Mainfreight Annual Report for year ended 31 March 2018
ANNUAL REPORT 2018
1978 – 2018
WE MAKE IT
matter
WHETHER IT’S LOADING A PALLET OR CREATING
TECHNOLOGY TO MAKE OUR CUSTOMERS’ BUSINESS
BETTER, GETTING IT RIGHT MATTERS DEEPLY
TO ALL OF US AT MAINFREIGHT.
We challenge conventional business practice and
do things in the ways we believe work best.
THIS IS THE ESSENCE of our culture.
Our customers tell us they like the way we do things.
That we ‘get’ what matters to them, and leave
no stone unturned in making it happen.
Doing this with intelligence and commitment
is at the heart of who we are.
Initiative, quality, strong relationships and taking ownership.
Alongside our tangible capabilities, these attributes
are winning us business and fueling our growth.
We make things matter.
3
44
CONTENTS
6
KEY FINANCIAL
ACHIEVEMENTS
8
CHAIRMAN’S
REPORT
12
GROUP MANAGING
DIRECTOR’S REPORT
16
NEW ZEALAND
20
AUSTRALIA
24
ASIA
28
THE AMERICAS
32
EUROPE
36
IN SUMMARY
40
OUR PEOPLE
56
INTENSIFICATION
OF OUR NEWORK
60
MAINFREIGHT
TECHNOLOGY
62
ENVIRONMENT
64
MAINFREIGHT IN
THE COMMUNITY
66
OUR LEADERSHIP
TEAM
72
TIMELINE
74
TARGETS, PROGRESS
& ACHIEVEMENTS
76
CAPITAL
EXPENDITURE
78
CORPORATE
GOVERNANCE
STATEMENT
82
TEN YEAR SNAPSHOT
OF GROWTH
84
DIRECTORS'
REPORT
86
OUR BOARD OF
DIRECTORS
90
OPERATING
STATISITICS
93
INCOME
STATEMENT
94
BALANCE
SHEET
95
STATEMENT OF
CHANGES IN EQUITY
96
CASH FLOW
STATEMENT
97
NOTES TO FINANCIAL
STATEMENTS
123
AUDITOR’S
REPORT
127
STATUTORY
INFORMATION
129
INTERESTS
REGISTER
130
FIVE YEAR
REVIEW
132
GLOSSARY
133
DIRECTORY
NOTICE OF MEETING Notice is given that the annual meeting of shareholders of Mainfreight Limited
will be held at 4.00pm on Thursday 26 July 2018 at the Barrel Hall, Villa Maria Estate, 118 Montgomerie
Road, Mangere, Auckland. Full details, including the Meeting Agenda, are contained in the separate
Notice of Meeting and Explanatory Notes accompanying this report, and are also available on the
Company’s website, www.mainfreight.com or by scanning the QR code to the left.
55
Revenues up 12.2%
EBITDA up 9.0%
A new record in our 40th year
TOTAL ASSETS
$1.38b
TOTAL DIVIDEND
ADJUSTED EARNINGS
PER SHARE
DISCRETIONARY
TEAM BONUS
45.0cps
111.44cps$20.7m
66
REVENUE BY REGION
EUROPE
21.0%
USA
23.3%
NEW ZEALAND
25.4%
ASIA
4.5%
AUSTRALIA
25.8%
REVENUE BY DIVISION
NZ$000
AIR & OCEAN
53,672
AIR & OCEAN
1,031,979
DOMESTIC
161,744
DOMESTIC
1,586,881
EBITDA BY DIVISION
NZ$000
EUROPE
13.4%
NEW ZEALAND
45.8%
ASIA
3.2%
USA
12.5%
EBITDA BY REGION
AUSTRALIA
25.1%
Mainfreight is in the business of global supply chain logistics. Put simply, we partner
with our customers to provide end-to-end freight services including warehousing,
domestic distribution and international air and ocean freight services.
$2.62b
GROUP OPERATING
REVENUE
$215.4m
GROUP
EBITDA
$112.2m
GROUP NET PROFIT
BEFORE ABNORMALS
10.6%
12.2%
EXCL FX IMPACT
7.9%
9.0%
EXCL FX IMPACT
7.7 %
8.8%
EXCL FX IMPACT
KEY Financial Achievements
77
TO OUR MAINFREIGHT TEAMS AROUND THE WORLD, TO THE
LONG-TERM PLAYERS, TO OUR LEADERS – AND UP-AND-COMING
LEADERS – WE THANK YOU FOR YOUR INDIVIDUAL AND
COLLECTIVE EFFORTS IN OUR HUNDRED-YEAR VISION.
BRUCE PLESTED, CHAIRMAN
88
CHAIRMAN’S Report
The adversity in our early years stoked a fire in the belly of Mainfreight which will
never go out. We will always strive for a better company, a better country and a
better world.
March 6th 2018 was the 40th
birthday of our company,
Mainfreight.
It is hard to believe that in 1978
Rob Muldoon was New Zealand’s
Prime Minister, and our new Prime
Minister, Jacinda Ardern, was yet to
be born. Many of our team have not
known a time when there were not
clean, bright, blue and white trucks
all over the world.
In 2019, our company will have been
operating for 30 years in Australia
– our standout country of the year
in 2018, where sales increased by
AU$88,770,000 (16.6%) over the
previous year, and EBITDA recorded
AU$49,922,000.
