PKW (arā, te Tīma Matua / executive leadership), e arotahi ana ki te whakawhanake me te urutau i ngā āhuatanga pakari o nāianei o tō tātou rōpū hei whakatutuki i ngā tononga o āpōpō. He mea matua tōna aronga ki te whakahou i tō mātou rautaki, e whakaūngia ai e kore e mau tonu, engari ka hanga tonu i runga i ngā tūāpapa o PKW hei urutau ki ngā wero me ngā mea angitu hou. E arahina tātou e Aisha i tēnei wā motuhake e panoni ai mātou, kia āta panoni te tū o PKW mō te wāheke.

Mauī: Rau Titikura / Shareholder whānau i te Hui ā-Tau (AGM) o PKW, i tū i Aotearoa Marae, i Whiringa-ā-rangi, 2023.

Kei raro: Rau Titikura / Shareholder whānau kei mua i W'areroa i te hui ā-Haurua Tau o PKW, Taiporohēnui Marae, Haratua 2024.

"Ka rere taku mihi ki tō tātou whānau Rautitikura mō tō rātou tautoko, whakapono hoki, haere tonu. E mahi ngātahi ana tātou ki te tōpū taonga tuku iho hei whakamānawa i ngā rā i mua i a tātou, ā, hei whakatairanga hoki i ngā rā kei mua i a tātou."

Ka rere taku mihi hoki ki tō tātou whānau Rautitikura mō tō rātou tautoko, whakapono hoki, e haere tonu ana. E mahi ngātahi ana tātou ki te tōpū taonga tuku iho hei whakamānawa i ngā rā o mua, ā, hei whakatairanga hoki i ngā rā kei mua i a tātou.

Ngā mihi nui,

Dion Tuuta

Te Rau Toi Ariki / Chairperson

Te Rau Rengarenga o Parininihi ki Waitōtara / Parininihi ki Waitōtara Incorporation

TE PŪRONGO O TE RAU TOI ARIKI

CHAIRPERSON REPORT

E ngā mana, e ngā reo, e ngā karangarangatanga maha, te whānau o Parininihi ki Waitōtara tēnā koutou katoa. Nei rā te mihi maioha ki a koutou i runga i ngā āhuatanga o te wā. Ko te tūmanako kia noho ora mai koutou katoa i roto i te āhuru mōwai o tō tātou whānau me ngā hapori e noho nei tātou.

Nōku te māringanui ki te whakatakoto i te Pūrongo ā-Tau mō te Kōporeihana o Parininihi ki Waitōtara mō te tau i mutu i te 30 o Pipiri, 2024.

As we reflect on the past year, we recognise the significant strategic shifts we have embarked upon, building on the strong foundations laid by our predecessors while navigating a complex landscape. This year has been pivotal in ensuring that Parininihi ki Waitōtara is not just resilient but prepared for change and future growth.

FINANCIAL PERFORMANCE

Parininihi ki Waitōtara Group has recorded a net loss after tax for the year ended 30 June 2024 of $9.9m (2023: $1.0m loss). Total comprehensive loss recorded for the year was $18.8m (2023: $2.2m loss).

This final position was expected and reflects a significant downward valuation of our unimproved whenua tupuna (corpus land) of $23.7m impairment (2023: $10.6m impairment). This has been caused by current high interest rates affecting the discounted cashflow model upon which our whenua tupuna valuation model is based.

It is important for shareholder whānau to note that this does not represent a cash loss and note that the business fundamentals remain strong as demonstrated by the $2m improvement on operating profit before tax of $9.2m (FY22-23: $7.3m).

STRATEGIC DIRECTION AND TRANSFORMATION

The 2024 financial year marked the beginning of a multiyear transformation for Parininihi ki Waitōtara, designed to ensure our organisation’s long-term sustainability. Our focus remains on broadening our investment base, moving beyond our historical reliance on dairy farming to include diversified sectors such as horticulture, food and fibre production, and examining new areas such as renewable energy. These strategic initiatives are essential to diversifying our risks and capitalising on emerging opportunities in a quickly evolving market environment.

DION TUUTA

This strategic shift is not about moving away from our roots but about enhancing our ability to adapt and thrive. We remain committed to upholding the mana of our kaupapa and ensuring that our decisions are aligned with the aspirations of our Rau Titikura / Shareholders and the values of our tūpuna.

GOVERNANCE AND LEADERSHIP

This year, we have seen significant changes in our governance membership, which are critical to supporting our strategic direction. The Board welcomed new members who bring fresh perspectives, essential for navigating this transformative phase. We welcomed Serena Fiso to the board and welcomed back Tokatumoana Walden and we look forward to their leadership contributions.

In December 2023 we bid farewell to Tama Potaka and Claire Nicholson, whose contributions to the growth of our Incorporation have been invaluable. Their departure marks the end of an era, but their legacy continues to guide our governance practices.

Claire has continued on with her successful business and governance journey and Tama has gone on to play a significant role in our newest Government as Minister for Māori Development alongside a number of other significant portfolios including the Māori Reserved Land Amendment Act, under which the majority of our corpus lands are governed.

"Our focus remains on broadening our investment base, moving beyond our historical reliance on dairy farming to include diversified sectors such as horticulture, food and fibre production, and examining new areas such as renewable energy."

2024 RENT REVIEW PROCESS

Ironically, since the start of the year the Committee of Management have been in an arbitration with the West Coast Lessees Association as part of the seven-yearly rent review process. The rental review remains our core business and protecting this important income stream is central to our prosperity.

The issue of contention advanced by the Lessees is whether the cost of a modern Resource Consent can be claimed as a Lessee’s Improvement. The Committee of Management is clear that this is an inappropriate position taken by the Lessees Association.

At the time of writing, we have received the outcome of the arbitration and are very pleased to announce that the Arbitration Award is in the Incorporation's favour. The result is a significant accomplishment and aids in a resolution to the current rent review challenge. This has reinforced the Committee's stance that we must consider all necessary steps to protect our collective interests.

While on this occasion our interests have been positively recognised, it remains our view that the current legislative system – and the perpetual leasing system it created – imposed upon our tūpuna and their whenua remains manifestly unjust and is a matter that we will continue to take up with our new Minister for Māori Development.

Above: Rau Titikura / Shareholder whānau at the 2023 PKW Hui ā-Tau (AGM), held at Aotearoa Marae, November 2023.

STRATEGIC FOCUS AND FUTURE OUTLOOK

Looking forward, our strategic priorities include a particular focus on our climate change impacts and achieving our aspirations to be carbon neutral, as well as advancing our initiatives in renewable energy and property development. These sectors represent key opportunities for PKW to build sustainable and profitable ventures that will contribute to our long-term resilience. As we approach PKW’s 50th anniversary in 2026, we are laying the groundwork for celebrating our achievements and setting the stage for the next 50 years.

Our engagement with hapū remains a cornerstone of our strategy. Strengthening these relationships is not only about respecting our cultural heritage but also about ensuring that our growth benefits all stakeholders.

ACKNOWLEDGEMENTS

I extend my deepest gratitude to our Board, Te Rau Manawanui / Executive team, kaimahi, and partners for their dedication and hard work.

Additionally, I would like to acknowledge the significant contributions of our new Te Rau Matomato / CEO, Aisha Ross.

Since stepping into the role, he has brought a fresh strategic outlook and skills to PKW’s executive leadership, focusing on evolving and adapting our organisation’s existing strengths to meet future demands. His approach has been key in refreshing our strategy, ensuring that we are not just maintaining but building upon the strong foundations of PKW to adapt to new challenges and opportunities. Aisha’s leadership is steering us through this important transformation phase, marking a significant but respectful shift in how PKW is positioning itself for the future.

I also thank our Rau Titikura / Shareholder whānau for their ongoing support and trust. Together, we are building a legacy that honours our past and embraces our future.

Ngā mihi nui,

Dion Tuuta

Te Rau Toi Ariki / Chairperson

Te Rau Rengarenga o Parininihi ki Waitōtara / Parininihi ki Waitōtara Incorporation

Left: Rau Titikura / Shareholder whānau at the 2023 PKW Hui ā-Tau (AGM), held at Aotearoa Marae, November 2023.

Below: Rau Titikura / Shareholder whānau in front of W'areroa at the PKW Half Year AGM, Taiporohēnui Marae, May 2024.

"I also thank our shareholder whānau for their ongoing support and trust. Together, we are building a legacy that honours our past and embraces our future."

BALANCE SHEET HIGHLIGHTS

Rau Titikura / Shareholder whānau at the 2023 PKW Hui ā-Tau (AGM), held at Aotearoa Marae, November 2023.

FIVE YEAR CONSOLIDATED PERFORMANCE TO 2023/24

PARININIHI

KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU MATOMATO

CEO REPORT

AISHA ROSS

Tākina mai ko te kawa!

Ko te kawa nā wai?

Ko te kawa nā Tītokowaru

Ko te kawa hau tapu o Parau kau o Tū kau

Ka iri te kawa kei runga! Ka iri te kawa kia rautāpatu te kawa ora

Ka iri te kawa kei runga kia tupu matomato te kawa!

Ka mau te kawa, ka hau te kawa, ka ea te kawa!

Heke mai te kawa ora!

E i ē ko te hotu o hotu mātiketike, ko te hotu o hotu mārangaranga

Ko te hotu o taku manawaora!

Ko tō manwaora, ko tōku manawaora!

Tūturu ō whiti whakamoua kia tina

Tina! Haumi e, Tāiki e Nōku te māringanui ki te whakatakoto i te Pūrongo ā-Tau mō te Kōporeihana o Parininihi ki Waitōtara mō te tau i mutu i te 30 o Pipiri, 2024, hei Rau Matomato.

I a tātou e arotake ana i te tau, ka hoki ōku mahara ki ngā kōrero wawata a ō tātou pāhake i te mutunga o ngā tau 1960,

'Kia tū māia tātou, whakahaeretia ā tātou rawa, whakatipuria te wāriu mā te pai o te whakahaere, ā, hoatu ngā tukunga iho e whaipainga ai ā tātou tamariki, kia tū whakahīhī rātou, hei tohu maumahara ora mā tēnei whakatipuranga.'

Ka pānui koe i tēnei pūrongo, ka mārama koe ka whaitake tēnei kōrero ki nāianei rangi pērā i ō ngā rā o mua. He tumu e rato ana i te tohutohu me te hiringa e whakakaha ana i tō tātou kaupapa, e whakarite ana i a tātou mō te āpōpō toitū, e whakarahi ana i te tōpūtanga o ō tātou tukunga iho.

He tau tēnei o te rautaki motuhake i a tātou e hīkoi ana i te huarahi panoni, kia tipu.

E huri ana te ao, te taha ōhanga hoki, me ngā wero taiao motuhake, e pā mai ana ā-ahumoni, ā-whakahaere hoki. Heoi anō, nā tō tātou tūāpapa pakari me tā tātou aronga ki te aroā tūraru, ki te haumitanga hoki, kua āhei tātou ki te whakatere i ngā wai oruoru kia eke i ngā wero me te kōwhiri i ngā huarahi e wātea ana.

He mea waiwai te whakaū kua rite tātou mō te kaupapa, kua rite hoki ki te urupare ki ngā wero me te whakatinana i ngā mea angitu hei te wāheke. I oti i te Komiti Whakahaere / Te Rau Rengarenga te arotake i te rautaki whānui me te whakaae ki te rautaki kua whakahoungia, He Rautaki 2033 - He Papa, He Tupu, He Ora, me ētehi atu puka rautaki matua.

Kei runga: Ka whakaatu Te Tira Taiao o PKW i te taha o ētehi kaiwhakarato me ētehi pakihi i te 'He Raupatu, He Rautāpatu', arā, he whakaaturanga whakawhanake hunga kaimahi i tū i muri i te Hui ā-Tau o PKW i Aotearoa Marae, Whiringa-ā-rangi 2023.

"He mea waiwai te whakaū kua rite tātou mō te kaupapa, kua rite hoki ki te urupare ki ngā wero me te whakatinana i ngā mea angitu hei te wāheke."

E rere ana taku mihi ki ō tātou whanaunga, ki a Tama Potaka rāua ko Claire Nicholson mō tā rāua manawanui me ā rāua mahi i ngā tau kua pahure ake, i te otinga o ā rāua mahi i tēnei tau, ā, ka rāhiri i a Toka Walden rāua ko Serena Fiso ki te Te Rau Rengarenga/ Komiti Whakahaere. Ka whakaata ēnei panoni i ō koutou kawatau haere tonu kia pakari te mana whakahaere me te hautūtanga e whakaū ai ka whaihua te whakataunga whakaaro, te tohutohu me te ahunga mahea.

Ka whakatakoto tēnei pūrongo i ngā kōrero whakahira mō te whakahaere me te whakawhanake i tō mātou panoni i te tau kua pahure nei.

HE TĀNGATA

Ko ō tātou kaimahi te whētuki manawa o tō tātou rōpū. He arotahi matua tonu te whakapāpātanga kaimahi me te tautoko i te ahurea ka ahu mai i ō tātou uara me ō tātou tukunga iho. Tae ana ngā kaupapa hou, o nāianei hoki ki Te Rau Mihiata, ngā wānanga Business Intelligence, ngā hui Kaitiaki, ngā takune Social Club, te hui Kurataiao o Taranaki, te Whānau Day mō PKW, me te hui Farms e aro ana ki te whakaū ka rongo ngā kaimahi i te manaaki, ka whai mārama, ka hono hoki rātou ki tō tātou kaupapa.

Nā te hiahia waiwai kia arotahi ki te whakahaere utu me te whaihua o te whakahaere, i hoahoatia anōtia te tīma Finance and Investment me te tīma Miraka Hipi, me te arotahi ki ngā mea matua mō te utu ā-roto me ngā inenga puta mai ai ngā utu e piki haere ana, te tāmitanga o te reiti huamoni, me ngā pānga o ngā mākete o te ao.

I tēnei tau i wehe atu ētehi kaimahi ki te whai huarahi hou mō te ngaio. Ka rere taku mihi ki Tonga Karena rāua ko Kirsty Riddell tonu mō ā rāua mahi nui, tāpaetanga whai tikanga hoki i a rāua i tō mātou taha.

HE WHENUA

He whāinga tōmua matua kia ū tonu ki te poipoi me te whakawhanake i ō mātou hononga ki ngā hapū. He auau te whakapāpā atu o tō mātou tīma Taiao ki ngā hapū puta noa i Taranaki, ā, ka rato i ngā raraunga me ngā pārongo whaitake me te whakamōhio atu i ā rātou mahi kei te whenua me ngā awa.

Kua koke whakamua mātou ki te hanga i ngā honohono whaihua, inarā ki te taha o Puketapu, o Ngāti Tū me Ngāti Manuhiakai, o Kānihi-Umutahi me Hāpōtiki. He waiwai ēnei hononga i a tātou e tūhura ana i ngā mea angitu mō te mahi ngātahi me te whaihua mō tēnā, mō tēnā.

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"He arotahi matua anō o tēnei tau ko tō tatou ū ki te tiaki me te whakapai i ngā wāhi tapu puta noa i te huinga whenua."

He arotahi matua anō o tēnei tau ko tō tatou ū ki te tiaki me te whakapai i ngā wāhi tapu puta noa i te huinga whenua. Ko te mahi ngātahi te aronga o tō mātou tīma Taiao me tō mātou tīma Rawa, kua arahina e rātou ēnei mahi waiwai kia whakaū ai e tautiakina ana, e mānawatia ana, e whakarahia ana hoki ō tātou taonga ahurea tuku iho ki ngā mahi katoa.

HE ORANGA

WHAIHUA AHUMONI

E ai ki te pūrongo a te Heamana, i ahu mai i tētehi tukanga whakahekenga wāriu te tānga o te PKW Group he $9.9m te ngaronga moni tapeke i muri i te tāke (2023: $1.0m te ngaronga), me te $18.8m te tapeke ngaronga whānui i tāngia (2023: $2.2m te ngaronga). E pūrehurehu ana te whaihua ahumoni nā te tārere haere o te wāriu whaihua ahumoni i ia tau.

I hāngai te whakapaunga a te Rōpū ki ngā matapae, i $28m (2023: $26m). E rua ngā wero ā-pāmu nui nā tērā

i hua mai ai te pikinga o ngā utu. Ko te wero tuatahi ko te āhua tauraki o te huarere i āta uruparetia i te wāhanga tuarua o te tau, me te whakatika i tētehi tino tūāhuatanga e pā ana ki te hauora kīrehe i tā mātou kāhui Miraka Hipi.

I āhua ū ngā utu o ngā taongahoko kakapi kei ngā mākete o te ao whānui, i te rere tonu o te wā rangirua nei. Heoi anō i te mākete o Haina, he tino mākete mō te hoko atu i te maha o ngā whaipānga haumitanga a PKW, i tīmata te puta mai o ngā tohu ngoikore i te roanga o te wāhanga tuarua o te tau.

I te whenua kāinga, he tiketike tonu ngā reiti huamoni nā te ngana ki te whakaheke i te pikinga utu. Ka rangona te pānga o tēnei whāinga, arā te whakapōturi i te taiōhanga ā-rohe, puta noa i ngā rāngai whānui, ā, i kite mātou i te kukuti haere i te whakapaunga moni a ngā pakihi me ngā whānau hoki.

He rerekē ngā pānga atu o ēnei āhuatanga ki tā mātou Papatupu (arā, te huinga haumitanga), kua whakaaturia i ngā pūrongo ahumoni āmiki.

Ahakoa ngā uaua o te kore ua ki ngā pāmu, he $1.2m te otinga pai tonu o te huamoni tapeke, i whakatinanatia e PKW Farms LP. I tēnei tau, i heke te pūtea tuku mō te miraka ki te utu hanumi $8.11kgMS (2023: $8.59kgMS). Ia tau ka āraia tētehi wāhanga o te rahinga miraka kua puta hei ārai i ngā raru ka puta pea i te mākete e whakaputaina pea te hekenga nui o te utu miraka i te kēti pāmu. He $8.52kgMS te toharite o te utu ārai mō tēnei tau.

Mauī: I ārahi a Ngāti Maru i tētehi karakia i mua i te hauhake i te taha o ngā kaimahi o PKW, o East Taranaki Environment Collective (ETEC) rātou ko ngā kaikirimana ngahere i Mangaoapa Forestry Block, i Whiringa-ā-rangi 2023.

