In its 32nd year, the Deloitte Top 200 Awards are a showcase of the very best of New Zealand business and business leaders. They celebrate the depth and range of our business community, featuring the industries and sectors that underpin our country's success.
This year, the awards recognise outstanding results despite the ongoing challenges resulting from Covid-19, including companies and leaders from the manufacturing, retail, media, and energy sectors, all showcasing their commercial strength and agility during challenging times.
This year's Company of the Year has been awarded to Infratil, which had an outstanding year in 2021, further enhancing its reputation as a savvy infrastructure and utility investor. Infratil was active with its portfolio, divesting Tilt Renewables and investing in diagnostic imaging firm Pacific Radiology.
The panel of high-profile judges — convened by NZME Head of Business Content Fran O'Sullivan — said that its combination of strong performances with its investment companies, especially data centres, along with its divestments and new acquisitions have added significant shareholder value over 2021.
"In addition, the company went through a fairly seamless transition of CEO from Marko Bogoievski to Jason Boyes and won the takeover battle with Aussie Super," say the judges. "While Infratil has been an excellent long-term performer, its total shareholder return of 65 per cent stands out."
Another long-term performer is Skellerup Holdings, and this year its CEO David Mair took out the award for Chief Executive Officer of the Year.
The designer, manufacturer and distributor of engineered products have been led by Mair for over ten years, and during his tenure has achieved significant revenue and earnings growth by focusing on designing and delivering critical engineered products for OEM customers.
"David is a steady pair of hands at Skellerup," say the judges.
"He has a knack for presenting a soft, inclusive, popular leadership style with people and in strategy, but has a hands-on near-fanatical knowledge of the process, plant and equipment, and design for Skellerup's manufacturing customers."
The Visionary Leader award is one of just two awards made without finalists. This year, the award went to founder, CEO and chief engineer of Rocket Lab, Peter Beck.
The judges recognise Beck for taking New Zealand into the world of space and becoming a global leader who is redefining the space industry with ambitions that now stretch as far as Mars and Venus. Last August, Rocket Lab was listed on the Nasdaq, where its market capitalisation climbed to $7.33 billion as it raised $1.14b to fund the next phase of Beck's bold space journey — a proud Kiwi moment and bold visionary leadership from a 'boy from Invercargill'.
Having been a finalist in the category in 2020, Patrick Strange was named this year's Chairperson of the Year. Chair of Auckland International Airport and Chorus, he is highly regarded as an inclusive chair who brings out the best in his fellow directors and management teams.
The judges say that over the past year, Strange has taken a leadership position in the New Zealand business community by speaking up on areas where it might not have been easy — including on aspects of the Government's Covid-19 response. He also responded robustly to aspects of the Commerce Commission's proposed price and quality control settings for Chorus' ultrafast broadband network.
Mercury's William Meek has been awarded Chief Financial Officer of the Year. Meek's career with Mercury spans 20 years and he has served as CFO for almost 15 of those, coming into the role prior to the successful float of the company in 2013.
The judges describe Meek as a highly competent CFO who thoroughly understands the financial statements of Mercury and knows how it creates value.
"Meek has delivered exceptional long and short-term impacts for Mercury," they say. "He supported the company's CEO in delivering superior shareholder returns and in 2021 helped execute Mercury's successful efforts to enhance its presence in renewable generation and retail sales through two strategic acquisitions."
NZME took out the Most Improved Performance award this year. The integrated media company has put a plan in place to transform into a digitally focused media business, and this turnaround strategy has seen digital revenue play an increasingly significant role in the company's earnings.
"The market has responded positively to this strategy, with the share price climbing from a low of 18 cents in April 2020 to above $1.40 by the end of 2021," say the judges.
Vulcan Steel has been recognised with the Best Growth Strategy award. The judges say the steel distribution company's growth strategy has resulted in superior absolute and relative performance in the highly competitive steel distribution sector on both sides of the Tasman.
"It has executed both parts of its growth programme well with an annual revenue growth of 8 per cent and net profit growth of 38 per cent posted in the last five years," they say. "Vulcan is on track for another record year in 2022."
Tourism Holdings' Ollie Farnsworth has been awarded the title of Young Executive of the Year. With the tourism industry facing significant challenges in the last 18 months, Farnsworth approached tough issues of cost reduction and revenue generation with a constructive outlook in his role as chief commercial & customer officer.
