Message from our Chairman & Chief Executive
He kupu nā te Tiamana me te Kaiwhakahaere Matua
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| Ian Donald (left) and Andy Pearce |
The year to June 2002 completed a very successful first decade with another strong financial performance. Operating surplus (EBIT) and return on science assets (19% pre-tax) were both better than budgeted, and we invested $3.6 million (8.5% of turnover) in our own R&D projects.
Over the decade, turnover has increased by 50%, and our science staff by 27%. Shareholder wealth (equity plus dividends paid) has increased more than three-fold.
Our bold reinvestment programme is already bearing fruit. New patents
have been filed in pest control, and for clay-based products that clean
up pollution. We significantly reduced uncertainty associated with soil
erosion losses by (now a mandatory accounting element for the second period
of the Kyoto protocol). And we documented potential CO
We remain totally committed to achieving our vision of ‘science making a difference for a truly clean and green New Zealand’ through partnerships with our clients, end-users and stakeholders. The benefit-to-cost ratio of our research is already high (100-fold to 1000-fold for some projects). We will strive to increase the average benefit-to-cost ratio by working on issues that can generate the greatest benefits, and by working with the end-user partners who can make the greatest difference.
Lastly, we thank the staff of Manaaki Whenua for all that has been accomplished this year, and over the last decade. Their skills, dedication and fortitude are the foundation of past and future success, and we look forward to the future with confidence.
| Ian Donald Chairman |
Andy Pearce Chief Executive |
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