Matau: Rau Titikura / Shareholder whānau i te Hui ā-Tau (AGM) o PKW 2023, i tū i Aotearoa Marae, Whiringa-ā-rangi 2023.

I riro i a PKW Miraka HIPI LP tōna otinga $1.4m ngaronga moni tapeke. Ahakoa i matapaetia he ngaronga mō tēnei tau o te kaupapa hou nei, ka nui ake te pānga ki te otinga, nā tētehi tūāhuatanga hauora kīrehe kāore i matapaetia.

He whakataunga rautaki te haumitanga ki SLC Ventures LP hei whakawhānui i ā mātou pānga ki Miraka Hipi ki tua i te kēti pāmu mā te pupuri i tētehi pānga tūtanga autaki ki Spring Sheep, tētehi pakihi ka kohia tā mātou miraka, ā, ka whakamahia, kawea atu hoki ki te mākete. He 12 marama whakapātaritari mō Spring Sheep, i ahu mai i te kino o te hekenga tononga i Haina mō ngā urunga kai. Engari i te Pipiri 2024 i eke te whakamanatanga SAMR mō te paura miraka pēpi e kawe ana i te waitohu o Spring Sheep, kia hokona tōtika atu ki te mākete o Haina. Mā tēnei mea angitu ka āhei a Spring Sheep ki te kauneke i te mahere kia whakakanorau atu i tōna whakawhirinaki ki te mākete kai whakauru, ā, ki te kuhu ki tētehi atu huarahi hoko ki roto ki Haina.

I whakamōhiotia e Port Nicholson Fisheries (PNF) he otinga pai hoki mō te tau, i whakaawetia e ngā utu mākete kaha mō te kōura ki Haina mō te nuinga o te tau, me te pai o ngā pāpātanga whakawhiti tāwāhi. Engari, i te hauwhā whakamutunga, i tino ngāwari haere te tononga mō te kōura, hei tohu o ngā wero mō tērā tau.

He tau uaua te tau mō Ngāmotu Hotels i muri tonu i te hekenga nui o te tononga a te rāngai pakihi me te rāngai rēhia mō te wharenoho. Ka miramira tēnei i te pāwera o tō tātou haumitanga Hōtēra ki te mākete ā-kāinga, ā, me te hiahia ki te hekenga o ngā reiti huamoni ā tērā tau pūtea e matapaetia ana.

"I whakamōhiotia e Port Nicholson Fisheries (PNF) he otinga pai hoki mō te tau, i whakaawetia e ngā utu mākete kaha mō te kōura ki Haina mō te nuinga o te tau, me te pai o ngā pāpātanga whakawhiti tāwāhi."

Kua tīmata te topenga o te Mangaoapa Woodlot, ka whakawhitia e mātou tētehi haumitanga mō te tupu kua mau wā roa hei moni. Kua whakatūria tētehi whakaaetanga utu pūmau mō te hauhake e rato ai ki PKW he hua tūturu i roto i te mākete me ōna piki, me ōna heke. Tae noa ki tēnei wā nā tēnei aronga utu pūmau a PKW i ārai i ngā pānga o te mākete poro rākau o Haina e heke haere ana.

TE AROTAHI HAUMITANGA

Kua arotahi tō mātou rautaki haumitanga ki te whakataurite i tō tātou huinga haumitanga. Nā te arotake

i te whaihua me te pūtahitanga o ngā rawa, inarā kei roto o PKW Farms, kua whakawhānui mātou i tō mātou aronga kia uru ko te kai me ngā mea angitu mō te whakaputa kaka tipu, e arotahi hoki ana ki te whakaiti tukuwaro me te whakarahi i te whiwhinga moni.

Kia hāngai ki tō mātou rautaki ki te whakakanorau i te mahinga whenua, i te Hakihea 2023 i hoko mātou i tētehi whenua rīhi mō te whanaketanga ahumāra, mō te whanaketanga pūngao whakahou rānei. Ahakoa kei ngā tau tīmatanga tonu tēnei kaupapa, ka whakaatu i tētahi wāhanga matua o tō mātou rautaki wā-roa ki te tūhura i ngā kōwhiringa toitū, whai huamoni hoki hei tāpiri ki tā mātou haumitanga ki te ahuwhenua miraka kau.

I tēnei tau i tīmata te tope rākau ki te ngahere kei Mangaoapa, kei te taha raki-mā-rāwhiti o Whakaahurangi, kei te rohe o Ngāti Maru. Ka whakaatu tēnei kauneke i te tau tuatahi o te pūnaha tope rākau, e tāpae atu ana ki tō mātou rautaki haumitanga pae tawhiti.

He tau pātari te tau whakaputa miraka tuarua o Miraka Hipi, nā tētehi take hauora i pā atu ki ngā rahinga whakaputanga me te whaihua whānui. Ahakoa kua whakatikangia ngā take nei, ka miramira i te hiranga o ngā tikanga pakari mō te aroā tūraru me te whai kanorau i roto i tā mātou huinga haumitanga.

" Titiro whakamua ai tātou ki te tau e tū mai ana, ko te haere tonu o te mahi tō mātou arotahi rautaki kia whakakaha tonu i tō tātou rōpū ā-anga, ā-pūkenga, ā-rauemi hoki, kia rite mō te anamata."

TE AROTAHI MŌ TE TAU E TŪ MAI ANA

Titiro whakamua ai tātou ki te tau e tū mai ana, ko te haere tonu o te mahi tō mātou arotahi rautaki hei whakakaha i tō tātou rōpū ā-anga, ā-pūkenga, ā-rauemi hoki, kia rite mō te anamata.

E huri ana mātou ki te kōkiri whakamua i ngā mahi tīmatanga o ētehi whaiwāhitanga haumi matua o te Whakahou Pūngao, te whanaketanga whenua ki Tapuirau, me te tūhura i ngā kōwhiringa mahinga whenua, whaiwāhitanga whakaiti tukuwaro hoki kei roto o PKW Farms.

Kua tīmata te whakamahere mō te huringa tau 50 o PKW hei te tau 2026, he kauneke motuhake mō tō mātou hītori, tukunga iho hoki. Hei kōrero āpiti, ka tautoko mātou i Te Matatini ki Te Kāhui Maunga ki Ngāmotu hei te Huitanguru 2025, e whakaata ana i tō mātou ū ki te mana ahurea, te tuakiri, me te whakanui.

HE MIHI

Hei whakakapi ake, e rere ana taku mihi i te ngākau whakaute ki Te Rau Rengarenga / te Komiti Whakahaere, ngā Kaiwhakahaere me ngā Kaimahi, rātou ko ngā hoa mahitahi mō tō rātou manawanui, ū, mahi hoki i te roanga o te tau.

Ka rere taku mihi hoki ki tō tātou whānau Rautitikura mō tō rātou tautoko, whakapono hoki, e haere tonu ana. Mā te mahi ngātahi e haere tonu ai tō mātou whakarahi i tō tātou tukunga iho, e hāpai ana i ngā uara e ārahi nei i a tātou, ā, ka whakaū he toitū te āpōpō - He Tangata, He Whenua, He Oranga.

Ngā tini manaaki,

Aisha Ross

Whakaahua: Rau Titikura / Shareholder whānau i te Hui ā-Tau (AGM) 2023 o PKW, i tū i Aotearoa Marae, Whiringa-ā-rangi 2023.

Te Rau Matomato / Chief Executive Officer

Parininihi ki Waitōtara Incorporation

PARININIHI KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU MATOMATO CEO REPORT

AISHA ROSS

Tākina mai ko te kawa!

Ko te kawa nā wai?

Ko te kawa nā Tītokowaru

Ko te kawa hau tapu o Parau kau o Tū kau

Ka iri te kawa kei runga! Ka iri te kawa kia rautāpatu te kawa ora

Ka iri te kawa kei runga kia tupu matomato te kawa!

Ka mau te kawa, ka hau te kawa, ka ea te kawa!

Heke mai te kawa ora!

E i ē ko te hotu o hotu mātiketike, ko te hotu o hotu mārangaranga

Ko te hotu o taku manawaora!

Ko tō manwaora, ko tōku manawaora!

Tūturu ō whiti whakamoua kia tina

Tina! Haumi e, Tāiki e

Nōku te māringanui ki te whakatakoto i te Pūrongo ā-Tau mō te Kōporeihana o Parininihi ki Waitōtara mō te tau i mutu i te 30 o Pipiri, 2024, hei Rau Matomato.

I am pleased to present the Parininihi ki Waitōtara Incorporation Te Rau Aroha Annual Report for the year ending 30 June 2024, serving as Te Rau Matomato/CEO now for a full financial year.

As we review the year, I’m reminded of the aspirational kōrero from our pāhake in the late 1960s,

‘Have confidence in ourselves, control our assets, build up its value by good management and pass on something that will be of practical benefit to our tamariki, something of which they can be proud, something that will be a living memorial to those of our present generation.’

As you read this report, you will get a sense that this kōrero is as relevant today as it was then. It is a touchstone that provides guidance and inspiration that strengthens our kaupapa, positions ourselves for a sustainable future, and builds on our collective legacy.

The year has been one of strategic significance as we progress a path of transformation for growth.

The world is changing as is the economic environment, coupled with specific environmental challenges, these factors have impacted financially and operationally. However, our strong foundations and approach to risk management and investment have enabled us to take control of what’s possible and navigate the challenges and choppy waters.

"The need to adapt is essential to ensure we are fit for purpose, able to respond to challenges and realise new opportunities into the future."

The need to adapt is essential to ensure we are fit for purpose, able to respond to challenges and realise new opportunities into the future. Te Rau Rengarenga / Committee of Management supported by Te Rau Manawanui / Management completed a full strategic review and approved the refreshed strategy He Rautaki 2033 – He Papa, He Tupu, He Ora, and other core strategic documents.

I would like to mihi to our whānaunga Tama Potaka and Claire Nicholson for their dedication and mahi over the past years as they retired during the year, and welcome both Toka Walden and Serena Fiso to Te Rau Rengarenga/ Committee of Management. These changes reflect your ongoing expectations of strong governance and leadership that ensures effective decision-making, guidance, and clear direction.

This report outlines the key operational highlights and developments that have shaped our transition this past year.

HE TĀNGATA

Our kaimahi are the internal heartbeat of our organisation. Kaimahi engagement and fostering of a culture founded in our values and legacy remains a key focus. New and existing initiatives aimed at ensuring kaimahi feel valued, informed, and connected to our kaupapa included Te Rau Mihiata, Business Intelligence sessions, Kaitiaki hui, Social Club events, Kurataiao Taranaki conference, PKW Whānau Day and Farms conference.

A critical need to focus on cost management and organisational efficiency led to the redesign of the Finance and Investment and Miraka Hipi teams, together with a focus on internal cost prioritisation and measures as we experience rising costs, interest rate pressure, and global market impacts.

We had a number of kaimahi move on to new professional opportunities within the year. I would like to acknowledge and mihi particularly to both Tonga Karena and Kirsty Riddell for their considerable mahi and meaningful contributions during their time with us.

Above: The PKW Taiao Team exhibit alongside suppliers and businesses during 'He Raupatu, He Rautāpatu', a workforce development expo held after the PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023.

"Our commitment to the protection and enhancement of wāhi tapu sites across the whenua portfolio has also been a key focus this year. "

HE WHENUA

The ongoing commitment to nurturing and developing our relationships with hapū is a key priority. Our Taiao team has regular engagement with hāpu across Taranaki and provide useful data and information and sharing of their mahi on the whenua and awa.

We have made progress in building productive relationships, particularly with Puketapu, Ngāti Tu and Ngāti Manuhiakai, Kānihi-Umutahi, and Hāpotiki. These relationships are critical as we explore opportunities for collaboration and mutual benefit.

Our commitment to the protection and enhancement of wāhi tapu sites across the whenua portfolio has also been a key focus this year. A collaborative approach is taken by our Taiao and Property teams who have been leading this critical work to ensure that our cultural heritage is preserved, respected and enhanced in all activities.

HE ORANGA FINANCIAL PERFORMANCE

As set out in the Chair’s report, a devaluation exercise has seen the PKW Group record a net loss after tax of $9.9m (2023: $1.0m loss), with total comprehensive loss recorded of $18.8m (2023: $2.2m loss). The annual swings in the valuation of our whenua continue to obscure our financial performance results every year.

Group expenditure was in line with expectations at $28m (2023: $26m). The rise in costs were due primarily to two significant on-farm challenges. The first challenge being drought-like weather conditions that needed to be carefully navigated through during the second half of the year, and addressing a significant animal health event within our Miraka Hipi flock.

On the global market scene and amidst ongoing uncertainty, commodity prices held relatively firm. However, the China market, a key export market for many of PKW’s investment interests, began to show signs of weakness through the second half of the year.

On the domestic front, interest rates remained high in an attempt to bring inflation under control. The intended impact of slowing down the local economy has been felt across a broad range of sectors as we saw businesses and families alike tighten their discretionary spending.

These factors have impacted our Papatupu (investment portfolio) in different ways, as set out in the detailed financial reports.

Despite the dry weather challenges on farm, PKW Farms LP recorded a respectable net profit result of $1.2m for the year. The milk payout this year fell to a blended price of $8.11kgMS (2023: $8.59kgMS). A portion of milk production volumes is hedged every year as protection from potential market shocks that may trigger a crash in the farmgate milk price. The average hedged price for this year was $8.52kgMS.

PKW Miraka Hipi LP recorded a net loss result of $1.4m. Although a year of losses were expected for this start-up operation, the result was exacerbated by an unforeseen animal health event.

Investment in SLC Ventures LP was a strategic decision to expand our Miraka Hipi interests beyond the farm-gate by holding an indirect equity interest in Spring Sheep, a business that collects our milk, manufactures, and exports to market. Spring Sheep has had a challenging 12 months, caused by a significant decline in demand for Ingredients in China. However in June 2024, Spring Sheep achieved SAMR accreditation to export selflabelled infant formula directly into the China market. This opportunity will allow Spring Sheep to progress the plan to diversify away from its reliance on the Ingredients market and utilise an alternative sales channel into China.

Port Nicholson Fisheries (PNF) posted a respectable result for the year, driven by strong market prices for kōura in China for most of the year, and favourable foreign exchange rates. However, market demand for kōura significantly softened in the final quarter, signalling upcoming challenges for next year.

"Port Nicholson Fisheries (PNF) posted a respectable result for the year, driven by strong market prices for kōura in China for most of the year, and favourable foreign exchange rates."

Ngāmotu Hotels had a challenging year on the back of a slump in demand for accommodation from both business and leisure categories. This highlights how sensitive our Hotel investment is to the domestic market and how an expected fall in interest rates during the next financial year would be welcomed.

Harvest of the Mangaoapa Woodlot is underway, as we convert a long-held growth investment into cash. A fixed price harvest agreement is in place that provides PKW with certainty of returns in a volatile market. This fixed price approach has so far protected PKW from the declining China log market.

Left: Ngāti Maru led a pre-harvest blessing with PKW kaimahi, East Taranaki Environment Collective (ETEC) and forestry contractors at the Mangaoapa Forestry Block, November 2023.

Right: Rau Titikura / Shareholder whānau at the 2023 PKW Hui ā-Tau (AGM), held at Aotearoa Marae, November 2023.

INVESTMENT FOCUS

Our investment strategy has been centered on balancing our portfolio. Reviewing asset performance and asset concentration, particularly within PKW Farms, we have broadened our focus to include food and fibre production opportunities, with an emphasis on emissions reduction and enhancing revenue.

In line with our strategy to diversify land use, we purchased back a leasehold property in December 2023 for horticultural or renewable energy development. While this initiative is still in the early stages, it represents a key component of our long-term strategy to explore sustainable and profitable alternatives in addition to our dairy farming investment.

This year marked the commencement of the harvest at Mangaoapa Forest, located northeast of Stratford in Ngāti Maru rohe. This milestone represents the first year of the forest's harvest cycle, contributing to our longterm investment strategy.

The second year of production at Miraka Hipi has been challenging, due to an animal health issue that affected both production levels and overall performance. Although these issues have been resolved, they underscore the importance of robust risk management practices and having diversity within our investment portfolio.

"As we look to the year ahead, our strategic focus is the ongoing mahi in strengthening our organisation in respect of structure, expertise, and resourcing, in readiness for the future."

FOCUS FOR THE YEAR AHEAD

As we look to the year ahead, our strategic focus is the ongoing mahi in strengthening our organisation in respect of structure, expertise, and resourcing, in readiness for the future.

We turn to advancing the early stages of several key investment opportunities in Renewable Energy, Tapuirau property development, and exploring alternative land use and emissions reduction opportunities within PKW Farms.

Early planning is underway for the PKW 50th anniversary in 2026, which will be a significant milestone in our history and legacy. Additionally, we will tautoko Te Matatini ki Te Kāhui Maunga in Ngāmotu in February 2025, reflecting our commitment to cultural pride, identity, and celebration.

ACKNOWLEDGEMENTS

In conclusion, I would like to extend my deepest gratitude to Te Rau Rengarenga / Committee of Management, Management and Kaimahi, and Partners for their dedication, commitment and mahi throughout the year.

I also wish to thank our Rau Titikura/Shareholder whānau for their continued tautoko and belief in our people. Together, we will continue to build on our shared legacy, upholding the values that guide us and ensuring a sustainable future – He Tāngata, He Whenua, He Oranga.

Ngā tini manaaki,

Aisha Ross

Te Rau Matomato / Chief Executive Officer Parininihi ki Waitōtara Incorporation

Images: Rau Titikura / Shareholder whānau at the 2023 PKW Hui ā-Tau (AGM), held at Aotearoa Marae, November 2023.