The financial year resulted in record
sales and profits, achieved after
being behind at the first quarter, and
little more than level pegging at the
half year.
Some numbers of which we are
particularly proud:
>Global sales for the year exceed
$50,000,000 per week, some
$5,500,000 more per week than
the previous year.
>Tax paid for the year is
$45,455,000.
>The discretionary annual bonus –
payable to team members in all
countries in which we operate –
$20,700,000.
As a business we are pleased with
the youthfulness and energy of
New Zealand’s new government.
Given the problems they face, we
are impressed with the speed at
which they are coming to grips, and
we wish them well. It is important
that they move quickly before they
become captured by lobbyists,
pressure groups, and the status quo.
We are often asked what were our
biggest challenges, when we began
Mainfreight in 1978. One of the
biggest challenges was the lobbyists
of the day, crowding the halls of
government and with significant
influence with the Government and
government departments of the day.
We came under immense pressure
from transport departments, trade
& industry, the judiciary, regulatory
authorities – and NZ Railways were
instructed to treat us as a retail
customer.
Of all the good things which the
new 1984 Labour Government gave
us – the best was that the decks
were cleared of lobbyists. Mainfreight
was able to breathe without the fear
that some government department
would cause us to be legislated or
regulated out of existence.
(Think Charter Schools!)
Another good thing which came
from that adversity in our early years
is that it stoked a fire in the belly of
Mainfreight which will never go out.
We will always strive for a better
company, a better country and a
better world.
To our Mainfreight teams around the
world, to the long-term players, to
our leaders – and up-and-coming
leaders – we thank you for your
individual and collective efforts in
our hundred-year vision.
Aroha Nui
BRUCE PLESTED JUNE 2018BRUCCCCE PLESTEDJUNE 2018
9
100 YEARS
from now, matters
HOW WE MEASURE OUR PROGRESS
Every day our teams around the world are consciously creating a 100-year
company. To us, building a strong and enduring business matters more than quick
wins. We have never wavered from our long-term vision or cultural beliefs.
Forty years on, we still hold ourselves to account across the same key areas:
10
OUR PEOPLE
Attract and retain individuals who ‘get’ our
purpose and entrust them to grow our unique
culture and values.
OUR CUSTOMERS
Make decisions which contribute to the overall
success of our customers’ businesses.
QUALITY
Over-deliver on quality and initiative. Measure
and continuously improve the quality of our
performance daily.
GROWTH
Grow and intensify our global network. Think
bigger and bolder. Identify and secure customers
who trade globally and fit our business.
LONGEVITY
Think next decade, not the next quarter. Cultivate a
business which future generations will be proud of.
100
YEARS
11
RECORD GROWTH PROVIDES US WITH THE CONFIDENCE
TO CONTINUE INVESTING IN OUR NETWORK, IMPROVING
OUR FACILITIES AND GROWING OUR PEOPLE.
DON BRAID, GROUP MANAGING DIRECTOR
1212
GROUP Managing Director’s Report
Our quality and service commitment continues to engage the support of our
existing customer community, and attract new customers.
Our financial results for this past year
are satisfactory, with sales revenues
improving 12.2% to $2.62 billion (up
10.6% excluding foreign exchange
impact), an increase of $285.27
million; EBITDA up 9.0% to $215.42
million (up 7.9% excluding foreign
exchange impact), and net profit
before abnormals at $112.22 million.
All these results are at levels never
before achieved by the business,
and as such are indicators of our
continued success.
Importantly, this growth provides
us with the confidence to continue
investing in our network and
expanding to more countries, to
ensure our growing customer base
has consistency of quality and
efficiency across their supply chains.
Our quality and service commitment
continues to engage the support of
our existing customer community,
and attract new customers. To
maintain that service commitment,
our people require very good
facilities across all three core
categories of our business: Air &
Ocean, Logistics (warehouses) and
Domestic Transport (cross-docks).
And so, never ones to do things by
halves, we have 38 land and building
projects, leased and owned, which
are currently underway or planned.
Thirty-eight developments across the
world (most of them new rather than
replacements), bringing improved
facilities, intensification of our
network, and ongoing growth, as we
dedicate resources to accommodate
the increasing demand from our
customers.
Our customised facilities assist
our people to provide high-quality
services. To also achieve efficiency
across the supply chain, our teams
require our sites to be located across
the world, in multiple cities within
each country, and in some cases
in several locations within a city,
ensuring pick-ups and deliveries
are made quickly and in the most
direct way.
The intensification of our networks is
a core strategy, along with a desire
to offer customers high-quality
logistics services utilising all three of
our business products: Air & Ocean,
Logistics and Transport.
2018201720182017
2,618,860
2,333,591
112,219
103,164
MAINFREIGHT GROUP
OPERATING RESULTS NZ$000
Group Net Profit
before Abnormals
Group
Revenue
REVENUE
12.2%
13
GROUP Managing Director’s Report CONTINUED
Our commitments to infrastructure, people and our network all come at a cost,
but importantly are all investments in the future of our Company.
Wherever possible, we aim to
assist each customer with their
international imports or exports, with
managed third-party warehousing,
and with their final mile distribution.
In our Air & Ocean business, we
focus strongly on those trade-lanes
that are within our own network, a
strategy that brings better quality
control for our customers, and
delivers growth and profitability
for the business. In addition, we
are making a concerted effort in
all regions to assist our customers
with consolidations of smaller LCL
consignments for both import and
export freight, again retaining control
over quality.