"An innovative mindset has seen Ollie identify and effectively execute on new business opportunities including the well-known Get Moving to Get New Zealand Moving campaign," say the judges. "His energy and empathy for customers and his people shines through in his leadership approach."
Te Rūnanga o Ngāi Tahu (Ngāi Tahu) has taken out the Diversity and Inclusion Leadership award for its Cultural Confidence Programme, an innovative and comprehensive response to a very specific diversity and inclusion challenge.
"Ngāi Tahu's purpose — 'Mōtātou, ā, mō kā uri ā muri ake nei — For us and our children after us' — had the unintended consequence of raising doubts in the minds of their staff who are not of Ngāi Tahu descent, about the company's commitment to them," say the judges. "This programme highlights the contribution that non- Ngāi Tahu employees can make and ensure they feel equal and included alongside their Ngāi Tahu colleagues."
The results have been excellent, with very high favourability ratings for the programme and concerns about inclusivity no longer being raised by employees of non-Ngāi Tahu descent.
Kathmandu won the Sustainable Business Leadership award, which recognises businesses working toward the creation of long-term environmental, social and economic value.
The judges commend Kathmandu for making this central to its strategy, and for its tangible near-term forecasts. This has seen sustainability embraced by the board, management, and all layers of staff right across the business.
The Deloitte Top 200 awards include for the first time a Judges' Award. This award enables the Top 200 panel to highlight performance the judges feel is of importance to the business community.
The judges have chosen Air New Zealand as the inaugural recipient of the Judges' award for the hard work and sacrifice Air New Zealanders have made — and continue to make — to keep New Zealand connected to the world and domestically during the Covid-19 pandemic.
They note the efforts of the board and management in its steadfastness in the face of the pandemic.
"But we recognise that it is actually an honour that truly belongs to the entire staff who have strived to respond to enormous challenges and in doing so have maintained strong support for the brand and service offering that Air New Zealand provides," the judges say.
Deloitte Top 200 Index
The Deloitte Top 200 Index consists of New Zealand's largest entities ranked by revenue.
These include publicly-listed companies, large unlisted entities, NZ subsidiaries and branches of overseas companies and the commercial operations of Māori entities. It also includes producer boards, co-operatives, local authority trading enterprises and state-owned enterprises.
The financial figures for the Top 200 as well as New Zealand's Top 30 finance companies have been produced in full toward the back of this report — showing revenue, profitability, efficiency and more. These numbers offer an insight into how the biggest companies in New Zealand operate and are accompanied by explanations and insight from the Herald's team of business reporters.
The high-level view of the Top 200 this year shows total revenues increasing by 0.5 per cent.
This compares to a 1.6 per cent increase in 2020. Underlying earnings (EBITDA) increased 6.3 per cent, and total profits after tax increased 21.6 per cent year-on-year. Year-on-year asset growth for the Top 30 finance companies outpaced last year's figures, up 5.7 per cent, but cumulative profits decreased by 13.3 per cent. ANZ continues to be the largest bank with assets of $180b, ahead of second-placed Westpac by $67b. ANZ also outpaces all other banks in terms of profit and equity.
Top 200 finalists
The finalists in the Deloitte Top 200 Awards for 2021 showcase the best of New Zealand business and their commercial strength and agility in a year with continued disruption and uncertainty.
"Many of our finalists have seen success through investing in technology, upskilling their people and embedding their organisation's purpose and values into all they do.
"They've also continued to balance the need to keep a focus on long-term strategies against the need to remain nimble and adjust to the ever-changing environment and emerging challenges that have been exacerbated by the pandemic," said Deloitte Chief Executive Mike Horne.
Fran O'Sullivan, New Zealand Media and Entertainment's Head of Business Content, returned as judging convenor for the 32nd year of the awards.
"The finalists in the Deloitte Top 200 awards have demonstrated tenacity and true grit with a compelling drive to succeed in the turbulent environment created by Covid-19," said O'Sullivan.
"The strong business performance from all of the finalists is a result not just of leadership from the top, but also a commitment from the staff of enterprises to succeed."
This year's judges also include Jonathan Mason, Neil Paviour-Smith, Cathy Quinn, Ross George, Hinerangi Raumati-Tu'ua, Joan Withers, Rob Campbell, Liam Dann, Royal Reed, Simon Moutter and Ranjna Patel.
"The judging for the Deloitte awards reflected excellence in business in executing plans in the midst of the second year of Covid-19 with new variants, longer lockdowns and tougher ongoing challenges than ever contemplated a year ago," said Jonathan Mason.