TE RAU RENGARENGA O PARININIHI KI WAITŌTARA COMMITTEE OF MANAGEMENT

PKW FARMS GENERAL PARTNER LIMITED

Tokatumoana Walden

Anne-Marie Broughton Director

Craig Hattle Te Rau Ruru Chair & Independent Director

Mark Bridges Te Rau Ruru Independent Director

Taaringaroa Nicholas

Serena Fiso

Liana Poutu Jayde Wilkinson

Anne-Marie Broughton

Liana Poutu Te Rau Toi Tauira / Chairperson

TE RAU MANAWAORA PKW TRUST

Allie Hemara-Wahanui Te Rau Ruru Independent Trustee

Angela Kerehoma Te Māngai Rau Titikura Shareholder Representative

Dion Tuuta Te Rau Toi Ariki / Chairperson

Taaringaroa Nicholas Director

TE

RAU MANAWANUI EXECUTIVE LEADERSHIP TEAM

Jahron Neha Te Rau Māhorahora General Manager Finance & Investments

Aisha Ross Te Rau Matomato Chief Executive Officer

Puna Wano-Bryant Te Rautitikura General Manager Shareholder Engagement

Richard Buttimore Te Rau Whakahono Pito General Manager Property

Jacqui King Te Rau Whakapuāwai Head of Corporate Services

Shane Miles Te Rau Whakahaumako General Manager Ahuwhenua

TE RAU WHAKAWĀ PKW COMMITTEES

TE RAU RENGARENGA O PARININIHI KI WAITŌTARA COMMITTEE OF MANAGEMENT

Dion Tuuta (Chair)

Claire Nicholson - Ceased November 2023

Taaringaroa Nicholas

Jayde Wilkinson

Liana Poutu

Tama Potaka - Ceased November 2023

Serena Fiso - Commenced November 2023

Tokatumoana Walden - Commenced November 2023

Anne-Marie Broughton

TE RAU MATOMATO CHIEF EXECUTIVE OFFICER / SECRETARY

Aisha Ross

TE RAU MATAORA HUMAN RESOURCES COMMITTEE

Claire Nicholson (Chair) - Ceased November 2023

Anne-Marie Broughton (Chair) - Commenced November 2023

Dion Tuuta (ex officio)

Tama Potaka - Ceased November 2023

Serena Fiso - Commenced November 2023

Tokatumoana Walden - Commenced November 2023

TE RAU RANGAPŪ

SUBSIDIARY ENTITIES

PKW FARMS GENERAL PARTNER LIMITED

Anne-Marie Broughton - Commenced November 2023

Craig Hattle (Chair and Independent Director)

Taaringaroa Nicholas

Claire Nicholson - Ceased November 2023

Mark Bridges (Independent Director)

PKW MIRAKA HIPI LIMITED PARTNERSHIP

Anne-Marie Broughton - Commenced November 2023

Craig Hattle (Chair and Independent Director)

Taaringaroa Nicholas

Claire Nicholson - Ceased November 2023

Mark Bridges (Independent Director)

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA

PKW TRUST

Liana Poutu (Chair)

Anne-Marie Broughton - Ceased November 2023

Angela Kerehoma (PKW Trust Shareholder

Representative)

Allie Hemara-Wahanui (Independent Trustee)

TE RAU MATATŪ AUDIT AND RISK COMMITTEE

Taaringaroa Nicholas (Chair)

Liana Poutu

Dion Tuuta (ex officio)

Jayde Wilkinson

TE RAU HERENGA WAKA JOINT VENTURE ENTITIES

PORT NICHOLSON FISHERIES GENERAL PARTNER LTD

Aisha Ross

PORT NICHOLSON FACILITIES LP

Aisha Ross

KOURA INC GENERAL PARTNER LIMITED

Aisha Ross

MANGAOAPA PARTNERSHIP (Ceased September 2023)

NGĀMOTU HOTELS LP

Aisha Ross

Te Ara Putanga

Annual Results 2024

MANAAKITANGA WHANAUNGATANGA/ KOTAHITANGA

Measuring performance goes beyond the dollar bottom line for Parininihi ki Waitōtara Incorporation, with social, cultural, environmental, and financial perspectives all playing a part to ensure the organisation delivers against its core values of Manaakitanga, Kaitiakitanga, Whakapono, Kotahitanga and Whanaungatanga.

These perspectives are measured through Te Ara Putanga, the outcomes pathway for Parininihi ki Waitōtara Incorporation.

This will be the fifth year this innovative tool has been in place, creating the bigger performance picture via a series of metrics that not only provide an annual assessment, but also build on previous years to provide a record of PKW’s progress over time.

Te Ara Putanga not only measures performance, but also guides decisionmaking and strategic direction, creating an outcomes pathway leading to the PKW vision of He Tāngata, He Whenua, He Oranga - growing and sustaining our people through prosperity.

KAITIAKITANGA

Each metric consists of:

۰ a description

۰ a result on a scale of 1 to 10. PKW has set a minimum standard for any metric at 5, represented by a dotted line on the graphs

۰ an explanation of the annual result

۰ the result from the last financial year, showing how the business performance has changed, or remained stable, and

۰ future actions planned.

Te Ara Putanga - Comparative Annual Results

Annual Results 2023

Annual Results 2022

WHANAUNGATANGA/ KOTAHITANGA

MANAAKITANGA

WHANAUNGATANGA/ KOTAHITANGA

MANAAKITANGA

Manaakitanga

Care for our present and future generations

RETURN ON ASSETS

The rate of return on the asset / investment PKW holds or has made. A 5% return across the Incorporation portfolio has been set as the target.

Why? Operating margins have improved overall this year, however a subdued Fonterra farmgate milk price and challenging weather conditions put a squeeze on dairy operating margins. A positive operating result from our kōura export collective has contributed to the improvement in this result.

DEBT

What's next? Markets will remain volatile, however positive signs of a rebound in the China market for milk-related products are existent, supporting a stronger milk price for next season.. A key focus for Parininihi ki Waitōtara will be to continue our diversification strategy to manage our Papatupu (portfolio) risk and continue to operate an efficient business that is able to adapt to market changes.

The level of debt and debt maturity committed to PKW's business activities and investments. Balancing the debt across the organisation's interests is key and any investment decisions need to comply with the debt cap of 25% (asset to debt ratio) set by the Board for the Incorporation as a whole.

Why? PKW debt at a group level remains well under the debt cap threshold with PKW partnering with Rabobank and ASB for its lending needs.

DIVIDENDS AND DISTRIBUTIONS

What's next? Debt levels will continue to be monitored and managed to ensure balance across the Group is maintained.

This metric measures EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) which is essentially the core operating performance of the organisation and informs distribution to shareholder decisions. In basic terms, the higher the result, the greater potential for an improved dividend.

0.0

5.0 (23-24) 5.0 (22-23) 6.0 (21-22) 6.0 (20-21) 5.0 (19-20)

Why? Despite volatile global and local market conditions, on the whole our active investments returned respectable operating profit results. The Mangaoapa Forest is in harvest, converting a long-held growth investment into cash distributions back to PKW. As the annual dividend payment is directly linked to the operating profit result, this performance has enabled the Incorporation to recommend the total dividend for this year to be $2.50 per share.

What's next? We have recently revised our Investment Policy and supporting Capital Plan. These two documents reaffirm our focus on continuing to diversify our portfolio, while maintaining a balance of cash generating investments and growth investments. The strategy is developed to deliver longer term benefits to shareholders through distributions such as dividends.

RISK

Robust policies, processes and systems are key to identifying, tracking and managing risk. This metric is influenced by both active and passive investments.

Why? PKW Governance undertook a Risk Workshop, facilitated by a risk management expert. This work has resulted in a full review of how PKW undertakes risk identification, mitigation and management across the PKW group. The Risk Register has been updated with outcomes from the workshop and will be further refined with a final session planned in the coming year.

COST MANAGEMENT

What's next? The final governance risk workshop is to be held, with refreshes to the current risk management framework expected.

Close management of business cost is essential to maintaining and lifting the bottom line. Adhering to budgets and ensuring cost rationalisation procedures are in place deliver positive results.

0.5 0.0

Why? Despite navigating through drought-like weather conditions for half the year, regular forecasting and deferring costs that were not high priority ensured operational costs were well managed.

What's next? PKW’s strong culture on cost management across our operations, will continue and include a focus on cost efficiencies.

Above: Rau Titikura / Shareholder whānau - PKW Half Year AGM at Taiporohēnui Marae, May 2024.

Kaitiakitanga

Commitment to leadership

HEALTH AND SAFETY

Clear expectations and key performance indicators encourage a positive health and safety culture across PKW's business concerns and active investment interests. The score of this metric is directly linked to the reporting protocols in place - a score of 5 indicates all reporting responsibilities have been met.

0.0

Why? Health and Safety remains an imperative within the PKW culture. Critical Risk Teams continue to work exceptionally well, regularly considering those risks that have the highest chance of creating harm to our kaimahi whānau. KPI achievement needs further focus and attention.

What's next? PKW has again been supported by an external facilitator to refresh its Annual Planning goals and targets in the Health and Safety area and has refreshed KPI's for the coming period. These KPIs have an additional focus for achievement at a team level. Health and Safety maturity is the aim to ensure we continue to focus on this critical Pou.

Above: Rau Titikura / Shareholder Farm Tour at Te Ruru, May 2024.

ANIMAL WELFARE

The extent to which the organisation meets its requirements and obligations for animal welfare across its entire portfolio, not just within PKW Farms LP. PKW's dairy business is assessed through the ‘Welfarm’ programme. This independent industry-wide tool uses data generated by the PKW Farms vet to provide an overview of how animals are cared for and is designed to help dairy farmers better understand key animal health markers and how they impact on the optimisation of on-farm production performance.

Why? A slight improvement in scores across the farms occurred. On the whole, scoring was above the industry standard according to the Welfarm program, with a few areas identified for improvement.

WATERWAYS PROTECTION

What's next? Continued improvement areas will receive additional attention in the coming year.

The Kaitiakitanga Strategy sets minimum requirements for protecting awa that flow across PKW whenua and monitoring protocols to assess the health of the water. Fencing off waterways from stock and riparian planting are at the heart of this metric.

8.5 (23-24) 8.0 (22-23) 8.0 (21-22) 8.0 (20-21) 8.0 (19-20)

Why? The overall fencing and riparian planning programme of works was completed to 95% of the target - a 5% uplift on the prior year. Data is validated by Taranaki Regional Council.

What's next? We will continue to progress the fencing and riparian planning programme in the forthcoming year, however are dependent on external parties (landowners/ TRC) so the ability to meet the targets at 100% are challenging. Freshwater legislation reforms have not yet been finalised and PKW continues to remain ready to feed into any changes.

Below: The PKW Taiao team (Luka Kamana pictured) plant along a waterway on Farm 33, Ratapiko.

Kaitiakitanga (continued)

Commitment to leadership

ENVIRONMENTAL COMPLIANCE

This measures the extent and ability to which the organisation is able to comply with the relevant and applicable environmental legislation and other regulatory requirements. There are four sections, each with their own score, within this metric.

a) Agri-Investments - both mandatory and voluntary environmental compliance, encompassing the health of the waterways and the flora and fauna found there.

Why? Consent compliance continued to be maintained at 100% and all planned SHMAK assessments for water monitoring were completed by the Kaitiaki Taiao team.

(23-24) 7.0 (22-23) 7.0 (21-22) 7.0 (20-21) 8.0 (19-20) 9.5 (23-24) 9.5 (22-23) 9.5 (21-22) 9.0 (20-21) 9.0 (19-20)

What's next? PKW’s Cultural Health Index tool continues to inform and grow our knowledge and understanding of the health of our waterways. Additional water monitoring has been targeted to assess at key junctions (awa at start of farm and awa at end/exit from farm) to assist PKW in assessing our direct impacts/improvements. This knowledge will inform our future practices.

b) Commercial Investments - Asbestos - ensuring that buildings and whenua within the commercial investment portfolio are up to standard specifically under Health and Safety at Work (Asbestos) Regulations 2016.

Why? An asbestos register remains in place for all commercial properties. An independent expert was engaged to review the management of known asbestos on PKW Farms and aided in the remediation plans which have been added to our asbestos register.

What's next? Continue ongoing monitoring and, where required, ongoing management of any asbestos risk.

c) Commercial Investments - Land Contamination - ensuring that buildings and whenua within the commercial investment portfolio are up to standard with regards to the identification and management of land contamination.

(

Why? No known contamination of existing or newly acquired whenua has been identified as reported in prior years.

What's next? On-going monitoring will continue.

d) Commercial Investments - Building Warrant of Fitness - ensuring that buildings and whenua within the commercial investment portfolio are up to standard specifically with regards to Building Warrant of Fitness.

Why? The annual Building Warrant of Fitness assessments were completed. There is no change in the status of any building owned by PKW.

What's next? Building maintenance and monitoring will continue throughout the year.

Above: Aerial view of the infrastrutcure atTe Ruru, Ōhangai, including dairy sheds, effluent system and stock feed pad.

Kaitiakitanga (continued)

Commitment

to leadership

RESOURCE

USE AND EFFICIENCY

This metric is split into three sections to ensure that an accurate assessment can be made across all resource consumption.

a) Resource use and efficiency - Nutrients

Conscious and careful application of fertiliser and urea across both dairy and dry stock farming concerns to ensure only what is needed in the correct quantities at the right time is used.

Why? PKW has undertaken its regular modelling using OverseerFM (online software tool) to assess the annual nutrient performance of all managed whenua. All fertiliser decisions are made based on soil testing and recommendations from a qualified nutrient advisor. Nitrogen use on all farms is managed below 200kg of nitrogen per hectare.

b) Resource use and efficiency - Water

What's next? As part of the Kaitiakitanga Strategy Farming Methods Pou, PKW Farms continues to explore ways to manage nutrient inputs and we continue to look at ways to increase efficiencies around current practice. Active monitoring is in place.

Using water efficiently is important for both the bottom line and the environment.

(23-24) 7.0 (22-23) 7.5 (21-22)

Why? Majority of farms have the appropriate infrastructure, technology and tools in place to measure water use. Across the farming business, the daily average of litres of water used per cow remains under the targeted limit, with one area identified for improvement.

(20-21) 7.5 (19-20)

What's next? Continue to maintain systems for data analysis, along with the required infrastructure updates to target areas for improvement and efficiency.

c) Resource use and efficiency - Energy

Reduction in the use of energy, primarily electricity, signifies essential cost savings as well as being good for the planet.

0.5

Why? Energy consumption across all PKW Farms has not increased from last year. Consumption continues to be assessed by Meridian (our electricity provider).

What's next? Finding energy efficiencies, and fit-forpurpose monitoring system for investments outside PKW Farms, continues to be an area of focus.

WASTE MANAGEMENT

All investments are required to comply with any resource consents in place. In addition, there is an expectation that waste is actively monitored as to amount and type.

Why? Data capture has continued to assess waste across the farming investment, especially waste to landfill. Across the farming business, waste to landfill increased by 12% overall (from 33.5 tonnes last year to 40.1 tonnes). Recycling and environmentally friendly efforts (no waste burying, scrap metal collection etc) are happening across farms and in the main office as well as in the Novotel and PNF investments. Use of enviro friendly products and consumables have been implemented wherever possible. A waste audit was planned to aid in setting a target for reduction, however this has been deferred to the current year.

EFFLUENT MANAGEMENT

What's next? The waste audit has been rescheduled for the office. Waste volumes will continue to be collected from local council by the Novotel investment. A specific reduction target for relevant investments will be considered once the audit is complete.

Compliance with resource consents is non-negotiable for PKW's agri-business and reducing the environmental impact of both dairy and dry stock units forms part of the Kaitiakitanga Strategy.

Why? Outstanding Effluent infrastructure upgrades have occurred. All relevant farms have hi-spec systems with high range fail-safe systems in-place. These systems are supported with internal procedures.

CLIMATE CHANGE RISKS

What's next? Continue with monitoring infrastructure and systems to meet our kaitiakitanga expectations.

Carbon neutrality continues to be an aspirational goal for the Incorporation, and the PKW Climate Change Strategy has been developed to reach it. An implementation plan was in the process of being developed by specialist consultants, however this work effectively resulted in our focus needing to be on the targets we have set in our Kaitiakitanga Strategy. This series of work has been advanced and resulted in a historical assessment of our farming emissions profile. The profiling has highlighted the positive work on our 'insetting' initiatives which have been significant to date (e.g. riparian planting, land retirement/wetland restoration etc). The internal assessments indicate that many of these initiatives are having a positive impact on our emissions output. An independent expert will be engaged over the next few months to map and analyse this impact, which will then enable us to set the relevant measures to achieve our long-term outcomes relating to Climate Change.

BIOSECURITY

This metric assesses the likelihood and measures the impact a biological or biochemical event could have on an investment. Biosecurity is a key business risk and awareness is paramount.

Why? PKW’s Biosecurity Plan remains in place to effectively monitor and manage risk.

What's next? Management maintain an active watch on evolving risks. Where concern is identified, a formal risk assessment and risk management plan of potential biosecurity threats will be undertaken.

Whakapono

Adherance to our tikanga and belief in our future

TE REO USE, UNDERSTANDING, RELEVANCE & PROFICIENCY

Promotion of te reo Māori is important for PKW and for Māori culture generally. The organisation has a duty to ensure te reo is actively used across all investments.

Why? The naming of a further farm within the portfolio (Tirotiromoana – formerly known as Farm 16) took place during the year with the support of local Hapū. The rollout of the PKW app ‘Piki Mai Rawea’ has continued to be used as a key resource for the PKW whānau (Rau Titikura / Shareholders and Kaimahi / Staff). An additional tool was added to the App, providing a self-assessment and development plan for users to target areas of selfimprovement. This is building on the use, understanding and proficiency of te reo o Taranaki.

What's next? PKW will continue working with hapū, iwi and whānau to name whenua and establish a cultural narrative for farms where needed. PKW will continue to promote the use of the Piki Mai Rawea app tools to enhance capability and build competency.

Above: Kaitiaki Rukutai Watene (Hāpotiki) walks the wāhi tapu site Tāhuahua on Farm 4 with the PKW Taiao team.

CULTURAL VISIBILITY & PRIDE

The extent to which the investment will have a positive or negative effect on how shareholders and Taranaki Māori view themselves.

0.5 7.5 (23-24) 7.0 (22-23) 4.5 (21-22) 4.5 (20-21) 4.5 (19-20)

Why? This metric is linked to efforts to increase the use of te reo me ōna tikanga as reported above. The enhancement of the PKW App ‘Piki Mai Rawea’ and the naming of another farm have been key achievements in the year past.

NARRATIVE

What's next? PKW will continue to embed its Cultural Framework throughout its active entities.