Whilst e-commerce transactions are
on the rise across most retail sectors,
we continue to focus on our core
freight business, dominated by food,
beverage, DIY and FMCG products,
all requiring freight and logistics
services. The majority of e-commerce
transactions require courier-type
services, and when we have Logistics
(warehouse) customers with these
transactions, third-party courier
companies are subcontracted to
provide the final mile delivery on
our behalf. Regardless of expected
e-commerce growth, there is plenty
of traditional freight volume and
opportunity in all the regions we
currently operate in, and likely those
we have yet to get to.
Our 2018 financial result, once again
a record for Mainfreight, comes
on the back of the extraordinary
efforts of our people across all 247
branch locations in 22 countries. It
should not be underestimated how
their levels of energy, passion, and
commitment to our cultural beliefs
and disciplines, have created this
result and prepared the business for
further growth and expansion.
We also remain committed to
investing in our people, giving them
the skills and experience to take on
more significant roles. It is they who
determine how good our levels of
service are for our customers.
In New Zealand and Australia, we
have always paid above the minimum
and living wage levels, however we
have chosen to further lift salaries
for those at the lower end of our pay
range, with an additional boost over
and above our usual annual salary
increase this year.
These commitments to infrastructure,
people and our network all come
at a cost, but importantly are all
investments in the future of our
Company. We continue to take a
long-term focus, believing we have
a business well equipped for the
next 100 years.
14
Steven Pavitt – Sydney, Australia and Sebastian Novak – Frankfurt, Germany.
15
NEW ZEALAND TOTAL NZ$000
Transport, Logistics and Air & Ocean
EBITDARevenue
2018201720182017
666,156
609,238
98,633
91,021
NEW ZEALAND
Our New Zealand operations continue to surprise us with their exceptional energy,
enthusiasm and commitment to find further growth in what is, by the standards
of our other locations, a small logistics market.
Despite the ongoing effects of the
Kaikoura earthquakes of November
2016, where inter-Island freight links
to and from the South Island were
restricted to road line-haul and
weekly coastal shipping services,
our teams have delivered another
very satisfactory result.
New Zealand sales revenue improved
by 9.3% to $666.16 million. EBITDA
performance improved 8.4% to a
record $98.63 million. Most evident
during the year has been the
promotion of all our core products to
our customer base, seeing increased
revenue levels across all three
categories. This is only possible when
our customers have the confidence
in our services to entrust their full
supply chain requirements to one
operator.
Our Logistics business increased
its warehouse footprint to 145,000m
2
,
with capacity for 150,000 pallets,
with an average utilisation rate
of 85% for the year. New facilities
were established in Christchurch to
offset the earthquake disruption to
existing supply chain models, and
additional sites have been identified
in Auckland, Tauranga and Hamilton
to cater for further growth.
Our Transport division is under the
greatest pressure. Congestion at our
sites in Auckland, Tauranga, Rotorua,
Palmerston North, Wellington, Nelson
and Dunedin is proving those facilities
inadequate to cope with increasing
tonnage from existing customers as
the New Zealand economy continues
to find growth, let alone cope with
the expected volumes from new
customers. Land is being, or has been,
sourced in all these areas enabling
new facilities to be built to address
the current levels of congestion.
In addition, with a desire to intensify
our New Zealand network, regional
areas like Whakatane and Levin
are being considered for branch
locations.
Our 99-year land lease arrangement
with Mangatawa in the Bay of Plenty
is a significant step, and will allow
us to construct and operate our
largest regional freight facility yet.
Unfortunately the lack of rail-serviced
land in the region limits our ability to
move much of our freight by rail into
and out of the area, however we see
good growth potential in the Bay of
Plenty and our other regional centres.
Unique to our New Zealand operations
is our Mainfreight 2Home business
unit, where we are able to enter the
e-commerce freight market, providing
freight deliveries to the homes of
our customers. The opportunity
to replicate this in other markets,
particularly Australia, is available to
us as our capability increases.
In the Air & Ocean division, we have
recorded increased airfreight and
seafreight tonnage across both
imports and exports. The opening
of our new Christchurch operation
brought our airfreight and seafreight
teams into one custom-built location.
The growth of perishable exports in
the past year has been the strongest
we have seen, and we will continue
to develop this sector and extend our
service capability to our other regions.
REVENUE
9.3%
16
North-bound freight loading at Picton, New Zealand.
17
NEW ZEALAND
18
32 YEARS WITH MAINFREIGHT
REGIONAL FOCUS:
Our greatest challenge is managing our own
growth as we control, coach and embed our
cultural philosophies. This is what separates
us from our competition.
Air & Ocean and Logistics form an integral part
of the network intensification initiative. They
complement the Domestic business footprint
and enable the Group to make a much more
integrated service offering.
STRATEGIES TO DELIVER:
We are striving to be a more inclusive business.
Through encouraging team input across the
board and investing more in our operational
teams, we are seeing a wider contribution
to solving our day-to-day challenges.
The expansion of our network facilities –
both current and planned – motivates us
to fill the additional capacity being created.
THAT WE CONTINUE TO ENHANCE OUR IMAGE AND REPUTATION,
IN EVERY COMMUNITY, TOWN OR CITY WE SERVICE, THROUGHOUT
NEW ZEALAND AND THE WORLD.
