Parininihi ki Waitōtara Incorporation Annual Report 2022

TE RAU AROHA 2022 ANNUAL REPORT

HE TĀNGATA HE WHENUA HE ORANGA SUSTAINING AND GROWING OUR PEOPLE THROUGH PROSPERITY

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.

TE RAU O TE KURA O PARININIHI KI WAITŌTARA

OUR PURPOSE

The ambition of our kaum ā tua to build Parininihi ki Waitōtara into an organisation dedicated to fulfilling the aspirations of our ancestors is being realised.

We recognise we have a duty to manage our lands and assets not just for our generation but for those that follow us.

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 CONTENTS

PARININIHI KI WAITŌTARA

INCORPORATION

Te Pūrongo o Te Rau Toi Ariki 6 Chairperson Report

Te Pūrongo o Te Rau Matomato 22 Chief Executive Officer Report

Te Rau Rangapū 30 PKW Group Entities

Te Rau Rengarenga 31 Committee of Management

Te Rau Manawanui 32 Executive Leadership Team

Te Ara Putanga 34 Annual Results - Capturing our Core Values

PARININIHI KI WAITŌTARA INCORPORATION ANNUAL FINANCIAL STATEMENTS

Kupu Whakatake 52 Introduction

Te Pūrongo a ngā Kaiarotake 54 Auditor Report

Te purongo ā-tau ā komiti 57 Committee’s Annual Report

Te tauākī whiwhinga, whakapaunga whānui 58 Statement of Comprehensive Income

Te tauākī tūnga pūtea 59 Statement of Financial Position

Te tauākī whakaatu i te rerekētanga o te tahua 60 Statement of Changes in Equity

Te tauāki kapewhiti 61 Statement of Cash Flows

Ngā whakamārama i nga tauākī pūtea 62 Notes to the Financial Statements

PARININIHI KI WAITŌTARA TRUST

Te Rau Toi Tauira 84 Chairperson Report

He Puāwaitanga He Raukotahi 92 Value-add supplier agreements help whānau follow their aspirations

He Rau Āwhina He Putanga Tauira 97 Scholarships and Grants

PARININIHI KI WAITŌTARA TRUST ANNUAL FINANCIAL STATEMENTS

Kupu Whakatake 106 Introduction

Te Pūrongo a ngā Kaiarotake 108 Auditor Report

He pāronga kōrero 110 Entity Information

Te tauāki koronga mō ngā mahi kia tutuki 111 Statement of Service Performance

Te tauākī whiwhinga, whakapaunga whānui 112 Statement of Financial Performance

Te tauākī tūnga pūtea 113 Statement of Financial Position

Te tauākī kapewhiti 114 Statement of Cash Flows

Ngā whakamārama i nga tauākī pūtea 115 Notes to the Performance Report

Register of Interests of Board Members and CEO 119 Governance Attendances 121

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

6

PARININIHI

DION TUUTA

Ka mate rū kaihoro, ka ora rū kai whakatonu!

Rārangi maunga tū te ao tū te pō. Rārangi tāngata ngaro noa, ngaro noa. Tauārai o te pō, ko Matariki i te Takurua āio., ko ngā pōkai kura me ngā matakūrae i whakangaro atu rā ki Wainukumemeha ē. Tītoko ko te ao mārama, ko te tangi o te wharauroa ko te tangi o te kawekaweā, ko te aroaro mahana tērā e taka mai ai ko te āhurutanga o te tau e - kōia!

Kia tōmairangitia e au te kupu o raurangi, te oha o te rau toi ariki, te rau whārangi o te ora. kia whakamoea e au te tau i pahemo, te tau whakataritari te tau o te mate urutā ki roto i te whare o Hineruakimoe. Nei rā ko te puipuiaki e tangi īereere ana ki uta ki tai, kia whāriki kau ake i te takapou kōrero, i te takapou wānanga, i te takapou taonga o Parininihi ki Waitōtara. No reira e kai o mata ki tēnei purutanga mouri i manawa hikitia ai e te ringa, i whakahōkai ai i te waewae, i hīnana ai i te tukemata.

Nōku te hōnore me te māringanui ki te whakatakoto mō Te Rau Rengarenga o Parininihi ki Waitōtara, arā, ko te Komiti Whakahaere o Parininihi ki Waitōtara Kōporeihana, i te pūrongo ā-tau mō te tau pūtea ka tīmata i te 1 o Hōngongoi 2021, ā, ka mutu i te 30 o Pipiri, 2022. He nunui ngā huringa me ngā ara hou o tō koutou Kōporeihana i te tau kua pahure, i a tātou e urupare ana ki ngā

wero o te noho rāhui tuarua mō te KOWHEORI-19.

I te hui ā-tau o 2021, i whakararau tātou i ngā mema Poari hou tokotoru, arā, ko Anne-Marie Broughton, ko Liana Poutu, rātou ko Tama Potaka kia hāpaitia e rātou te haepapa ki te ārahi i ngā taonga i waihotia mai ai e ō tātou tūpuna. E rongonui ana a Anne-marie, a Liana rātou ko Tama ki te whānau rautitikura/kaiwhaipānga, ā, he hiranga o rātou pūkenga, hononga mauroa whaiaro, whatunga hoki

TE PŪRONGO O TE RAU TOI ARIKI

e whakapiki ai te kaha o tō tātou Kōporeihana.

Kua nui kē te tāpae a Anne-Marie, a Liana rātou ko Tama ki ā tātou mahi, ā, e titiro whakamua ana mātou ki te haere tonu o tō tātou hīkoi tahi hei te tau e haere mai nei.

Kua whaitake ngā tirohanga hou me tā tātou mahi tahi mā te arotake i tō tātou mahere rautaki me te āta wānanga i ngā whakaaro me te kitenga kia whakaū ai te whaihua o ngā uara me ngā huarahi e whai nei tātou. I te ao hurihuri ā-ōhanga, ā-pāpori hoki, he mea waiwai te whakaū kia hāngai tonu, kia whaihua tonu tō tātou aronga rautaki kia ū ai e tika ana, e kapi ana tō mātou kawe i ō mātou haepapa.

E āta mārama ana mātou te poari ki te toimaha o ēnei haepapa. He pakihi hira a Parininihi ki Waitōtara, ā, me whaihua, whai tikanga hoki āna mahi e ai ki ngā hiahia o ngā kaiwhaipānga, e hāpai ana hoki i ngā uara o tō tātou whānau.

He waiwai ngā whakaaro rerekē me te taukumekume whaihua ki te tēpu Poari kia whakaū ai ka mārama, ka whaihua, ka kaha hoki te mana whakahaere e matea ana e te Kōporeihana, ā, e tika ana mō tō tātou whānau. He nui ngā hua kua puta i tēnei tau, ā, e mihi ana, e whakawhetai ana au ki ōku hoa Komiti mō tō rātou tautoko, ngākau pono, mākohakoha hoki i roto i ā tātou mahi katoa.

HAUMITANGA

He arotahi matua mō te Poari me tō mātou tīma whakahaere i tēnei tau ko te whakarewa i tā tātou kaupapa Miraka Hipi. I tau te whakaaro kia uru ki tēnei kaupapa whakaihiihi, ki tēnei kaupapa miraka hipi i muri i te whakaaroaro ki te whaitua waeture e hurihuri tonu ana, ki te pānga mai o te hurihanga āhuarangi, me tō tātou haepapa hei kaitiaki o tō tātou whenua tōpū mō ngā whakatipuranga kei te heke mai.

Ehara i te mahi māmā te rapu mahinga whenua toitū, ara kē hoki

e whakapiki ai ā tātou āheitanga, kia puta te hua toitū i te haumitanga, e rato mea angitu hoki mō te whānau - he nui noa atu ngā take hei whakaaro ake, hei arotake, hei whai mārama hoki.

He ahumahi e tupu ana ko te Sheep Dairy, e kaha atu ana te tono kiritaki kei tāwahi mō ngā hua miraka hipi i ō ngā hua miraka kau, ā, te āhua nei ka whai tō tātou mākete ā-kāinga i tēnei ia. Nā te nui o te taiora o te miraka hipi he maha ngā momo hua ka taea, hei tauira, te kai mā ngā piripoho me ngā pahake, te tautiaki i te hunga māuiui, te mahi hākinakina hoki.

Ka tino hāngai ki tō mātou aronga rautaki hoki te whakaheke i te pānga taiao o te mahi miraka hipi me te mea angitu o te mahinga whenua ara kē.

Ka whai mea angitu hoki mātou kia hono, whakakaha hoki i te whanaungatanga me ngā hononga ki Taranaki Iwi, nā te matea o tā mātou mahere tupu kia maha

Above: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

Ōkahu

Inuawai (me ētehi atu) whānau and PKW kaimahi undertaking the Whakatō Mauri ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

"He nui te whaihua o PKW mō te tau nei i te arotahi o te wāhanga ki te whakahaere utu, tūraru hoki, te whakahaere huatanga monihua/ utu me te piki o te utu miraka."

atu ngā pāmu miraka hipi, ā, kia whakatū pea i tētehi pokāpū mahinga ki konei, ki tēnei rohe. Kua kitea kētia ngā hononga e matea ana kia tutuki ai tēnei i te whai wāhi o Ōkahu Inuawai (me ētehi atu) hapū o Ngāruahine, o Aotearoa Pā, ki te rapu me the whakauru i ngā kōhatu mouri ki ngā pāmu hou e rua, me te tapa i ngā ingoa ko Koetuku, ko Waitokorau.

He rawe te kite atu i te tokomaha o ngā tāngata i tae atu ki te taki ruruku i Koetuku, i te pāmu hou me ngā whare, ahakoa te marangai. He hira ngā whakatutukitanga katoa i runga i tēnei huarahi, tae ana ki te taenga atu o ngā reme tīmatanga, o te mahi miraka tuatahi me te mahi tiki miraka tuatahi o te waka kawe miraka.

Kua tū hoki a PKW hei kaiwhakangao ki SLC Ventures, he kaiwhaipānga 50% o Spring Sheep Milk Co, tō mātou hoa rangapū i te kaupapa Miraka Hipi. Nā tēnei neke rautaki ka taea ai te whai raupapa uara e āwhina mai ai i a mātou ki te tiaki, ki te āta whai hua hoki i tā mātou ara pakihi hou, haere ake nei.

PKW FARMS LP

Ka mutu pea te hua otinga a PKW Farms Ltd i te tau nei i whakaputa i ngā 2,968,000kgMS ahakoa ngā uauatanga o ngā rāhui urutā. He nui te whaihua o PKW mō te tau nei i te arotahi o te wāhanga ki te whakahaere utu, tūraru hoki, te whakahaere huatanga monihua/utu me te piki o te utu miraka.

I hoko atu a PKW Farms Ltd i Farm 6 kei te Rori o Opua hei wāhanga o tōna kōkiri i te arotahi rautaki, kia whakamāmā i te pakihi, kia whakapiki i te whakaputa me te whakatutuki i ngā hiahia o te Kōporeihana kia toitū te hua ahumoni.

E mahi tonu ana te pakihi kia memeha haere te pānga o āna whakahaere ki te taiao mā te whakatū pūnaha e whakahaere parakaingaki ana kia whaihua, kia whāomo hoki, ki ngā pāmu katoa e ū ai ka tiakina ō tātou manga, wai, awa hoki.

Nei rā te mihi nō te whānau o Parininihi ki Waitōtara ki te Poari o PKW Farms LP mō tā rātou ārahi i

tā tātou pakihi pāmu. Inarā ka mihia te tāpae nui o Richard Krogh, te Heamana o PKW Farms Board mai i te 2019, ka oti nei tana mahi - he kaupapa whānau te take. Ka rongo mātou i te ngarohanga o tōna ringa whakamatua, tōna whakatau whakaaro mahea, tōna kaha ki te ārahi, ā, ka rere te mihi me te whakaaro nui ki a ia mō te āpōpō. Kua tīmata kē te tukanga rapu kaiwhakakapi.

MAHINGA AHUMONI

I tēnei tau he $6.1m (FY20/21 $42.8m) te huamoni tapeke i muri i te tāke, nā te heke ia o te uara tōkeke o ngā hea Fonterra me te whenua wāriu whakapaingakore, i tāpae ki tōna $315.4m uaratanga tapeke o ngā kaiwhaipānga. He tino pai rawa atu te $11.75m huamoni i muri i te tāke i pūrongotia hoki mō te whakahaere, ā, nā tēnā, i tūtohu te Poari kia $1.95 mō ia hea te tohanga hua tūtanga pakihi. Hei āpiti atu i tērā, he $0.45 te hua tūtanga pakihi ī tāpiritanga motuhake mō ia hea, hui katoa he $2.40 mō ia hea te pūtea kaiwhaipānga.

NGĀ WERO O TE WĀHEKE

Arā ētehi wero kei mua i te aroaro me whakaaroaro e tātou hei whānau o Parininihi o Waitōtara. He āhuatanga matua o tō tātou kaupapa ko te hononga o PKW ki ōna kaiwhaipānga. Ki te whakakorakora tonu i ngā hea, e whakaheke pea te whakapāpā e hiahia ana mātou ki te hunga whaipānga kia mārama ki ō rātou whakaaro, hiahia hoki, ā, kia tika, kia hāngai ki te rautaki hoki ngā whakatau whakaaro.

Me rapu ara hou mātou hei rōpū kia hono ki te hunga kāore anō kia uru mai ki tēnei hīkoi o PKW, hei āwhina i rātou kia mārama i te take e hono mai ai.

Me rongo i ngā kōrero o ō tātou Rautitikura, me puta ngā whakaaro

me ngā tirohanga rerekē, kia taea ai e tātou te urungi i tō tātou waka kia tika te ahunga whakamua, e ai ki ō tātou uara. Nō reira e whakahau ana au i ngā kaiwhaipānga katoa ki te uru ki ngā uiui kaiwhaipānga e rua o ia tau.

TE URUPARE ĀHUARANGI HURIHURI

Ka kaha pāngia tō tātou whakahaere i ā tātou pakihi e ngā waeture a te kāwanatanga e urupare ana ki te hurihanga āhuarangi.

He mahi matua te rautaki kaitiakitanga me te rautaki hurihanga āhuarangi kua roa te whanaketanga kia whai mārama ki ngā hurihanga e haere mai ana me te ara pai rawa ki te whakaheke i te tūraru ki ā tātou pakihi.

Ko tētehi o ā mātou arotahi ko te rautaki whakaheke waro, me te whāinga kia tū hei pakihi tukuwarokore. Tae ana tēnei ki te arotake i ā mātou haumitanga katoa kia kite me pēhea te whakaiti i ā mātou tukuwaro whānui.

Ko Mangaoapa Forestry Block tētehi o ngā kaupapa mahi tahi tīmatanga o PKW, e rite ana ināianei kia topea ngā rākau ā ngā tau e kainamu mai ana, ā, nā tēnā, ka taea pea te whakarou atu ki te tōpūtanga whakataurite waro. He nui noa atu ngā akoranga me ngā matapaki mō tēnei kaupapa kia whakaū ai ka hāngai te rautaki ki ō mātou uara me tō mātou kitenga, ā, ka rato i tetehi rongoā tūturu ki tēnei tūraru taumaha.

"Me rongo i ngā kōrero o ō tātou Rautitikura, me puta ngā whakaaro me ngā tirohanga rerekē, kia taea ai e tātou te urungi i tō tātou waka kia tika te ahunga whakamua, e ai ki ō tātou uara. "

Below: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

PORT NICHOLSON FISHERIES LTD

Ahakoa i pāngia ā mātou mahi katoa e te urutā ā-ao, he kino kē atu te pānga ki Port Nicholson Fisheries Ltd, ki te haumitanga kōura ora a PKW, nā te pōturi o te mākete o Haina kia puta ki te ora i ngā rāhui i ngā tau e rua kua hipa atu.

I tēnei tau, te ngahuru tau o te pakihi, e kitea ai te tīmatanga o te whanaketanga o te wāhi hou o te wheketere kaweatu e piki ai tōna hāngai ki ngā mahere o te pakihi mō te āpōpō.

He kaupapa mahi tahi tēnei ki te taha o Moana New Zealand e tohu ana i tētehi kauneke whakaihiihi o te whanaketanga o te pakihi.

Nā PKW, rātou ko Ngāti Mutunga ki Wharekauri, ko te Iwi Collective

Partnership te mana pupuri taurite o PNF.

HE MIHI

He mea whakaaro kore me i ka wareware au ki te whakamihi i te manawanui me te mahi o tō tātou Rau Matomato, a Warwick Tauwhare-George, rātou ko te rōpū whakahaere matua katoa, nā rātou te ikeike o ngā pūkenga, te mōhio, te mārama hoki i roto i ngā mahi o ia rā, o ia rā. Tēnā koutou.

Tēnei au e mihi atu ana ki ō tātou kaimahi katoa mō ā ratou mahi i tēnei tau, he tau taumaha anō. Kua taumaha ngā wero me ngā tono, ā, e ngaio ana, e manawanui ana hoki ngā mahi a ngā kaimahi katoa o PKW, ki runga i te whenua, i ngā haumitanga, mō tātou hoki, kia anga whakamua tonu tātou. Ko tō

mātou tūmanako, hei te tau e tū mai ana ka waia haere tātou ki tēnei tū āhuatanga māori hou.

Hei whakakapi ake, ka mihi au ki ō tātou kaiwhaipānga mō tō rātou tautoko e haere tonu nei i Te Rau Rengarenga o Parininihi ki Waitōtara. Nei rā te mihi ki a koutou e whakapāpā nei, e tiaki nei i tō koutou Kōporeihana.Ngā mihi

Dion Tuuta

Te Rau Toi Ariki o Te Rau Rengarenga o Parininihi ki Waitōtara

TE PŪRONGO O TE RAU TOI ARIKI Chairperson Report

DION TUUTA

Ka mate rū kaihoro, ka ora rū kai whakatonu!

Rārangi maunga tū te ao tū te pō. Rārangi tāngata ngaro noa, ngaro noa. Tauārai o te pō, ko Matariki i te Takurua āio., ko ngā pōkai kura me ngā matakūrae i whakangaro atu rā ki Wainukumemeha ē. Tītoko ko te ao mārama, ko te tangi o te wharauroa ko te tangi o te kawekaweā, ko te aroaro mahana tērā e taka mai ai ko te āhurutanga o te tau e - kōia!

Kia tōmairangitia e au te kupu o raurangi, te oha o te rau toi ariki, te rau whārangi o te ora. kia whakamoea e au te tau i pahemo, te tau whakataritari te tau o te mate urutā ki roto i te whare o Hineruakimoe. Nei rā ko te puipuiaki e tangi īereere ana ki uta ki tai, kia whāriki kau ake i te takapou kōrero, i te takapou wānanga, i te takapou taonga o Parininihi ki Waitōtara. No reira e kai o mata ki tēnei purutanga mouri i manawa hikitia ai e te ringa, i whakahōkai ai i te waewae, i hīnana ai i te tukemata.

Rire rire hau, pai mārire.

On behalf of Te Rau Rengarenga o Parininihi ki Waitōtara, the Parininihi ki Waitōtara Incorporation Committee of Management, it is my honour and privilege to present the annual report for the financial year beginning 1 July 2021 and ending June 30, 2022. It has been a year of significant change and new ventures for your Incorporation while dealing with the challenges of the second COVID-19 lockdown.

In December we farewelled Hinerangi Raumati, after 15 years of service to the Committee of Management, with ten of those years as chair. We also farewelled Bev Gibson and David MacLeod, who provided leadership for our Incorporation and our shareholder whānau for 20 years, collectively.