Ensuring that investment opportunities align with PKW's vision, core values and strategic approach. The strength of that alignment, along with the rate of reinforcement, has an impact on the metric score.

0.0

Why? We continue to share our story through our key communication channels such as the annual general and half-yearly meetings, the annual report, Whenua magazine, the website, social media and our Piki Mai Rawea App. During the year in review, the PKW narrative was further enhanced through the PKW Strategic Refresh Roadshows and specific issues of Whenua which included the PKW narrative.

ACCESS AND CONNECTION TO LAND

What's next? Further additions to the Piki Mai Rawea app are in the pipeline, including podcasts which capture the oral history and traditions of the PKW narrative.

A sense of connection with the whenua is important for PKW shareholders so this metric is designed to assess if an investment has a positive or negative impact on that desire.

0.0

4.0 (23-24)

Why? The intent outlined in the Kaitiakitanga strategy remains unchanged and progress is on-going, with some investments over the past year providing an opportunity for uri to access wāhi tapu and whenua.

WĀHI TAPU

What's next? The Incorporation will continue to develop its relationships with Hapū to advance this initiative for whānau.

Identification and acknowledgment of wāhi tapu is key to this metric, along with the extent that a site is protected and accessible to whānau and iwi.

0.5 7.0 (23-24) 6.5 (22-23) 6.0 (21-22) 6.0 (20-21) 6.0 (19-20)

Why? The Mātauranga Kura Taiao project was aligned to give more emphasis to wāhi tapu protection, preservation and oral history capture. The project links with the review of the Whenua Acquisition and Development Plan. In the majority of identified wāhi tapu on PKW-controlled whenua, the site/s have been identified, digitally mapped and physically protected, and engagement has been undertaken with local Hapū.

What's next? Wāhi Tapu archealogical assessments are underway on all PKW-controlled whenua. Also, further identification of Wāhi Tapu on whenua not controlled by PKW (i.e. perpetually leased land) is underway.

Whanaungatanga / Kotahitanga

Belief in collective action with trusted relationships

ATTRACTION AND RETENTION OF KEY STAFF

Identifying key staff and ensuring there is a succession plan in place for those roles enables the business to maintain momentum and progress despite any changes in the PKW team. Attracting the right people, whose personal aspirations and skillsets complement the Incorporation's strategic aims and goals, is also important to create an effective and efficient workforce.

1.5

Why? Key staff changes have taken place in both PKW Incorporation and PKW Farms during the year. In almost all cases, replacement kaimahi or contractors were sourced, prior to the exit of the existing kaimahi or contractors through the use of informal succession and/or business planning. One area where recruitment improved, but still remains challenging is our farming kaimahi.

What's next? Succession planning process is generally informal across the organisation. Formal planning is targeted for key roles. A workforce development pipeline is being progressed, starting with developing relationships with secondary and tertiary education providers.

CO-INVESTMENT OPPORTUNITIES

Identifying and creating potential co-investment opportunities for other Taranaki Māori groups is strategically important to PKW.

Why? PKW actively explores the potential for coinvestment opportunities, although none have been realised during the 22/23 financial year.

What's next? Building relationships with potential investment partners continues to be a key strategic aim as well as strengthening relationships with existing partners.

WORKING CONDITIONS

Establishing a positive working culture and ensuring staff well-being across the entire PKW investment portfolio is important for business success while recognising the importance of a good work life for each individual.

2.0

Why? PKW's annual engagement survey resulted in a significant improvement, highlighting improvements across all areas of kaimahi engagement (alignment with vision, mission and values and wellbeing, as well as uplifts in commitment to PKW). PKW's workplace conditions remain strong.

What's next? Continuing to develop engagement initiatives and developing the capability of kaimahi.

Above: Te Rau Tātai Tahuaroa / Finance Manager, Erena Taylor.

Whanaungatanga / Kotahitanga (continued)

Belief in collective action with trusted relationships

EMPLOYMENT OPPORTUNITIES FOR TARANAKI MĀORI

Opportunities within the investment portfolio should be identified to ensure roles are retained where possible and further jobs can be created.

0.0

(23-24)

Why? A few new roles were created across the PKW Group, however not enough to lift this KPI to the next stage.

What's next? No major initiatives creating employment are planned for the upcoming financial year. Retention is the focus for the coming year.

CAPABILITIES DEVELOPMENT

The extent to which the investment provides opportunities to develop the personal and professional capabilities of both internal workers and other external stakeholders such as young Māori and whānau. Identification of core competencies and a cohesive development plan for individuals is integral.

0.0

(23-24)

(22-23)

(21-22)

Why? Individual training plans are being progressed throughout the businesses. In addition, PKW has commenced Bi-Monthly Business Intelligence sessions for all the PKW Kaimahi Whānau, enabling the presentation on historical and/or topical issues. Recent sessions included the Rent Review Process and Whakatipu (Growing and Developing) Conversations and are facilitated by senior leaders, focused on their specialist areas. Also, the PKW Trust continues to be a driver for capability development within our community through grants distributions – adding the Toi Scholarship Grant to the suite of offerings.

(19-20)

What's next? PKW is focused on improving the formality of our Whakatipu Conversations to ensure individual kaimahi have a tailored development plan.

alongside suppliers and businesses

ALIGNED PARTNERS

workforce development

Divided into two measures, this metric assesses the likelihood of new whānau, iwi and regional new businesses being created or existing SMEs growing as a result of PKW investment.

a) Spend with Māori businesses

Why? PKW’s spend with Māori businesses was 15.6%.

b) Value for money

What's next? A continuation of our progressive procurement action plan will continue to deliver positive outcomes for whānau. 6.5 (23-24) 6.0 (22-23) 6.5 (21-22) 6.5 (20-21) 6.5 (19-20)

What's next? PKW will continue to look for opportunities to advance closer towards its goal of 25% of controllable spend being allocated to Māori suppliers, and we continue to welcome Māori business not currently working with PKW to connect with us.

(23-24) 6.5 (22-23) 6.0 (21-22) 5.0 (20-21) 5.0 (19-20)

Why? PKW's progressive procurement strategy remains in place. The number of formal agreements in place with suppliers has increased by 48% this year, adding value to existing key business relationships through the provision of training, development, and employment opportunities.

Above: The PKW Taiao Team exhibit

during 'He Raupatu, He Rautāpatu', a

expo held after the PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023.

Taranaki Maunga. Image taken from the Mangaoapa Forestry Block, May 2024.

PARININIHI KI WAITŌTARA INCORPORATION

NGĀ TAUĀKĪ PŪTEA FINANCIAL STATEMENTS for the year ended 30 June 2024

KUPU WHAKATAKI INTRODUCTION

These financial statements have been presented in a style that attempts to make them less complex and more relevant to shareholders and other stakeholders. We have grouped the financial statements into the following sections:

A Te Ānga (Basis of preparation)

B Ngā taonga e purutia ana e koutou (Our assets)

C Te Pūrongo whiwhinga te whakapaunga kaha (Our performance)

D Haupū rawa (Our capital)

E Ngā Kōrero Whakatāpiri (Other disclosures)

Each section sets out the accounting policies applied in producing the relevant statements and notes, along with details of any key judgements and estimates used. The intent is to provide readers with a clearer understanding of PKW's financial position and performance.

Keeping it simple

Notes to the financial statements provide information required by accounting standards or legislation to explain a particular feature of the financial statements.

The notes that follow also provide explanations and additional disclosures to help readers' understanding and interpretation of the financial statements.

We have used icons and colour throughout to signal and direct readers to the additional disclosures, and to connect the financial information back to our core values presented in Te Ara Putanga.

Explains the main purpose of the section

Links the Primary Financial Statements to the detailed breakdown in the Notes to the Financial Statements

Explains the accounting policy applied in the disclosure note

Signals if a key estimate or critical judgement has been applied

Signals a key risk area for PKW

Identifies a capital commitment by PKW that is not included in the numbers of the Financial Statements

Signals a key difference where PKW has specific obligations/rights due to legislation that may not apply to other entity types

Reflects the link the asset or investment has to Te Ara Putanga based on the core value it contributes to the most, indicated by the pou being highlighted white

PARININIHI KI WAITŌTARA INCORPORATION

NGĀ TAUĀKĪ PŪTEA FINANCIAL STATEMENTS for the year ended 30 June 2024

TE TAUĀKĪ PŪTEA POUMATUA PRIMARY FINANCIAL STATEMENTS

Te tauākī whiwhinga, whakapaunga whānui (Statement of comprehensive income)

Te Ānga

A1 Basis of preparation

Te tauākī tūnga pūtea (Statement of financial position)

Te tauākī whakaatu i te rerekētanga o te tahua (Statement of changes in equity)

Te tauākī kapewhiti (Statement of cash flows)

Ngā taonga e purutia ana e koutou

A2 Critical accounting estimates and judgements B3 Investment properties B4 Property, plant and equipment B5 Intangible assets B6 Biological assets

Te Pūrongo whiwhinga Te whakapaunga kaha

Haupū rawa

Ngā Kōrero Whakatāpiri

E17 Derivative financial instruments

E18 Income tax expense

E19 Deferred tax liability

E20 Māori authority credit account

E21 Related party transactions

E22 Group entities

E23 Subsequent Events

Te Pūrongo ā ngā Kaiarotake

(Independent Auditor’s Report)

E ngā kaipūpuri hea o Te Kaporeihana o Parininihi ki Waitōtara (To the Shareholders of Parininihi ki Waitōtara Incorporation)

Te arotake pūtea o ngā pūrongo pūtea (Report on the audit of the consolidated financial statements)

Arotake (Opinion)

We have audited the accompanying consolidated financial statements which comprise:

Te tauākī tūnga pūtea (the consolidated statement of financial position) as at 30 June 2024;

Te tauākī whiwhinga, whakapaunga whānui (the consolidated statements of comprehensive income), tauākī whakaatu I te rerekētanga o te tahua (consolidated statement of changes in equity) me te tauākī kapewhiti (consolidated statement of cash flows) for the year then ended;

Nga whakamarama mo nga tauaki putea (notes, including material accounting policy information and other explanatory information).

In our opinion, the accompanying consolidated financial statements of Parininihi ki Waitōtara Incorporation (the Incorporation) and its subsidiaries (the Group) on pages 47 to 73 present fairly in all material respects:

the Group’s financial position as at 30 June 2024 and its financial performance and cash flows for the year ended on that date; and

In accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR) issued by the New Zealand Accounting Standards Board

Te tūāpapa o tēnei arotake (Basis for opinion)

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

We are independent of Parininihi ki Waitōtara Incorporation in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.

Other than in our capacity as auditor we have no relationship with, or interests in, the Group

Pārongo kē atu (Other information)

The Committee of Management Members, on behalf of the Group, are responsible for the other information The other information comprises information included in the Annual Report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover any other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially misstated.

If, based on the work we have performed, we conclude there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Te whakamahinga o tēnei arotake (Use of this independent auditor’s report)

This independent auditor’s report is made solely to the Shareholders. Our audit work has been undertaken so that we might state to the Shareholders those matters we are required to state to them in the independent auditor’s report and for no other purpose. To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume any responsibility and deny all liability to anyone other than the Shareholders for our audit work, this independent auditor’s report, or any of the opinions we have formed.

Ngā haepapa o te Komiti Whakahaere (Responsibilities of Committee of Management Members for the consolidated financial statements)

The Committee of Management Members, on behalf of the Group, are responsible for:

— the preparation and fair presentation of the consolidated financial statements in accordance with NZ IFRS RDR issued by the New Zealand Accounting Standards Board;

— implementing the necessary internal control to enable the preparation of a consolidated set of financial statements that is free from material misstatement, whether due to fraud or error;

— assessing the ability of the Group to continue as a going concern. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

Ngā haepapa o ngā Kaiarotake (Auditor’s responsibilities for the audit of the consolidated financial statements)

Our objective is:

— to obtain reasonable assurance about whether the consolidated financial statements as a whole free from material misstatement, whether due to fraud or error; and

— to issue an independent auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance but it is not a guarantee that an audit conducted in accordance with ISAs NZ will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements

A further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board (XRB) website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-7/ This description forms part of our independent auditor’s report.

For and on behalf of:

KPMG Hamilton

13 September 2024

PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023.

TE PŪRONGO Ā-TAU Ā KOMITI (COMMITTEE'S ANNUAL REPORT) FOR THE YEAR ENDED 30 JUNE 2024

30 JUNE 2024

Parininihi ki Waitōtara Incorporation is a Māori incorporation constituted under Te Ture Whenua Māori Act 1993. With a primary purpose to manage and promote the use and administration of whenua and other interests on behalf of the owners.

TE TAUĀKĪ WHIWHINGA, WHAKAPAUNGA WHĀNUI (STATEMENT OF COMPREHENSIVE INCOME) FOR THE YEAR ENDED 30 JUNE 2024

This section summarises what PKW earned (revenue), what PKW spent (expenditure), any movements in the value of PKW assets or investments (gains or losses) and the resulting profit or loss for the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

For and on behalf of the Committee of Management these financial statements are authorised for issue on 13 September 2024.

DION TUUTA

TAARINGAROA NICHOLAS

Chair Chair Audit and Risk Committee 13 September 2024 13 September 2024

The above statements of comprehensive income should be read in conjunction with the accompanying notes.

TAUĀKĪ TŪNGA PŪTEA (STATEMENT OF FINANCIAL POSITION) AS AT 30 JUNE 2024

This section details what PKW own (assets), what PKW owe (liabilities) and the owners share of PKW (shareholders' funds) at the end of the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

SHAREHOLDERS' FUNDS

TE TAUĀKĪ WHAKAATU I TE REREKĒTANGA O TE TAHUA

(STATEMENT OF CHANGES IN EQUITY) FOR THE YEAR ENDED 30 JUNE 2024

This section details the movement in PKW shareholders' funds over the financial year, such as any profit or loss, or dividends attributed or paid to shareholders.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

The above statements of changes in equity should be read in conjunction with the accompanying notes.

TE TAUĀKI KAPEWHITI (STATEMENT

OF CASH FLOWS) FOR THE YEAR ENDED 30 JUNE 2024

This section details PKW's cash, what cash came in (receipts) and out (payments). It is separated into cash from doing its day to day business (operating activities), cash relating to capital expenditure ie buying/selling assets and investments (investing activities) and cash relating to borrowings and funding (financing activities).

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR

ENDED 30 JUNE 2024

Notes to the financial statements provide information required by legislation and accounting standards to expain a particular feature of the financial statements. The notes are a part of the financial statements and will also provide explanations and additional disclosure to assist readers' understanding and interpretation of the annual report and the financial statements.

TE ĀNGA (BASIS OF PREPARATION)

This section sets out the legislation and accounting standards that apply to PKW, and significant items that relate to the financial statements as a whole.

A1 Summary of significant accounting policies

Basis of preparation

These financial statements are for Parininihi ki Waitōtara Incorporation and its subsidiaries (collectively PKW). Please refer to note E22 for further disclosure.

PKW's consolidated financial statements are prepared:

• In accordance with generally accepted accounting practice (GAAP) in New Zealand and section 276 of Te Ture Whenua Māori Act 1993. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards, as applicable to for-profit entities, for the purposes of complying with NZ GAAP. PKW is eligible and has elected to report in accordance with Tier 2 for-profit accounting requirements (NZ IFRS RDR) on the basis that PKW has no public accountability and is not a large for-profit public sector entity.

• On a historical cost basis, except for revaluation of certain assets and liabilities;

• In New Zealand dollars with all values rounded to thousands; and

• Using accounting policies as provided throughout the notes to the financial statements.

Accounting policies and standards

No changes to accounting policies have been made during the year.

A2 Critical accounting estimates and judgements

Preparation of these financial statements requires the Committee of Management and Management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Judgements and estimates are based on external advice, historical experience and other various factors they believe to be responsible under the circumstances, the result of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

These judgements and estimates have been provided throughout the notes to the financial statements.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS)

FOR THE YEAR ENDED 30 JUNE 2024

NGĀ TAONGA E PURUTIA ANA E KOUTOU (OUR ASSETS)

This section details the assets and investments PKW hold as kaitiaki (stewards) and how they generate revenue.

B3 Investment properties

Investment properties are held for long-term capital appreciation and to earn rentals.

Investment property held by PKW includes whenua entrusted to the Incorporation upon establishment in 1976 (whenua tupuna). The whenua is classified as either Corpus (based on two legal titles existing - a Fee Simple and a Leasehold) or Māori Freehold, and is leased out to third parties.

It is generally accepted that a market bias exists for Māori Freehold whenua due to various encumbrances imposed by Te Ture Whenua Māori Act 1993. These encumbrances have been reflected in the values adopted including the historical connection between the owners and the whenua, the membership of the preferred class of alienee’s and the statutory role of Te Kooti Whenua Māori (Māori Land Court).

Recognition and measurement

Investment property is carried at fair value and any changes in fair value are recognised in the statement of comprehensive income as part of other gains/losses - see note C10.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR

ENDED 30 JUNE 2024

B3 Investment properties (continued)

(a) Commercial and rural property

PKW engage independent and qualified valuers to determine the fair value of the investment properties at the end of each financial year. At 30 June 2024 the valuations have been performed by Colliers International (2023: Colliers) who are considered industry specialists in valuing these types of commercial and rural properties.

Fair value has been based on the Market approach which considers comparable assets for which price information is available. This approach applies level 2 inputs under the fair value hierarchy, providing estimates based on comparable information.

(b) Whenua tupuna

A discounted cash flow model is used to assess the fair value of the lessor's interest in whenua tupuna at the end of each financial year. PKW engage PwC as an independent advisor, to provide specific inputs to the model each year.

Critical accounting estimates and judgement

The inputs applied in the valuation of whenua tupuna have been categorised as level 3 in the fair value hierarchy, requiring Management to make estimates based on unobservable inputs.

The following table summarises the quantitative information about the significant unobservable inputs used:

An assessment (and therefore potential adjustment) of the projected cash flows at the current rental reset period (being 2023/24), based on market knowledge and matters currently being addressed.

Inputs sensitivity analysis

The following table illustrates the impact on fair value if inputs as at 30 June 2024 were higher or lower by 10%. Any change in fair value will have a direct impact on net profit after tax in the statement of comprehensive income.