CRAIG EVANS, COUNTRY MANAGER, NEW ZEALAND
IT MATTERS to us
19
It is clear that our commitment to
quality, the investment in substantial
facilities throughout the region, and
our very motivated team of people
have generated these improved and
very satisfactory returns.
Our expectations are that current
levels of growth are able to be
maintained, therefore our capital
investment in new land and buildings
across Queensland, New South Wales,
Victoria, South Australia and
Western Australia will continue in the
short-term in an effort to provide
appropriately-sized facilities to cope
with the logistics and distribution
tasks that are in front of us.
We have asked our Transport teams
to explore ways to provide freight
distribution services across a variety
of modes, rather than depending
solely on road line-haul. It is obvious
to us that rail and coastal freight
services will become a necessary
part of our modus operandi, as
we continue our expansion
throughout Australia.
New Transport branches for Bendigo,
Toowoomba and Wollongong, will
expand our reach into regional
Australia, and our eyes are now on
Tasmania and Far North Queensland.
In our Logistics business, new
facilities in Melbourne, Sydney and
Perth will add a further 52,000m
2
to our warehousing footprint, and
increase pallet capacity to 187,100
pallets. Dedicated hazardous goods
facilities are amongst the new sites
and will complement the growth
of our Chemcouriers (specialist
hazardous goods transport) brand
around Australia.
Wharf cartage operations, through
our Owens brand, have had
considerable success requiring new
facilities in Melbourne and Brisbane
to cope with their expanding freight
volumes. As well as servicing their
external customers, Owens provides
delivery and pickup services to our
Air & Ocean division for their import
and export seafreight containers.
In our Air & Ocean division, sales
growth has been satisfactory, yet
below the levels of growth achieved
in Domestic Transport and Logistics.
Higher levels of growth are expected
as we leverage the benefits of our
international network, particularly
from Europe. Dedicated perishable
freight facilities across the three main
eastern seaboard cities complements
our already strong position in this
category in New Zealand. Success
here in Australia will allow us to
consider the same perishable
airfreight strategy across the balance
of our Air & Ocean global network.
As with all parts of our Air & Ocean
network, there is a considerable
focus on improving our LCL
seafreight capabilities, and further
increasing the consolidation of
smaller airfreight consignments on
behalf of our customer network.
It is those LCL categories that
provide important export and import
opportunities that often come with
a higher margin in what is a very
competitive sector.
AUSTRALIA TOTAL AU$000
Transport, Logistics and Air & Ocean
EBITDARevenue
2018201720182017
623,765
534,995
49,922
42,315
AUSTRALIA
This is the best ever financial result for our Australian operations, with all three
divisions recording improved sales growth. Revenue increased by 16.6%, up $88.77
million, with EBITDA ahead 18.0% or $7.61 million.
REVENUE
16.6%
20
Georgia Warner – Epping, Australia.
2121
15 YEARS WITH MAINFREIGHT
REGIONAL FOCUS:
We are excited and focused on building our
sales growth and profit momentum into the
future. For this to be possible, improving our
quality, or more specifically, delivering our
customers’ products safely and on time, is
our primary commitment – every day.
STRATEGIES TO DELIVER:
Encouraging the instinctive behaviour of our
team to always find ways to solve problems
and produce consistent quality is central to our
strategy. We are working hard to provide the
physical facilities and create the environment
that encourages and rewards our people to
perform better.
THAT OUR ENERGISED, AMBITIOUS TEAM CONTINUES THE SALES
AND PROFIT MOMENTUM AND BUILDS ON 2018’S RECORD EBITDA.
RODD MORGAN, COUNTRY MANAGER, AUSTRALIA
IT MATTERS to us
AUSTRALIA
22
23
While revenue levels have continued
to increase, up 32.4% over the
prior year to $83.86 million, our
EBITDA performance was our
poorest on record, declining 21.5%
to $4.91 million.
Much of the sales revenue increase
came from non-intercompany
trading; when intercompany
revenue is included, overall sales
improved 12.1%.
Senior management changes
mid-year and a back-to-basics
approach to our business in the
region has seen this EBITDA decline
reversed during the final three
months of the financial year, and
importantly we continue to see
improvement as we head into the
new financial year.
Cary Chung, a Hong Kong national
and resident, who was educated
in the United States, has taken
leadership responsibility for the Asia
region. He previously headed up
our business in China, and before
that held the role as Regional Sales
Director. It is his skill and passion
for sales that is shaping our
direction in this important freight
and logistics market.
For too long, we have failed to
take full advantage of the size and
scale of opportunity that this region
offers. Asia is also a key component
in our global trade-lane network
with all our other regions having
substantial freight volume into and
out of the region.
Southeast Asia and Japan, where
our footprint currently is minimal,
are high on our agenda for future
expansion. This becomes possible
where our divisions in our other
locations control the freight into and
out of these countries – similar to the
way in which we have been able to
develop our UK and Italian air and
ocean operations.
ASIA TOTAL: US$000
Air & Ocean
EBITDARevenue
2018201720182017
83,861
63,351
4,905
6,245
ASIA
REVENUE
32.4%
It is our intention to focus solely on developing our Air & Ocean product in Asia for
the short to medium-term. Thus allowing capability, both financial and operational, to
grow before entering third-party logistics, warehousing and domestic transportation.
24
Lisa Yuen and Fannie Tsang – Hong Kong.
25
7 YEARS WITH MAINFREIGHT
REGIONAL FOCUS:
We are building a stronger Air & Ocean division
here in Asia through effective commercial
activities and by having our team focusing
within the Mainfreight network.