At the 2021 hui ā-tau we welcomed three new Board members to

assume the responsibilities of governing the legacy left to us by our tūpuna, Anne-Marie Broughton, Liana Poutu and Tama Potaka. Anne-Marie, Liana and Tama are well-known within the PKW shareholder whānau and bring excellent skills and longstanding personal connections and networks which will strengthen our Incorporation.

Anne-Marie, Liana and Tama have already made a great contribution to our mahi, and we are looking forward to continuing our journey with them over the next year. Together we have been taking advantage of our new perspectives by reviewing our strategic plan and interrogating our thinking and vision to ensure that the values and pathways we are following still serve us well. In an everchanging economic and social climate, ensuring the relevance and effectiveness of our strategic approach is essential to be sure we are carrying out our responsibilities fully.

As a board we are very much aware of the scale of these responsibilities. Parininihi ki Waitōtara is a significant business that needs to deliver the performance expected by our shareholders in a way that recognises our values as a collective whānau.

The diverse opinions and constructive debate around the Board table are an essential part of ensuring we provide the clear, effective, and strong governance the Incorporation requires and our whānau deserve. We have made great progress this year, and I would like to acknowledge and thank my fellow Committee members for their support, integrity and contribution in all we undertake.

INVESTMENTS

A key focus for the Board and our management team this year has been the launch of our Miraka Hipi – Sheep Milk venture. The strategic decision to make this exciting foray into sheep milk production was made after considering the ever-evolving regulatory landscape, the impact of climate change and our responsibility as kaitiaki of our collective whenua for future generations.

Finding sustainable alternative land uses which build on our existing

capabilities, deliver a sustainable return on investment, and provide opportunities to our whānau is not an easy task – there is much to consider, to evaluate and to understand.

Sheep Dairy is a growing industry with consumer demand for ovine (sheep) milk products outstripping that of bovine (cow) offshore and our domestic market looks to be following this trend. The high nutritional content of sheep’s milk means it has potential in many different areas, such as infant and aged nutrition, care of the sick and sports performance.

The reduced environmental impact sheep dairying has on our whenua, and the alternate land use opportunity it brings also align closely with our strategic approach.

The venture also provides us the opportunity to form and strengthen our relationships and connections with Taranaki iwi, as our growth plan calls for more sheep dairy units

Above: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

Ōkahu Inuawai (me ētehi atu) whānau and PKW kaimahi undertaking the Whakatō Mauri ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

and potentially a production hub here in the region. The connections needed to make this happen have already been seen with the involvement of Ngāruahine hapū Ōkahu Inuawai (me ētehi atu), of Aotearoa Pā, in the sourcing and placing of the mouri stones at each of the two new farms, and the gifting of their names Koetuku and Waitokorau.

It was wonderful to see so many at the blessing of the new farm and buildings at Koetuku despite the torrential rain. The arrival of the first lambs, the first milking and the first tanker collection have all been significant milestones along the way.

PKW has also become an investor in SLC Ventures, which is a 50% shareholder in the Spring Sheep Milk Co, our partner in the Miraka Hipi venture. This strategic move gives us value chain exposure helping us to both protect and leverage our new business channel going forward.

PKW FARMS LP

PKW Farms LP has achieved a fantastic result for the year producing 2,968,000kgMS under challenging conditions presented by the pandemic lockdowns. The division’s focus on cost control and risk and margin management, combined with an improved milk price has contributed to PKW’s strong performance for the year.

As part of its drive to improve its strategic focus, PKW Farms LP divested Farm 6 on Opua Road to streamline the business, improve productivity and achieve the Incorporation’s expectations of meeting sustainable financial return.

The business has also continued working towards having minimal impact on the environment in its operations, with all farm units now having effective and efficient effluent management systems that ensure our streams, waterways and awa are protected.

On behalf of the Parininihi ki Waitōtara whānau I would like to acknowledge the Board of PKW Farms LP for their guidance of our farming business. In particular we acknowledge the enormous contribution of Richard Krogh, who has been Chair of the PKW Farms Board since 2019, as he steps down from his position for whānau reasons. We will miss his steady hand, clear decision-making and strong leadership and we wish him well. The process for appointing a successor is presently underway.

FINANCIAL PERFORMANCE

This year we have returned a net profit after tax of $6.1m (FY20/21 $42.8m), primarily due to downward movements in the fair value of Fonterra shares and unimproved land, which contributed to a shareholder net equity position of $315.4m. An excellent operating profit after tax of $11.75m was also reported, which led to a recommendation by the Board of a $1.95 per share dividend distribution

"The division’s focus on cost control and risk and margin management, combined with an improved milk price has contributed to PKW’s strong performance for the year."

<<

and an additional special $0.45 per share dividend for a total shareholder payment of $2.40 per share.

FUTURE CHALLENGES

There are several challenges ahead we need to consider as the Parininihi ki Waitōtara whānau.

A key element of our kaupapa is the connection between PKW and its shareholders. Ongoing fragmentation of shares has potential to reduce the level of engagement we need with our owners to understand their thoughts and wishes and make appropriate and strategically aligned decisions.

As an organisation we need to find new ways to connect with those who have not been part of the PKW

journey up until now, to help them understand their reason to connect with us.

The voices of our shareholders must be heard, the differing perspectives and viewpoints shared, so we can steer our collective waka in the right direction, in accordance with our collective values. Because of this I would urge all owners to participate in the bi-annual shareholder survey – more details available soon.

CLIMATE CHANGE RESPONSE

The Government’s regulatory response to the impacts of climate change will have significant impact on the way we run our businesses.

Our kaitiakitanga strategy and climate change strategies are

key pieces of mahi that have been underway for some time to understand the coming changes and how best to mitigate risk to our businesses.

One area we are focusing on is a carbon mitigation strategy, with the aspiration to become a carbon neutral business. This will involve the assessment of all our investments to establish what needs to be done to offset our overall emissions output.

One of PKWs earliest joint ventures, the Mangaoapa Forestry Block, is now due for harvesting over the next few years and so offers the potential to be used for carbon banking going forward. There is much to learn and discuss in this area to ensure that any strategy

"The voices of our shareholders must be heard, the differing perspectives and viewpoints shared, so we can steer our collective waka in the right direction, in accordance with our collective values. "

Below: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

is one that aligns with our values and vision and delivers a tangible response to this very real threat.

PORT NICHOLSON FISHERIES LTD

The global pandemic, while affecting all our operations, had a significant impact on Port Nicholson Fisheries Ltd, PKW’s live lobster export investment, with the Chinese market slow to recover from the shutdowns over the past two years.

This year, the 10th anniversary of the business, will see the export factory begin development of a new site more suited to the future plans of the business.

This move is being made in a joint venture with Moana New Zealand

and signals an exciting milestone in the development of the business.

PNF is equally owned by PKW, Ngāti Mutunga ki Wharekauri and the Iwi Collective Partnership.

ACKNOWLEDGEMENTS

It would be remiss of me to sign off without acknowledging the dedication and mahi of our CEO, Warwick Tauwhare-George, and the entire executive management team, who bring such skill, knowledge, and insight to their roles each day. Thank you.

I also mihi to all of our kaimahi for their efforts during another difficult year. The challenges and demands have been considerable and all those who work for PKW, on our whenua, in our investments and

on our behalf have responded with professionalism and determination to keep us moving forward. We hope that the year ahead will see us settle into this new normal.

Finally, I want to thank our shareholders for their on-going support to the PKW Committee of Management and I thank you for your engagement and care for your Incorporation.

Ngā mihi Dion Tuuta

Chair of the Parininihi ki Waitōtara Incorporation Committee of Management

Miraka Hipi infrastructure build at Koetuku Farm

BALANCE SHEET HIGHLIGHTS

TERM LIABILITIES $'000

Debt levels have increased due to the investment in PKW Miraka Hipi LP, the total term debt to assets ratio is 14.3%.

TOTAL ASSETS $'000

Total Assets increased by $2.8m due to the investment in Miraka Hipi LP, and SLC Ventures. These were partially offset by a decrease in the fair value of whenua tupuna.

TOTAL EQUITY $'000

Total Equity fell by $1.8m due to the impact of the decrease in fair value of whenua tupuna and proposed annual dividend.

FIVE YEAR CONSOLIDATED PERFORMANCE TO 2021/22

Financial Performance

Revenue

Operating expenses Finance costs

Share of profit from joint ventures

Operating profit before tax and other items

Tax expense

Operating profit after tax and before fair value gains / (losses)

Net gains / (losses) from investments

Profit for the year

2017/18 $'000 26,546 (17,224) (2,684) 1,784 8,422 (1,687) 6,735 (1,159) 5,576

2018/19 $'000 28,256 (17,343) (2,565) 2,269 10,617 (1,941) 8,676 3,109 11,785

2019/20 $'000 28,104 (17,300) (2,078) 533 9,259 (1,387) 7,872 4,188 12,060

2020/21 $'000 31,802 (18,301) (2,031) 2,268 13,738 (2,389) 11,349 31,435 42,784

2021/22 $'000 37,144 (22,046) (1,938) 1,003 14,162 (2,412) 11,750 (5,671) 6,080

TE PŪRONGO O TE RAU MATOMATO

WARWICK TAUWHARE-GEORGE

Tāiri te arohā, tāiri te kupu, tāiri ngā mate huhua o Aitū whakatina o Aitū whakatoka.

Ekena taumata, ruku hōhonu, tōia whāiti, torona whānui - koia tēnei ko te kupu whakawai e aratakina ana i te hekenga werawera, te māturuturu o te roimata me te mārō o te kauwae - kia aha ai? Kia kore ai e whati i te kawenga o tēnei kaupapa rangatira o tēnei kaupapa whakahirahira. E ū tonu ana ki runga i a tūranga hākoakoa ki runga i te tūranga paki ārohorohi o te tau mahi o te tau mātiritiri i te ora ē. Ka whanake ake kei mua, ka whanake ake ki pae tawhiti ē.

No reira tēnā koutou, tēnā koutou, tēnā koutou katoa.

Hei Te Rau Matomato / CEO o Parininihi ki Waitōtara Incorporation, nōku te hōnore ki te whakatakoto i te pūrongo ā-tau mō te tau pūtea ka mutu i te 30 Pipiri, 2022.

I te tau kua pahure, kua kitea tō tātou puta i te noho mohoao ārai urutā, ki te rapu ara kia haere tonu tō tātou noho ki tēnei ao ahakoa ngā pānga tūraru o te Kowheori-19, ā, i tēnei wā, kua tau tētehi āhua māori hou e hua mai ana te ōrite o te rahi o te pātaritari me te mea angitu.

Kia kaua tātou e whakaiti i te pānga mai o KOWHEORI-19 ki ō tātou haumitanga, ki te pakihi whānui

hoki. Kua whakamātauria ō mātou whakataunga whakaaro, āhei ki te urupare ki ngā tū āhuatanga ka puta tūpono mai me tō tātou manawaroa ā-tīma, ā-pakihi hoki, i a tātou e ahu whakamua tonu ana i roto i ā tātou mahi ki tō tātou kitenga He Tāngata, He Whenua, He Orangate whakatupu me te toitū i ō tātou tāngata mā te tōnuitanga.

Ka mutu pea te manawa piharau me te manawanui o ā tātou kaimahi kia mahia tonuhia ā rātou mahi, me te hāpai tonu i ā tātou tikanga, kaupapa hoki. He whāomo, whaihua hoki ngā mahi a ō mātou tīma whakahaere, i whakatinanahia ētehi

rautaki whakahaere utu me ētehi tikanga whakamāmā i te pakihi, ā, ahakoa te ao hurihuri e noho nei tātou, i arotahi tonu te hunga e mahi ana ki te hapori kia whakatinanahia aua mahere. He nui hoki tō rātou tāpaetanga ki te ripanga kaute nō reira me mihi au ka tika ki a rātou mō ā rātou mahi.

E tino harikoa ana mātou ki te pūrongo atu he kaha, he whaihua hoki te whakahaere mō PKW Group i tēnei tau pūtea.

He pai hoki te ārahi mai o ō tātou mātāpono, arā, ko te Manaakitanga, te Kaitiakitanga, te Whakapono, te Kotahitanga

me te Whanaungatanga i tā tātou whai tonu i tētehi pakihi Māori nō Taranaki kua whānui, kua toitū hoki e rato ana i ngā mea angitu whaitake mō ō tātou tāngata.

PŪRONGO AHUMONI

I hua mai i PKW Group te $6.1m huamoni tapeke i muri i te tāke, ā, ko ngā take matua o ngā hua ko;

• e utu miraka-hanumi kaha, tōna $8.60/kgMS (2021: $7.00/ kgMS) te wāriu. Ka tātaihia tēnei utu hanumi nā tō mātou aronga taupua, e ārai ai te tūraru o te piki me te heke whānui o ngā utu miraka, me

• te arotahi mahea ki te whaihua o te whakahaere i te wā e mahi ana i roto i te whaitua ōhanga urutā e pāngia ā tātou haumitanga hohe, hāngū hoki.

He $1.23m tō mātou tapeke whiwhinga whānui mō te tau 21/22, ā, ina ka whakatairitehia ki te tātai

mō te tau 20/21 i $52.04m, e āta whakaaturia ana te pānga atu o te tukanga taurangi wāriu whenua ki tō tātou tūranga monihua, moni ngaro i ia tau. I roto i te pūrongo ā-tau 20/21 i kite mātou i te kaha piki o te uara whenua kia $24.3 miriona; i tēnei tau he $8.5 miriona te hekenga o taua uara. Heoi anō ehara i te mea kei roto te uara tūturu o ō tātou whenua tupuna i te tau [nama?] pūtea, ehara rawa, engari kei roto i tō mātou whakahaere, tiaki hoki kia whakatinana i tō tātou kitenga, He Tangata, He Whenua, He Oranga.

I tēnei tau ko te ahurea pakihi e kaha hāngai ana me te waiaro tino pai rawa atu ki te hauora, te haumaru hoki he tautohu mārama o te aronga mahi kua whakatairangahia kua kitea puta noa i ā mātou haumitanga Farms, ā, nā konā i hua mai ai tēnei otinga.

I roto i tētehi pūrongo e pā ana ki te hauora me te haumaru i oti ai

inākuanei, i whakamiramira tētehi kaitātari o waho i ngā pikinga kua huaina e tātou mai i te wā e toru tau ki muri nei i tīmata ai tō mātou hīkoi kia tū hei kaiārahi haumaru mō ō tātou tāngata. Ko ō tātou tāngata tō tātou rawa hira, ā, ko te whakaū i tō rātou haumaru, oranga hoki kia taea ai e rātou te hoki me te harikoa ki ō rātou whānau i ia rā he whakatutukitanga e whakahīhī ai tātou katoa.

Nā te kaha o tēnei whaihua i āhei mātou ki te whakatinana i tō mātou rautaki kia tuku i ngā hua tūtanga pakihi ka iti nei, ka iti nei te tupu, engari ka toitū, ka ū hoki te tupu. I tēnei tau i piki te toha o ngā hua tūtanga pakihi ki te $1.95 (20/21 $1.75), ā, tae ana tērā ki te $0.45 tāpiritanga hei tāpiritanga ōhanga motuhake e whakaatu ana i ngā pikinga kua hua mai.

Hei whānuitanga, he $22.05 miriona te whakapaunga o te rōpū (2021: $18.30 miriona), ka whakaatu i

Above: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

te nui o te pikinga utu kua pā mai ki te motu whānui i te wāhanga whakamutunga o te tau.

TĀNGATA

I tērā Hui ā-tau, i kopoua tokotoru ngā mema Poari hou - arā, ko AnneMarie Broughton, ko Liana Poutu, rātou ko Tama Potaka. Mā ō rātou tirohanga hou, mā ō rātou tāpae hoki, āpiti atu ki ngā māramatanga me te kakama o ngā kaitohutohu o nāianei, e hua mai ai he mea angitu hou kia tupu i raro i tā mātou rautaki arumoni, e hāngai ana ki ā mātou herenga taiao, pāpori, ahurea hoki. E rata ana mātou ko te tīma whakahaere ki te mahi ki tō rātou taha ā tērā tau ka hohonu haere tō rātou mōhio me tō rātou mārama ki te pakihi.

I poroaki mātou i Te Rau Matomato a Joe Hanita i tōna neke atu kia tata atu ia, kia mahi hoki ia ki te taha o tōna whānau ki Wakatū Incorporation. I rongo mātou i te pōuri i te poroaki atu ki a Joe, he mema kaha ia, he kaiārahi hoki o te tīma whakahaere nā tāna matatau ki te ao pakihi me tōna kitenga. Āpiti atu ko tōna atawhai tūturu rā.

Ka tau mai a Jahron Neha (nō Ngāti Maniapoto, Taranaki, Ngāpuhi hoki) e kawe mai ana i ōna pūkenga

arumoni matatau me tōna aronga tino pai rawa ki te mahi pakihi. Kua whakararau i a ia ki te tīma, ā, kua hari koa mātou i tāna mahi tae noa ki tēnei wā.

HAUMITANGA

Memeha haere ai te pānga o KOWHEORI-19 ki ngā mahi o ia rā, kātahi anō tātou ka kite i te mātūtū o tō tātou Ngāmotu Hotels Partnership, i te piki haere tonu o te whakanoho ki te Novotel Ngāmotu. Mō te tau e haere mai nei he tino pai te tātai tāpoi ā-kāinga e matapaetia ana, i te torotoro haere o ngā tāngata o Niu Tīreni ki ō rātou whānau me ō rātou hoa, i te tukunga o ngā herenga me te haere tonu o tō rātou whai mārama ki ngā painga o te hararei ki tō rātou ake whenua.

He taumaha ngā tau e rua kua pahure ake mō ngā kaimahi i te Novotel Ngamotu, engari he manawaroa, he ngaio hoki ā rātou urupare ki ngā āhuatanga katoa kua pā atu ki a rātou. E harikoa ana mātou o PKW, ko ō mātou hoa rangapū iwi hoki nā te mea ka noho wā roa ngā kaimahi o te hōtēra, ā, he rawe hoki tēnei tūāhuatanga, inā hoki ka auau te wehenga atu o ngā kaimahi i tēnei ahumahi, ka mutu he

"Ahakoa ngā wero i te pānga mai tuatahi o te urutā, ka tū tonu te PNF me te tino whaitake ki te pakihi hei mea whakarākei i te huinga haumitanga mō PKW me te rahi o ōna hua."

wā poto noa iho i te tūranga mahi. Waihoki, he mea hira ki a mātou te oranga o ō mātou kaimahi, ā, kua whakatau a PKW i te utu ā-haora whaiora (e hāngai ana ki te tikanga pai rawa) hei tikanga utu mahi moroiti mō ō mātou kaimahi katoa.

E haere tonu ana te piki o te whaihua o Port Nicholson Fisheries Ltd, arā, tō mātou kaupapa haumitanga kōura (lobster), nā te ora haere o te mākete i Haina me te raupapa whakarato, nō muri mai i te pānga taumaha o KOWHEORI-19. Ahakoa ngā wero i te pānga mai tuatahi o te urutā, ka tū tonu te PNF me te tino whaitake ki te pakihi hei mea whakarākei i te huinga haumitanga mō PKW me te rahi o ōna hua.

<<

Above: PKW Executive Leadership Team including former CFO Joe Hanita (2nd from left).

"Kia kaua tātou e whakaiti i te pānga mai o KOWHEORI-19 ki ō tātou haumitanga, ki te pakihi whānui hoki. Kua whakamātauria ō mātou whakataunga whakaaro, āhei ki te urupare ki ngā tū āhuatanga ka puta tūpono mai me tō tātou manawaroa ā-tīma, ā-pakihi hoki..."