NGĀ

WHAKAMĀRAMA I NGĀ TAUĀKĪ

PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR

THE YEAR ENDED 30 JUNE 2023

B4 Property, plant and equipment

Recognition and measurement

Property, plant and equipment

Measured at cost less accumulated depreciation and any accumulated impairment losses. Any gain or loss on disposal is recognised in the statement of comprehensive income.

Whenua tupuna

Reflects whenua tupuna utilised within PKW and is recognised at fair value using the discounted cash flow model - see note B3. Any changes in fair value is recognised in other comprehensive income.

Rights of use assets

Recognised at cost based on the initial lease liability measurement.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to PKW.

An asset's carrying amount is written down to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Depreciation is calculated using the straight-line and diminishing value methods to allocate the cost over the estimated useful lives, and is recognised in the statement of comprehensive income. Whenua is not depreciated.

The estimated useful lives are as follows:

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

B4 Property, plant and equipment (continued)

The estimated fair value of PPE excluding whenua tupuna at 30 June 2024 was $106m (2023:$104m), with selected properties pledged as security against PKW borrowings - see note D15

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

B5 Intangible assets

Assets that have no physical nature, but have value that is expected to provide a future benefit to PKW.

Fishing Quota

The recoverable amount of total quota shares at 30 June 2024 was $61.89m (2023: $59.7m) and the full amount is pledged as security against PKW borrowings - see note D15

Carbon credits

PKW is allocated carbon credits (NZUs) through the Emission Trading Scheme for forestry plantations. At 30 June 2024 PKW owned 82,385 NZUs (2023: 51,120) with a total market value of $4.12m (2023: $1.97m).

PKW will be required to surrender these NZUs once the harvest of Mangaoapa forest is completed.

Impairment considerations

Fishing quota and carbon credits have an indefinite useful life and are recognised at cost and reviewed annually for impairment. Impairment is only recognised when the carrying value exceeds the recoverable amount, and any impairment is recognised in the statement of comprehensive income as part of other gain/ losses.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

B6 Biological assets

PKW holds livestock and forest woodlots as biological assets, and engage independent and qualified valuers to determine the fair value of biological assets at the end of each financial year.

At June 2024 PGG Wrightson provided the fair value of the livestock (2023: PGG Wrightson), which reflects livestock of similar age, breed and genetic merit throughout Aotearoa.

Livestock has been pledged as security against PKW borrowings - see note D15

Mangaoapa forest woodlot comprises of 291.6ha of Pinus Radiata planted from 1992 -2000. Forme Forest Industry Consultants have provided the fair value of the woodlot using the crop expectation value approach, which is the accepted methodology in Aotearoa for woodlots of a mature age class of trees with harvesting imminent.

Harvest of the forest commenced during the year and is expected to be completed by 2027. Sustainable harvest practices and stringent makegood criteria are a key consideration throughout the harvest process. Makegood focuses on management and hand back condition of the harvest area, including management of slash, waterways, erosion and soil stability, civils construction and unmerchantable timber.

Recognition and measurement

Biological assets are measured at fair value less cost to sell, and changes in fair value are recognised in the statement of comprehensive income within revenue.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

B7 Interests in associates and joint ventures

PKW has interests in associates and a joint venture which are all resident in Aotearoa. They are accounted for using the equity method of accounting.

Recognition and measurement

Investments are initially recognised at cost and the carrying value is increased or decreased by cash contributions paid or distributions received, and PKW's share of profit or loss for the year.

The share of profit or loss is recognised in the statement of comprehensive income within share of net profit - equity method.

(a) Interests in joint ventures and associates

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

B8 Investments

Recognition and measurement

Investments in an entity where PKW does not have significant influence or joint control are classified as investments at fair value through profit or loss. Gains or losses on FV movement and any interest or dividend income is recognised in the statement of comprehensive income.

Fair value has been measured using observable market data as far as possible, applying Level 1 and 2 inputs under the fair value hierarchy.

Farming portfolio

PKW is required to hold certain shares and investments in cooperative companies to facilitate farming operations. Shares are held as a consequence of business operations and not held for trading. These are initially recognised at cost, and subsequently revalued to fair value based on the market share price at 30 June 2024.

Diversification portfolio

PKW has implemented a diversification strategy consisting of property and other business interests outside core dairy farming. These are initially recognised at cost, and subsequently revalued to fair value based on valuations undertaken by each entity, or measured at amortised cost.

Fonterra Co-operative shares have been pledged as security against PKW borrowings - note D15

NGĀ

WHAKAMĀRAMA I NGĀ TAUĀKĪ

PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

TE PŪRONGO WHIWHINGA TE WHAKAPAUNGA KAHA (OUR PERFORMANCE)

This section focuses on the results and performance of PKW. On the following pages you will find notes explaining PKW's results for the year.

C9 Revenue

Recognition and measurement

Rental revenue - whenua tupuna

Rental revenue is recognised on a straight line basis over the term of the lease.

The Group leases whenua tupuna under operating leases with rentals payable six-monthly. Under legislation rent amounts are set every seven years with the current rent review due 1 January 2024 with a perpetual right to renew every 21 years.

Due to material differences in the approach to the rent review methodology between PKW and the WCSRLA, both parties were unable to reach a resolution and agreed to move to arbitration. The arbitration decision was received in August 2024 and the rent negotiation process is ongoing. As a result the lease rentals have been held at the same value as prior years, but the outcome of the rent review may have a material impact on the lease revenue from 1 January 2024.

Milk proceeds

Milk proceeds are recorded at a point in time when control of the milk transfers to the customer which is when the product is physically lifted and removed from the farm vats. PKW sells milk to Fonterra, Open Country Dairy (OCD) and Spring Sheep Milk Co and has entered into milk price future contracts. Revenue is recognised at the mid-point of the latest published Fonterra or OCD forecast milk price range, or at the agreed milk price and future contract.

Quota lease

Quota is leased based on an annual catch entitlement and at an agreed price with revenue recognised when invoiced.

Royalty revenue

Royalty revenue for Waipipi Wind Farm is recognised by the greater of a percentage of revenue generated by each wind turbine, or at an agreed minimum value.

Livestock

Livestock sales are recorded when control of the livestock transfers to the customer, usually on slaughter or collection of the animals by a third party. Revenue is recognised as a net balance of livestock sales, purchases and fair value movements.

Woodlot

Revenue is recognised as the woodlot is harvested. The amount recorded as revenue for the period is net of any fair value movements.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

C9 Revenue (continued)

Other revenue

Dividends are recognised when received.

All other revenue is recognised at the point a service has been delivered or commitment made by a customer, or conditions attached to grants are met.

C10 Other gains / (losses)

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

C11 Expenses

Expenses have been categorised in alignment with the outcomes set in Te Ara Putanga.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

C12 Finance income and expenses

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED

30 JUNE 2024

C13 Dividends

PKW aspire to target a distribution over time of 1.5-2.0% of shareholder funds and/or 40-45% of net operating profit.

When setting the dividend the Committee of Management consider the following:

• The requirements of Te Ture Whenua Māori Act 1993 and other applicable legislation

• The level of distributable profit and cash available for distribution

• Any relevant banking covenants

• The significance of dividends to PKW shareholders as a link to PKW and their ancestral whenua.

PKW currently pays dividends from tax-free reserves made up of pre 2004/05 retained earnings and realised capital gains, and therefore current distributions are non-taxable.

(a) Grant to Parininihi ki Waitōtara Trust

An annual grant of $294k (2023: $263k) is paid each year from PKW Incorporation to PKW Trust based on 10% of the annual dividend, to support the Trust objectives to advance the educational and cultural aspirations of Taranaki Māori. This grant has been eliminated in these financial statements - see note E22

(b) Unclaimed dividends

Comprises dividends held by PKW relating to missing shareholders. Unclaimed dividends are recognised as a non-current liability due to the nature of the missing shareholders and the length of time required to locate a shareholder or their tamariki mokopuna.

PKW maintain a list of the shareholders whose dividends remain unpaid,and actively work on the identification of missing shareholders.

NGĀ

WHAKAMĀRAMA I

NGĀ

TAUĀKĪ

PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

HAUPŪ RAWA (OUR CAPITAL)

This section explains how PKW manages its capital structure (items that make up Shareholders' funds) and borrowings.

D14 Capital management

PKW considers its capital as comprising all the components of shareholders' funds.

(i) Initial share capital

Value of capital on establishment of the Incorporation. Shares issued have no par value, each shareholder is entitled to a single vote per share.

(ii) Capital reserve

Comprises capital contributions that have been recognised since establishment of the Parininihi ki Waitōtara Incorporation, including the fair value movement of whenua tupuna held as property, plant and equipment, less dividends paid from realised capital gains.

(iii) Cash flow hedge reserve

The cumulative gain or loss on cashflow hedges. When the underlying derivative has been ended it will be recognised in profit or loss.

(iv) Retained earnings

Accumulated net profit and losses, including transfers from the cashflow reserve when the underlying derivative has ended, less dividends paid.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR

THE YEAR ENDED 30 JUNE 2024

D15 Borrowings

Recognition and measurement

Group borrowings are recognised initially at the fair value of the drawn facility amount and subsequently stated at amortised cost using the effective interest method. All borrowing costs are recognised as an expense in the period they are incurred.

Secured

Weighted average interest rate on drawn borrowings

The facilities are secured under a common terms deed with ASB and Rabobank, granting general security within the PKW Group on Quota shares, Fonterra shares, livestock and mortgages over selected properties.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR

THE YEAR ENDED 30 JUNE 2024

NGĀ KŌRERO WHAKATĀPIRI

(OTHER DISCLOSURES)

Section E outlines various other notes required by accounting standards and additional disclosure to assist readers' understanding of these items in the financial statements.

E16 Risk management

PKW has exposure to key risks and these risks could affect PKW's future financial performance by:

Risk Exposure arising from Measurement Management

Legislative or regulatory Changes to legislative regime or operational regulations

Environmental Social licence to operate; agricultural impacts due to climate or disease

Climate-related changes Changes in climatic conditions that impact operating models and systems, financial risk profile, animal or human wellbeing

Interest rate  Long-term borrowings at variable rates

Funding or credit Inability to renew borrowing facilities or favourable terms

Liquidity Inability to meet day to day obligations

Commodity price Material movement in agricultural product prices

Watching brief Active participation via submissions supported by relevant advisory services

Watching brief Alignment and refinement of operating practices

Scenario analysis Development and implementation of a climate change response adaption plan

Sensitivity analysis Interest rate swaps

Aging analysis

Borrowing facility arrangements with two banks

Rolling cash flow forecasts Liquid funds and committed facilities

Sensitivity analysis Milk price futures and swaps

Primary responsibility for identification and control of risks rest with the Audit and Risk Committee (via delegation from the Committee of Management) and Management. The Committee of Management approves policies for managing each of the risks identified above.

NGĀ

WHAKAMĀRAMA I NGĀ TAUĀKĪ

PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

E16 Risk management (continued)

Financial instruments

PKW holds the below financial instruments as part of its normal operations. These are contracted future economic benefits (assets) and economic outflows (liabilities) that PKW hold with other parties.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

E17 Derivative financial instruments

PKW uses cash flow hedges to manage risk associated with variable interest rates and farmgate milk price fluctuations.

Interest rate swaps

Interest rates on the PKW borrowing facilities are floating, exposing PKW to movements in interest rates. The swaps provide the right to pay interest at fixed rates and receive interest at floating rates, and cover 58% (2023: 55%) of drawn borrowings.

Milk price futures

PKW has milk price risk resulting from variability in Fonterra or OCD's final farmgate milk price announced and settled in September each year. Futures contracts have been entered into for the 2024 and 2025 seasons, with the objective to create price certainty around milk price by locking in the price for a portion of milk production in the current and future seasons.

Recognition and measurement

Fair value movement is recognised in other comprehensive income. Gains / losses on milk price futures are transferred to profit or loss when the underlying contract ends.

NGĀ

WHAKAMĀRAMA

I

NGĀ

TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS)

FOR THE YEAR ENDED 30 JUNE 2024

E18 Income tax expense

Recognition and measurement

Tax expense reflects the impact of current and deferred tax and is recognised in profit or loss, unless it relates to an item in other comprehensive income or directly to equity.

Current tax is the tax payable on the taxable income for the year and any adjustments to previous years.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES

TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

E19 Deferred tax liability

Recognition and measurement

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and the amounts used for income tax purposes.

Movement in deferred income tax:

E20 Māori authority credit account

Māori authority credits can be attached to taxable dividends paid to members. Attaching credits means payments to members are not taxed twice, and shareholders can claim Māori authority credits against their own income tax liability.

PKW currently pays dividends from tax-free reserves and therefore current distributions are non-taxable.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2024

E21 Related party transactions

PKW has a related party relationship with its Committee of Management (COM), directors, shareholder representative and executive management team.

Compensation with key management personnel Governance fees

Parininihi ki Waitōtara Incorporation

Parininihi ki Waitōtara Trust 25 10

E22 Group entities

The consolidated financial statements include the Parent Parininihi ki Waitōtara Incorporation and the entities it controls, and Parininihi ki Waitōtara Trust. Balances and transactions between entities within PKW are eliminated, and accounting policies are applied consistently within the Group.

PKW is comprised of the following material entities:

E23 Subsequent events

There were no events occurring subsequent to balance date which require adjustment to or disclosure in the ngā tauākī pūtea (financial statements).

PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023.

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA PARININIHI KI WAITŌTARA TRUST

The Parininihi ki Waitōtara Trust is aligned to the PKW Group strategy and is a key contributor to the wider kaupapa. The Trust has set down its 5 year strategy as follows:

TE IHO VISION

Taranaki uri realising and succeeding while strengthening their connection to PKW and Taranaki

TE WHAINGA MISSION

Seeding Taranaki Potential Building Success

TE PŪTAKE

STRATEGIC INTENT

Collective Impact to achieve shared outcomes

NGĀ ARONGA GOALS

Leadership & Collaboration

Developing Community Active Participation

PARININIHI KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA CHAIRPERSON

REPORT

LIANA POUTU

Haehaea mai te pō

Kia tū mai ngā whetū

Tākiritia te ārai kapua

Kia tākiri mai te haeata i te matapihi o te rāwhiti

Kia ara mai ko te rā i te tihi o Taranaki

Ka ao, ka ao, ka awatea.

Tēnei ka tangi auē ki ngā mate o te tau nei te hawe ngangī o te ngākau ki te tokopae aituā kua ririu atu rā ki tua o paerau, ki tua o pae mano. E moe koutou te moe, e au ai te moe, e rarau, kāti.

Nei anō hoki te karanga ki te hau o te ora, ā, kia aumihi anō hoki ki te ora o ngā uri o Taranaki whānui mai i

Parininihi ki Waitōtara, kia hauora ki whakatupua, hauora ki whakatawhito, hauora ki te whai ao, ki te ao mārama.

Tihe mouri ora!

Kua ahu whakamua te tukunga iho o Te Rau Manawaora / PKW Trust nā ngā kauneke hirahira me ngā ekenga panuku. Ka mira tēnei pūrongo i ngā ekenga panuku motuhake o te tau 2024, ā, ka whakatakototia ngā uaua me ngā mea angitu kei mua i te aroaro.

HE KŌRERO WHAKARĀPOPOTO MŌ TE MANA WHAKAHAERE

Kua tutuki i te Tarati te whakaurunga o te anga mana whakahaere i whakataungia i te tau 2023. Ka arahina tonu mai tātou e tō tātou tirohanga whakamua, He Tangata, He Whenua, He Oranga, i ahu mai ai i te Kāhui Pupuri Whenua i whakatūria i Taiporohēnui i te tau 1854. Ka whakamōhio tēnei tukunga iho i tō tātou kaupapa, e arotahi ana ki ngā tāpaetanga hāpai, ki te tōnuitanga o ō tātou tāngata, ki te tiaki i ō tātou whenua tupuna, ā, ki te whakapiki i te whairawa mō ngā uri whakaheke.

WHAIHUA AHUMONI

Ka ū tonu te PKW Trust ki te tautoko i ngā wawata o ō tātou whānau mā te āta whakahaere i te taha ahumoni. I toha mātou i ētehi takuhe, karahipi hoki ki te whānuitanga o ngā kaupapa mātauranga, ahurea hoki, e whakaata ana i tō mātou arotahi ki te hāpai i te toiora o tō tātou hapori.

Ahakoa ngā wero ōhanga whānui, kua hāpai tonu te Tarati i te pūmautanga o te taha ahumoni, ā, nā konā ka taea e mātou te tāpae i te tautoko pūmau. E whakamahere ana mātou ki te tūhura i ētehi atu anō huarahi pūtea, ki te whakarahi ake i te toha rauemi kia whakawhānui i ā mātou tāpaetanga takuhe, karahipi hoki, ā, mā reira e whakapiki ai tō mātou whakaaweawe ki te hapori.

Kei runga: Ko Turangapito Sandy Parata rāua ko Te Rawanake Coles i te Hui ā-Haurua Tau o PKW, i Taiporohēnui Marae, Haratua 2024.

Kei raro: Ko te kaiwhiwhi o te Karahipi Te Reo Rangatira mō te tau 2023, ko Dean Kahu, e kōrero ana i te Hui ā-Haurua Tau o PKW, i Taiporohēnui Marae, Haratua 2024.

"He tau mō te whakawhānui me te auaha te tau 2024 mō ō tātou kaupapa rautaki."

NGĀ KAUPAPA RAUTAKI

He tau mō te whakawhānui me te auaha te tau 2024 mō ō tātou kaupapa rautaki. I whakatakototia ētehi kaupapa hou e aro ana ki te hāpai i ngā putanga ahurea, mātauranga hoki, tae ana ki tō mātou He Kurataiao Taranaki wānanga tuatoru, i whakahuingia ai ngā kaitiaki me ngā tīma Taiao nō te rohe whānui. I whakawhiti kōrero hoki ngā tāngata i whai wāhi mai mō ngā āhuatanga matua o ngā whakawhitiwhiti mō te maunga, me te whakatakoto i ō rātou whakaaro mō ngā hua o te whakataunga angitu me tā rātou whakamira i te hiranga o te whakawhiti kōrero i roto i te tukanga whakawhitiwhiti.