STRATEGIES TO DELIVER:
We are committed to change and the
change is clearly controlling our own destiny.
Our leadership team across 19 branches
with 347-strong Asian team members are
all empowered and dedicated to doubling
our size in the next five years.
THAT WE CONTINUE TO INVEST IN OUR TEAMS AND PRODUCTS –
BOTH ON THE GROUND AND IN THE AIR – ENABLING OUR CUSTOMERS
TO EXPERIENCE OUR COMMITMENT.
CARY CHUNG, REGIONAL MANAGER, ASIA
IT MATTERS to us
ASIA
26
27
AMERICAS TOTAL: US$000
MAINFREIGHT USA, CANADA
AND MEXICO AND CAROTRANS
USA AND CHILE
Transport, Logistics and Air & Ocean
EBITDARevenue
2018201720182017
436,742
436,357
19,235
18,585
THE AMERICAS
The Americas region offers some of our biggest opportunities. An improving
EBITDA performance up 3.5% to $19.24 million provides ongoing confidence, albeit
requiring patience as we establish a stronger foothold across all four divisions.
Mainfreight
The Transport division is well into
developing an expedited LCL freight
network utilising our own owner
drivers and pick-up and delivery
(PUD) vehicles, particularly focused
on the six large cities of Los Angeles,
Houston, Chicago, Dallas, Atlanta
and Newark. Whilst our network
of 22 branches provides broader
geographical coverage, these six
larger cities provide strong LCL
freight volume. Gaining customers
here will enable the full branch
network to advance further over time.
Our Logistics (warehousing) division
has recently had a number of new
customer gains, and has increased
its warehouse footprint from
49,000m
2
to 59,000m
2
, providing
storage capacity for 57,600 pallets.
Logistics operates in five of the
six large cities serviced by our
Transport division, with Houston
still to be established. Customer
enquiry continues to develop as
the quality of our facilities, people
and technology outweighs that of
our competitors in this sector. Our
customers are more than likely small
to medium-sized businesses rather
than big box retail customers.
The Air & Ocean business has also
secured customers that trade across
our international network, and has
benefited from our global Air &
Ocean strategies, including LCL
freight consolidations to and from
Asia, Europe, Australia and
New Zealand.
Whilst our results from the Americas
are not at expected levels of
profitability, improved EBITDA results
for the second half of the year
provide confidence that we are on
track to progress our capability in
this important market.
CaroTrans
The wholesale seafreight arm of
our business, CaroTrans, has
progressed well with new leadership,
emerging with a well-defined
strategy to improve quality and
become more customer-focused
at branch level. Profitability is not
yet back to pre-2014 levels, but our
expectations are high that we have
a restructured business with better
focus, capable of achieving
its targets.
Christopher Wilson, a US-resident
born and raised in Michigan, has
taken the leadership responsibility
for CaroTrans in the Americas.
Christopher’s skill and passion for
sales will assist our organic growth in
this sector. Recruitment of logistics
graduates has replenished our future
leader program and rejuvenated our
branch management team.
Decentralisation of accounting,
cash collection and profit and loss
responsibility sees Mainfreight’s
culture and disciplines redefine
this division.
The relationship with Mainfreight’s
Air & Ocean division has improved,
with procurement on ocean freight
benefiting.
We are now able to see a bright
future for CaroTrans and once again
it will become a key feature of our
American business.
REVENUE
0.1%
28
Joe Freemon – Chicago, USA.
29
20 YEARS WITH MAINFREIGHT
REGIONAL FOCUS:
We must continue to build on the foundations
achieved in previous years. Our desire is to
have all branches in profit with strong sales
pipelines to deliver our goals; to continue the
development of our future leaders; to instill
our culture and disciplines into our work
practices every day.
STRATEGIES TO DELIVER:
Build a business that is continually improving
– in quality, sales, line-haul and consolidation
programmes. Ensure our teams are well trained
and have confidence to make decisions locally.
Our team will seek new challenges, supporting
each other as we develop services for our
customers.
THAT OUR TEAM RETAINS RECENT MOMENTUM AND CAPITALISES
ON THE SIGNIFICANT POTENTIAL OF OUR MARKET.
JOHN HEPWORTH, REGIONAL MANAGER, AMERICAS
IT MATTERS to us
THE AMERICAS
30
31
In light of prior year disappointments,
this is good progress, as we find our
feet within the European region and
look with more confidence towards
future development.
Investment to improve our
warehousing capacity from 329,000
pallets across six sites, to 387,200
pallets across seven sites, will provide
sufficient infrastructure to meet the
demands of new customer contracts
that have been gained across
Belgium and the Netherlands.
It is expected that EBITDA levels
for our Logistics division will remain
flat during the next 12 months as
we absorb the development
and moving costs for these new
warehouses. Once utilisation and
efficiency gains are made, we expect
the Logistics division to return to
ongoing profit growth.
Two new cross-docks for our
European Forwarding division in
Ghent and Genk in Belgium will assist
utilisation, providing better location
and access to the freight corridors
of the Belgian industrial areas.
It is expected that these facilities,
coupled with an intensive sales focus,
will provide significant improvements
in our Belgium Forwarding
profitability. As our European freight
tonnage increases, so does our
desire to implement more direct road
services to and from more countries
within the region.