Mā te hanga i tētehi taupuni whakamahinga hou mō tēnei rangapū e whakawhānui i te āhei o te kamupene, ā, mā tēnā ka āwhinatia te neke ki te aroākapa o te ahumahi.

He whaihua tonu te tāpiritanga o te huinga rawa o Tai Hekenga ki ngā haumitanga tōkeke o PKW e tuku hua tonu, e tuku hua tonu ki te pakihi. He tauira mārama te Tai Hekenga o te tirohanga ki te pae tawhiti i tā mātou whakatau i nga whakaaro, e whakaatu ana i te haumitanga toitū, tōtika ā-taiao, horopū hoki mō ngā tau kei mua i te aroaro.

Ko tō tātou kaupapa hou, ko Miraka Hipi, kua whakatūria, ā, e whakahaeretia ana i tēnei wā, me ngā reme kei te whenua, me te miraka kei roto i te kura miraka. He ekenga whakamīharo tēnei mō ngā tāngata katoa i whai wāhi atu

nā runga i te poto o te wā mai i te whakatō i te mauri i ngā marama ruarua kua pahure ake, mai i te Kohitātea. Kua ū ki tēnei te arotahi o te tīma whakahaere, ā, mātua rā, nā te tautoko me te mōhiotanga nō te rōpū Farms katoa mātou i eke ki tēnei taumata.

Ā te whā ki te rima tau ka hua mai ngā painga arumoni tūturu o te pupuri i tēnei kaupapa pakihi i roto i tā tātou huinga haumitanga, otirā kua ara kē mai ngā painga o te taiao me te waihanga mahi.

WHAKAKAPINGA

E kitea ana te huringa o te ao Māori i roto i ngā honohono i waenga i ngā iwi, ngā hapū, ngā whānau hoki i te tupu o te taha ōhanga o tō tātou iwi whānui i te ao nō muri mai i te whakataunga kerēme. Mā tēnei e puta te mea angitu kia whai hononga heoi anō he hira tonu

kia ū tonu ki tā mātou rautaki, ā mātou tikanga, kaupapa hoki kua whakatakotohia e Te Ara Putanga.

Hei whakakapinga māku, tēnei au e whakamihi ana i te tāpaetanga me te tautoko o tō tātou Poari, te ngākau titikaha me te pukumahi o tō tātou Executive Leadership Team, te manawaroa me te manawanui o ō tātou kaimahi i a tātou e mahi tahi ana ki te whakatutuki i ā tātou kaupapa.

Heoti anō, ka mihi au ki ō tātou Rautitikura mō tō rātou aro mai, whakapāpā, manaaki hoki ki a mātou e mahi tonu ana mō rātou ki te rato i ngā hua o ngā taonga tuku iho me te kitenga i waihotia mai ai e ō tātou tūpuna.

Ngā mihi

Warwick Tauwhare-George Te Rau Matomato

Below: First flock of lambs at Koetuku and Waitokorau Farms.

TE PŪRONGO O TE RAU MATOMATO

CEO Report

WARWICK TAUWHARE-GEORGE

Tāiri te arohā, tāiri te kupu, tāiri ngā mate huhua o Aitū whakatina o Aitū whakatoka.

Ekena taumata, ruku hōhonu, tōia whāiti, torona whānui - koia tēnei ko te kupu whakawai e aratakina ana i te hekenga werawera, te māturuturu o te roimata me te mārō o te kauwae - kia aha ai? Kia kore ai e whati i te kawenga o tēnei kaupapa rangatira o tēnei kaupapa whakahirahira. E ū tonu ana ki runga i a tūranga hākoakoa ki runga i te tūranga paki ārohorohi o te tau mahi o te tau mātiritiri i te ora ē. Ka whanake ake kei mua, ka whanake ake ki pae tawhiti ē. No reira tēnā koutou, tēnā koutou, tēnā koutou katoa.

As Te Rau Matomato / CEO of the Parininihi ki Waitōtara Incorporation, it is my privilege to present the annual report for the financial year ending 30 June 2022.

The past year has seen us go from a full pandemic lockdown, to finding ways to continue our lives despite the risks of contracting COVID-19 to where we stand now, in a new normal where challenge and opportunity present themselves in equal measure.

The impact COVID-19 has had on our investments, and the business overall, should not be

underestimated. Navigating the stormy waters has tested our decision-making, our ability to respond to those curveballs that were thrown our way and our resilience as a team and a business, as we continued to work towards our vision of He Tāngata, He Whenua, He Oranga – growing and sustaining our people through prosperity.

The determination and dedication of our kaimahi during this time to continue with their mahi, while remaining aligned to our cultural tikanga and kaupapa, has been

outstanding. Our management teams have been efficient and effective, implementing cost control strategies and streamlining the business, while those out on the ground have kept their focus amidst a rapidly changing world, and put those plans into action. The contribution they made to the balance sheet has been considerable and I wish to acknowledge their efforts.

We are very pleased to be able to report a strong operating performance for the PKW Group this financial year.

Our values of Manaakitanga, Kaitiakitanga, Whakapono, Kotahitanga and Whanaungatanga serve us well as we continue to strive towards a successfully diversified and sustainable Taranaki Māori owned and operated business providing meaningful opportunity for our people.

FINANCIAL REPORT

The PKW Group has returned a net profit after tax of $6.1m, with the key drivers behind this result being;

• a strong blended milk price of $8.60/kgMS (2021: $7.00/kgMS). This blended price is reached through our hedging approach, which mitigates the risk of widely fluctuating milk prices, and

• the clear focus on operational efficiency while performing in a pandemic economic landscape that affected all our active and passive investments.

Our total comprehensive income for 21/22 was $1.23m, which when compared to the 20/21 figure of $52.04m, clearly demonstrates the impact the volatile land valuation process can have on our profit and loss position each year. In the 20/21 annual report we saw an extensive lift in land value of $24.3m; this year that value has dropped by $8.5m. The real value of our tupuna whenua, however, does not lie in a monetary figure, but in the way we manage and care for it to deliver our vision of He Tāngata, He Whenua, He Oranga.

The strongly aligned business culture and extremely positive attitude to health and safety we have seen this year is a clear indication of the elevated approach to work we have seen across our Farms investments which has been key in the delivery of this result.

A recent health and safety report completed by a certified external

auditor highlighted the gains we have made in the space since we started our journey to become leaders in safety for our people three years ago. Our people are our most important asset and ensuring their safety and wellbeing so they can go home to their whānau happy each day is something we should all be proud of.

This strong performance means we were able to deliver on our strategy of delivering sustainable, steady incremental dividend growth with this year’s dividend distribution lifting to $1.95 (20/21 $1.75) and includes a further payout of $0.45, which should be regarded as a oneoff economic bonus that reflects the gains we have made.

Overall, group expenditure was $22.05m (2021: $18.30m), reflective of the sharp rise in inflation we have experienced nationally in the latter part of the year.

Above: Ōkahu Inuawai (me ētehi atu) whānau, PKW and suppliers undertaking the Whakatō Mauri and Tāinga Kawa ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

PEOPLE

Three new directors were appointed to the Board at our last AGM - Anne-Marie Broughton, Liana Poutu and Tama Potaka. Their new perspectives and input, combined with the insights and acumen from existing directors, will open new opportunities to grow within the context of our commercial strategy, in alignment with our taiao, social and cultural obligations. The management team and I are looking forward to working with them in the coming year as their knowledge and awareness of the business deepens.

We farewelled our Chief Financial Officer Joe Hanita as he moved to be closer to, and work with his whānau at Wakatū Incorporation. It was a sad farewell for us as Joe has been a strong and instrumental member of the management team with his business acumen and vision, as well as being a truly fantastic human being.

Stepping into the role is Jahron Neha (Ngāti Maniapoto, Taranaki, Ngāpuhi) who brings with him strong commercial credentials and a positive approach to doing

business. We have welcomed him into the team and have been enjoying his contribution so far.

INVESTMENTS

As the impact of the COVID-19 pandemic begins to fade on everyday life, we are starting to see the bounce-back in our Ngāmotu Hotels Partnership, as occupancy levels at the Novotel Ngāmotu start to steadily increase. The forecast for domestic tourism numbers in the forthcoming year is positive, as New Zealanders reconnect with whānau and friends with the easing of restrictions and continue to explore the newly discovered benefits of holidaying in their own backyard.

It has been two very tough years for the staff at the Novotel Ngāmotu, but they have responded to everything that has been thrown at them with resilience and professionalism. PKW and our iwi partners are also very proud of the fact that our retention of staff at the hotel, in an industry that typically experiences a very high churn rate as people leave roles after relatively short periods of time, is excellent. Also, the wellbeing of our staff is important to us, and PKW

has adopted the living wage (in line with best practice) as a minimum remuneration practice for all our kaimahi.

Port Nicholson Fisheries Ltd, our kōura (Lobster) investment vehicle, continues to experience an uplift in performance as the Chinese market and supply chain dynamics recover after the significant impact of COVID-19. Despite the challenges when the pandemic first hit, PNF continues to be a jewel in the investment portfolio for PKW with its rate of return remaining extremely valuable to the business.

<<

Above: PKW Executive Leadership Team including former CFO Joe Hanita (2nd from left).

"Despite the challenges when the pandemic first hit, PNF continues to be a jewel in the investment portfolio for PKW with its rate of return remaining extremely valuable to the business."

The development of a new processing plant for this partnership will extend the potential of the company, helping to bring it to the forefront of the industry.

The Tai Hekenga property portfolio remains a positive addition to PKW’s equity investments, returning consistent returns to the business. Tai Hekenga is a clear example of the long-term view we take in our decision-making, as it represents a sustainable, environmentally sound, and reliable investment for years to come.

Our new Miraka Hipi venture, is now up and running with lambs on the ground and milk in the vat. This has been a fantastic achievement for everyone involved given the stone laying ceremony was just a few short months ago in January.

The operations team has given this their full focus, and the support and knowledge from across the entire Farms entity has been instrumental to getting us to this point.

In four to five years the true commercial benefits of having this business venture within our investment portfolio will be apparent, with the taiao and jobscreation benefits already being experienced.

CONCLUSION

We are seeing a changing dynamic in Māoridom in the relationships between iwi, hapū and whānau as the economic strength of our people grows in the postsettlement economic environment. While this will bring with it opportunity to build relationships, maintaining our strategic focus

and ensuring our decisions align with our tikanga and kaupapa as laid down by Te Ara Putanga will be important.

Finally, I need to acknowledge the contribution and support from our Board, the dedication and diligence of our outstanding Executive Leadership Team and the resilience and determination of our kaimahi as we all work together towards our goals.

And, of course, I thank our shareholders for their interest, engagement and manaaki as we continue to work on their behalf to deliver on the legacy and vision left to us by our tūpuna.

Ngā mihi

Below: First flock of lambs at Koetuku and Waitokorau Farms.

Warwick Tauwhare-George Te Rau Matomato

"The impact COVID-19 has had on our investments, and the business overall, should not be underestimated. Navigating the stormy waters has tested our decision-making, our ability to respond to those curveballs that were thrown our way and our resilience as a team and a business..."

TE RAU RENGARENGA O PARININIHI KI WAITŌTARA COMMITTEE OF MANAGEMENT

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATIONTE RAU TOI ARIKI CHAIRPERSON REPORT

Tama Potaka

Claire Nicholson

William Edwards

Anne-Marie Broughton

Liana Poutu

Dion Tuuta

Te Rau Toi Ariki / Chairperson

Taaringaroa

Nicholas

Richard

Darryn

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATIONGOVERNANCE

TE RAU MANAWANUI EXECUTIVE LEADERSHIP TEAM

Jahron Neha

Te Rau Māhorahora

Chief Financial Officer (Commenced July 2022)

Warwick Tauwhare-George

Te Rau Matomato Chief Executive Officer

Puna Wano-Bryant Te Rautitikura General Manager Shareholder Engagement

Jacqui King

Te Rau Whakapuāwai Head of Corporate Services

Richard Buttimore

Te Rau Whakahono Pito General Manager Property

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)

Bev Gibson - Ceased (Dec 2021)

Claire Nicholson

David McLeod - Ceased (Dec 2021)

William Edwards

Taaringaroa Nicholas

Hinerangi Raumati-Tu'ua - Ceased (Dec 2021)

Liana Poutu - Commenced (March 2022)

Tama Potaka - Commenced (March 2022)

Anne-Marie Broughton - Commenced (March 2022)

TE RAU MATOMATO CHIEF EXECUTIVE OFFICER / SECRETARY

TE RAU MATAORA HUMAN RESOURCES COMMITTEE

Claire Nicholson (Chair)

William Edwards

Hinerangi Raumati-Tu'ua - Ceased (Dec 2021)

Dion Tuuta

Tama Potaka - Commenced (March 2022)

TE RAU MANAWAORA

O PARININIHI KI WAITŌTARA PKW TRUST

Bev Gibson (Chair) - Ceased (Dec 2021)

Dion Tuuta

Claire Nicholson

David McLeod - Ceased (Dec 2021)

Hinerangi Raumati-Tu'ua - Ceased (Dec 2021)

Taaringaroa Nicholas

William Edwards (Chair)

Darryn Ratana (PKW Trust Shareholder Representative)

Tama Potaka - Commenced (March 2022)

Liana Poutu - Commenced (March 2022)

Anne-Marie Broughton - Commenced (March 2022)

TE RAU MATATŪ AUDIT AND RISK COMMITTEE

Taaringaroa Nicholas (Chair)

David MacLeod - Ceased (Dec 2021)

Richard Krogh - Independent Director

Liana Poutu - Commenced (March 2022)

Dion Tuuta - Commenced (Dec 2021)

Hinerangi Raumati-Tu'ua - Ceased (Dec 2021)

TE RAU RANGAPŪ SUBSIDIARY COMPANIES

PKW FARMS GENERAL PARTNER LTD - THE GENERAL PARTNER FOR PKW FARMS LP & PKW MIRAKA HIPI LP

Richard Krogh (Chair)

Taaringaroa Nicholas Claire Nicholson

Mark Bridges (Independent Director)

TE RAU HERENGA WAKA JOINT VENTURE COMPANIES

PORT NICHOLSON FISHERIES GENERAL PARTNER LTD - THE GENERAL PARTNER FOR PORT NICHOLSON FACILITIES LP

Hinerangi Raumati-Tu'ua - Ceased (Dec 2021) Warwick Tauwhare-George

KOURA INC GENERAL PARTNER LTD - THE GENERAL PARTNER FOR PORT NICHOLSON FISHERIES LP Warwick Tauwhare-George Hinerangi Raumati-Tu'ua - Ceased (Dec 2021)

MANGAOAPA PARTNERSHIP

NGĀMOTU HOTELS GENERAL PARTNER LTD - THE GENERAL PARTNER FOR NGĀMOTU HOTELS LP Warwick Tauwhare-George

Warwick Tauwhare-George

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATIONGOVERNANCE

Te Ara Putanga - Annual Results Annual Results 2022

MANAAKITANGA WHANAUNGATANGA/ KOTAHITANGA W H A KAPONO KAITIAKITANGA

Te Ara Putanga, the outcomes pathway for Parininihi ki Waitōtara Incorporation, provides shareholders with a picture of the organisation’s performance that encompasses social, cultural, environmental and financial perspectives.

This bigger picture is created via a series of metrics that provide a measure that can be benchmarked against previous years’ results, providing a record of PKW’s progress and alignment to its core values of Manaakitanga, Kaitiakitanga, Whakapono, Whanaungatanga and Kotahitanga.

Now in its fourth year, Te Ara Putanga remains an innovative tool for not only measuring performance, but also in guiding decision-making 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.

Next year, Te Ara Putanga will undergo a planned review to ensure each metric still provides its intended focus and to maintain its effectiveness within the business. PKW operates in an ever-changing and dynamic world and flexibility, responsiveness and resilience are the keys to success.

Each metric consists of:

• a description

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

• an explanation of the annual result

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

• future actions planned.

Te Ara Putanga - Comparative Annual Results

Annual Results 2021

WHANAUNGATANGA/ KOTAHITANGA

MANAAKITANGA

W H A KAPONO KAITIAKITANGA

Annual Results 2020

WHANAUNGATANGA/ KOTAHITANGA

W H A KAPONO

MANAAKITANGA

KAITIAKITANGA

HE

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? PKW realised a strong operating profit this year, driven by our PKW Farms business and supported by the performance from our Iwi Māori investment fund, Te Puia Tāpapa. An investment into the Miraka Hipi value chain through an equity interest in SLC Ventures was added to the investment portfolio this year.

DEBT

What's next? Maintaining strong operational performance will remain a key focus for Parininihi ki Waitōtara as rising costs caused by inflation and difficulties in finding staff due to low unemployment rates continue to be a challenge. The Incorporation will also continue to further its diversification strategy with the expansion of the Miraka Hipi (sheep dairy) farm operation.

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.

6.0 (20-21) 6.0 (19-20) 6.0 (21-22) 0.0

Why? While PKW added to their debt levels to fund the investment in the PKW Miraka Hipi farm operation, debt at a group level remains well under the debt cap at 14.3%..

DIVIDENDS AND DISTRIBUTIONS

6.5 (21-22) 5.5 (20-21) 4.5 (19-20) 1.0 6.0 (20-21) 5.0 (19-20) 6.0 (21-22) 0.0

What's next? Debt levels are a key element of PKW’s annual refinement of the 10-year modelling forecast 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 the potential for an improved dividend.

Why? Our active investments generated strong operating margins for the year, helped by a high milk price. This has flowed through to a total dividend for this year of $2.40 per share, made up of an annual dividend of $1.95 per share, up 20c on last year's dividend of $1.75 per share, plus a special dividend of $0.45 per share being distributed as a one-time payment to mitigate the shock rise in the cost of living, due to the negative economic impact resulting from the COVID-19 pandemic.

What's next? We will continue to focus on growing tangible benefits over the long-term to shareholders through dividends, scholarship and grant distributions.

RISK

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

8.0 (20-21) 8.0 (19-20) 8.0 (21-22) 0.0

Why? Risk identification, mitigation and management remains key to the PKW group enterprise risk framework, therefore formal frameworks and refinement for some investments are still being undertaken.

COST MANAGEMENT

What's next? Creating a clearer line of sight within each individual investment will enable mitigation actions to be established where needed. The PKW group enterprise risk framework will be reviewed in the coming year.

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.

6.0 (20-21) 5.0 (19-20) 5.5 (21-22) 0.5

Why? Again, the rising costs associated with increased inflation has had an impact on cost management, hence the small drop in score. However, Parininihi ki Waitōtara adhered to the forecast and consolidated spend across the group, managing the impact. This recognises the benefits achieved with advancing the financial management culture across the organisation.

What's next? Focus will be on advancing our progressive procurement strategy, identifying value for money opportunities and cost efficiencies. Financial management will also continue to be a focus across the organisation.

Above: Ōkahu Inuawai (me ētehi atu) whānau and PKW kaimahi undertaking the Whakatō Mauri ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

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.

6.0 (20-21) 6.0 (19-20) 6.5 (21-22) 0.5

Why? Health and Safety is an imperative within the PKW culture. Initiatives implemented following an independent review in FY20/21 continue to improve team engagement across the business. Critical Risk Teams have been established, and key performance indicators have been refined to capture performance in all levels of Health and Safety planning and practice. Overall KPI achievement was met by most teams, a positive result considering the challenges presented by the COVID-19 environment.

What's next? PKW continues to work to embed a sense of individual ownership by reiterating practices and expectations in this area are non-negotiable.