Ka rato tonu te Karahipi Te Reo Rangatira i te tautoko waiwai ki ō tātou whānau. E hāngai tonu ana tēnei karahipi kua whanakehia ki tō tātou whāinga rautaki mō te whakarauora ahurea me te whakakaha tuakiri. Ko Dean Kahu rāua ko Tiana Rarawa Capper ētehi o ngā kaiwhiwhi o i nākuanei, ā, i kōrero a Dean i te Hui ā-Haurua Tau ki Taiporohēnui mō te hira o te karahipi ki tōna hīkoi ki te whakahoki i te reo Māori.

He tāpiri atu ki ngā karahipi nei, kua whakapiki mātou i ō mātou pātuitanga kia uru atu ētehi rōpū hou e rua, koia ko Paeroa Contracting me Campbell Contracting, e whakarahi ana i te tōpūtanga rōpū hoa karahipi ki te 22.

Mō āmuri atu rā, e whakamahere ana mātou ki te whakawhānui i ngā momo kaupapa rautaki e hāpaitia ai e mātou, inarā mō te mātauranga me te tautiaki ahurea, te whakarahi i ngā kōwhiringa me ngā pūtea mō ngā karahipi me ngā takuhe e aro pū ki te āhei o tō tātou hapori ki te whakaū me te tupu i ō tātou taonga ahurea tuku iho.

TE PĀTUITANGA Ā-WHĀNAU, Ā-HAPORI

HOKI

He whāinga tōmua tonu ko te whakapāpā ki ō tātou whānau me te hapori whānui. I te tau 2024, i whakarahi ake mātou i ngā takuhe mātauranga hapori, i tautoko i ētehi kaupapa pērā i Taranaki Tū Mai i tū i 24-26

Whiringa-ā-rangi 2023 me ngā Whakataetae Kapa Haka ā-motu mō Te Mana Kuratahi i tū i 30 Whiringa-ā-nuku ki 2 o Whiringa-ā-rangi 2023 i Whakatū. I toro atu tō mātou tautoko ki te Whakataetae Rīki Māori o Taranaki Whānui, ā, nā ō mātou takuhe marae, i tautoko mātou i ētehi whakawhanake hira, hei tauira, te whanaketanga anō o te whare ko Te Kuia kei Aotearoa Pā. Ka whakaata ēnei mahi i tō mātou ū ki te whakatipu i ngā honohono i roto i tō tātou hapori me te tautoko atu i te tipu o te ahurea me te mātauranga.

WERO, MEA ANGITU HOKI

I tēnei tau i puta ētehi wero motuhake i a mātou e urutau ana ki ngā āhuatanga mākete, e whakapai tonu ana hoki i tō mātou anga mana whakahaere. Heoti anō, kua ahu mai <<

"Ko tētehi mea angitu matua mō te Tarati ko te ahurei e haere mai nei ko Te Matatini hei te Huitanguru 2025 ki te papa rēhia o Pukekura, ki Ngāmotu."

Kei runga: Rau Titikura / Shareholders i te Hui ā-Tau o PKW i Aotearoa Marae, i te Whiringa-ā-rangi 2023 (kei runga) me te Hui ā-Haurua Tau i Taiporohēnui Marae, i te Haratua 2024 (kei raro).

<< ētehi mea angitu hou mō te tupu i ngā wero nei. Kua pai tā mātou whakarite mō te anamata nā tō mātou arotahi ki ngā pātuitanga rautaki, inarā ki te whakarauoratanga o te ahurea. Ka whakapaitia anōtia te whakatutuki i te hanganga o ngā Tarati o Te Rau Manawaora nō muri mai i te arotake mana whakahaere kia hāngai ki te tūranga me te āheinga o te Tarati.

Nā te haere tonu o te angitu o te Kurataiao o Taranaki wānanga i miramira te hiranga o te kaitiakitanga o te taiao me te ahurea hei tino āhuatanga o tō mātou ahunga rautaki. I te wā o te tuhinga, e whakarite ana mātou mō te Kurataiao e tū mai ana hei te Mahuru 2024 ki Kānihi Māwhitiwhiti Pā, e arotahi ai mātou ki ngā panoni waiwai o te kaupapahere Taiao, e whakatairanga ana i ngā mahi a ō mātou tīma Taiao, me ngā pānga tōrunga o ā mātou mahi ngātahi ki Taranaki Mounga.

Ko tō mātou miramira tuarua mō tēnei tau ko tā mātou takuhe hapori ki Taranaki Tū Mai ki Ngāti Tama. Ko te ahurei, ka tū i ia rua tau, i para i te huarahi mō Te Matatini hei te Huitanguru 2025. Mai rā anō, mai rā anō, ka whakaata te Tū Mai i te mana o ngā iwi, te whakataetae

pai, me te whai wāhitanga o ngā whakatipuranga, ā, i puta te ihu o Ngāti Tama hei toa whakaihuwaka.

Ko tētehi mea angitu matua mō te Tarati ko te ahurei e haere mai nei ko Te Matatini hei te Huitanguru 2025 ki te papa rēhia o Pukekura, ki Ngāmotu. He whakahirahira te taiopenga ahurea nei, ā, e rima rangi te roa ināianei, e whakaihiihi ana i ngā kaihaka, i ngā whānau, me te hunga e ngākaunui ana ki te kapa haka puta noa i te ao. Ka whakamanea Te Matatini i te tini mano tāngata, me tōna 1.8 miriona kaimātakitaki ā-ipurangi. Ehara i te mea he mea angitu noa iho kia mātakina te kairangi o te kapa haka, heoi anō he wā mō te honohono anō ki ngā hoa, ki ngā whānau, ki te ao Māori hoki.

E ū ana mātou ki te tautoko i ngā marae, ngā pā, ngā rōpū anō hoki e hāpai ana i te manaaki i ō tātou manuhiri, nō reira, he arotahi matua tēnei taiopenga mō te Tarati.

AT A GLANCE

VALUE OF GRANT INCOME FROM PARTNERS

$428k up from $382k in 2023

& SCHOLARSHIPS

GRANT & SCHOLARSHIP PARTNERS 26 up from 24 in 2023

$412k up from $381k in 2023

VALUE OF INVESTMENTS HELD

$3.175m up $10k from 2023

HE MIHI

Ka rere taku mihi ki ō tātou tarati, te hunga whakahaere, te hunga mahi, rātou ko ngā kaiwhaipānga katoa mō tō rātou manawanui, pukumahi hoki. He mihi ki a rātou i tāpae ki te angitu o ō tātou kaupapa rautaki i tēnei tau, inarā te wānanga o He Kurataiao Taranaki kua whanakehia me te Karahipi mō Te Reo Rangatira. He mea matua ō koutou mahi ki te kōkiri i ngā whāinga o te Tarati me te tautoko i ō tātou whānau.

"E tino hiahia ana mātou ki te whakakaha tonu i te ahunga whakamua o tēnei tau, ā, ki te tautoko tonu i te tōnuitanga o ō tātou whānau, hapori hoki."

Te Rau Manawaora o Parininihi ki Waitōtara VALUE OF GRANTS & SCHOLARSHIPS

GRANTS & SCHOLARSHIPS AWARDED 193 down from 222 in 2023

INCOME FROM INVESTMENTS HELD

$181k down from $185k in 2023

KŌRERO WHAKAKAPI

Titiro whakamua ai mātou, e pūmau tonu ana te Tarati o PKW ki tona ū ki tō tātou kaupapa, tirohanga hoki. E whakahau ana mātou i te tautoko me te whakapāpā haere tonu o ō tātou Rau Titikura / Shareholders i tā tātou mahi ngātahi ki te whakatutuki i ō tātou wawata. Ko te huringa 50 tau hei te tau 2026 he mea angitu ki te whakamui i ā tātou mahi ngātahi me te tukunga iho pūmau o Te Rau Matatau. E tino hiahia ana mātou ki te whakakaha tonu i te ahunga whakamua o tēnei tau, ā, ki te tautoko tonu i te tōnuitanga o ō tātou whānau, hapori hoki.

Liana Poutu

Te Rau Toi Tauira

PARININIHI

KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA CHAIRPERSON REPORT

Haehaea mai te pō

Kia tū mai ngā whetū

Tākiritia te ārai kapua

Kia tākiri mai te haeata i te matapihi o te rāwhiti

Kia ara mai ko te rā i te tihi o Taranaki

Ka ao, ka ao, ka awatea.

Tēnei ka tangi auē ki ngā mate o te tau nei te hawe ngangī o te ngākau ki te tokopae aituā kua ririu atu rā ki tua o paerau, ki tua o pae mano. E moe koutou te moe, e au ai te moe, e rarau, kāti.

Nei anō hoki te karanga ki te hau o te ora, ā, kia aumihi anō hoki ki te ora o ngā uri o Taranaki whānui mai i Parininihi ki Waitōtara, kia hauora ki whakatupua, hauora ki whakatawhito, hauora ki te whai ao, ki te ao mārama.

Tihe mouri ora!

This year has furthered the PKW Trust's legacy with significant milestones and achievements. This report highlights the unique successes of 2024 and addresses the challenges and opportunities we face moving forward.

GOVERNANCE OVERVIEW

The Trust has successfully integrated the governance structure introduced in 2023. Our vision, He Tāngata He Whenua He Oranga, inspired by the Taranaki Māori Land League established at Taiporohēnui in 1854, continues to guide us. This legacy informs our purpose, focusing on making positive contributions to the prosperity of our people, protecting our whenua tupuna, and building wealth for future generations.

FINANCIAL PERFORMANCE

The PKW Trust continued its commitment to supporting the aspirations of our whānau through careful financial management. We distributed grants and scholarships across a range of educational and cultural initiatives, reflecting our focus on enhancing our community’s wellbeing.

Despite broader economic challenges, the Trust has maintained financial stability, allowing us to offer consistent support. We plan to explore additional funding avenues and optimise resource allocation to expand our grant and scholarship offerings, thereby increasing our impact on the community.

LIANA POUTU

Top: Turangapito Sandy Parata and Te Rawanake Coles at the PKW Half Year AGM, Taiporohēnui Marae, May 2024.

Bottom: 2023 Te Reo Rangatira Scholarship recipient, Dean Kahu, speaks at the PKW Half Year AGM, Taiporohēnui Marae, May 2024.

"2024 has been a year of expansion and innovation in our strategic initiatives."

STRATEGIC INITIATIVES

2024 has been a year of expansion and innovation in our strategic initiatives. We introduced new programmes aimed at enhancing cultural and educational outcomes, including our third He Kurataiao Taranaki wānanga, which brought together kaitiaki and Taiao teams from across the region. Participants also discussed key aspects of the maunga negotiations, sharing their thoughts on what a successful settlement might mean and emphasising the importance of kōrero in the negotiation process.

The Te Reo Rangatira Scholarship continues to provide crucial support to our whānau. This expanded scholarship remains aligned with our strategic objective of cultural reclamation and identity strengthening. Dean Kahu and Tiana Rarawa Capper are among the recent recipients, with Dean speaking at the Half-Yearly Hui ki Taiporohēnui about the scholarship's significance in his journey to reclaim te reo Māori.

In addition to these scholarships, we have increased our partnerships to include two new organisations, Paeroa Contracting and Campbell Contracting, bringing our total scholarship partners to 22.

Looking ahead, we plan to broaden the scope of our strategic initiatives, particularly in education and cultural preservation, increasing the options and funding for scholarships and grants that directly impact our community’s ability to maintain and grow our cultural heritage.

WHĀNAU AND COMMUNITY ENGAGEMENT

Engagement with our whānau and the broader community has remained a priority. In 2024, we increased community mātauranga grants, supporting events like the Taranaki Tū Mai Festival held from 24-26 November 2023 and the Mana Kuratuatahi Kapa Haka Nationals held from 30 October to 2 November 2023 in Nelson. Our support extended to the Taranaki Whānui Māori Rugby League, and through our marae grants, we supported significant developments such as the redevelopment of the whare Te Kuia at Aotearoa Pā. These efforts reflect our commitment to fostering strong connections within our community and supporting cultural and educational growth.

"A

key opportunity for the Trust is the upcoming Te Matatini festival in February 2025 at Pukekura Park, Ngāmotu."

CHALLENGES AND OPPORTUNITIES

This year presented unique challenges as we adapted to new market conditions and continued to refine our governance structure. However, these challenges have also opened new opportunities for growth. Our focus on strategic partnerships, especially in cultural revitalisation, has positioned us well for the future. The implementation of the Te Rau Manawaora Trustees' composition following the governance review will be further refined to align with the Trust’s role and function.

The ongoing success of the Kurataiao Taranaki wānanga has highlighted the importance of environmental and cultural stewardship as key components of our strategic direction. At the time of writing, we are preparing for the next Kurataiao in September 2024 at Kānihi Māwhitwhiti Pā, we will focus on critical changes in Taiao policy, showcasing the work of our Taiao teams, and the positive impact our collective efforts have on Taranaki Mounga.

Our second highlight this year was our community grant to Taranaki Tū Mai ki Ngāti Tama. The festival, held every two years, cleared the way for Te Matatini in February

2025. As always, Tū Mai reflected iwi pride, healthy rivalry, and intergenerational participation, with Ngāti Tama emerging as the overall winner.

A key opportunity for the Trust is the upcoming Te Matatini festival in February 2025 at Pukekura Park, Ngāmotu. This premier cultural event, now a five-day festival, is highly anticipated by performers, whānau, and kapa haka enthusiasts worldwide. Te Matatini draws thousands in person and over 1.8 million online viewers. It’s not only an opportunity to witness kapa haka excellence but also a chance to reconnect with friends, whānau, and te ao Māori.

We are committed to supporting the marae, pā, and groups upholding manaakitanga for our manuhiri, making this event a significant focus for the Trust.

Above: Rau Titikura / Shareholders at the PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023 (top) and the Half-Year AGM at Taiporohēnui Marae, May 2024 (bottom).

AT A GLANCE

$412k up from $381k in 2023

$3.175m up $10k from 2023

from 222 in 2023

FROM INVESTMENTS HELD $181k down from $185k in 2023

ACKNOWLEDGEMENTS

I extend my gratitude to our trustees, management, kaimahi, and all stakeholders for their dedication and hard work. Special thanks go to those who contributed to the success of our strategic initiatives this year, particularly the expanded He Kurataiao Taranaki wānanga and the Te Reo Rangatira Scholarship. Your efforts have been instrumental in advancing the goals of the Trust and supporting our whānau.

"We look forward to building on the progress made this year and continuing to support the prosperity of our whānau and community."

CLOSING REMARKS

As we look ahead, the PKW Trust remains steadfast in its commitment to our mission and vision. We encourage continued support and engagement from our Rau Titikura / Shareholders as we work together to achieve our shared aspirations. The upcoming 50th anniversary in 2026 presents an opportunity to celebrate our collective efforts and the enduring legacy of Te Rau Matatau. We look forward to building on the progress made this year and continuing to support the prosperity of our whānau and community.

Liana Poutu

Te Rau Toi Tauira

Te Rau Manawaora o Parininihi ki Waitōtara

HE PUĀWAITANGA, HE RAUKOTAHI CULTIVATING

PARTNERSHIPS

Providing meaningful, intergenerational opportunities for Taranaki Māori remains central to Te Rau Manawaora o Parininihi ki Waitōtara / PKW Trust. Our scholarship and internship programmes aim to empower our whānau to thrive, by fostering a deep connection to their whenua while nurturing the aspirations of our tūpuna for future generations.

Maintaining strong relationships with the Māori Education Trust and tertiary institutions, including Te Kunenga ki Pūrehuroa Massey University, Te Herenga Waka Victoria University of Wellington, and Te Whare Wanaka o Aoraki Lincoln University, creates meaningful pathways for Taranaki Māori to pursue higher education. This is enhanced by a tripartite agreement with Toitū Māori Mātauranga, enabling additional support for our tauira.

In line with our mission; seeding Taranaki potential, building success, we continue to ensure that all partnerships contribute to long-term benefits for both current and future generations.

Launched in 2022, our procurement strategy; Tiria te māra, he puāwai nō runga nō raro, has strengthened our relationship with our suppliers by offering opportunities for them to contribute to the aspirations of Taranaki Māori, not only through employment and training but also through scholarship support and development opportunities.

Looking forward, we will continue to seek and establish new partnerships that align with our kaupapa, ensuring our whānau have access to a broad range of educational and professional opportunities. Our commitment to collective action and shared outcomes drives us to create a legacy of success that will benefit our people for generations to come.

Currently, the scholarships and grants available to Trust applicants are:

TE RAU ARA WHANAUNGA IWI PARTNER SCHOLARSHIPS

Ngaa Rauru Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500. Applicants must whakapapa to Ngaa Rauru, demonstrate their involvement with Ngaa Rauru community kaupapa and be enrolled in ful- time study.

Ngāruahine Iwi Undergraduate Scholarship

One co-funded scholarship valued at $3,000. Applicants must whakapapa to Ngāruahine, demonstrate their involvement with Ngāruahine community kaupapa and be enrolled in full-time study.

TE RAU ARA WHANAUNGA IWI PARTNER SCHOLARSHIPS

Ngāti Maru Iwi Undergraduate Scholarship

One co-funded scholarship valued at $3,000. Applicants must whakapapa to Ngāti Maru, demonstrate their involvement with Ngāti Maru kaupapa and be enrolled in full-time study.

Ngāti Mutunga Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500, with no restrictions on how it is used to cover study costs. Recipient must be in a line of study that aligns with iwi values. Applicants must whakapapa to Ngāti Mutunga, demonstrate their involvement in Ngāti Mutunga kaupapa and be enrolled in full-time study.

Ngāti Ruanui Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500. Applicants must whakapapa to Ngātu Ruanui, demonstrate their involvement in Ngāti Ruanui kaupapa and be enrolled in full-time study.

Ngāti Tama Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500. Applicants must whakapapa to Ngāti Tama, demonstrate their involvement in Ngāti Tama kaupapa and be enrolled in full-time study.

Taranaki Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500. The scholarship aims to support Bachelor-level study in Environmental Planning or Resource Management studies. Applicants must whakapapa to Taranaki Iwi, demonstrate involvement in Taranaki Iwi kaupapa and be enrolled in full-time study. Priority will be given to applicants studying in the field of Environmental Planning and/or Resource Management.