The Air & Ocean business has
performed well over the past
twelve months, once again taking
advantage of our global network
and in particular benefiting from
increased trade with our American
interests. Asian freight volumes have
been slow to develop, however the
management and strategy changes
made in Asia will see a renewed
focus across these trades. As with
our other Air & Ocean divisions,
a strong focus on LCL sea and
airfreight consolidations will provide
a core strategy for smaller import
and export customers.
The benefit of controlling
freight volumes from both the
United Kingdom and Italy has
seen these two new operations
contribute significantly to our
revenue and profit growth very
early in their formation. Adopting a
similar approach for other countries
will allow us to speed up network
development.
We continue to grow more
comfortable with our European
operations and their ability to
capitalise on the opportunities
available to us. Our customer base
here, on average, has considerably
larger volumes and is more likely
to be involved in global logistics
decisions, than other regions.
As our reputation and capability
increase, many of those large global
customers are in discussion with us
to provide logistics support for them
in our other regions.
Our European team’s ready
acceptance of our culture and
operational disciplines, and
the improvement in financial
performance, led us to begin the
process of rebranding to Mainfreight
last year. We expect to have this
completed by end of 2019.
EUROPE
Improving momentum in our Logistics and Air & Ocean divisions has seen a
good increase in sales revenues, up 15.0% to ¤335.77 million and an improvement
at EBITDA level of 3.1% to ¤17.71 million.
EUROPE TOTAL EU¤000
Forwarding, Logistics, Air & Ocean
EBITDARevenue
2018201720182017
335,769
291,927
17,713
17,179
REVENUE
15.0%
32
Karina Zborowska – ‘s-Heerenberg, The Netherlands.
33
EUROPE
11 YEARS WITH MAINFREIGHT
REGIONAL FOCUS:
Our focus hasn’t changed and remains firmly
on the recruitment, training and development
of exceptional people who understand the role
they play in helping their branch to achieve the
potential that sits within its market.
STRATEGIES TO DELIVER:
We continue to strengthen our network, and
as it intensifies, so too does the inter-network
activity that feeds subsequent parts of the
business, either within or between the divisions.
A relentless focus on improvement – be it
quality, efficiency, sales growth or IT will enable
us to strengthen results, branch by branch.
THAT OUR FUTURE LEADERS TRULY UNDERSTAND
OUR OPERATIONS AND ARE EQUIPPED TO MAKE DECISIONS
BASED ON KNOWLEDGE AND EXPERIENCE.
BEN FITTS, REGIONAL MANAGER, EUROPE
IT MATTERS to us
34
35
The decisions we have taken during
the year to further invest in our
business, intensifying our network
and developing facilities big enough
to cope with our growth for years
to come, have been significant. We
expect to invest in excess of $200
million in capital expenditure on
land and buildings that we will own,
over the next 24 months. In addition
to this, a number of new leased
sites are also providing necessary
infrastructure for our future.
These investments, along with
our already considerable network,
will ensure our people are able to
provide the quality services and
supply chain logistics expertise
that our growing list of customers
requires.
Such investments in infrastructure
do not come without risk and an
associated increase in overhead
costs. We have full confidence in
our team of people across the globe
to counter these increases with
improving sales, finding efficiencies,
and by delighting our customers.
There is little doubt that our strategy
of concentrating on Mainfreight to
Mainfreight trade-lane development
is increasing our market share in
international freight. Establishing
Mainfreight offices is proving
far more effective than relying
on agency relationships in other
countries. It safeguards quality
standards, provides momentum for
increased growth and provides our
customers with transparency and
continuity in service levels.
Our goal is to continue to extend
our global footprint and where an
opening arises, we will take the
opportunity to establish ourselves in
more countries; usually via our Air &
Ocean business, where our control of
freight flow allows for quicker entry
and more sustained growth.
We continue to be excited and
confident of our development and
growth into the future.
It remains a lot of fun.
DON BRAID JUNE 2018
IN Summary
The financial performance of the past year has been yet another highlight in our
journey to create a globally-capable supply chain logistics business; a fitting tribute
to our 40
th
year in business.
3636
Kevin Jackson and Oliver Morrison - Railway Lane, Auckland, New Zealand.
3737
THE EXPANSION OF OUR FACILITIES GLOBALLY,
ACCELERATES OUR NETWORK GROWTH
EXPONENTIALLY.
We are focused on locating our facilities where our customers need us
to be. Not only does this increase our physical network capabilities,
it enables us to extend the range of services we provide, aligning us
with their supply chain goals.
Through expanding our own infrastructure we retain more freight within
our network and in turn, control quality and service.
IT’S ALL ABOUT MORE CUSTOMERS
doing more business with us.
INTENSIFICATION
matters
38
39
These people may not be industry
stalwarts with years of experience;
often they have just finished university
or school. They are, however,
motivated and hardworking people
interested in a career, not a job. And
they are guided and mentored by
our industry veterans; our passionate,
loyal Mainfreighters. All these, new and
experienced, are our special people.
The success of our business is
measured by the perception our
customers have of the service we
provide. This perception relies on
the service performance of our
people worldwide. Technology has
shrunk the global market whereby
our customer’s perceptions are
now garnered from any, and all,
interactions with our team. A
phone call in Napier or an order
picked in Chicago can contribute
to the customer’s perception of
our services in Italy. Delighting our
customers has always had cultural
significance but now more than
ever it has a strategic significance;
our customers’ businesses may be
spread across multiple countries, but
they now view us as a single service
provider. Our challenge remains to
delight them – everywhere.