Above: Ōkahu Inuawai (me ētehi atu) whānau and PKW kaimahi undertaking the Whakatō Mauri ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

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 ‘WellFarm’ 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? PKW Farms’ Animal Health Plan and the WellFarm programme assesses animals’ level of care and health in three key areas – body score condition, locomotion and tails. All assessments were completed this year, with overall results verifying improvement of PKW Farms’ animal welfare efforts on the prior year.

WATERWAYS PROTECTION

8.0 (21-22) 0.5 7.5 (20-21) 5.0 (19-20) 8.0 (21-22) 0.0 8.0 (20-21) 8.0 (19-20)

What's next? Proactive animal health planning and management will continue as Parininihi ki Waitōtara undertakes its annual review to continually improve and identify focus areas on specific farms.

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. Why? Fencing and riparian planting programme has continued to target 100% delivery, with the overall programme of works completed to 89% of the target. The fencing programme sits at 93% and the riparian planting is at 86% complete – a small improvement on last year. Data is validated by Taranaki Regional Council. It is important to note that newly purchased land can change the percentages and ratings year to year, depending on standard of fencing etc., on the new property.

What's next? The focus will remain on 100% delivery of the fencing and riparian planning programme in the forthcoming year. Freshwater legislation reforms are underway, a detailed review of the proposed changes and its impact on PKW will need to be actioned, and a response formed, and a plan to respond to the changes will be prepared. A harvesting plan for the Mangaoapa Forest will include a plan for waterway protection to ensure the awa and its surrounding biodiversity is protected.

Below: PKW Taiao kaimahi undertaking water monitoring.

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? 100% compliance with all consents issued by the Taranaki Regional Council has been maintained for another year. PKW’s own kaitiaki taiao team has completed 100% of planned SHMAK assessments for water monitoring. PKW’s Cultural Health Index tool is also aiding our understanding of the health of our waterways, flora and fauna.

What's next? Continue to implement the Cultural Health Index tool during the execution of the water monitoring programme across all PKW farms.

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.

7.0 (21-22) 0.0 7.0 (20-21) 8.0 (19-20) 9.5 (21-22) 0.5 9.0 (20-21) 9.0 (19-20)

Why? An asbestos register has been created for all commercial properties. In addition, an independent expert has been engaged to review the management of known asbestos on PKW Farms with targeted sampling of suspected cases, and our plan to address known issues has been advanced.

What's next? Continued progress of the detailed review for PKW Farms, which will include 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.

10.0 (21-22) 10.0 (20-21) 10.0 (19-20) 0.0

Why? As per in prior years, result remains unchanged as no known contamination of existing or newly acquired whenua has been identified.

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.

10.0 (21-22) 10.0 (20-21) 10.0 (19-20)

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

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.

10.0 (21-22) 10.0 (20-21) 10.0 (19-20) 0.0

Why? PKW continues to use the OverseerFM online software tool to control the application of all fertiliser and urea on all managed whenua. All fertiliser decisions are made based on soil testing and recommendations from a fertiliser expert to ensure all farms are kept below 200kg of nitrate per hectare. New products were considered in the review of fertiliser supplier agreements completed in the year.

What's next? PKW Farms is continuing to explore the future of fertiliser use and what alternatives may be available. This long-term thinking is essential in a climate where the social licence to operate comes under more and more pressure with perceived ethical issues around the use of applied nutrient products.

b) Resource use and efficiency - Water. Using water efficiently is important for both the bottom line and the environment.

7.5 (21-22) 7.5 (20-21) 7.5 (19-20) 0.0

Why? 69% of our farms have the appropriate infrastructure, technology and tools in place to allow the capture of data around how water is managed. The data shows that, across the farming business, a daily average of 115 litres of water is used per cow which is well under the targeted limit of 150 litres of water per cow.

c) Resource use and efficiency - Energy.

What's next? Continue to roll out necessary technology where required for PKW farms, and maintain data analysis to target areas for improvement and efficency. Data collection methods for other investment areas, particularly the PKW Office and Novotel Ngāmotu, are being explored.

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

7.0 (21-22) 7.0 (20-21) 7.0 (19-20) 0.0

Why? The energy efficiency of all PKW farms continues to be assessed by Meridian (our electricity provider). Overall, 62% of Farms used the same or less energy than the prior year.

What's next? A monitoring system for other investments (in particular commercial properties) is still to be developed. Identifying additional efficiencies will be a focus across PKW Farms.

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 is occurring on a regular basis to enable ongoing assessment of waste, including the amount of waste going to landfill. The data shows the amount of waste to landfill from the farms fell 11% overall from 42.6 tonnes in FY20-21 to 35.7 tonnes last year – a positive result. As this reduction percentage increases, the metric will change to reflect this success.

EFFLUENT MANAGEMENT

What's next? Work continues to reduce the amount of general waste being sent to landfill, and a waste audit is still to be completed to inform decisions on further initiatives for PKW Farms. Other investment areas such as the Novotel and PNF are actively undertaking initiatives to improve their waste practices.

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 Kaitiatikanga Strategy.

8.5 (21-22) 7.0 (20-21) 7.0 (19-20) 1.5

Why? Investment into this critical area has continued with two effluent upgrade projects completed to bring all effluent systems to a similar standard across the PKW Farms business. Installation of Failsafe technology is included on all farms with effluent systems, with the majority being of high specification.

CLIMATE CHANGE RISKS

What's next? Focus will remain on using technology, continuing to improve infrastructure and systems to meet our kaitiakitanga expectations and ensure there are no resource consent breaches.

A PKW Climate Change Strategy has been completed following the initial Greenhouse Gas Emissions assessment, which sets out a clear target to carbon neutrality. Specialist consultants have been engaged to develop an implementation plan consisting of a series of activities and timelines to realise the strategy target over time. Once the implementation plan is complete and adopted, a series of metrics will be developed so this key area can be included into our Te Ara Putanga framework..

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.

7.5 (21-22) 8.0 (20-21) 6.5 (19-20) 0.5 5.0 (21-22) 5.0 (20-21) 5.0 (19-20) 0.0

Why? There have been no biological or biochemical events during the year. PKW’s Biosecurity Plan is in place to ensure the monitoring and management of risk.

What's next? The plan is still to be actively tested for effectiveness through a simulation event.

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 the Māori culture as a whole. The organisation has a duty to ensure te reo is actively used across all activities.

5.0 (21-22) 4.5 (20-21) 4.5 (19-20) 0.5

Why? The Cultural Framework launched last year has been activated with a series of positive changes across the business. All roles within PKW have been gifted te reo Māori names and these are in daily use. Signage using both English and te reo Māori is now in place at the PKW whare. Changes to the Annual Report and Whenua magazine also reflect the focus in this area. The PKW Trust also continues to make a considerable contribution to this metric by supporting groups promoting the use of te reo through community grants and by collecting data on the te reo Māori fluency of all scholarship applicants.

What's next? Plans for the renaming of more farms are progressing, and a brand refresh for the Novotel has seen the use of te reo Māori via signage and better representation of the Māori kaupapa behind the partnership. PKW will continue to embed its cultural framework throughout its activities and look for opportunities to include components in investments not under its direct control.

Above: Ōkahu Inuawai (me ētehi atu) whānau host PKW kaimahi and suppliers as part of the Tāinga Kawa ceremony at Koetuku (Miraka Hipi Farm).

CULTURAL VISIBILITY & PRIDE

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

0.0

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 Māori me ōna tikanga as part of business as usual. The sustained result is aided by the recent adoption of a Cultural Framework.

What's next? Novotel Ngāmotu will continue its brand refresh, including the use of dual signage. PKW will continue to embed its cultural framework throughout its active entities, with a number of key opportunities to raise our kaupapa Māori profile through the launching of our Miraka Hipi business.

PKW NARRATIVE

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.

7.0 (21-22) 6.0 (20-21) 6.0 (19-20) 1.0

Why? We continue to share our story through channels such as the annual general and half-yearly meetings, the annual report, Whenua magazine, the website and social media. The Parininihi ki Waitōtara narrative has been enhanced with the launching and promotion of our Culture Framework to kaimahi and shareholder whanau. Governance changes have also helped to socialise our narrative further.

What's next? The organisation is committed to continuing a critical project - the Parininihi ki Waitōtara Story. It is anticipated this will capture and promote the history of the whenua and its people through accessible communication platforms. An app is under development to deliver this content in a simple and easy to use way.

ACCESS AND CONNECTION TO LAND

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.

3.0 (21-22) 3.0 (20-21) 3.0 (19-20) 0.0

Why? The intent outlined in the Kaitakitanga strategy remains unchanged and progress is on-going.

WĀHI TAPU

What's next? The Incorporation will continue to drive this initiative to deliver tangible results 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.

0.0

6.0 (21-22) 6.0 (20-21) 6.0 (19-20)

Why? Wāhi tapu have been identified, digitally mapped using GIS technology and physically protected, ensuring there is a permanent record of their existence, position and protection.

What's next? The kaitiakitanga strategy manager and an expanded kaitiaki taiao team will relaunch the Mātauranga Kura Taiao project, with the primary focus on wāhi tapu. The project links with the review of the Whenua Acquisition and Development Plan.

Whanaungatanga / Kotahitanga

Belief in collective action with trusted relationships

Above: PKW kaimahi host Kura Taiao Wananga.

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.

5.0 (21-22) 5.0 (20-21) 4.0 (19-20) 0.0

Why? There have been key staff changes for PKW Incorporation and PKW Farms during the year. However, the majority of positions were successfully filled prior to the transition or exit of the position holder. One role remained unfilled at year end and was still subject to the recruitment process. A detailed succession planning process has been approved for key positions throughout the PKW group.

What's next? The succession planning process will be implemented across all key roles within the Incorporation.

CO-INVESTMENT OPPORTUNITIES

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

5.0 (21-22) 5.0 (20-21) 4.5 (19-20) 0.0

Why? PKW actively explores the potential for co-investment opportunities, although none have been realised during the 21/22 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. A significant investment is expected to be announced by the end of this calendar year.

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.

6.5 (21-22) 6.5 (20-21) 6.0 (19-20) 0.0

Why? Building on the prior year, significant improvement occurred in the 2021 Kaimahi Engagement Survey with an uplift in engagement of 21% and a significant reduction in disengaged kaimahi to only 6% in 2021/22. PKW has adopted the living wage (in line with best practice) as a minimum remuneration practice. Remuneration for employees was reviewed against benchmark, performance and engagement and updates were provided as per the remuneration review process. Contract Milkers’ or Sharemilkers’ working conditions were managed as per their respective agreements.

What's next? The annual surveys will be supported by regular pulse surveys to assess the wellbeing and engagement levels of kaimahi. In addition, a Wellbeing team will be established to guide initiatives in this important kaupapa.

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.

5.0 (21-22) 5.0 (20-21) 5.0 (19-20) 0.0

Why? The Kura Taiao (Jobs for Nature) funding received from the Department of Conservation enabled PKW to recruit a Taiao Team. Five new positions were created, providing additional employment opportunities for Taranaki Māori. While this is a positive outcome, the metric requires a high number of roles (11+) to be created before a change in score can be recorded.

What's next? A pipeline of employment growth is anticipated especially in the miraka hipi (sheep dairying) space as the business establishes its operations. These opportunities will be captured in next year’s metrics.

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.

7.5 (21-22) 7.0 (20-21) 6.0 (19-20) 0.5

Why? All kaimahi and business partners have undertaken training during the past year, as part of the Whakatipu Training (professional development) approach to build capability. A team training event held at the Whānau Day focused on Reconnection and Communication, including a personalised assessment of preferred communication styles. The annual Health and Safety Training plan was also delivered across all PKW farms. Outside of the operating businesses, the PKW Trust continues to be a driver for capability development within our community, with a lift in the number of grants distributed.

What's next? PKW and other investment entities are focused on implementing digital tools to build a statistical picture of its training initiatives.

ALIGNED PARTNERS

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? In dollar terms, spend with Māori businesses increased significantly to $3.17m this year (2021: $2.35m) and remained steady in percentage terms at 15%.

b) Value for money

6.5 (21-22) 6.5 (20-21) 6.5 (19-20) 0.0 6.0 (21-22) 5.0 (20-21) 5.0 (19-20) 1.0

Why? In continuing with PKWs procurement focus, the number of formal agreements in place with suppliers has increased by 70% this year. It is important to note that this does not translate to lower costs, but in added-value to existing business relationships through the provision of training, development, and employment opportunities, for example. This was achieved through the improved management of supplier relationships, made possible by the implementation of a new contract management system this year. A five-year progressive procurement strategy was also put into action this year, with a key focus on delivering further outcomes to whānau.

What's next? PKW continues to work towards its goal of 25% of controllable spend being allocated to Māori suppliers. Any procurement review process welcomes Māori businesses not yet working with PKW to put themselves forward for consideration.

What's next? The deployment of our progressive procurement action plan will focus on forming new relationships, and strengthening existing relationships with suppliers, which will continue to deliver positive outcomes for whānau.

Above: PKW host the inaugural Kura Taiao Wananga.

First sheep milking lambs born at Koetuku Farm.

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 committment 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

NGA TAUĀKĪ PŪTEA

FINANCIAL

STATEMENTS

for the year ended 30 June 2022

TE TAUĀKĪ PŪTEA POUMATUA

PRIMARY FINANCIAL STATEMENTS

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

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)

Te Ānga Ngā taonga e purutia ana e koutou Te Pūrongo whiwhinga Te whakapaunga kaha Haupū rawa Ngā Kōrero Whakatāpiri

A1 Basis of preparation

A2 Critical accounting estimates and judgements

B3 Investment properties B4 Property, plant and equipment

B5 Intangible assets

B6 Biological assets

B7 Interests in associates and joint ventures

B8 Investments

C9 Revenue

C10 Other gains / (losses)

C11 Expenses

C12 Finance income and expenses

C13 Dividends

D14 Capital management

D15 Borrowings

E16 Risk management

E17 Derivative financial instruments

E18 Income tax expense

E19 Deferred tax liability

E20 Māori authority credit account

E21 Related party transactions

E22 Group entities

Te P ūrongo ā ngā Kaiarotake

(Independent Auditor’s Report)

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

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

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

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

Opinion

Arotake (Opinion)

In our opinion, the consolidated financial statements of Parininihi ki Waitotara Incorporation (the ’Incorporation’) and its subsidiaries (the 'Group') on pages 47 to 71;

In our opinion, the accompanying consolidated financial statements of Parininihi ki Waitotara Incorporation (the ‘Incorporation’) and its subsidiaries (the 'Group') on pages 43 to 69:

We have audited the accompanying consolidated financial statements which comprise:

We have audited the accompanying consolidated financial statements which comprise:

Te tauākī tūnga pūtea (statement of financial position) mō te tau i oti i te 30 Hune 2021;

Te tauākī tūnga pūtea (statement of financial position) mō te tau i oti i te 30 Hune 2022;

i. Present fairly in all material respects the Incorporation’s financial position as at 30 June 2022 and its financial performance and cash flows for the year ended on that date in accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime.

i. Present fairly in all material respects the Group’s financial position as at 30 June 2021 and its financial performance and cash flows for the year ended on that date; and

ii. Comply with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime.

Te tauākī whiwhinga, whakapaunga whānui (statement of comprehensive income), te tauākī whakaatu i te rerekētanga o te tahua (statement of changes in equity) me te tauākī kapewhiti (statement of cash flows) for the year then ended; and Notes, including a summary of significant accounting policies and other explanatory information

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

Notes, including a summary of significant accounting policies and other explanatory information.

Te tūāpapa o tēnei arotake (Basis for opinion)

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.

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 the Group 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.

We are independent of the Group 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 company and group financial statements section of our report.

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.

Our firm has also provided other services to the Group in relation to Governance Review services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group

Our firm has provided other services to the Group in relation to Board Alignment and Strategy services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interests in, the Group

Pārongo kē atu (Other information)

Pārongo kē atu (Other information)

The Committee of Management Members on behalf of the Group, are responsible for the other information included in the entity’s Annual Report. Our opinion on the consolidated financial statements does not cover any other information and we do not express any form of assurance conclusion thereon.

The Committee of Management Members, on behalf of the Group, are responsible for the other information included in the entity’s Annual Report. 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 that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 that 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 as a body. 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, we do not accept or assume responsibility to anyone other than the shareholders as a body 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 the Committee of Management Members for the consolidated financial statements)

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

The preparation and fair presentation of the consolidated financial statements in accordance with generally accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime);

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

Assessing the ability 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 are 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 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 these consolidated financial statements

A further description of our responsibilities for the audit of these consolidated financial statements is located at the External Reporting Board (XRB) website at: http://www.xrb.govt.nz/standards for assurance practitioners/auditors responsibilities/audit report 7/

This description forms part of our independent auditor’s report.

KPMG Hamilton 13 September 2022

Koetuku Farm's new Miraka Hipi dairy shed and PKW kaimahi.

TE PURONGO

Ā-TAU Ā KOMITI

(COMMITTEE'S ANNUAL REPORT) FOR THE YEAR ENDED 30 JUNE 2022

2022 $'000

REVIEW OF OPERATION

Profit of PKW for the year 6,080 Add retained earnings as at 1 July 2021 230,049 Retained earnings 236,129

Dividend paid from capital reserves 2,875

THE FINANCIAL STATUS OF PKW AT 30 JUNE 2022 WAS: Assets 387,532

THESE WERE FINANCED BY: Shareholders' funds 315,372 Liabilities 72,180 387,552

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 2022

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.

Notes 2022 $'000 2021 $'000

Revenue C9 37,144 31,802

Other gains / (losses) - net C10 (5,671) 31,435 Expenses C11 (22,046) (18,301) Finance costs - net C12 (1,938) (2,031)

Share of net profits - equity method B7(b) 1,003 2,268

Profit before income tax 8,492 45,173 Income tax E18 (2,412) (2,389)

Profit for the year 6,080 42,784

Other comprehensive income: Items that will not be reclassified to profit or loss: Revaluation of whenua tupuna B4 (5,741) 8,060 Items that may be reclassified to profit or loss: Cash flow hedges - net of tax 886 1,197

Other comprehensive income for the year - net of tax (4,855) 9,257

Total comprehensive income for the year 1,225 52,041

For and on behalf of the Committee of Management these financial statements are authorised for issue on 13 September 2022.

DION TUUTA

TAARINGAROA NICHOLAS

Chair Chair Audit and Risk Committee

13 September 2022 13 September 2022

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 2022

Notes 2022 $'000 2021 $'000

ASSETS

Current assets

Cash and cash equivalents 15,701 17,186 Trade and other receivables 6,173 5,017

Derivative financial instrument E17 388 Inventories 526 167

Total current assets 22,788 22,370

Non-current assets

Property, plant and equipment B4 133,029 130,688 Intangible assets B5 15,731 15,764

Investments accounted for using the equity method B7 11,940 10,952 Investments in equity instruments B8 24,495 20,218

Derivative financial instrument E17 1,294 Investment property - commercial and rural B3 10,817 9,822 Investment property - whenua tupuna B3 152,755 161,886 Biological assets B6 14,703 13,097

Total non-current assets 364,764 362,427

Total assets 387,552 384,797

LIABILITIES

Current liabilities

Trade and other payables 6,083 4,368

Current tax payable 1,580 1,190

Derivative financial instruments E17 606 Whenua lease liabilities 189 203

Total current liabilities 7,852 6,367

Non-current liabilities

Borrowings D15 55,512 51,742

Unclaimed dividends C13 5,766 5,307

Derivative financial instruments E17 177 1,127 Deferred tax liabilities E19 2,062 2,294

Whenua lease liabilities 811 938

Total non-current liabilities 64,328 61,408

Total liabilities 72,180 67,775 Net assets 315,372 317,022

SHAREHOLDERS' FUNDS

Share capital D14 5,549 5,549 Reserves D14 73,695 81,424 Retained earnings D14 236,128 230,049

Total shareholders' funds 315,372 317,022

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

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.

