New Zealand Post 1995-96 annual report

Standard letter postage price reduced from 45 cents to 40
CONTENTS cents.

Record profitability of $75.2 million after tax.

Implementation of free Rural Delivery service and
introduction of full courier service throughout the rural
network resulted in a 20 per cent increase in Rural Delivery
box holders.

Strong growth in all areas of business – letters, courier and
parcels, and international.

Letter volume growth of over five per cent experienced for
the fourth year in a row.

Awarded two Tradenz export awards: – for international
advisory services – for overseas stamp sales.

Strong retail growth with 29 new Post Shops opened during
the 1995-96 year.

"Caring for Communities" sponsorship programme
established.

America's Cup, Nuclear-Free and Famous New Zealanders
stamp issues attracted widespread public interest.

LOOKING AHEAD

Development of leading edge retail outlets throughout
communities in New Zealand.

Opportunities for growth of direct marketing and electronic

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Highlights http://www.nzpost.co.nz/nzpost/corporate/annrep/highlights.htm

message mail.

Aiming to lead the country in "Best Practice" through
adopting risk management and economic value-added
systems.

Highlights . Chairmans Report . About New Zealand Post . Chief Executive's Comments .
Keyfacts
Financial Highlights . Six Year Trend . Statements of Financial Performance . Statements
of Movements in Equity
Statements of Financial Position . Statements of Cash Flows . Statutory Information 2 .
Directory

2 of 2 11/11/1998 4:33 PM

Chairmans Report http://www.nzpost.co.nz/nzpost/corporate/annrep/chairman.htm

CHAIRMAN'S REPORT
HOME

I am proud to be Chairman of New
Zealand Post. Highlights of this year are:
CONTENTS

A record profit.
Performance ahead of budget.
Good all-round operational
standards.
Customers' positive response to the
reduction in the standard letter price
to 40 cents.

This is an excellent performance by New Zealand Post.
Following the company's initiative to reduce the standard letter
price and abolish the Rural Delivery fee, there was a reasonable
expectation that annual revenue and profit might fall. I am
delighted to say that has not been the case. In fact the profit after
tax of $75.2 million has even exceeded the previous year's record
performance. Good growth is evident throughout the whole
business year.

Letter volumes increased by 5.7 per cent, growth stimulated
by the reduction in the stamp price on 2 October 1995.
Agency payments at Post Shops increased by 14.5 per cent.
Philatelic revenue increased by 8.3 per cent.

A rapidly developing activity in many parts of the world is the
company's engagement in several advisory consultancies of
major significance. There has been active participation in
international forums for postal improvement. Our Chief
Executive, together with his counterparts from selected leading
postal administrations, was invited to testify before a United
States Congressional Committee on Postal Reform. The year
culminated with a Tradenz Export award as recognition for
outstanding international performance. It is gratifying to learn
that the Government has reappointed Edwin Glass, John Nichol
and Patricia Reddy as directors of the company for a further term
of three years. I acknowledge the inspirational leadership of

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Chairmans Report http://www.nzpost.co.nz/nzpost/corporate/annrep/chairman.htm

Chief Executive Elmar Toime and his executive team. Elmar's
highly prized skills and abilities, drive and enthusiasm are ever
present as the company grows and flourishes. Everyone in the
New Zealand Post team, from Post Shops, CourierPost depots,
mail service centres, postie delivery branches, our network of
contactors to the management and the Board of Directors, have
played their part in contributing to an outstanding year of
achievement. Our vision is to be the best company in New
Zealand. On behalf of the Board I congratulate everyone for their
contribution towards implementing that vision.

Ross Armstrong
CHAIRMAN

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