We delight our customers by
getting the small things right: the
local person answering the phone,
not a machine; the immaculate
presentation of our buildings and our
people; and by developing our team
members to be more professional,
committed and personable than our
competitors’.
What will never change is our
approach to where a career starts.
Those outside of Mainfreight may
consider starting on the operational
floor as the “down and dirty of
moving freight from A to B”. Those
inside Mainfreight have learnt this
is the only way to understand the
intricacies of what, and who, our
business is. To understand the pace
we work at and the necessity to
make immediate decisions to service
our customers worldwide.
Our challenge is for our people to
be thinking globally and beyond
the country in which they are
based. In line with this thinking
we continue to focus on creating
global developmental touch
points affording our team real life
experiences to work and learn
together. Be it a team member
from Shanghai spending time at
Outward Bound or a branch swap
from Hamilton to ‘s-Heerenberg we
constantly look for opportunities
for our team to connect. It is this
exchange of ideas and cultures
which will continue the spirit of
innovation and creativity our
company has grown from. Moreover
it endorses the global career paths
available to our team.
Our success over the past financial
year has elevated Mainfreight as
a place where more people want
to launch their careers. Students
are starting at university with the
ultimate goal of securing a position
with Mainfreight. Many of these
are women who no longer see
this business as just for the boys.
Our young women are moving
into leadership roles utilising their
intelligence, their perspective
and their judgment.
Our decentralised management
structure sees branch managers
across all 247 branches play a major
role in decision-making, with profit
and loss responsibility. Thirty-seven
of these managers are women; not
yet enough, but growing year on year.
Our challenge is to evolve and grow
without losing the essence of who
we are and what makes us a special
company. The outcome of this
challenge will be a continued focus
on the small things in front of us
alongside a focus on the horizon
ahead.
Health & Safety
The responsibility for creating
and maintaining a safe working
environment rests with us all. This is
illustrated through our commitment
to quality facilities and equipment;
to quality people and processes; and
by our culture which facilitates input
and ownership from every team
member at every level.
Around the world our approach
towards the health and safety of
our team has been to educate and
identify risks – and to rely on each
and every team member to act
in a safe and responsible manner.
Incidents and accidents are recorded
and reported, and through our
Positive Action Team (PAT) meetings
our teams are given both the forum
and the tools to improve their work
environment. It is this engagement
with our team worldwide that helps
in addressing health and safety
concerns and allows for hazards
to be identified and, where
possible, mitigated.
OUR People
Every day our enthusiastic and energetic team members are putting on steel-capped
boots or logging into their workstation, filling one of a myriad of roles in our business.
40
Vanessa Bogdanovic – Epping, Australia.
4141
OUR PEOPLE HAVE ALWAYS BEEN THE CUSTODIANS
OF OUR CULTURE AND QUALITY. AS WE EXPAND
AROUND THE WORLD, CONTINUING TO DEVELOP
THEM AND TO UNDERSTAND THE BUSINESS THROUGH
THEIR EYES, IS MORE IMPORTANT THAN EVER.
Whether it’s loading freight or leading a country, we each have
unique experiences and insights. Every one of us has a role to play
in the quality, health and longevity of our 100-year vision.
Growing our people in our way cuts across all regions
and all areas of the business and it starts from the ground up.
TEAMWORK AND LEADERSHIP
start on day one.
OUR PEOPLE
matter
The inaugural Main Divide Project saw 12 members of our loading
team traverse New Zealand’s rugged Southern Alps. These people
are the backbone of our business. Through this challenge they
cemented friendships, and in sharing their insights and experience,
also strengthened their commitment and understanding of their
role in our success.
42
Jareth Wong, Isi Kaliopasi, Luke Paine, Nathan Ngametua-Smith, Na Raihania, Martin Devereux, Kayne Newman,
Levi Harris, Nukutawhiti Mano, Luke Hiroa, Trevor Chambers, Callum Field, Watson Kauvalu.
43
OUR AMBITION
HAS NEVER
BEEN
stronger
Since beginning in 1978, we’ve grown from a two-man band to a
global tribe of over 7000. In this our 40th year, we salute those
Mainfreight family members past and present, who have helped
us on the journey. Our people have always had both personal
ambition and ambition for the business. As these two collide,
both our people and our business have prospered.
On these pages we celebrate the 7,532 current team members who
not only keep our operations running every day; they are also the
guardians of our culture, quality and reputation.
OUR PEOPLE REMAIN
our most important asset.
44
40
of
YEARS
MAINFREIGHT SPIRIT
ENERGY, AMBITION,
COURAGE, COMMITMENT,
GENEROSITY, FUN
AND TRUE BLUE
45
NEW ZEALAND CAROTRANS
AUCKLAND
Joshmitha Amin, Joshua
Chellatamby, Brian Chen, Kelly Chen, Cameron
Couper, Belinda Dodge, Lionel Fernandes,
Seth Freeman, Nidheesh Gangadharan, Henry
Hawkins, Jamie Henderson, Steve Hendry,
Ara Jeong, Jonathan Lee, Appanna (AJ)
Manduda, Katrina Nathan, Lisa Pirangi,
Douglas Robbie, Kamylle Rubin.