TE TAUĀKĪ WHAKAATU I TE REREKĒTANGA O TE TAHUA (STATEMENT OF CHANGES IN EQUITY)

FOR THE YEAR ENDED 30 JUNE 2022

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)

Shareholder funds

Notes

Balance at 1 July 2020

Share capital $'000

Capital/ revaluation reserve $'000

Cash flow hedge reserve $'000

Retained earnings $'000 Total $'000

5,549 74,503 (2,239) 189,263 267,076

Profit for the year 42,784 42,784 Other comprehensive income Revaluation of PPE - whenua tupuna 8,060 8,060

Cash flow hedges - net of tax 1,197 1,197 Total comprehensive income - 8,060 1,197 42,784 52,041 Dividends paid (2,095) (2,095)

Adjustment to dividend paid (transferred from capital reserves) (97) 97

Total contributions by and distributions to owners (restated) (97) (1,999) (2,095)

Balance as at 30 June 2021 (restated) 5,549 82,467 (1,042) 230,049 317,022

Balance as at 1 July 2021 (restated) 5,549 82,467 (1,042) 230,049 317,022

Profit for the year 6,080 6,080 Other comprehensive income Revaluation of PPE - whenua tupuna (5,741) (5,741)

Cash flow hedges - net of tax 886 886 Total comprehensive income - (5,741) 886 6,080 1,225 Dividends paid C13 (2,875) (2,875) Balance as at 30 June 2022 5,549 73,851 (156) 236,129 315,372

TE TAUĀKI KAPEWHITI (STATEMENT OF CASH FLOWS) FOR THE

YEAR ENDED 30 JUNE 2022

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).

Cash flows from operating activities

Notes 2022 $'000 2021 $'000

Receipts from customers  40,664 34,885

Interest received  155 100

Income tax paid (2,441) (2,023)

Payments for milk price derivatives - net (3,935) (1,262)

Payments to suppliers  (17,473) (14,725)

Payments to employees (4,168) (3,277) Interest paid (2,034) (2,058)

Lease interest paid  (59) (73) GST paid (2,332) (2,310)

Net cash inflow from operating activities 8,377 9,257

Cash flows from investing activities

Receipts for disposal of property, plant and equipment 5,385 91 Payments for property, plant and equipment (13,105) (2,261)

Receipts from investments 982 454

Payments for investments (5,695) (367) Dividends received  690 346 Receipts from joint ventures 57 2,564

Payments to joint ventures (43) (24)

Net cash inflow / (outflow) from investing activities (11,729) 803

Cash flows from financing activities

Receipt of borrowings 3,770

Payment of dividends C13 (1,636) (1,463)

Lease principal paid (267) (215)

Net cash inflow / (outflow) from financing activities 1,867 (1,678)

Net increase / (decrease) in cash and cash equivalents (1,485) 8,382

Cash and cash equivalents at the beginning of the year 17,186 8,804

Cash and cash equivalents at the end of the year 15,701 17,186

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

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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 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. Comparative balances have been restated to reflect the correct presentation.

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 NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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

2022 $'000 2021 $'000

Whenua tupuna

Balance at beginning of year 161,886 137,543 Transfers to property, plant and equipment (611) Net gain / (loss) in fair value (8,520) 24,343

Total whenua tupuna 152,755 161,886

Commercial property Balance at beginning of year 1,084 990 Net gain in fair value 56 94

Total commercial property 1,140 1,084

Rural property Balance at beginning of year 8,736 3,429

Transfers to property, plant and equipment (33) Additions 79 Net gain in fair value 895 5,307

Total rural property 9,677 8,736

Total commercial and rural property 10,817 9,820

Total investment property 163,572 171,706

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

30 JUNE 2022

B3 Investment properties (continued)

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 2022 the valuations have been performed by Colliers International (2021: 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.

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:

Inputs used to measure FV 2022 2021

Discount rate 5.80% 4.70% Growth rate 2.50% 2.20% Time horizon 30 years 30 years An assessment (and therefore potential adjustment) of the projected cash flows at the next rental reset period being (2023/24), based on market knowledge and matters to be addressed during the next rental review.

Inputs sensitivity analysis

The following table illustrates the impact on fair value if inputs as at 30 June 2022 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.

Impact 10% lower $'000 Impact 10% higher $'000

Inputs used to measure FV

Discount rate 33,000 (23,000) Growth rate (10,000) 12,000

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

B4 Property, plant and equipment

Recognition and measurement

Property, plant and equipment

various classes

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 class

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.

Right of use assets class

Recognised at cost based on the initial lease liability measurement.

All classes

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:

Straight Line

Diminishing Value

Buildings 3-95 years 12.5-50 years

Plant, equipment and machinery 34-40 years 50-70 years Improvements 5-99 years 5-100 years

Right of use assets 2-30 years

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

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

B4 Property, plant and equipment (continued)

Capital Whenua Buildings Plant & Improvements Right of Whenua WIP equipment use asset tupuna Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

At 30 June 2021

Cost 513 44,880 19,079 10,704 10,328 1,570 87,074 Valuation 57,309 57,309 Accumulated depreciation (5,500) (5,725) (1,995) (475) (13,695) Net book amount 513 44,880 13,579 4,979 8,333 1,095 57,309 130,688

At 30 June 2022

Opening net book amount 513 44,880 13,579 4,979 8,333 1,095 57,309 130,688 Additions / adjustments 3,808 6,020 1,529 1,464 1,117 90 612 14,640 Transfers from WIP (509) (509) Revaluation (5,741) (5,741) Disposals (2,127) (1,382) (219) (227) (3,955)

Depreciation (note C11) (738) (809) (339) (208) (2,094) Closing net book amount 3,812 48,773 12,988 5,415 8,884 977 52,180 133,029

At 30 June 2022

Cost 3,812 48,773 18,611 11,620 11,080 1,439 95,335 Valuation 52,180 52,180 Accumulated depreciation (5,623) (6,205) (2,196) (462) (14,486) Net book amount 3,812 48,773 12,988 5,415 8,884 977 52,180 133,029

The estimated fair value of PPE excluding whenua tupuna at 30 June 2022 was $103m (2021:$96m), with an amount of $89m pledged as security against PKW borrowings - see note D15

Capital commitment

In March 2021 PKW committed $4.6m to repurpose an existing whenua block into miraka hipi (sheep dairy) units. Capital expenditure on this project began in December 2021 with Koetuku near completion at 30 June 2022, and Waitokorau expected to be completed by June 2023.

FOR THE YEAR ENDED 30 JUNE 2022 2022 ($'000) 2021 ($'000)

Koetuku 350 2,415 Waitokorau 1,050 2,200 Wananga / Tari 450

Total capital commitments 1,850 4,615

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

30 JUNE 2022

B5 Intangible assets

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

Fishing Quota

Fishing quota has no foreseeable limit to its useful life, and is therefore recognised at cost and reviewed annually for impairment. The recoverable amount at 30 June 2022 was $56m (2021: $54.4m) and the full amount is pledged as security against PKW borrowings - see note D15

Computer software $'000

Fishing quota $'000 Total $'000

Year ended 30 June 2022

Opening net book amount 144 15,620 15,764 Additions 4 4 Amortisation charge (note C11) (37) (37) Closing net book amount 111 15,620 15,731

At 30 June 2022

Cost 464 15,620 16,084 Accumulated amortisation (353) (353) Net book amount 111 15,620 15,731

B6 Biological assets

Recognition and measurement

Livestock is measured at fair value less cost to sell, and changes in fair value are recognised in the statement of comprehensive income within revenue. Livestock valuations at 30 June 2022 were provided by PGG Wrightson. These market values reflect livestock of similar age, breed and genetic merit throughout Aotearoa.

Dairy $'000 Beef $'000 Sheep $'000 Group $'000

Balance as at 1 July 2021 11,826 1,177 94 13,097 Purchases 1,041 1,041 Sales (1,467) (681) (224) (2,372) FV gain 1,812 1,048 77 2,937

Total biological assets 12,171 1,544 988 14,703

Livestock numbers comprise of: Quantity Quantity 2022 2021 Dairy 7,022 7,287 Beef 1,628 1,452 Sheep 2,129 540 Closing balance 10,779 9,279

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

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

B7 Interests in associates and joint ventures

Recognition and measurement

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.

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 profits - equity method.

Impact of the COVID-19 global pandemic

Last year the pandemic had a significant impact on the trading revenue of Ngāmotu Hotels Limited Partnership. At the date of issuing our financial statements, trading had recovered with no material impact in the carrying value of the interests.

Interests in joint ventures and associates

Name Nature of business Ownership interest Balance date Carrying amount 2022 2021 2022 2022 $'000 2021 $'000

Port Nicholson Facilities Limited Partnership Property 33% 33% 31-Mar 1,716 1,546

Port Nicholson Fisheries Limited Partnership Koura processing 12% 12% 31-Mar 949

Mangaoapa Station Partnership Forestry 50% 50% 30-Jun 5,189 5,238

Ngāmotu Hotels Limited Partnership Hotel 33% 33% 30-Jun 4,086 4,168

Total carrying amount 11,940 10,952

Movement

in

carrying amount 2022 2021 $'000 $'000

Balance 1 July 2021 10,952 11,224

Capital invested 42 24

Share of profit after tax 1,003 2,268 Cash distribution (57) (2,564)

Total equity accounted investments 11,940 10,952

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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.

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 2022.

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.

2022 $'000 2021 $'000

Farming portfolio

Ballance Agri-Nutrients Limited 465 465 Fonterra Co-operative Group Limited 8,579 11,123 Ravensdown Limited 501 Total farming investments 9,044 12,089

Diversification portfolio

Rockit

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

Capital commitment

In April 2018 PKW committed $2m to invest in Te Pūia Tāpapa Limited Partnership, a fund established by iwi and Māori organisations to invest in significant Aotearoa businesses. At 30 June 2022 $0.7m remains as committed capital due on completion of key milestones by the fund.

In November 2021 PKW committed $5m to invest in Hāpai Commercial Property LP, a Maori owned commercial property fund. At 30 June 2022 $5m remains as committed capital due on completion of key milestones by the fund.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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 next rent review due 1 January 2024 with a perpetual right to renew every 21 years.

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 and Open Country Dairy (OCD), and has entered into milk price future and swap contracts. Revenue is recognised at the midpoint of the latest published Fonterra or OCD forecast milk price range, or at the agreed milk price future or swap 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.

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.

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

YEAR ENDED 30 JUNE 2022

C9

Revenue

(continued)

2022 $'000 2021 $'000

Rental revenue - whenua tupuna 7,126 7,126

Rental revenue - other 270 227

Milk proceeds 23,255 18,615

Quota lease 1,645 1,739

Royalty revenue 227 127

Livestock 2,937 2,893

Other revenue - dividends 690 397

Other revenue - general 994 678

Total revenue 37,144 31,802

C10 Other gains / (losses)

2022 $'000 2021 $'000

Gain / (loss) on disposal of property, plant and equipment 2,341 (42)

Gain / (loss) on investments at fair value (421) 1,659

Gain on investments at cost 76

Gain / (loss) on investment property - whenua tupuna (8,520) 24,343

Gain on investment property - commercial and rural 929 5,400

Loss on foreign exchange (1)

Total other gains / (losses) (5,671) 31,435

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

FOR THE YEAR ENDED 30 JUNE 2022

C11 Expenses

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

2022 $'000 2021 $'000

Manaakitanga

Advisory, consulting and professional fees 987 459 Depreciation and amortisation 2,132 2,050 Rent and whenua rates 402 336

Repairs and maintenance 1,925 1,451 Quota and dairy insight levies 249 260 Other manaakitanga expenses 1,105 1,102 Total Manaakitanga 6,800 5,658

Kaitiakitanga

Resource use - water rates and electricity 212 176

Animal health 1,646 1,462 Feed inputs 3,323 2,412 Pasture management 1,469 1,104 Other kaitiakitanga expenses 217 262 Total Kaitiakitanga 6,867 5,416

Whanaungatanga

Contract milker expenses 3,154 2,925 Kaimahi benefits 4,250 3,367 Kaimahi welfare 127 88 Health and safety 32 29 Governance fees 478 484 Social investment - grants 264 270 Total Whanaungatanga 8,305 7,163

Whakapono

Shareholder communications 74 64 Total Whakapono 74 64

Total expenses 22,046 18,301

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

Finance income and expenses

Finance costs

2022 $'000 2021 $'000

Interest on borrowings and finance charges (2,034) (2,058)

Interest on lease liability  (59) (73) Total finance costs (2,093) (2,131)

Finance income

Interest income 155 100 Net finance costs (1,938) (2,031)

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.

Date approved by Committee of Management

2022 per share 2022 $'000

Dividend for 2022 27 June 2022 1.95 2,336 Special dividend for 2022 27 June 2022 0.45 539

2021 per share 2021 $'000

Grant to Parininihi ki Waitōtara Trust

An annual grant of $287k (2021: $209k) is paid each year to the Trust based on 10% of the annual dividend, to support the Trust objectives to advance the educational and cultural aspirations of Taranaki Māori.

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.

Dividend for 2021 (paid December 2021) 24 June 2021 1.75 2,095 Total dividends 2.40 2,875 1.75 2,095 2022 $'000 2021 $'000

Unclaimed dividends 5,766 5,307

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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.

2022 $'000 2021 $'000

Initial share capital 5,549 5,549

Capital reserve 73,851 82,563

Cash flow hedge reserve (156) (1,042) Retained earnings 236,129 229,952

Total shareholders' funds 315,372 317,022

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.

Capital reserve

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

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.

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 NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

D15 Borrowings

Recognition and measurement

Rabobank borrowings are recognised initially at the fair value of the drawn facility amount, net of transaction costs paid. Borrowings are subsequently stated at amortised cost using the effective interest method. All borrowing costs are recognised as an expense in the period they are incurred.

2022 $'000 2021 $'000

Secured

Rabobank facility 55,512 51,742 Total borrowings 55,512 51,742

Rabobank facility  Facility 1 (matures 30 September 2024) 11,000 21,000 Facility 2 (matures 30 September 2024) 9,000 9,000 Facility 3 (matures 20 February 2024) 45,000 45,000 Facility 4 (matures 30 September 2024) 10,000 Total facility 75,000 75,000 Drawn 55,512 51,742 Undrawn 19,488 23,258 75,000 75,000

Weighted average interest rate 3.26% 2.43%

The facility is secured by:

• General security agreement from the Proprietors of Parininihi ki Waitōtara Block and other PKW entities

• Unlimited guarantee from the Proprietors of Parininihi ki Waitōtara Block and PKW Farms LP

• Eight first mortgages over selected properties and Quota, and a registered first security agreement over all personal property, with a total value of $168m. PKW has complied with all banking covenants in the year.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

NGĀ KŌRERO WHAKATĀPIRI (OTHER DISCLOSURES)

E16

Risk management

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

Risk

Legislative or regulatory

Environmental

Exposure arising from

Changes to legislative regime or operational regulations

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

Measurement

Watching brief

Management

Active participation via submissions supported by relevent advisory services

Watching brief

Climate related changes

Interest rate

Funding or credit

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

Long-term borrowings at variable rates

Inability to renew borrowing facilities or favourable terms

Scenario analysis

Alignment and refinement of operating practices

Development and implementation of a climate change response adaption plan

Liquidity

Commodity price

Inability to meet day to day obligations

Material movement in agricultural product prices

Sensitivity analysis

Aging analysis

Rolling cash flow forecasts

Sensitivity analysis

Interest rate swaps

Tiered borrowing facility profile

Liquid funds and committed facilities

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.

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

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

E16 Risk management (continued)

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.

2022 $'000 2021 $'000

NOTES TO THE

Financial assets

Financial assets at amortised cost

Receivables 5,378 4,530 Milk price futures collateral 726 421 Cash and cash equivalents 15,701 17,186

Financial assets at fair value through profit or loss 24,495 20,218 Derivatives - interest rate swaps 1,682 Total financial assets 47,982 42,355

Financial liabilities

Financial liabilities at amortised cost Borrowings 55,512 51,742 Payables 326 128 Unclaimed dividends 5,766 5,307 Derivatives - milk price futures / swaps 177 1,733

Total financial liabilities 61,781 58,910

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

E17 Derivative financial instruments

PKW uses cash flow hedges to manage its risks. These are managed by:

Interest rate swaps

The interest rate on the PKW Rabobank facility is 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% (2021: 48%) of drawn borrowings.

Milk price futures and Milk price swaps

PKW has milk price risk resulting from variability in Fonterra or OCD's final farmgate milk price announced and settled in September each year.

PKW has entered into future and swap contracts for the 2022 and 2023 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 and swaps are transferred to profit or loss when the underlying contract ends.

PKW has the following derivative financial instruments: 2022 $'000 2021 $'000

Current assets

Interest rate swaps 388 Non-current assets

Interest rate swaps 1,294

Total derivative financial instrument assets 1,682 -

Current liabilities

Interest rate swaps  606 Non-current liabilities

Interest rate swaps  333

Milk price futures and swaps  177 794 Total non-current derivative financial instrument liabilities 177 1,127

Total derivative financial instrument liabilities 177 1,733

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2022

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 adjustment to tax payable for previous years based on applicable tax law. 2022 $'000 2021 $'000

Reconciliation between tax expense and accounting profit

Profit for the year 8,492 45,173

Tax at the Māori Authority tax rate 17.5% 1,486 7,905

Adjusted for the tax effect of: Other permanent differences (773) 58 Changes in fair value of investments 1,653 (5,443)

Prior year adjustments 15 (127) Non-assessable income (19) (22) Non-deductible expenses 50 18 Income tax expense 2,412 2,389

Income tax expense

Income tax comprises: Curent tax  2,373 2,049 Deferred tax expense 39 340 2,412 2,389

Charged to other comprehensive income Loss on FV of cash flow hedges 188 253 Income tax 2,600 2,642

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

YEAR ENDED 30 JUNE 2022

E19 Deferred tax liability

Recognition and measurement

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in the financial statements and the amounts used for taxation purposes. It is not recognised if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time does not affect accounting or taxable profit or loss.

A deferred tax asset is recognised when it is probable that future taxable profit will be available to use the asset.

Movement in deferred income tax:

Investmentsequity method $'000

Property, plant and equipment $'000 Livestock $'000 Other $'000 Total $'000

At 1 July 2020 1,219 241 289 227 1,976

Statement of comprehensive income (11) 49 142 160 340

Other comprehensive income (20) (20)

At 30 June 2021 1,208 290 431 367 2,296

At 1 July 2021 1,208 290 431 367 2,296 Statement of comprehensive income (154) 110 (46) 129 39

Other comprehensive income (271) (271)

At 30 June 2022 1,054 400 385 225 2,064

E20 Māori authority credit account

Māori authority credits can be attached to taxable dividends paid to members. Attaching credits mean 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.

2022 $'000 2021 $'000

Māori authority credits 16,536 13,679

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

FOR THE YEAR ENDED 30 JUNE 2022

E21 Related party transactions

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

2022 $'000 2021 $'000

Compensation with key management personnel

Governance fees

Parininihi ki Waitōtara Incorporation  320 321 Parininihi ki Waitōtara Trust 7 8

PKW Farms LP 140 140 Sub committees  10 10

Associated boards 5

Total Governance fees 477 484

Kaimahi benefits for executive management team 1,358 1,124 Total key management personnel compensation 1,835 1,608

Other transactions with key management personnel or entities related to them

Purchase of goods or services 2 4

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.