Te Atiawa Iwi Undergraduate Scholarship

One co-funded scholarship valued at $2,500. The scholarship aims to support Bachelor-level study in Environmental Planning or Resource Management studies. Applicants must whakapapa to Te Atiawa, demonstrate involvement in Te Atiawa kaupapa and be enrolled in full-time study. Priority will be given to applicants studying in the field of Environmental Planning and/or Resource Management.

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS

PKW-VUW Postgraduate Scholarships

Two co-funded scholarships, each valued at $5,000 per year are available each year to existing VUW postgraduate students.

These scholarships are a result of the Taihonoa relationship between the Te Rau Manawapora o Parininihi ki Waitōtara /PKW Trust and Te Herenga Waka - Victoria University of Wellington (VUW). Through this programme VUW has relationships with more than 70 Māori and public sector partners including iwi, land trusts, consultancy businesses and government departments.

Ballance Agri-Nutrients Undergraduate Scholarships

Four undergraduate scholarships valued at $2,500 each. Preference will be given to students in the following fields of study; Agriculture, Horticulture, Commerce, Marketing, Engineering or Logistics.

Farmlands Undergraduate Scholarships

Four undergraduate scholarships valued at $2,500 each and two postgraduate scholarships valued at $6,000 each. Preference is given to students studying Agriculture.

Nova Undergraduate Scholarship

One scholarship valued at $5,000 per year for a maximum of three years. Available for undergraduate students in technical or science-related fields.

BNZ Bank Undergraduate Scholarship

One scholarship valued at $3,000 and an opportunity for a summer internship. Designed to encourage undergraduate students studying in banking or finance-related fields.

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS (CONTINUED)

Marsh Insurance Undergraduate Scholarship

One undergraduate scholarship valued at $2,500 and an opportunity for internship. Studies must contribute to PKW business activities.

Govett Quilliam Undergraduate Scholarship

One annual undergraduate scholarship worth $2,000. Available to students enrolled in their third or fourth year of a Bachelor of Laws degree.

iStudios Undergraduate Scholarship

One annual undergraduate scholarship worth $2,000. Available to full-time students with priority given to students studying in the Arts.

Campbell Contracting Ltd Undergraduate Scholarship

One annual undergraduate scholarship worth $1,500. Designed to recognize up-and-coming talent and to encourage them to pursue their goals.

DR (Jack) Gray Ltd Undergraduate Scholarship

One annual undergraduate scholarship worth $1,500. Designed to recognize up-and-coming talent and to encourage them to pursue their goals.

Evergreen Plumbing Ltd Undergraduate Scholarship

One annual undergraduate scholarship worth $1,500. Designed to recognize up-and-coming talent and to encourage them to pursue their goals.

TE RAU HONONGA

EDUCATION PARTNER SCHOLARSHIPS (CONTINUED)

TE RAU ĀWHINA

PKW SCHOLARSHIPS

Mark Frost Electrical Ltd Undergraduate Scholarship

One annual undergraduate scholarship worth $1,500. Designed to recognize up-and-coming talent and to encourage them to pursue their goals.

PKW-Meridian Energy Undergraduate Scholarship

One co-funded scholarship valued at $1,500. Designed to recognize up-andcoming talent and to encourage them to pursue their goals.

Paeroa Contracting Ltd Undergraduate Scholarship

One annual undergraduate scholarship worth $1,500. Available to all students, however priority will be given to students studying in Agriculture, Mechanical and/ or Forestry.

TE RAU MATATOI

CHARLES BAILEY POSTGRADUATE SCHOLARSHIP

One scholarship valued at $7,500 per year for a maximum of three years. Studies must contribute to PKW business activities. Recipient must be available to PKW throughout the term of the scholarship.

TE RAU PAETAWHITI

PKW POSTGRADUATE SCHOLARSHIPS

Three scholarships, each valued at $5,000 per year for a maximum of three years. Studies must contribute to PKW business activities. Full- or part-time students. Each of the scholarships are named after Taranaki whānau who have made significant contributions to PKW; Mate ki Tawhiti Carr, Gloria Kerehoma and Edward Tamati.

PKW TE RAU TOI MĀORI SCHOLARSHIPS

Two scholarships, each valued at $5,000.

TE RAU PAETATA

PKW UNDERGRADUATE SCHOLARSHIPS

Five scholarships, each valued at $2,000 per year for a maximum of three years. Undergraduate only. Can study in any area. Full-time students only.

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ĀWHINA PKW SCHOLARSHIPS

The

Kody

Mate ki Tawhiti

Gloria Kerehoma Postgraduate Scholarship

Dwayne

Edward Tamati Postgraduate Scholarship

Sarika Rona

PKW Te Rau Toi Māori Scholarship

Bryn Davison

Mia Robinson

PKW Undergraduate Scholarship

Ruiha Matoe

Kahana Ngaia

Nicola Mathys

Terri-Lee Mason

Aisha Campbell

Bachelor of Teaching (Primary)

Applied Management in Business

Bachelor of Management Studies (Hons)

Bachelor of Health Science (Midwifery)

Bachelor of Communication Studies

Iharaira and Myra Marama Te Unahi Matoe

Whānau Trust

Moana Skelton

Pamela Matiu Ratana

Rerewha-o-Te Rangi Timothy Mason Whānau Trust

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ARA WHANAUNGA IWI PARTNER SCHOLARSHIPS

PKW-Ngaa Rauru Iwi

PKW-Ngāruahine

PKW-Ngāti Mutunga Iwi

PKW-Ngāti Ruanui

PKW-Te Atiawa Iwi Undergraduate

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS

Name

PKW-Toi Te Reo Rangatiratanga Scholarship

Ana Dionne Pue

Charles Te Rauparaha Walters Te Pūtaketanga o te Reo Te Tohu Paetahi

PKW-VuW Postgraduate Scholarship

Rere-No-A-Rangi Pope

Neve Duxfield Doctor

PKW-Ballance Agri-Nutrients Undergraduate Scholarship

Siobhan Hemingway

Joseph Hau

Levi Marychurch

Luka Kamana Kerehoma

New Zealand Certificate in Organic Primary Production (Level 4)

Bachelor of Science

Bachelor of Laws

Bachelor of Environmental Planning - Te Ara

Taiao Stream

PKW-Farmlands Undergraduate Scholarship

Leonardo Semau

Jessie Mckenzie

Kyla Potaka

Kelsea Elkington

Bachelor of Science

Bachelor of Laws and Bachelor of Commerce

Bachelor of Physiotherapy

Bachelor of Health Science

PKW-BNZ Bank Undergraduate Scholarship

Jaxon Moeahu

Kelly Hemingway

Kenny Hau Linn Roy Wineera Te Kawau Bertrand Whānau Trust

$2,500.00

$2,500.00 $2,500.00 $2,500.00

Nanci-Lee Katene

Shona Agnes Maxwell

Tamati Potaka Te Taku Parai

$2,500.00 $2,500.00 $2,500.00 $2,500.00

Bachelor of Business Peter Moeahu $2,500.00

PKW-Marsh Insurance Undergraduate Scholarship

Cyrus Rudd

Bachelor of Commerce and Bachelor of Science Joanna Joyce Taylor (nee. Rudd) $2,500.00

PKW-Govett Quilliam Undergraduate Scholarship

Leah Robinson Bachelor of Laws MC-FRD Whanau Trust- Roy P Robinson $2,000.00

PKW-iStudios Undergraduate Scholarship

Danielle Knight

Bachelor of Laws

Tutere and Hikimapu Rangihaeata Whanau Trust $2,000.00

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS (continued)

Roka

PKW-DR (Jack) Gray Ltd Undergraduate Scholarship

Jarna Flintoff

PKW-Evergreen Plumbing Limited Undergraduate Scholarship

PKW-Mark Frost Electrical Limited Undergraduate Scholarship

Georgia

PKW-Meridian

Tremayne

TE RAU ĀWHINA

PKW TERTIARY GRANTS

Name Course of Study

Nina Goble

Gina Martin

Shareholder Value of Grant Endorsement

Bachelor of Nursing (Level 7) Anthony Skelton

$750.00

Bachelor of Teaching Billy Te Poihi Paikea $750.00

Hinemaringi Scott Te Tohu Paetahi Brigid Ngatai Scott Whanau Trust $750.00

Vallance Wrathall

Holly Horo

Bachelor of Design and Art Carolyn Ani Pirihira Wrathall $750.00

Bachelor of Science (Genetics) Cathryn Buttimore $750.00

Jakaea Rei Bachelor of Nursing Cilla Rei $750.00

K'Cee Pinn NZ Diploma in Web Development and Design Daniel Kyle Pinn

Oska Meyer Bachelor of Communication David Taurakaha Rongonui

Kaitlyn Hawe-Good

Erika Alldridge

Claire Light

Bachelor of Science Doris Hawe

$750.00

$750.00

$750.00

Bachelor of Nursing Edward Rongomai Ira Tamati Whanau Trust $750.00

Bachelor of Medicine and Bachelor of Surgery Edward Rongomai Ira Tamati Whanau Trust $750.00

Kimiora Burrows Diploma of Māori Language Fluency Estate of Lillian Puata $750.00 (Rumaki Reo)

Georgia-Rae Jones

Bachelor of Science (Environmental Science) Gareth Jones $750.00

Shaquille Graham Doctor of Philosophy (Māori & Indigenous Gary Ngaia $750.00 Studies)

Carolyn Hopa Doctor of Philosophy George Cecil Hopa

Thomas Tito-Green

Hamish Clark

$750.00

Bachelor of Laws George Koroheke Tito Whanau Trust $750.00

Bachelor of Science Graham Kevin Clark $750.00

Daniel Tauru Diploma in Business (Level 5) Hazel Hanita Paki $750.00

Lennox Amyes

Bachelor of Dental Surgery Te Whānau a Richard Piripi Phillips $750.00 Whānau Trust

Ereti Williams Te Tohu Paetahi Hemi Hautu Whanau Trust $750.00

Bailee Manukonga Bachelor of Nursing Hemi Manu $750.00

Maruata Ngarewa Cribb Bachelor of Teaching (Primary) Hemi Ngarewa $750.00

Courtney Chadwick Master of Māori Indigenous Leadership Henare Ngaia $750.00

Grace O'Shaughnessy

Kowhai Luke

Bachelor of Environmental Policy and Planning Henry Katene $750.00

Bachelor of Arts Hina Lucy Luke $750.00

Stanley Urwin Te Tohu Paetahi Hinemarie Hodges $750.00

Jessie Urwin

Arabella Urwin

Bachelor of Medicine and Bachelor of Surgery Hinemarie Hodges $750.00

Bachelor of Health Sciences Hinemarie Hodges $750.00

Mauria Jack-Kino-Urwin Bachelor of Laws Hinemarie Hodges $750.00

Caitlin Harbrow

Bachelor of Veterinary Science Isabella Huihana Tedcastle $750.00

TE RAU ĀWHINA

PKW TERTIARY

GRANTS

(continued)

Natane Rona Bachelor of Science (Hons)

Sydnie Bailey-Neels International Flight Attending (Level 4)

Tamaarangi Te Rei Tuta

Ruiha

Bachelor of Science (Anatomy)

Ezrah Berry

Bachelor of Podiatry

Bachelor of Laws

Lyla Atutahi

Reta Ward Diploma of Māori Language Fluency

(Rumaki Reo)

Poutuārongo Toiora Whānau

Ella Wipatene

TE RAU ĀWHINA PKW TERTIARY GRANTS (

continued)

Name Course of Study

Paige Taylor Richter

Shareholder Value of Grant Endorsement

Bachelor of Medicine and Bachelor Raewyn Kaneihana Davey (Hohaia) Whānau $750.00 of Surgery Trust

Rebecca Martin-Pope Diploma in Legal Executive Studies Raewyn Skerrett $750.00

Jade Leatherby-Tipene

Bachelor of Teaching Raymond Tuuta $750.00

Dominic Hawkins Bachelor of Medicine and Surgery Ripo Tautahi Whanau Trust $750.00

Joseph Ahie Master of Science Ripo Tautahi Whanau Trust $750.00

Naomi Butler New Zealand Diploma in Environmental Robert Peter Butler $750.00 Management Terrestrial Strand and Conservation (Level 5)

Teihorangi Walden Graduate Diploma of Secondary Teaching Roberta Irirangi Walden

Corban Richter

Karen Kerena Butler

Master of Architecture (Professional) Robyn Davey

$750.00

$750.00

Postgraduate Applied Mental Health and Rosey Butler $750.00 Addictions Counselling

Cynthia Otene Doctor of Health Science Sinclair Otene

$750.00

Josh Otene Bachelor of Advanced Science (Hons) Stewart Jason Otene $750.00

Caius Owen Electrical Engineering Theory and Practice Susan Owen $750.00 Trade Certificate

Tiaan Owen Bachelor of Criminal Justice Susan Owen $750.00

Kerena Wano

Post Graduate Diploma in Planning Te Akau Wharehoka $750.00

Tony Greig Toi Paematua Diploma in Māori and Indigenous Te Kawau Bertrand Whanau Trust $750.00 Art - Carving (Level 5)

Kees Greig

Poutuarongo Reo Māori Te Kawau Bertrand Whanau Trust

Alice Poa Heke Toi Whakarakai Te Kawau Bertrand Whanau Trust

Tenaeya Sutcliffe

Jessie (Waiwiri) MacKenzie

Ngapera Wilton

Pero Brophy

Ngatupara Ritai

Riley Davison

Anthony Raumati

$750.00

$750.00

NZ Certificate in Exercise (Level 4) Te Kawau Bertrand Whanau Trust $750.00

Bachelor of Nursing (Level 7) Te Manaki (Richard) Thomas Waiwiri $750.00

Bachelor of Arts (BA) Te Ruangakau Ratahi Whanau Trust $750.00

Bachelor of Management Studies (Hons) Te Uraura Nganeko $750.00

Bachelor of Business Te Urumairangi Ritai Whanau Trust $750.00

Bachelor of Science Te Urumairangi Ritai Whānau Trust $750.00

Bachelor of Medicine and Bachelor of Surgery Te Urumairangi Ritai Whanau Trust $750.00

Jenny Crown Doctor of Philosophy The Pehikino Crown Whānau Trust $750.00

Ngamihi Wright

Kaewa Tino-Tahi Paki

Bachelor of Digital Technologies (Level 7) Tipoka Taniwha Whanau Trust $750.00

Bachelor of Laws Troy Hanita-Paki $750.00

Elizabeth Albert NZ Diploma in Conveyancing Tui Rangi $750.00

TE RAU ĀWHINA

TE RAU ĀWHINA

PKW TERTIARY

GRANTS

(continued)

Name Course of Study

Shareholder Value of Grant Endorsement

Andrew Bannan Carpentry Trade Certificate Patricia Graine Niwa Bannan

Tina Moeahu

Wade Sharland

Tyla Perry

Teira Matthew Bailey-Neels

$400.00

New Zealand Certificate in Te Reo Māori Peter Moeahu $400.00 (Reo Rua) (Level 3)

Master of Māori Studies Piripi Wipatene Whanau Trust $400.00

NZ Certificate in Pest Operations (Level 3) Piripi Wipatene Whanau Trust $400.00

New Zealand Certificate in Foundation Skills Michael Manukorihi Bailey Whānau Trust $400.00 (Level 2)

Cyrus Richter Toi Paematua - Diploma in Māori and Indigenous Raewyn Kaneihana Davey (Hohaia) Whānau $400.00 Art (Whakairo) Trust

Nate Preston International Flight Attending Rauru Te Nga Ruru Whanau Trust $400.00

Thaneshya Hohaia-McLeod NZ Certificate in Business (Accounting Support Rauru Te Nga Ruru Whanau Trust $400.00 Services) (Level 4)

Mike Taurerewa Certificate in Small Business (Level 4) Rauru Te Nga Ruru Whanau Trust

$400.00

Raymond Tuuta Bachelor of Applied Management Raymond Tuuta $400.00

Lexus Bishop Bachelor of Sport and Recreation Rex Raymond Bishop $400.00

Tracy Karaitiana Te Ronakitanga ki te Reo Kairanga Ripai Thompson Jnr

Akara Karaitiana Te Ronakitanga ki te Reo Kairangi Ripai Thompson Jnr

$400.00

$400.00

Trinity Cuthbert Bachelor of Nursing Robyn Davey $400.00

Jaimee-Lee Coleman Te Rōnakitanga ki te Reo Kairangi Te Awahuri Te Utupoto Whānau Trust $400.00

Tonga Karena Doctor of Philosophy (Peace and Conflict Te Kawau Bertrand Whānau Trust $400.00 Studies)

Tiaan Greig Te Wānanga Whakairo Rākau o Aotearoa Te Kawau Bertrand Whanau Trust $400.00

Maiea Ruawai-Hamilton Master of Education (Māori Education) Te Kotahitanga Ruawai-Hamilton Whanau Trust $400.00

Helen Tkaczyk Bachelor of Business Te Urumairangi Ritai Whanu Trust $400.00

Zoe Hall Bachelor of Commerce The JSM Whānau Trust $400.00

Daria Crown-Harris

Amiria Bristowe

Poupou Huia Te Reo 1 The Pehikino Crown Whānau Trust $400.00

Poupou Huia Te Reo 1 (Te Hokainuku) Tira Wiremu Rautu Whanau Trust $400.00

Lavinia Taylor Postgraduate Diploma in Business Toherangi Whānau Trust $400.00

Sayla Tamati

NZ Certificate in Construction Trade Skills Wendy Ann Moerangi Healey $400.00 (Level 3)

PKW Hui ā-Tau (AGM) at Aotearoa Marae, November 2023.

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA

PARININIHI KI WAITŌTARA TRUST

NGĀ TAUĀKĪ PŪTEA

FINANCIAL STATEMENTS for the year ended 30 June 2024

KUPU WHAKATAKI INTRODUCTION

This performance report has been presented in a style that attempts to make the performance report less complex and more relevant to beneficiaries and other stakeholders. We have grouped the performance report into the following sections:

A Te Ānga (Basis of preparation)

C Te Pūrongo whiwhinga Te whakapaunga kaha (Our performance)

D Haupū rawa (Our capital)

E Ngā Kōrero Whakatāpiri (Other disclosures)

Each section sets out the accounting policies applied in producing the relevant statements and notes. The intent is to provide readers with a clearer understanding of PKW Trust's performance and financial position.

Keeping it simple

Notes to the performance report provide information required by accounting standards or legislation to explain a particular feature of the financial statements.