"While the market as a whole had a difficult year, the most successful NZ businesses added significant value for shareholders in 2021 and positioned themselves to better meet the longer-term demands of stakeholders including employees, their communities and, for the country, on issues of environmental and economic sustainability."
Flava Breakfast's Stacey Morrison hosted the Deloitte Top 200 awards online show yesterday. A highlight was Morrison's interview with Rocket Lab founder Peter Beck, winner of the 2021 Visionary Leader award.
Fran is Head of Business (Content) for NZME and a high-profile business columnist with a strong interest in New Zealand's international business success. Fran was made an officer of the New Zealand Order of Merit in the New Year's honours list in 2019 for her contribution to business and journalism. She chairs the NZUS Council's Advisory Board and is deputy chairman of the Pacific Economic Cooperation Council (NZ). She is a Fellow of the Institute of Finance Professionals NZ (INFINZ) and has an award-winning track record in financial journalism.
Neil Paviour-Smith
Neil Paviour-Smith. Photo / Dean Purcell
Neil has 30 years of experience in various roles in New Zealand capital markets. He is Managing Director of Forsyth Barr Limited, a leading NZX share broking firm and investment bank. Neil is Chancellor of Victoria University of Wellington, chair of the NZ Regulatory Board and a past director of Chartered Accountants Australia New Zealand, a director of The New Zealand Initiative and a former director of NZX Limited. He is a Fellow of the Institute of Finance Professionals NZ. Neil was an inaugural recipient of a Sir Peter Blake Trust Leadership Award in 2005.
Cathy is a highly-respected independent director serving on the boards of several of New Zealand's biggest companies including Fletcher Building, Fonterra, Tourism Holdings and Rangatira. She also chairs Fertility Associates and is Pro-Chancellor of the Auckland University Council. A former senior partner and Chair of MinterEllisonRuddWatts, Cathy was made an officer of the New Zealand Order of Merit in the Queen's Birthday honours list in 2016 for her contribution to the law and women. Cathy was the Veuve Clicquot Business Woman Award Winner 2010 (NZ).
Ross George
Ross George. Photo / Brett Phibbs
Ross is Managing Director of Direct Capital, a leading private equity fund that has invested in 79 companies in NZ and Australia over the last 27 years. He has played a key role in establishing NZ's private equity industry, founding Direct Capital in 1994 following a stint as director and shareholder of the BKW Group in Hong Kong. Ross has been involved in the private equity industry across Asia, Australia and New Zealand since 1987. He is a director of companies including Bayleys, Climate Coatings, Beca, Qestral and Mondiale.
Jonathan Mason
Jonathan Mason. Photo / Supplied
Jonathan has over 30 years of experience in financial management roles in the oil, chemicals, forest products, and dairy industries with an emphasis on emerging markets. He was CFO of Fonterra Co-operative, CFO of Cabot Corporation (a Boston based chemical company), and CFO of Carter Holt Harvey. Jonathan also served in senior financial management positions at US-based International Paper from 1990-2000. Jonathan is a director of large organisations including Chair of Vector and an Honorary Adjunct Professor of Accounting and Finance at the University of Auckland Business School.
Hinerangi is an experienced governor with a focus on post-settlement iwi entities and Maori commercial entities. She is the current chair of Tainui Group Holdings Ltd and the iwi investment companies of Ngati Mutunga and Ngaruahine iwi. Hinerangi is on the board of Watercare Services, Taranaki Iwi Holding and Te Puia Tapapa (the Maori Direct Investment Fund). She is a fellow of Chartered Accountants Australia and New Zealand and a member of the New Zealand Order of Merit. Hinerangi was also a member of the Tax Working Group in 2018.
Judging note
The final judging session for the 2021 Deloitte Top 200 Awards took place on Friday, December 3, 2021. Companies and individuals were judged on the basis of their performances in 2021 and the financial information available at that time. The awards themselves were held over until yesterday in anticipation that it may be possible to hold an 'in person' event. Covid intervened and the awards were announced in a special online show which is available at nzherald.co.nz/top200. The writeups of winners and finalist companies in today's Dynamic Business report have been updated to include the latest financial results. Several judges declared conflicts of interest and stepped aside during final judging for particular awards categories. They included: Jonathan Mason (Judges' Award); Fran O'Sullivan (Most Improved Performance and Chairperson of the Year), Cathy Quinn (Chief Financial Officer of the Year and Most Improved Performance) and Rob Campbell (Young Executive of the Year).