Nature of business Balance date Equity holding 2022 % 2021 %

PKW is comprised of the following material entities:

PKW Farms LP Farming 30-Jun 100 100

PKW Trust Charitable 30-Jun 100 100

PKW Miraka Hipi LP Miraka hipi (Sheep dairy) 30-Jun 100

Ōkahu Inuawai (me ētehi atu) whānau host PKW kaimahi and suppliers as part of the Tāinga Kawa ceremony at Koetuku (Miraka Hipi Farm).

PARININIHI KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA

E kore e kitea e au te tangi ki hāku mate. Ko Whaititiri pā kē ki te rangi, ko te matangi a Rupe noho te tini te mano, ko tai o te moana hāorooro ana ki te one i Waokena, tiehuria te wai o tō hoe ka kai te rae ki Rangitāwhi kua tangata kore ē.

He pata ua nō te rangi kua oti te hīri ki te whenua, he pawa auahi nō te whenua kua oti te hīri ki rangi - ko te tangata tōmua, ko te whenua tōmuri. Ahakoa te kātoro o te ahi, te whenua i murua me te iringa o te raupatu, ka mate ko te mate ka ora te manawa o te toa te manawa whētukituki o te tauira me te manawa kaiawatea o te iwi. Tēnei mātou e piki ake ana ki runga i te rangi whakamaruwehi i te rangi whakamarutuna kia mārohirohi, kia mākohakoha kia whakahoukura mai ai i toi o te ora kia whakarākei mai ai te whenua ki a titikaha mauroa kia titikaha maurongo.

E kore e mutu ngā mihi maioha ki a koutou katoa. Tēnā koutou, tēnā koutou, tēnā koutou katoa.

Nōku te hōnore ki te tāpae mō Te Rau Manawaora o Parininihi ki Waitōtara, te pūrongo ā-tau mō te whaihua o ā mātou mahi mō te tau pūtea 2021/2022.

NGĀ RAUTAKI MATUA

Hoa whakapakari i te Rau o te Kura (Building Potential)

He hōnore, he mea pārekareka hoki te whakakaha i tō tātou whānau Rau Titikura (te whānau Kaiwhaipānga) kia puāwai mai

kia tū tangata ai. Tautokona ai ngā ākonga, ngā rangatahi hoki ki te nuinga o ā mātou takuhe mātauranga, ā, ko te tūmanako ia, ā tōna wā ka hāpai rātou i te tōnuitanga o ngāi Māori o Taranaki.

Ki tā te Tarati tirohanga, mā tāna whakakaha me tāna whakapai i ngā āheitanga me te mōhiotanga o ō tātou iwi, hapū, whānau hoki, e tautokona ai tō rātou toitū, tō rātou pūmau, me tō rātou āhei kia

tōnui ai hei Māori o Taranaki ngā whakatipuranga e heke mai ana. Nā te tautoko o ō mātou hoa mahitahi ā-iwi, ā-pakihi hoki, o Māori Education Trust, Te Herenga Waka, o Te Kunenga ki Pūrehuroa i toha mātou i ngā takuhe mātauranga 198, i ngā karahipi he $247 mano te uara, i te $20 mano hei takuhe marae, me te $22 mano ki ngā kaiwhiwhi takuhe hapori e rua.

WILL EDWARDS

I te mutunga iho, i tukuna e tō koutou Tarati ngā pūtea he $289 mano te nui – he tāpae nunui. I riro i a Taranaki Tū Mai tētehi tahua hapori, he $21 mano te rahi. He kaupapa whakahirahira tēnei o ia rua tau e whakahuihui ana i ngā uri Māori o Taranaki hei whakanui i te Taranakitanga, te whanaungatanga me te kotahitanga. Tae ana ngā whakanui me ngā whakataetae ki te maha o ngā hākinakina, kapa haka, wānanga hoki.

Kei tua i te toha pūtea ko te hāpai i ngā uri Māori o Taranaki nui tonu, ā, i tēnei tau he tauira rawe te whakarewatanga o He Kurataiao o te whakahuihui tangata hei painga mō te katoa.

I whakahuingia ngā kaitiaki whenua nō ngā pito katoa o te rohe mō te wānanga kōrero me te whakamahere rautaki e pā ana ki te whakamaru me te tiaki,

e whakatakoto ai te ara ki te whakakaupapa i te kotahitanga. Tata ki te 100 kaimahi taiao i tae atu ki te hui e toru rā te roa, ā, he tokomaha o rātou o ngā tīma Taiao maha kua whakatūria ina tata nei huri noa i Taranaki maunga, e wānanga ana i ngā mōhiotanga, e tūhonohono ana rātou ki a rātou anō.

Tae ana ngā tino take i wānangahia ki te whakahāngai i te ao Māori me te pūtaiao, te whakauru i ngā uara ahurea ki ngā tukanga whakamahere me ngā kaupapa here taiao, tauira arumoni, ngā wero kei mua i te aroaro o ngāi Māori i roto i te whakamahere taiao, me te toitū waiwai o ngā tīma taiao kei ō rātou whenua mahi.

I hua mai te Kurataiao i tō mātou ū kia tata atu te mahi ki te taha o ngā hapū me ngā iwi, ā, he mea mīharo te kite i te maha o ngā

pānga me ngā hononga i tuia. Kua whakaū a Te Raumanawaora (arā, te Tarati) kia tautoko i He Kurataiao i ia tau kia whakahaere tonu, kia whakaahu whakamua hoki tēnei hīkoi motuhake tuatahi.

He Whāinga mō te Wāheke: Ahakoa ka noho tonu hei mahi matua mō Te Rau Manawaora ngā takuhe me ngā karahipi mātauranga, hei te tau e tū mai ana ka āta arotahi atu kia kōkiri whakamua tonu He Kurataiao.

He puāwai nō roto i te Whanaungatanga (Relationships to grow resources)

Mā te mahitahi me ngā kaiwhakarato o PKW Group, iwi, ētehi atu tarati Māori me ngā rōpū mātauranga e whakaāhei mātou ki te whakarahi i te tautoko me ngā ara mō ā tātou uri, rangatahi hoki.

He whāinga matua o Te Rau Manawaora te whakahonohono ki te kaupapa kotahi nā te mea ka

Above: PKW host the inaugural Kura Taiao Wananga.

<< whakaāhei tātou ko ngā hunga e tautokona ana kia eke ki ngā taumata tē taea ina mahi takitahi.

I roto i tēnei aronga mahitahi i hono mātou ki te Māori Education Trust, ā, nā tērā i tāpiri atu rātou ki ō tātou Karahipi Iwi, e whakarahia ake te pūtea i te $2500 ki te $3750 i ia tau. Ināianei kua wātea tētehi pūtea tāpiri mā ngā ākonga kei Te Kunenga ki Pūrehuroa, kei Te Herenga Waka hoki kua whiwhi kē ki tētehi takuhe, karahipi rānei a Te Rau Manawaora.

E 21 ngā hoa karahipi o te Tarati ināianei.

He Whāinga mō te Wāheke: Kia tautohu tonu i ngā mea angitu pūtea, whakangungu mahi hoki mō tō tātou whānau kaiwhaipānga.

Pūtea

Tāpui

He mahi taumaha te mahi a te Tira Rau Tātai Kura ki te rapu i ngā rautitikura (kaiwhaipānga) i ā rātou tamariki mokopuna rānei he pūtea tāpui ā rātou. Kua eke ki te $5.7 miriona te tahua tāpui.

He Whāinga mō te Wāheke: Kia kōkiri tonu i te kimi rautitikura

ngaro, te tiaki i ō rātou hononga whakapapa ki Parininihi ki Waitōtara, ki te whakaheke hoki i te puna utu whaipānga kāore anō kia tonoa.

Whakahouhou i te Te Rau Manawaora

Kua oti i a KPMG, arā, i te kaiaroturuki motuhake, te arotake i te mana whakahaere o Te Rau Manawaora, ā, i tēnei wā e whakatūria ana tētahi hanganga iti atu, he kaha atu te whāomo hoki.

Tae ana tēnei ki tētehi komiti me āna mema e rua nō Te Rau Rengarenga o Parininihi ki Waitōtara (ko tētehi o rāua hei Heamana), tētehi ringatohu motuhake, tētehi māngai Rau Titikura ka kōwhiria i te whakaminenga i te Hui ā-Tau.

Koinei te wā tuatahi ka whakatūria tētehi ringatohu motuhake ki te tīma mana whakahaere o te Tarati, ā, mā tērā e whakaū ai ka whai wāhi ki ngā pūkenga me ngā wheako e tika ana i te rāngai ohaoha, pūtea hoki i ngā wā e whakatau whakaaro ana.

Mātua rā, ka whakamōhio atu mātou i ngā kopoutanga ina whakatutukihia ai, ki te hunga Rautitikura.

He Whāinga mō te Wāheke: Ka rite te hanganga o te komiti hou, kia arotake, kia whakahou hoki i te rautaki a Te Rau Manawaora, kia whakaāhei i a tātou ki te mahi tahi me te mahi hāngai i roto i te tōpūtanga o te iwi whānui. Ko te kaupapa ka ārahi i a tātou ko te whai mārama me te aro atu ki ngā mahi e kaha nei tātou ki te hāpai ake.

Pūtea o Te Tau

He $287 mano te tahua ki Te Rau Manawaora (te Tarati) i Te Rau Rengarenga (Te Kōporeihana) o Parininihi ki Waitōtara (he $78 mano te pikinga i te tahua o ina tau nei), me te $39 mano tāpiritanga tāpae i ō tātou hoa. Hui katoa he $326 mano te whiwhinga moni takuhe. Hui katoa he $127 mano te whiwhinga pūtea huamoni - arā, he $125 mano mai i te pūtea taurewa o Te Rau Rengarenga o Parininihi ki Waitōtara, ā, he $2 mano i ngā tāpiritanga pēke.

Above: PKW host the inaugural Kura Taiao Wananga.

"... mā tāna whakakaha me tāna whakapai i ngā āheitanga me te mōhiotanga o ō tātou iwi, hapū, whānau hoki, e tautokona ai tō rātou toitū, tō rātou pūmau, me tō rātou āhei kia tōnui ai hei Māori o Taranaki ngā whakatipuranga e heke mai ana."

He Mihi

Hei whakakapinga māku, ka rere te mihi ki Te Rau Rengarenga o Parininihi o Waitōtara, nāna te Tarati i tautoko, mai anō, ā, haere tonu atu nei.

E mihi ana ki ngā Rautitikura, ki ō rātou whānau hoki, nō rātou te hiahia me te manawanui kia piki ake te mahi me te mana tangata, kia eke tonu ki ngā taumata hoki mō rātou me ō rātou iwi - ko ō tātou kaiwhiwhi tō tātou āpōpō, ā, e harikoa ana mātou ki te tautoko i tō rātou hīkoi hei uri Māori o Taranaki, e poho kūkupa ana.

Ngā mihi

Will Edwards

Te Rau Toi Tauira o Te Manawaora

o Parininihi ki Waitōtara

PARININIHI KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA

Chairperson Report

WILL EDWARDS

E kore e kitea e au te tangi ki hāku mate. Ko Whaititiri pā kē ki te rangi, ko te matangi a Rupe noho te tini te mano, ko tai o te moana hāorooro ana ki te one i Waokena, tiehuria te wai o tō hoe ka kai te rae ki Rangitāwhi kua tangata kore ē.

He pata ua nō te rangi kua oti te hīri ki te whenua, he pawa auahi nō te whenua kua oti te hīri ki rangi - ko te tangata tōmua, ko te whenua tōmuri. Ahakoa te kātoro o te ahi, te whenua i murua me te iringa o te raupatu, ka mate ko te mate ka ora te manawa o te toa te manawa whētukituki o te tauira me te manawa kaiawatea o te iwi. Tēnei mātou e piki ake ana ki runga i te rangi whakamaruwehi i te rangi whakamarutuna kia mārohirohi, kia mākohakoha kia whakahoukura mai ai i toi o te ora kia whakarākei mai ai te whenua ki a titikaha mauroa kia titikaha maurongo.

E kore e mutu ngā mihi maioha ki a koutou katoa. Tēnā koutou, tēnā koutou, tēnā koutou katoa.

I am honoured to present, on behalf of Te Rau Manawaora o Parininihi ki Waitōtara, the Parininihi ki Waitōtara Trust, the annual report on the performance of our activities for the financial year 2021/2022.

STRATEGIC PRIORITIES

Hoa whakapakari i te Rau o te Kura (Building Potential)

Enabling our Rau Titikura shareholder whānau to follow their

aspirations to become the people they want to be is both a pleasure and a privilege. Most of our educational grants support ākonga and rangatahi who we hope will contribute to the prosperity of Taranaki Māori in the future.

It is the view of the Trust that by enabling and improving the capabilities and knowledge in our iwi, hapū and whānau, we are helping to facilitate their sustainability, stability, and their

ability to thrive as Taranaki Māori for generations to come.

This year the Trust, with the support of our iwi partners, business partners, Māori Education Trust, Victoria University of Wellington and Massey University distributed 198 educational grants and scholarships worth $247k, along with a $20k marae grant and a total of $22k to two community grant recipients.

This means your Trust made 201 awards worth $289k – a significant contribution. Taranaki Tū Mai was the recipient of a $21k community grant. This is an important biennial event that brings together Taranaki Māori to celebrate Taranakitanga, whanaungatanga and kotahitanga. The celebrations and competition feature a wide range of sports, performances, and wānanga

Enabling Taranaki Māori to flourish goes beyond the distribution of pūtea, and the launch of He Kurataiao this year is a wonderful example of how we can bring people together for the collective good.

The event brought kaitiaki whenua together from all corners of the rohe for discussion and strategic planning around environmental care and protection, creating the opportunity to whakakaupapa i te kotahitanga (to unite and consolidate our efforts). The three-day hui saw around 100 environmental kaimahi, and

members of the many Taiao teams recently established around Taranaki maunga, sharing knowledge and making connections.

Key points of discussion included the alignment of te ao Māori and science, incorporating cultural values into planning processes and environmental policies, commercial models, the challenges Māori face in environmental planning, and the critical sustainability of taiao teams on the ground.

He Kurataiao was borne out of our commitment to working more closely with hapū and iwi, and it was wonderful to see the number of relationships and connections being made. The Trust has pledged to support an annual He Kurataiao to maintain and progress this auspicious first step.

Future Goal: While community grants and education scholarships will remain a key activity for the

PKW Trust, maintaining the traction gained through He Kurataiao will be a clear focus for the year ahead.

He puāwai nō roto i te Whanaungatanga (Relationships to grow resources)

Working in partnership with PKW Group suppliers, iwi, other Māori trusts and educational organisations enables us to provide more support and opportunity for our uri and rangatahi.

Forging relationships with a shared kaupapa is a key strategic aim for the Trust because it enables us, and those we support, to achieve more than we would working alone.

This collaborative approach has seen us establish a new relationship with the Māori Education Trust, which has meant they were able to add to our Iwi Scholarships, increasing the funding from $2500 per year

HE ORANGA PARININIHI KI WAITŌTARA INCORPORATION

TE RAU TOI TAUIRA CHAIRPERSON REPORT

Above: PKW host the inaugural Kura Taiao Wananga.

<< to $3750. Additional funding is also now available for students at Massey University and Victoria University of Wellington already receiving a PKW Trust grant or scholarship.

The Trust now has 21 scholarship partners.

Future Goal: To continue to identify funding and vocational training opportunities on behalf of our shareholder whānau.

Pūtea Tāpui (Unclaimed dividends)

Identifying shareholders, or their tamariki mokopuna, with unclaimed dividends continues to be a challenge for the Parininihi ki Waitōtara shareholder engagement team. The amount remaining unclaimed has now reached $5.7M.

Future Goal: To continue the drive to find missing shareholders, protect their whakapapa connection to Parininihi ki Waitōtara, and reduce the pool of unclaimed dividends.

Whakahouhou i te Te Rau Manawaora (Governance Restructure)

The governance review of the PKW

Trust, carried out by independent auditor KPMG, has been completed and a leaner, more efficient, structure is now being put in place.

This will consist of a committee made up of two members from the PKW Committee of Management (one of whom will be Chair), one independent director and a shareholder representative elected from the floor at the AGM.

This is the first time an independent director will have been appointed to the Trust’s governance team and will help ensure that the right skills and experience in the charitable and funding space are accessible during any decision-making process.

We will, of course, keep Rau Titikura informed of appointments as they happen.

Future Goal: To review and refine the Trust’s strategy once the new committee structure is in place, so enabling us to work in a collaborative and complementary manner in the wider iwi collective. Identifying and focusing on what we do well will be our guiding kaupapa.

Pūtea o Te Tau (Revenue)

The contribution from Parininihi ki Waitōtara Incorporation to the Trust for the year was $287k (an increase of $78k on last year) with a further contribution of $39k from our partners. This gave us a grant revenue total of $326k. Interest income totalled $127k - $125k from the PKW Incorporation loan and $2k from bank deposits.

He Mihi (Acknowledgements)

As always, I wish to acknowledge and thank Te Rau Rengarenga o Parininihi ki Waitōtara, the Committee of Management, for its ongoing support of the Trust.

Thank you too, to our Rau Titikura and their whānau, for their desire and determination to do more, be more, achieve more for both themselves and their iwi – our recipients are our future, and we are so pleased to be able to support them on their journey as proud Taranaki Māori.

Ngā mihi

Will Edwards

Te Rau Toi Tauira o Te Manawaora

o Parininihi ki Waitōtara

Above: PKW host the inaugural Kura Taiao Wananga.

HE PUĀWAITANGA HE RAUKOTAHI VALUE-ADD

SUPPLIER AGREEMENTS HELP WHĀNAU FOLLOW THEIR ASPIRATIONS

A new procurement strategy (Tiria te māra, he puāwai nō runga nō raro) implemented by the PKW Group this year continued the focus on adding value to supplier relationships, with an emphasis on delivering better outcomes for shareholder whānau.

This means suppliers are given the opportunity to play an active role in enabling Taranaki Māori to follow their aspirations and set their goals high by way of scholarship support, training or other development pathway.

Building strong relationships is key to enabling the PKW Trust to increase the level of support available to our whānau without putting financial pressure on the funds available to us.

We are happy to announce two new scholarships have been established this year;

PKW-Govett

Qulliam Undergraduate Scholarship

This agreement with local law firm Govett-Quilliam provides for a $2000 annual scholarship for applicants enrolled in their third or fourth year of a Bachelor of Laws degree.

PKW-D R (Jack) Gray Ltd Undergraduate Scholarship

Hawera painting and decorating firm R (Jack) Gray Ltd, together with PKW are now able to offer an annual undergraduate scholarship of $1500.

Māori Education Trust/Toitū Māori Mātauranga

A new relationship with the Māori Education Trust means that our Iwi Scholarships have been increased from $2500 per year to $3750, due to a new co-funding agreement. This means four postgraduate and five undergraduate scholarships can now provide recipients with additional support for their studies.

Additional funding for PKW Trust grant or scholarship recipients studying at Massey University or Victoria University of Wellington is also available thanks to a tripartite agreement between PKW, Toitū Māori Mātauranga and the two universities.

We will continue to look for and initiate relationships and partnerships that can help us to support our whānau and widen the range of opportunities the Trust can offer.