The notes that follow also provide explanations and additional disclosures to help readers' understanding and interpretation of the performance report.

We have used icons and colour throughout to signal and direct readers to the additional disclosures, and to connect the financial information back to our core values presented in Te Ara Putanga.

Explains the main purpose of the section

Links the primary performance report to the detailed breakdown in the Notes to the performance report

Explains the accounting policy applied in the disclosure note

Reflects the link the asset or investment has to Te Ara Putanga based on the core value it contributes to the most, indicated by the pou being highlighted white

PARININIHI KI WAITŌTARA TRUST WHĀINGA KUA TUTUKI RĀNEI

(Performance Report) for the year ended 30 June 2024

He pārongo kōrero (Trust information)

Te Tauākī koronga mō ngā mahi kia tutuki (Statement of Service Performance)

TE TAUĀKĪ PŪTEA POUMATUA

PRIMARY FINANCIAL STATEMENTS

Te tauākī whiwhinga, whakapaunga whānui (Statement of financial performance)

Te tauākī tūnga pūtea (Statement of financial position)

Te tauākī kapewhiti (Statement of cash flows)

Te Ānga Te Pūrongo whiwhinga Te whakapaunga kaha

Basis of preparation C1 Analysis of Revenue C2 Analysis of Expenses

Haupū rawa Ngā Kōrero Whakatāpiri

D3 Accumulated funds E4 Related party transactions

Trustees of Parininihi ki Waitōtara Trust

Te Pūron go ā ngā Kaiarotake

(Independent Auditor’s Report)

E ngā kaiwhiwihi takuhe o Te Tarati o Parininihi ki Waitotara (To the Beneficiaries of Parininihi ki Waitotara Trust (Trust))

Te arotake o te pūrongo nanahu (Report on the audit of the performance report)

Arotake (Opinion)

We have audited the accompanying performance report which comprises:

Te tauākī tūnga pūtea (statement of financial position) as at 30 June 2024;

Te tauākī whiwhinga, whakapaunga whānui (statements of financial performance), me te tauākī kapewhiti (statement of cash flows) for the year then ended;

Nga whakamarama mo nga tauaki putea (notes, including a summary of significant accounting policies and other explanatory information); and

He pārongo kōrero mō PKW trust (trust information), me te tauāki koronga mō ngā mahi kia whakatutuki (statement of service performance) on page 100 to 101

In our opinion, the accompanying performance report of Parininihi ki Waitotara Trust (the Trust) on pages 100 to 108 presents fairly in all material respects:

the Trust’s financial position as at 30 June 2024 and its financial performance and cash flows for the year ended on that date;

the entity information as at 30 June 2024

the service performance for year ended 30 June 2024 in accordance with the Trust service performance criteria;

In accordance with Public Benefit Entity Simple Format Reporting – Accrual (NotFor-Profit) (PBE SFR-Accrual (NFP)) issued by the New Zealand Accounting Standards Board

Te tūāpapa o tēnei arotake (Basis for opinion)

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and the audit of the statement of service performance and entity information in accordance with the New Zealand Auditing Standard 1 The Audit of Service Performance Information (NZ AS 1). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

We are independent of Parininihi ki Waitotara Trust in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Our responsibilities under ISAs (NZ) and NZ AS 1 are further described in the Auditor’s responsibilities for the audit of the performance report section of our report.

Other than in our capacity as auditor we have no relationship with, or interests in, the Trust

Te whakamahinga o tēnei arotake (Use of this independent auditor’s report)

This independent auditor’s report is made solely to the Beneficiaries. Our audit work has been undertaken so that we might state to the Beneficiaries those matters we are required to state to them in the independent auditor’s report and for no other purpose. To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume any responsibility and deny all liability to anyone other than the Beneficiaries for our audit work, this independent auditor’s report, or any of the opinions we have formed.

Ngā haepapa o ngā Taratī (Responsibilities of Trustees for the performance report)

The Trustees, on behalf of the Trust, are responsible for:

— the preparation and fair presentation of the performance report in accordance with PBE SFR-Accrual (NFP) issued by the New Zealand Accounting Standards Board;

— implementing the necessary internal control to enable the preparation of a performance report that is free from material misstatement, whether due to fraud or error;

— service performance criteria that are suitable in order to prepare service performance information in accordance with generally accepted accounting practice in New Zealand (being PBE SFR-Accrual (NFP)); and

— assessing the ability of the Trust to continue as a going concern. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

Ngā haepapa o ngā Kaiarotake (Auditor’s responsibilities for the audit of the performance report)

Our objective is:

— to obtain reasonable assurance about whether the financial statements as a whole and the statement of service performance and entity information is free from material misstatement, whether due to fraud or error; and

— to issue an independent auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance but it is not a guarantee that an audit conducted in accordance with ISAs NZ and NZ AS 1 will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate and collectively, they could reasonably be expected to influence the economic decisions of users taken on the basis of the performance report

A further description of our responsibilities for the audit of the performance report is located at the External Reporting Board (XRB) website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-18/ This description forms part of our independent auditor’s report.

For and on behalf of:

KPMG

Hamilton 4 September 2024

Parininihi ki Waitōtara Trust

HE PĀRONGO KŌRERO (TRUST INFORMATION)

FOR THE YEAR ENDED 30 JUNE 2024

Entity's purpose or mission:

The charitable objectives of the Parininihi ki Waitōtara Trust (PKW Trust) is to support the educational and cultural purposes of Taranaki Māori, as endorsed by the shareholders of Parininihi ki Waitōtara Incorporation (PKW).

PKW Trust supports the aspirations of Taranaki Māori through the provision of an annual programme of educational and cultural grants and advances its charitable objectives through projects and activities that deliver on the following strategies:

VISION

Taranaki uri realising and succeeding while strengthening their connection to PKW and Taranaki

MISSION

Seeding Taranaki potential – building success

STRATEGIC INTENT

Collective impact to achieve shared outcomes

GOALS

- Leadership and collaboration

- Developing community

- Active participation

Legal name of entity: Parininihi ki Waitōtara Trust

Type of entity and legal basis (if any): Charitable Trust

Registration number: CC36303

Entity structure:

Governance: As set out in the Trust Deed, PKW Trust is governed by two elected members of the Committee of Management of PKW, an independent trustee and a representative elected by shareholders.

Main sources of the entity's cash and resources:

PKW make an annual grant calculated on 10% of the dividend paid to Shareholders. PKW Trust also draws interest from a $2.9m loan to PKW. Additional grant revenue is sourced from third parties.

Main methods used by the entity to raise funds: PKW Trust is not an active fundraiser.

Entity's reliance on volunteers and donated goods or services: PKW Trust is reliant on in-kind services.

Physical address:

35 Leach Street

New Plymouth, New Zealand

Postal address: PO Box 241, New Plymouth 4340, New Zealand

Phone: +64 (06) 769 9373

Email: office@pkw.co.nz

Web: www.pkw.co.nz

Facebook: www.facebook.com/ Parininihi-ki-Waitōtara-Incorporation377456922465330/?ref=page_ internal

TE TAUĀKĪ KORONGA MŌ NGĀ MAHI KIA TUTUKI (STATEMENT OF SERVICE PERFORMANCE)

FOR THE YEAR ENDED 30 JUNE 2024

Description of PKW Trust's outcomes

Established in 1983 the purpose of PKW Trust as per the deed, is to support the education and cultural aspirations of Taranaki Māori. This is reinforced by PKW Trust's vision, mission and strategic intentions and goals.

Description of quantification of PKW Trust's outputs

Output - active participation

Distribute PKW Trust's grant programme to Taranaki Māori as part of building capacity and supporting cultural aspirations. Increasing participation by the number of:

TE

TAUĀKĪ WHIWHINGA,

WHAKAPAUNGA WHĀNUI

(STATEMENT OF FINANCIAL PERFORMANCE) FOR THE YEAR ENDED 30 JUNE 2024

This section summarises what PKW Trust earned (revenue), what PKW Trust spent (expenditure) and how much revenue was left after expenses (surplus) for the year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

TE TAUĀKĪ TŪNGA PŪTEA (STATEMENT OF FINANCIAL POSITION) AS AT 30 JUNE 2024

This section details what PKW Trust own (assets), what PKW Trust owe (liabilities) and the surpluses held as capital by the beneficiaries (accumulated funds) at the end of the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

FUNDS

This performance report has been approved by the Trustees, for and on behalf of Parininihi ki Waitōtara Trust on 4 September 2024:

LIANA POUTU

TAARINGAROA

NICHOLAS

Chair Chair Audit and Risk Committee 4 September 2024 4 September 2024

TE

TAUĀKĪ KAPEWHITI (STATEMENT OF CASH FLOWS) FOR THE YEAR ENDED 30 JUNE 2024

This section details PKW Trust's cash, cash receipts (what cash came in) and cash payments (what cash went out).

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR

THE YEAR ENDED 30 JUNE 2024

This section sets out the legislation and accounting standards that apply to PKW Trust, and significant items that relate to the performance report as a whole. The notes also provide explanations and additional disclosure to assist readers' understanding and interpretation of the performance report. TE

ĀNGA (BASIS OF PREPARATION)

PKW Trust's performance report is prepared:

• In accordance with PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-ForProfit) on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000

• On an accrual basis of accounting

• Under the assumption it will continue to operate in the foreseeable future

• Inclusive of GST Income tax

PKW Trust is a registered Charitable Trust and is exempt from New Zealand income tax, Trust has complied with all statutory conditions.

Changes in accounting policies

There have been no changes in accounting policies during the financial year.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2024

TE PŪRONGO WHIWHINGA TE WHAKAPAUNGA KAHA (OUR PERFORMANCE)

This section focuses on the results and performance of PKW Trust. On the following pages you will find notes explaining PKW Trust's results for the year.

Revenue disclosures

Grant income is accounted for depending on whether or not any conditions are attached. Where no conditions are attached, the revenue is recognised on an accruals basis. Where conditions are attached, the revenue is recognised once the conditions are satisfied. Interest income is recognised on an accruals basis.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA

(NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2024

HAUPŪ RAWA (OUR CAPITAL)

This section explains what makes up the accumulated funds of PKW Trust.

Accumulated surpluses

Accumulated net surpluses since the establishment of PKW Trust.

Reserves

The initial and subsequent PKW Incorporation unclaimed dividends allocation to PKW Trust.

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2024

NGĀ KŌRERO WHAKATĀPIRI

(OTHER DISCLOSURES)

This section outlines transactions with related parties of PKW Trust. Related parties are entities or people that have significant influence over PKW Trust.

E4 Related Party Transactions

During the year PKW Trust received funds from, and invested with, its parent entity PKW Incorporation as follows:

The amounts outstanding with PKW Incorporation at balance date were:

Interest is receivable at the average group rate of 5.35% (2023: 5.86%)

Related Party Disclosures

PKW Incorporation has two loans with PKW Trust which are repayable on demand.

Related party receivables includes receivables which are stated at their estimated net realisable value.

Loans are based on the balance of transactions costs, and are included in the current assets as they are repayable on demand. PKW Trust also received a donation of $0.11k from a PKW Shareholder (via dividends).

Trustees of Parininihi ki Waitōtara Trust

Liana Poutu (Chair and on PKW Committee of Management)

Anne Marie Broughton (on PKW Committee of Management)

Alison Hemara-Wahanui (Independant trustee)

Angela Kerehoma (Shareholder representitive)

REGISTER OF INTERESTS OF CURRENT BOARD MEMBERS AND CEO AS AT JUNE 2024

DION TUUTA

Chair of Committee of Management of PKW

Incorporation, ex-officio member of Audit and Risk Committee and ex-officio member Human Resources Committee.

ENTITY POSITION

Tuuta Waetford Tapui Ltd Director

Paysauce Shareholder

Te Atiawa Trust CEO

Te Manawaroa o Ngāti Tama Charitable Trust Trustee

Toi Foundation Trustee

Toi Foundation Investments Ltd Director

MARK BRIDGES

Independent Director of PKW Farms General Partner Ltd.

ENTITY POSITION

Southern Pastures Ltd Associate Director

Bridges Consultancy & Project Director

Management Ltd

Bridges Family Trust Trustee

Poharu Farms Ltd 2020 Director

RJ Nominees Ltd Director

Whatalotta Heifers Ltd Farm Advisor

SERENA FISO

Committee of Management of PKW Incorporation and Human Resources Committee. Commenced November 2023.

ENTITY POSITION

Connect Global

Waioture (Wai-O Turi) Marae Reserve Trustee

Wellington Chamber of Commerce

Regional Māori Economic Development Advisory Board Director

ANNE-MARIE BROUGHTON

Committee of Management of PKW Incorporation, Human Resources Committee, Trustee of PKW Trust and Director of PKW Farms General Partner Ltd.

ENTITY POSITION

Agri-Womens Development Trust Director

MPI Sustainable Food & Fibre

Futures Investment Advisory Panel Shareholder

Whanganui & Partners - Regional Economic Development Agency CEO

Whenuakura Marae Trustee

Mataarangi Limited Trustee

Mataarangi Trust Director

Mana Earth Limited

Whanganui West Catchment Group

Incorporated

Crown Regional Holdings

CRAIG HATTLE

Independent Director and Chair of PKW Farms General Partner Ltd.

ENTITY POSITION

The Bishop's Action Foundation Trustee Carefirst Ltd Director

Egmont Seafoods Director Freight Bulk Transport Osflo Director

Edison Consulting Group Limited Director

Our Cloud Ltd Director

Venture Taranaki Food and Fibre Steering Committee

TAARINGAROA NICHOLAS

Committee of Management of PKW Incorporation, Director of PKW Farms General Partner Ltd, Chair of Audit and Risk Committee.

ENTITY

POSITION

Ngati Ruanui Holdings Corporation Ltd Director

Ngati Ruanui Holdings Operating Company Ltd Director

Parininihi ki Waitōtara Incorporation Committee Member / Shareholder

PKW Farms Ltd Director

Te Awanui Hukapak Ltd Director

Southern Pastures (NZ) Ltd Director/Shareholder

Southern Pastures Founders Ltd Director/Shareholder

Southern Pastures Management Ltd Director/Shareholder

Te Waharoa Investments Ltd Director

Matariki Capital Partners Ltd Director/Shareholder

Waikato-Tainui Group Investment Committee Member

Te Kiwai Maui o Ngaruahine Ltd Director

Oriens Capital GP Ltd Director

Rockit Orchards LP 1 Limited Partner

Miro LP Limited Partner

Tai Hekenga GP Limited Director

Pohutukawa V Fund Investor

Tukairangi Investments Ltd Director

Lewis Road Creamery Ltd Director

Hapai Commercial Property GP Ltd Director

Te Whai Ao Ltd Director

Hapai Development Property GP Ltd Director

Hapai Housing GP Ltd Director

Taranaki Iwi Holdings Management Ltd Director

CLAIRE NICHOLSON

Committee of Management of PKW Incorporation, Director of PKW Farms General Partner Ltd, Chair of Human Resources Committee. Ceased November 2023.

ENTITY POSITION

Sirona Animal Health Ltd Shareholder / Director

EOS Consulting Ltd Director Techion Shareholder

Edison Consulting Group Ltd Shareholder

O'Brien Group Holdings Ltd Director / Shareholder

Rockit Apples No. 2 Shareholder

Rawhiti Orchard Shareholder

Precision Antimicrobials Otago University Advisory Board Member

Manuka Bioscience Limited Investor

NZAGRC – Stakeholder Advisory Group and Science Advisory Group and Māori Advisory Group Member

NZAGRC - Māori Advisory Group Member Farmlands Board Director

Pāmu Director

Nutrient Management Tools Māori Advisory Group - Member Director

Climate Emergency Relief Panel Director

Farmlands People and Performance Committee Chair

NZAGRC - Chair of Toihau - Māori Group Chair

NZ Agricultural Greenhouse Gas Research Centre Director

TOKA WALDEN

Committee of Management of PKW Incorporation and Human Resources Committee. Commenced November 2023.

ENTITY POSITION

TAMA POTAKA

Committee of Management of PKW Incorporation and Human Resources Committee. Ceased November 2023.

ENTITY

POSITION

Te Pihopatanga o Aotearoa Trustee

Mōkai Pātea Waitangi Claims Trust Negotiator Member of Parliament MP (Hamilton West)

Toka Ltd Director

RN Horo Estate Trustee

Walden Trust Trustee

LIANA POUTU

Committee of Management of PKW Incorporation, Audit and Risk Committee and Chair of PKW Trust.

Edward Rongomai Ira Tamati Whānau Trust Trustee

Kaipakopako 2C2 Trust Chair

Parininihi Ki Waitōtara Shareholder

Taranaki Crossing Project Steering Group Co Chair

Taranaki Maunga Iwi Negotiator

Taranaki Whanganui Conservation Board Member

Te Atiawa (Taranaki) Holdings Ltd Director

Te Atiawa Iwi Trustee Ltd Director

Te Atiawa Iwi Holdings Management Ltd Director

Te Kotahitanga o Te Atiawa Trust Chair

Te Reo o Taranaki Charitable Trust Trustee

Toi Foundation Trustee

Toi Foundation Holdings Director

Parininihi Ki Waitōtara Trust Chair

Te Tōpuni Ngārahu General Partner Ltd Chair/Director

Te Tōpuni Ngārahu Trust Trustee

Severe Weather Emergency Recovery

Legislation Review Panel Member

TSB Bank Director

Toi Foundation Investments Ltd Director

GOVERNANCE ATTENDANCES

JAYDE WILKINSON

Committee of Management of PKW Incorporation, Audit and Risk Committee.

ENTITY POSITION

Te Kīwai Mauī o Ngāruahine CEO

Araukuku A & B Treasurer / Trustee

AISHA ROSS

Chief Executive Officer/Secretary of PKW Group.

ENTITY POSITION

Palmerston North Māori Trustee Reserves Trust

23ika Limited Director

Hillfarrance Venture Capital Ambassador

General Partner

Ngāmotu Hotels LP Director

Koura Inc General Partner Limited Director

Port Nicholson Fisheries Director

Facilities GP Ltd

NOTES

35 Leach Street

New Plymouth | New Zealand

PO Box 241 | New Plymouth 4340

PARININIHI KI WAITŌTARA INCORPORATION