CURRENTLY, THE SCHOLARSHIPS AND GRANTS AVAILABLE TO TRUST APPLICANTS ARE:

Ballance Agri-Nutrients

Two undergraduate scholarships, each valued at $2500 available to full-time students enrolled in land science or business studies.

Ballance is a NZ farmer-owned co-operative that helps make farming more productive, profitable and sustainable. From a core business of manufacturing fertiliser, it has grown to offer a full range of nutrient-related products and services. These enable farmers to achieve productivity goals while leaving a minimal environmental footprint.

TE RAU HONONGA EDUCATION PARTNERS

BNZ

One scholarship valued at $2500 for undergraduates studying in the banking- or finance-related fields along with the opportunity for a summer internship.

BNZ is one of New Zealand's big four banks and provides financial services across the retail, business and institutional banking sectors.

D R (Jack) Gray Ltd

One undergraduate scholarship worth $1,5000 each year.

A South Taranaki painting and decorating firm, D R (Jack) Grey are known throughout the province.

Evergreen Plumbing Group Limited

Awarded to undergraduate scholars and worth $1500 each year.

Evergreen Plumbing Group Ltd provides plumbing services across South Taranaki.

Farmlands

Three scholarships, each valued at $2500. Available for undergraduates undertaking full-time study. Studies must contribute to PKW and Farmlands business activities.

New Zealand's largest farmer-owned co-operative, formed with the intention of providing competition in the retail farm supply industry to reduce costs for small agribusinesses. Farmlands supplies products and services for all elements of the farming industry.

Govett Qulliam

One undergraduate scholarship worth $2000 each year for law students in their third or fourth year.

Govett Quilliam is one of Taranaki’s most trusted law firms, with offices in New Plymouth, Inglewood and Stratford.

TE RAU HONONGA EDUCATION PARTNERS

(CONTINUED)

iStudios

One undergraduate scholarship worth $2000 each year.

A local Māori multi-media design and marketing business, iStudios is responsible for the stunning design, photography and production of PKW’s Whenua magazine.

Mark Frost Electrical

One annual undergraduate scholarship worth $1500

Mark Frost electrical is a family-owned business based in Hāwera.

Marsh Insurance

One undergraduate scholarship valued at $2500 and an opportunity for internship. Studies must contribute to PKW's business activities.

Marsh Insurance is a global leader in insurance broking and innovative risk management solutions. They help their customers quantify and manage risk and unlock new opportunities for growth.

Meridian Energy

One co-funded scholarship valued at $1500 per year is open to all undergraduate students.

Meridian is NZ's largest renewable energy generator, producing all its power from 100% renewable sources. It is also one of the country's largest power retailers.

Nova Energy

One scholarship valued at $5000 per year for a maximum of three years. Available for undergraduate students in technical or science-related fields.

One of the newest power retailers in the New Zealand market, Nova offers electricity, natural gas, broadband internet services and landline telephone services. The company prides itself on its award-winning customer services.

MARK FROST ELECTRICAL

TE RAU HONONGA EDUCATION PARTNERS (CONTINUED)

Victoria University Wellington

Two co-funded scholarships, each valued at $5000 per year are available each year to existing VUW postgraduate students.

These scholarships are a result of the Taihona relationship between the Parininihi ki Waitōtara Trust (the Trust) and Victoria University 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.

TE RAU ARA WHANAUNGA IWI PARTNERS

Ngāti Maru

One co-funded scholarship valued at $2500, 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.

Te Kāhui o Taranaki

One co-funded scholarship valued at $2500. The scholarship aims to support Bachelor-level study in Environmental Planning or Resource Management studies.

Te Korowai o Ngāruahine

Trust

One co-funded scholarship valued at $2500. For full-time undergraduate students whose studies align with PKW and Te Korowai o Ngāruahine Trust business activities. Students must be in at least their second year of tertiary study to qualify. The Trust is the mandated post-settlement governance entity for Ngāruahine Iwi.

TE RAU ARA WHANAUNGA IWI PARTNERS (CONTINUED)

Te Kotahitanga o Te Atiawa

One co-funded scholarship valued at $2500. The scholarship aims to support Bachelor-level study in Environmental Planning or Resource Management studies.

TE RAU ĀWHINA PKW SCHOLARSHIPS

Ngāti Mutunga

One co-funded scholarship valued at $2500, 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.

TE RAU MATATOI CHARLES BAILEY SCHOLARSHIP

One scholarship valued at $7500 per year for a maximum of 3 years.

Postgraduate only. Studies must contribute to PKW business activities and recipient must be available to PKW throughout the term of the scholarship. Charles Bailey Scholarship 2022 recipient Kura Lacey says, “This PKW connection through the scholarship just reaffirms my identity in that I have my iwi and my hapū backing me in my career. They are supporting me to support them, because while I can’t live in Taranaki for my studies, I can give back to my whānau through the mahi they are supporting me to do.”

TE RAU PAETAWHITI PKW POSTGRADUATE SCHOLARSHIPS

Three scholarships valued at $5000 each per year for a maximum of 3 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: Edward Tamati, Matekitawhiti Carr and Gloria Kerehoma.

TE RAU PAETATA PKW UNDERGRADUATE SCHOLARSHIPS

Five scholarships, each valued at $2000 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 following students have been awarded scholarships:

Name Course of Study

PKW Charles Bailey Postgraduate Scholarship

Kuramaiki Lacey-Brooks

Shareholder Value of Endorsement Scholarship

Master of Community Dentistry Marylinda (Mere) Brooks $7,500

PKW Mate-ki-Tawhiti Carr Postgraduate Scholarship

Te Kahurangi Skelton Masters of Science: Sport, Exercise and Health Moana Skelton $5,000

PKW Gloria Kerehoma Postgraduate Scholarship

Hinenui Wano-Bryant Masters of Māori and Indigenous Leadership Liana Poutu - Edward Rongomai Ira $5,000 Tamati Whanau Trust

PKW Edward Tamati Postgraduate Scholarship

Ngahuia Kawau

Poutahu Whakaakoranga / Raewyn Kawana $5,000 Postgraduate Diploma in Education

PKW Undergraduate Scholarship

Lena Kemp

Shaye Witehira

Sophia ‘Unga

Tara-Lee Manu

Wendy Eynon

Te Pokairua Reo (Rumaki) : Jan Bezems $2,000 Diploma of Māori Language Fluency

Bachelor of Arts - Law / Piripi Wipatene Whānau Trust $2,000 Māori and Indigenous Studies

Bachelor of Arts - History Retihiamatikei Cribb $2,000

Bachelor of Māori Visual Art Janette Manu $2,000

Bachelor of Career Guidance John Matakana Eynon $2,000

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ARA WHANAUNGA

IWI PARTNER SCHOLARSHIPS

The following students have been awarded scholarships:

Name Course of Study Shareholder Value of Endorsement Scholarship

PKW-Ngāruahine Undergraduate Scholarship

Madison Waller Bachelor of Laws

PKW-Ngāti Maru Undergraduate Scholarship

Rocky Hudson $3,750

Season Blackburn-Kingi Bachelor of Health Sciences Peter Moeahu $3,750

PKW-Ngāti Mutunga Undergraduate Scholarship

Phoebe-Robyn Turner O’Carroll Bachelor of Health Science Charles Bailey Estate $3,750

PKW-Taranaki Iwi Undergraduate Scholarship

Huria Ritai Bachelor of Arts - Māori and Indigenous Studies Te Urumairangi Ritai Whanau Trust $3,750

PKW-Te Atiawa Undergraduate Scholarship

Piata Te Rata-Owen Bachelor of Arts Susanne Raukatauri Owen $3,750

TE RAU HONONGA

EDUCATION PARTNER SCHOLARSHIPS

The following students have been awarded scholarships:

Name Course of Study Shareholder Value of Endorsement Scholarship

PKW-VUW Postgraudate Scholarship

Alison Cole PhD - Law & Criminology

Hope Tioro

Master of Health Psychology

PKW-Ballance Undergraduate Scholarship

Harrison Edwards Bachelor of Medicine and Bachelor of Surgery

Jesse Diphoorn

Bachelor of Commerce

Val Hawe $5,000

Sonia Tioro $5,000

Elizabeth Phyllis Putiputi Hema $2,500

Anita Broughton $2,500

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS

(continued)

The following students have been awarded scholarships:

Name Course of Study

PKW-BNZ Undergraduate Scholarship

Turoa King

Shareholder Value of Endorsement Scholarship

Bachelor of Applied Management Pouroto Kinga and Jocelyn $2,500 Mauriri King Whanau Trust

PKW-Farmlands Undergraduate Scholarship

Josh Otene

Madelyne Slater-Carter

Bachelor Of Advanced Science - Stewart Jason Otene $2,500 Marine Science (Honours)

Bachelor of Medicine and Bachelor of Surgery Christine Mathieson-Picken $2,500

Pounamu Keepa Bachelor of Pharmacy Lillibet Tataurangi Balle $2,500

Roka Reni Osborne Bachelor of Social Work Ellison Paul Hunia Whakatutu $2,500

PKW-Marsh Insurance Undergraduate Scholarship

Pero Brophy Bachelor of Management Studies w Honours Beverly Anne Kurahaupo Robinson $2,500

PKW-Govett Quilliam Undergraduate Scholarship

Holly Ahern Bachelor of Laws and Bachelor of Arts Wendy Smith $2,000

PKW-iStudios Undergraduate Scholarship

Mia Robinson Bachelor of Visual Arts Tutahi Aranga Steven Francis Robinson $2,000

PKW-Dr (Jack) Gray Ltd Undergraduate Scholarship

Te Puni Doyle Bachelor of Information Systems / Margaret Te Ruhi Walsh Whanau Trust $1,500 International Business

PKW-Evergreen Plumbing Undergraduate Scholarship

Ivan Tarlton Bachelor of Laws Piripi Wipatene Whānau Trust $1,500

PKW-Mark Frost Electrical Undergraduate Scholarship

Bryn Davison Bachelor of Design Innovation David MacLeod $1,500

PKW-Meridian Energy Undergraduate Scholarship

Tegen Stillwell

Certificate of Health Science Sinclair Otene $1,500

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ĀWHINA PKW TERTIARY GRANTS

The following students have been awarded a PKW Tertiary Grant:

Name Course of Study Shareholder Value of Grant Endorsement

Aaliyah Thocolich Bachelor of Physiotherapy

Iwimaire Davey Whānau Trust $750.00

Alana Broughton Tahuhu Matauranga Māori Estate of Sadie Morgan $750.00

Alicia Prince Heke Reo - Diploma in Te Reo Māori Bayette Prince $750.00

Anthony Raumati Bachelor of Medicine and Surgery (MBChB) Te Urumairangi Ritai Whanau Trust $750.00

Ashleigh Kauika Bachelor of Nursing Johanna Kauika $750.00

Bailey Williams Postgraduate Diploma in Psychological Practice Wiremu Whānau Trust $750.00

Bevan Tohia Bachelor of Teaching (Primary) Kenneth Royce Tohia $750.00

Brendon Rei Masters of Māori and Indigenous Leadership Brendon Rei $750.00

Briar Chard Bachleor of Applied Management Melanie Chard $750.00

Cameron Davis-Herlihy Bachelor of Commerce Te Rangihiroa Kerin Herlihy $750.00

Chiquita Ngeru Postgraduate Certificate in Health Science Estate of Edward Te Mira Ngeru $750.00

Colin Rata Bachelor of Arts Kevin Walden $750.00

Corban Richter Bachelor of Architectural Studies Waikapoariki Whānau Trust $750.00

Cullen Wilson Bachelor of Arts Ripo Tautahi Whānau Trust $750.00

Dana Taylor Certificate of Life Coaching Joanne Ahie-Taylor $750.00

Daniel Takarangi Heke Poutuarongo Reo Daniel Craig Takarangi $750.00

Daniel Tauru Certificate In Real Estate Sales Level 4 Hazel Hanita Paki $750.00

Deejae Taiwhati Bachelor of Engineering with Honours Lavinia Raupita Whānau Trust $750.00 In Civil Engineering

Denise Matariki Cribb-Fox

Retihiamatikei Cribb $750.00 Indigenous Knowledge

He Waka Hiringa - Masters Applied

Dinnie Moeahu Masters in Māori and Indigenous Leadership Peter Moeahu $750.00

Dion Hunt Bachelor of Arts Poi Pue and Ana Taura Pue Whanau Trust $750.00

Dylan Marshall Bachelor of Teaching Patricia Broughton $750.00

Ella Wipatene Bachelor of Engineering Piripi Wipatene Whānau Trust $750.00

Ellie Hurley-Langton Bachelor of Exercise and Sports Science James Frederick Langton $750.00

Emma Andrews Bachelor of Communication Shona Maxwell $750.00

Etelini Roberts Postgraduate Diploma of Science James (Jim) Rollo Berry $750.00

Eva Puata

Advanced Diploma of Professional Dance Ruve Lindsay $750.00

Ezrah Berry Bachelor of Health Science John Anthony Berry $750.00

Felix Rowe

Associate Degree in Occupational Studies Murray Allan Rowe $750.00 /Musical Theater Performance

George Miles Bachelor of Sport and Exercise

Gina Blackburn

Ngaraiti and Rangi Kotuku Rukuwai $750.00 Whanau Trust

Postgraduate Certificate in Māori and Jamie Tuuta $750.00 Indigenous Leadership

Hannah Tipa Te Tohu Paetahi

John Hooker $750.00

Helena Rattray - Te Mana PhD - Indigenous Studies Leona Mariana Te Mana $750.00

Name Course of Study Shareholder Value of Grant Endorsement

Holly Manukonga

Certificate - Food Hospitality and Tinitia Raikaao Whanau Trust $750.00 Personal Services

Jacque O'Carroll Bachelor of Nursing Te Urumairangi Ritai Whanau Trust $750.00

Jacqueline Davis Bachelor of Health Science Richard Davis $750.00

Jada Jacobs Bachelor of Nursing May Edmonds $750.00

Jahmaeys Manu Diploma in Film and TV Production - Level 6 Janette Manu $750.00

Jana Topia Paetahi Tumu Korero/Bachelor of Counselling Maria Waretini $750.00

Janine Luke-Taamaru Masters of Indigenous Studies Leanne Horo $750.00

Jessica White New Zealand Māori Governance Level 4 Jessica Matehuirua White $400.00

Jessie (Waiwiri) MacKenzie Bachelor of Nursing Te Manaki Richard Thomas Waiwiri $750.00

Jessie Mckenzie Bachelor of Laws and Commerce Shona Maxwell $750.00

Jessie Urwin Bachelor of Medicine and Surgery Raymond Pikitu Cowell $750.00

Jill Sheehy Diploma in Arts Mahiao Whānau Trust $750.00

Jody Timu-Kaea Bachelor of Nursing Kura Niwa $750.00

Jolene Rangihaeata Master of Education Ngapari Nui $750.00

Jordan Berry Kawai Raupapa Whakairo Level 4 Niven Wayne Berry $750.00

Joshua Solomon Bachelor of Medicine and Bachelor of Surgery Hinewaito Bigham $750.00

Joshua Walden Heke Reo Programme 2022 Roberta Walden $750.00

Kae'sharn Hose Conjoint Degree LLB/BA Hokioterangi Gabriel $750.00 Ngataierua-Tinirau Whanau Trust

Kahu Mulligan Bachelor of Science Mulligan Whanau Trust $750.00

Kayla Manuirirangi Te Tohu Paetahi Tongawhiti Manuirirangi $750.00

Kelly Davis Heke Toiora Whanau (HTW) Dene Ainsworth $750.00

Kody Ward Masteres of Indigenous Studies Alison Iti $750.00

Lara Jean Ruakere Te Tohu Paetahi Lara Jean Ruakere $750.00

Maia King Bachelor of applied science Bernard King $750.00

Maia Speechlay Conjoint: BA/LLB Estate of Merilyn Jean Speechlay $750.00 Maria Waretini Poutuarongo Toiora Whanau Y3 Maria Waretini $750.00

Mary Horo Bachelor - Bi-Cultural Social Services Lucille Horo $750.00

Megan Hohaia Bachelor of Health Science Nedina Hohaia $750.00

Mereana Anderson Graduate Diploma of Learning and Teaching Paula Anderson $750.00

Mikayla Mathys Bachelor of Engineering with Technology Pamela Leatherby $750.00

Miriama Hetet Raewyn Waiwiri $750.00

Mitchell Martell Diploma - Health, Sports and Human Mitchell Martell $750.00 Performance

Monteil Jones Graduate Diploma - Teaching Nga Uri O Aniwaihoroa Paerakau $750.00 Jones Whanau Trust

Morgana Watson

Natasha Edmunds

Masters in Māori and Indigenous Leadership Margaret Vicki Peitini Erueti $750.00

Certificate - Makeup & Skincare (Level 3) Ngaire Jane Johnston $750.00

Neil Rogers Master of Philosophy - Health Tainui Rogers Whānau Trust $750.00

Neve Duxfield

Bachelor of Arts - Mary Wakefield - Tirita Whanau Trust $750.00

Ngamihi Wright New Zealand Diploma in Systems Administration Meteria Ratana $750.00 (Level 6)

Ngatupara Ritai

Nikki Wells

Olympia Fazakerley

Orewa Whakatutu-Kunaiti

Bachelor of Business

Te Urumairangi Ritai Whanau Trust $750.00

Bachelors of Health Science (Paramedic) Ruby Wells $750.00

Master of Arts JN & R Taiaroa Whanau Trust $750.00

Bachelor of Nursing - Level 7 Mairini Kershaw $750.00

Peityn Martin-Todd NZ Certificate in Animal Technology Level 5 Lovey Eva Tamou $750.00

Quinessa Sullivan Graduate Diploma in Teaching (Primary) Mereana Taylor $750.00

Name Course of Study

Rawinia Ngohe

Shareholder

Value of Grant Endorsement

Masters in Māori and Indigenous Leadership Tiri Bailey $750.00

Rawiri Ratahi Master of Science - Sport, Exercise and Health Linda Eliza Ratahi $750.00

Renee Hanrahan Master of Planning Moana Skelton $750.00

Reuben Katene Bachelor of Dental Surgery Hinewaito Bigham $750.00

Rhys Muru-King Master of Design Bernard King $750.00

Rongomaihenga Waerea-Hohaia Bachelor of Health, Sports and Liana Poutu - Edward Rongomai Ira $750.00 Human Performance Tamati Whanau Trust

Sam Lock Bachelor of Commerce Jacqueline Elizabeth Martin $750.00

Sara Dooney Bachelor of Engineering with Honours Heslop Whanau Trust $750.00

Sarah Richards Bachelor of Midwifery Sarah Richards $750.00

Sarika Rona Doctor of Philosophy Joseph Rona $750.00

Shaina Kauika Poutuarongo Kaitiakitanga Putaiao Johanna Kauika $750.00

Sophie Irving Conjoint: BA/LLB Te Urumairangi Ritai Whanau Trust $750.00

Stacey Alvarez Graduate Diploma in Teaching ECE John Hooker $750.00

Stella Taylor Bachelor of Education Mouti Teira Whānau Trust $750.00

Stephanie Piquette Postgraduate Diploma in Public health/ Liana Poutu - Edward Rongomai Ira $750.00 Masters public health Tamati Whanau Trust

Sylvia Crean NZ Certificate in Tikanga a Rongoa Māori Level 4 Elizabeth Hine Te Uru Crean (Rangitawa) $750.00

Symon Rangimokai Knuckey Poutahu Whakaakoranga Estate of Charles Bailey $750.00

Tahu Watson Bachelor of Medical Laboratory Science Raymond Watson $750.00

Taina Tumahai Masters of Techcnological Futures Programme Ngawai Walden $750.00

Takaterangi O'Sullivan Bachelor of Exercise and Sports Science Moana Skelton $750.00

Tatiana Witika Heke Te Rangakura Kaiwhakaako Piripi Wipatene Whānau Trust $750.00

Te Manaia Jennings Bachelor of Psychology JH and JR Atutahi Whanau Trust $750.00

Teao Eiffe Bachelor Of Nursing Paul John Eiffe $750.00

Tiaan Owen Bachelor of Criminal Justice Marua Pomare $750.00

Tuarua Manaia Certificate of Proficiency Te Reo Marietta Manaia $750.00

Tuheimoa Maruera BA in Māori Knowledge Janine Maruera $750.00

Vicki Wilson Heke Reo Māori Vicki Michelle Miriama Wilson $750.00

Wayne Capper Masters in Māori and Indigenous Leadership Tiri Bailey $750.00

Wiremu Jahelle Puna-Leeks Bachelor of Social Sciences Ngauranga Rangi Niwa $750.00

Aaron Davis Batchelor of Business Studies Marcus Paul Davis $400.00

Adam Caldwell Apprenticeship - Automotive Engineering Wikitoria Jessica Beamish $400.00

Alec Kozenof Apprenticeship - Plumbing, Gasfitting Liana Poutu - Edward Rongomai Ira $400.00 and Drainlaying Tamati Whanau Trust

Alisha Kerr

Amy Greaves

Master of Specialist Teacher

Judith Margaret Elder $400.00

Certificate - Health and Wellbeing - level 4 Wikitoria Jessica Beamish $400.00

Analia Scruton-Nepe Apatu Bachelor of Laws

Arapera Tapiata

Ariah Gardiner

Conjoint - LLB & BA

April Gaye Scruton $400.00

Margaret Te Ruhi Walsh Whanau Trust $400.00

Certificate - Food Hospitality and Leanne Horo $400.00 Personal Services

Ariez Preston Bachelor of Education

Caliah Kira Bachelor of Arts

Rauru Te Nga Ruru Whanau Trust $400.00

A T G Abraham Whanau Trust $400.00

Corin Cotterill-Jeffries Certificate of Mental Health Fiona Cotterill $400.00

Daiman Katu Bachelor of Training and Development

Estate of Te Aroha Takutaimoana Katu $400.00 (University of New England) Australia

Daria Crown-Harris Diploma in Te Tohu Paetahi

Pehikino-Crown Whanau Trust $400.00

Denzell Cotterill-Jeffries Apprenticeship - Plumbing, Fiona Cotterill $400.00 Gasfitting and Drainlaying

Name Course of Study Shareholder Value of Grant Endorsement

Ella-Jess Ware Diploma of Animation (Level 5) Taku Parai $400.00

Ethan Matuku Te Tohu Paetahi Jamie Tuuta $400.00

Fiona Cotterill Diploma of Arts (Statistics) Fiona Cotterill $400.00

Halle Reid Diploma in Adventure Tourism Management Bernard King $400.00

Ian Ware Apprentice - Drainlaying Taku Parai $400.00

Jenny Crown Kawai Raupapa: Certificate in Māori and Pehikino-Crown Whanau Trust $400.00 Indigenous Art Raranga –Nga Mahi a Te Whare Pora (Level 4)

Jordan Morehu Ryan New Zealand Māori Governance Level 4 Jessica Matehuirua White $400.00

Joshua Moore Certificate - Engineering and Related Wikitoria Jessica Beamish $400.00 Technologies

Kaaren Niwa Master of Education Estate of Lily Sands $400.00

Kahana Ngaia Bachelor Of Applied Management and Business Moana Skelton $400.00

Kahea Blain Bachelor of Design with Honours Doreen Blain $400.00

Karyse Tomlin Bachelor of applied science Lucinda Mary Tomlin $400.00

Kayla Hemara-Wahanui Postgraduate Diploma in Health Te Rawanake Coles $400.00 Service Management

Keita-Mere Koroheke Certificate - Health Sciences Ruve Lindsay $400.00

Kini Serubasaga Postgraduate Diploma in Health Sciences Lucille Gawler $400.00

Kiri Nowakowsky Bachelor in Applied Scence Moana Lockett $400.00

Lavinia Taylor Postgraduate Diploma in Business Toherangi Whānau Trust $400.00

Liam Foster-Chard Apprentice - Engineering Lynne Amy Williams $400.00

Lola Katene Master of Indigenous Studies Nanci-Lee Hinerakei Katene $400.00

Luka Kamana New Zealand Māori Governance Level 4 Jessica Matehuirua White $400.00

Marino Doyle Bachelor of Science: Computer Science Margaret Te Ruhi Walsh Whanau Trust $400.00

Martin King Master of Indigenous Studies Stephen Denis King $400.00

Matthew Wynyard Bachelor of Surveying May Edmonds $400.00

Mike Taurerewa Te Ara Reo Māori Rauru Te Nga Ruru Whanau Trust $400.00

Neyoka Preston Certificate - Rongoa Rauru Te Nga Ruru Whanau Trust $400.00

Ngapera Parata Bachelor of Agriculture Kathryn Tapiki $400.00

Nicola Mathys Bachelor of Management Studies with Honours Pamela Leatherby $400.00

Nikita Gapper Health Science First Year Marama Lyall Waitoa $400.00

Paige Taylor Richter Certificate of Health Science Waikapoariki Whānau Trust $400.00

Paris Beale Makeup and Skincare Tracy Wharekawa $400.00

Paris Urwin Creative Arts Raymond Pikitu Cowell $400.00

Raniera Karena New Zealand Māori Governance Level 4 Jessica Matehuirua White $400.00

Renee Baldwin Bachelor of Arts Leanne Horo $400.00

Ruaputahanga Takiari-Taua Bachelor of Health Takiari James Takiari $400.00

Shanaia Komene-Broughton

Shannon Berry

Stevie Broughton

Certificate: Beauty Therapy Margaret Te Ruhi Walsh Whanau Trust $400.00

Certificate: Vocational Level 2/3

Malcolm Berry $400.00 Civil Infrastructure

Bachelor of science

Claire Nicholson $400.00

Taimus Ritai Bachelor of Applied Mangement Te Urumairangi Ritai Whanau Trust $400.00

Tamaarangi Te Rei Tuta

Certificate - Health Sciences

Te Rohu Crow Conjoint: BA/LLB

William Flanagan

Xekarn Manu

Jamie Tuuta $400.00

Patricia Sharyne Crow $400.00

Bachelor of Laws Pamela Jayne Parsons $400.00

New Zealand certificate in Beauty Janette Manu $400.00 Therapy (Level 4)

Ōkahu Inuawai (me ētehi atu) whānau and PKW kaimahi undertaking the Whakatō Mauri ceremony at Koetuku and Waitokorau Farms (Miraka Hipi Farm).

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 2022

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)

PARININIHI KI WAITŌTARA TRUSTWHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

Te Ānga Te Pūrongo whiwhinga Te whakapaunga kaha Haupū rawa Ngā Kōrero Whakatāpiri

Te Ānga (Basis of preparation)

1 Analysis of Revenue

2 Analysis of Expenses

3 Accumulated funds 4 Related party transactions

Trustees of Parininihi ki Waitōtara Trust

PARININIHI KI WAITŌTARA TRUSTWHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

Parininihi ki Waitōtara Trust

HE PĀRONGO KŌRERO (TRUST INFORMATION)

FOR THE YEAR ENDED 30 JUNE 2022

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 the elected members of the Committee of Management of PKW, plus an additional 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 $2.8m 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-Waitotara-Incorporation377456922465330/?ref=page_ internal

TE TAUĀKĪ KORONGA MŌ NGĀ MAHI KIA TUTUKI (STATEMENT OF SERVICE PERFORMANCE) FOR THE YEAR ENDED 30 JUNE 2022

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

Actual no. This Year $'000 Budget no. This Year $'000 Actual no. Last Year $'000

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:

- Education grant recipients 207 206 251 264 204 237

- Marae grant recipients 1 20 1 10 1 9

- Community grant recipients 2 22 2 10 1 3

Total grant investment 210 248 254 284 206 249

TE TAUĀKĪ WHIWHINGA, WHAKAPAUNGA WHĀNUI (STATEMENT OF FINANCIAL PERFORMANCE) FOR THE YEAR ENDED 30 JUNE 2022

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)

Notes

Revenue

Actual This Year $'000

Budget This Year $'000

Actual Last Year $'000

Grants C1 321 280 269 Other C1 5 Interest C1 127 129 131 Total revenue 453 409 400

Expenses

Kaimahi expenses C2 70 83 86 Grants and scholarships made C2 248 284 249 Other expenses C2 26 42 16 Total expenses 344 409 351 Surplus for the year 109 49

TE TAUĀKĪ TŪNGA PŪTEA (STATEMENT OF FINANCIAL POSITION) AS AT 30 JUNE 2022

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)

Notes

ASSETS

Current assets

Actual This Year $'000

Budget This Year $'000

Actual Last Year $'000

Bank accounts 291 48 173 Accounts receivable 15 16 25 Related party receivable E4 1,633 1,599 1,558 Total current assets 1,939 1,663 1,756

Non-current assets Property, plant and equipment 1 Related party receivable E4 1,524 1,524 1,524 Total non-current assets 1,524 1,524 1,525

Total assets 3,463 3,187 3,281

LIABILITIES

Current liabilities

Accounts payable 29 1 11 Grants approved but unpaid 72 17 Total current liabilities 101 1 28 Total liabilities 101 1 28

Total assets less total liabilities (net assets) 3,362 3,186 3,253

ACCUMULATED FUNDS

Accumulated surpluses D3 2,079 1,903 1,970 Reserves D3 1,283 1,283 1,283

Total accumulated funds 3,362 3,186 3,253

This performance report has been approved by the Trustees, for and on behalf of Parininihi ki Waitōtara Trust on 13 September 2022:

WILL EDWARDS

TAARINGAROA NICHOLAS

Chair Chair Audit and Risk Committee

13 September 2022 13 September 2022

TE TAUĀKĪ KAPEWHITI (STATEMENT OF CASH FLOWS) FOR

THE

YEAR ENDED 30 JUNE 2022

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

Actual This Year $'000

Cash flows from operating activities

Cash was received from:

Budget This Year $'000

Actual Last Year $'000

Grant receipts 258 219 227 Interest receipts 132 129 145 Cash was applied to: Payments to suppliers 8 58 23 Grants & scholarships paid 194 284 243 Kaimahi payments 70 83 80 Net cash flows from operating activities 118 (77) 26

Net increase / (decrease) in cash 118 (77) 26 Opening cash 173 125 147 Closing cash 291 48 173

This is represented by: Bank accounts and cash 291 48 173

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2022

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.

TE PŪRONGO WHIWHINGA TE WHAKAPAUNGA KAHA

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 2022

HAUPŪ RAWA (OUR CAPITAL)

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

D3 Accumulated Funds

This Year

Accumulated Surpluses Reserves Total

1,970 1,283 3,253 Surplus 109 109 Closing Balance 2,079 1,283 3,362

Opening Balance

Last Year

Opening Balance

1,921 1,283 3,204 Surplus 49 49 Closing Balance 1,970 1,283 3,253

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 2022

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.

This

E4 Related Party Transactions

Value of transactions Value of transactions Amount outstanding Amount outstanding

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

Interest income 125 131 Grant income 287 209 412 340

The amounts outstanding with PKW Incorporation at balance date were:

Loan to PKW Incorporation 4 15 1,346 1,350 Advance to PKW Incorporation 1,524 1,524 Accounts receivable 258 208 4 15 3,128 3,082

Interest is receivable at the average group rate of 4.35% (2021: 4.52%)

Related Party Disclosures

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 current assets if they are repayable on demand.

PKW Trust also received donations from the PKW Trust Chair (via fees).

Trustees

of Parininihi ki Waitōtara

Trust

William Edwards (Chair, commenced 7 March 2022)

Beverley Gibson (Chair, ended 12 December 2021)

David MacLeod (Trustee, ended 12 December 2021)

Hinerangi Raumati (Trustee, ended 12 December 2021)

Dion Tuuta

Taaringaroa Nicholas

Claire Nicholson

Liana Poutu (Trustee, commenced 12 December 2021)

Anne Marie Broughton (Trustee, commenced 12 December 2021)

Tama Potaka (Trustee, commenced 12 December 2021)

Darryn Ratana (Shareholder Representitive)

The above Trustees are on the PKW Committee of Management, except Darryn Ratana.

REGISTER OF INTERESTS OF CURRENT BOARD MEMBERS AND CEO AS AT MAY 2022

DION TUUTA

Chair of Committee of Management of PKW Incorporation, ex-officio member of Audit and Risk Committee and Human Resources Committee and member of PKW Trust and former Chair of PKW Trust.

ENTITY POSITION

Tuuta Waetford Tapui Ltd Director

Koura Inc General Partner Ltd Director / Chair

Port Nicholson Fisheries General Director / Chair

TSB Bank Ltd Director

Paysauce Shareholder

Te Atiawa Trust CEO

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

BMW Farms Partnership Partner (via Bridges Family Trust)

Poharu Farms Ltd 2020 Director RJ Nominees Ltd Director Whatalotta Heifers Ltd Farm Advisor

ANNE-MARIE BROUGHTON

Committee of Management of PKW Incorporation and member of PKW Trust. Commenced December 2021.

ENTITY POSITION

Agri-Womens Development Trust Trustee

MPI Sustainable Food & Fibre Futures Investment Advisory Panel Member

Whanganui & Partners - Regional Economic Development Agency Director Whenuakura Marae Chair & Trustee

Mataarangi Limited Director

Mataarangi Trust Trustee Mana Earth Limited Director

Whanganui West Catchment Group Incorporated Co-Chair

WILLIAM EDWARDS

Committee of Management of PKW Incorporation, Chair of PKW Trust, member of Human Resources Committee.

ENTITY POSITION

Ageing Well National Science Chair Challenge Health Research Council of Member New Zealand, Māori Health Committee

MOMWD Trustee Ltd Director R & R Edwards Whanau Trust Director Ltd

Tangahoe Tribal Trust Trustee Taranaki Futures Trust Trustee Taumata Associates Director

Te Kupenga Mātauranga o Trustee (Co-Chair) Taranaki Trust

Te Reo o Taranaki Trust Trustee Tui Ora Ltd Director

Taranaki Regional Skills Leadership Group Co-Chair Ara Ake Ltd Director

ESR Māori Data Leadership Group Member

Hāwera High School Chair

Te Puni Kōkiri Long-Term Insights Briefing Reference Group Member Papatupu Papakāinga Research Project Principal Investigator

Te Kura mai i Tawhiti Investigator

RICHARD KROGH

Appointed Chair of PKW Farms General Partner Ltd (from January 2019), Independent Director and member of Audit and Risk Committee.

ENTITY POSITION

Energia Ltd Managing Director

Port Taranaki Ltd Chair

Top Energy Ltd Chair (20/4/2018)

Ngawha Generation Ltd Chair (20/4/2018) First Gas Topco Ltd and Director Subsidiaries

Gas Services New Zealand Ltd Director & Deputy Chair and Subsidiaries

Ngawha Spa Ltd Chair (20/04/2018)

CLAIRE NICHOLSON

Committee of Management of PKW Incorporation, Director PKW Farms General Partner Ltd, Chair of Human Resources Committee (as of 1 January 2021) and member of PKW Trust.

ENTITY POSITION

Sirona Animal Health Ltd Director / Shareholder

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 Member University Advisory Board Manuka Bioscience Ltd Investor Carr's Supplements NZ Director

NZAGRC Stakeholder Advisory Group, Science Advisory Group & Māori Advisory Group Member Deosan Advisory Board Independent Member

Farmlands Board Director Pāmu Director

Nutrient Management Tools Māori Advisory Group Member

TAARINGAROA NICHOLAS

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

ENTITY POSITION

Ngati Ruanui Holdings Director Corporation Ltd

Ngati Ruanui Holdings Operating Director Company Ltd

Parininihi ki Waitōtara Incorporation Committee Member/ Shareholder

PKW Farms Ltd Director

Te Whai Ao Ltd Director

Southern Pastures (NZ) Ltd Director/Shareholder

Southern Pastures Founders Ltd Director/Shareholder

Southern Pastures Management Director/Shareholder Ltd

Te Waharoa Investments Ltd Director

Matariki Capital Partners Ltd Director/Shareholder

Waikato-Tainui Group Investment Member Committee

Rangitane Tu Mai Ra Ltd Director

Te Kiwai Maui Ltd Director

Oriens Capital GP Ltd Director Miro LP Limited Partner

Rockit Orchards LP 1 Ltd Partner Tai Hekenga GP Limited Director Iwi Commercial Property GP Ltd Director

Pohutukawa V Fund Investor

Tukairangi Investments Ltd Director Lewis Road Creamery Ltd Director Hapai Commercial Property GP Ltd Director Hapai Housing GP Ltd Director

Hapai Development Property GP Ltd Director

Te Awanui Huka Pak Ltd Director

TAMA POTAKA

Committee of Management of PKW Incorporation, member of PKW Trust and Human Resources Committee. Commenced December 2021.

ENTITY

POSITION

Ngāi Tai ki Tāmaki Trust CEO

Te Arawa Group Holdings Ltd Director

Mōkai Pātea Waitangi Claims Trust Treaty Negotiator St Stephen's Queen Victoria Schools Trust Board Trustee Te Pihopatanga o Aotearoa Trustee

LIANA POUTU

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

Commenced December 2021.

ENTITY POSITION

Edward Rongomai Ira Tamati

Whānau Trust Trustee

Kaipakopako 2C2 Trust Trustee

Ministerial Advisory Committee on Emergency Management Member

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

WARWICK TAUWHARE-GEORGE

Chief Executive Officer of PKW Group.

ENTITY

POSITION

Tauwhare George Family Trust Beneficiary

Port Nicholson Fisheries General Partner Ltd Director

Koura Inc General Partner Limited Director

Ngāmotu Hotels Chair

Ngai Tahu Farms Limited Director

Fonterra Cooperative Relations Committee Committee Member

Hamilton River Hotels Director

TG Enterprises (2021) Ltd Director

Muka Tangata WDC, People, Food & Fibre Director

Taiao Ora Tangata Ora Steering Committee Member

Centreport Ltd Director

Whenua Ora Collective, Re-Gen Ag Steering Committee Member

GOVERNANCE ATTENDANCES

GOVERNANCE

Committee of Management Audit and Risk Committee HR Committee

PKW Farms GP Ltd PKW Trust PKW Miraka Hipi LP

Attended Possible Attended Possible Attended Possible Attended Possible Attended Possible Attended Possible

Hinerangi Raumati-Tu'ua 4 4 1 2 0 2 2 3

Bev Gibson 4 4 1 2 3 3

Claire Nicholson 6 7 4 4 10 10 5 6 4 4

Will Edwards 6 7 4 4 5 6

David McLeod 3 4 2 2 2 3

Taaringaroa Nicholas 6 7 5 5 9 10 4 6 3 4

Dion Tuuta 7 7 5 5 4 4 6 6

Anne-Marie Broughton 3 3 3 3

Liana Poutu 3 3 3 3 3 3

Tama Potaka 3 3 2 2 2 3

Darryn Ratana 4 6

Mark Bridges 10 10 4 4

Richard Krogh 4 5 10 10 4 4

PARININIHI KI WAITŌTARA INCORPORATION 35 Leach Street New Plymouth | New Zealand PO Box 241 | New Plymouth 4340