CAROTRANS
CFS AUCKLAND
Dale Abernethy, Joseph
Bell, Mike Dunn, Jaedon Gasgoigne, Norm
Gasgoigne, Bjorn Kelly, Michael Keresoma,
Robert Leaupepe, Brent Marks, Phillippa
Matthews, Wiremu Rice, Serge Thomas,
Christopher Vaiangina, Raewyn Vela, Brett
Whitehead, Juliet Whitham, Roland Williams.
CAROTRANS CFS CHRISTCHURCH
Simon Cowper, Darren Jerard, Kitt Taylor.
CHEMCOURIERS AUCKLAND Kevin
Aldridge, Ivan Alofa, William Callaghan,
Dale Cameron, Nikesh Chhana, Mari Cooper,
Emily Cox, Karla Crawford, Gerhardus (Gerry)
Engelbrecht, Kat Fatamaka, Safo Fatamaka,
Roydon George-Thomas, Henry Gould,
Caitlin Harvey, Kohine Henare, Luke Matthew
Hiroa, Mason Howearth, Noel Hughes, Hans
Huisman, Isi Kaliopasi, Alice Kavet, Conway
Keilman, Michael Keith, Raymond Kendall,
Nagendra Kumar, Iulieta Leafa, Michael Long,
Apiuta Malua, Chris McKenzie, Trevor Mitai,
Jason Mouat, Nigel Mouat, Allan Murray,
Michael Neale, Frisco Ng-Lam, Sonny Noble,
Mark Pakuru, Kishor Patel, Unnati Patel, Janet
Ropati, Harpreet Singh, Karamjit Singh,
Paramveer Singh, Clinton Smith, Aaron
Somerset, Gail Street, Greg Stringer, Metera
Te Aonui, Brenton Te Rehu, Mickey Tenamu,
Michael Thomas, Barry Thompson, Noa Tohi,
Kini Toloa, Danny Tuivaiave, Sosaia Nomani
Tupou, George Ulutaufonua, Francois Williams,
Phoebe Williams, Andrew Woolliams, Sylvia Xie.
CHEMCOURIERS CHRISTCHURCH Chris
Dawson, Rey Dela Cruz, Chris Donaldson, Alex
Hubers, Graham Jackson, Chelsea Kay, Grant
Kilty, Jason Knauf, Jack O’Hara.
CHEMCOURIERS WELLINGTON Tama
Coker, Deborah Paul, Rodney Warsnop.
DAILY
FREIGHT AUCKLAND
Kalapu Alaelua, Faiyaz
Ali, Fazeel Ali, Mumin Ali, Josiah Alofa, Arthur
Atoaga, Allan Aufai, Antonio Aufai, Tolua Aufai,
Altaf Baba, George Backhouse, Taimur
Badhniwalla, Russell Barry, Matt Cagimaivuna,
Martin Cannon, Ashutesh Chand, Raghu
Chinchalker, Zhen Tao Chung, Ian Cox, Jim
Cullen, Tracy Curtis, Khushroo Daruwalla, Steve
Davis, Chetan Desai, Sangeeta Devi, Saurabh
Dhamija, Sidney Ene, Clinton Faamausili, Inoke
Fifita, Wilson Fitikefu, Lydia Fohe, Sivihiva Fohe,
Timothy Gage, Joshua Gibbs, Rakesh
Goundar, Rynal Goundar, Surya Gounder, Elliott
Gutry, Tevita (David) Hala, Ronnie Halagigie,
Martin Hamilton, Aimee Harding, Upul
Hettiarachchi, Gavin Holm, Malcolm Holm,
Efaraima Ieti, Junior Ili, Lenny Jones, Ivan
Josephs, Harjeet Kahlon, Max Kaleopa, Tevita
Kaliopasi, Anaru Karena, Eden Kato, William
Katu, Watson Kauvalu, Murray Kendall, Lionel
Knox, Jashneel Kumar, Yasbeen Kumar,
Katalina Latana, Roger Leckner, Osvaldo
Letelier, Meleseini Liuanga, Tenisi Liuanga,
Tawhiri Mahara, George Manu, Rita Marsh,
Corey Marshall, Eddie Marshall, Hanna
Matthews, Shasta Mishra, Petty Mistry, Asif
Mohammed, Dana Mokalei, Taukatelata Ofa,
Junior Opapo, Talau Paila, Jayshree Patel,
Manoj Patel, Saurabh Patel, Phillip Payne,
Virginia Payne, Baxter Pepe, Anroth Pratap,
Shane Pullen-Burry, Armani Rajan, Kumar
Rajan, Zidane Rajan, Daniel Riddell, Lloyd
Rivers-Smith, Tua Ropati, Jordan Sa’u, Vincent
Saulo, Roy Savage, Veta Savage, Jatin Shah,
Anith Sharma, Wesley Siakumi, Bali Singh,
Gurdev Singh, Gurpreet Singh, Himmatveer
Singh, Jai Singh, Jaswant Singh, Jatinder
Singh, Lakhbir Singh, Lesley Smith, Michaela
Smith, Mike Smith, Peter Smith, Warwick
Smith, Jese Sovatabua, Michael Tapper,
Tauaese Tauaese, Brisbane Taufa, Andy
Taunga, Daniel Teu, Jonevan Togiamana,
Manulua Toilalo, Tusi Toloa, Tasa Topou,
Richard Tovia, Bernadette Tufuga, Jennifer Tuhi,
Teresa Tuhi, Kena Tuhua, John Tui, Piutau
Tuitupou, Mosese Tupa, Joseph Tuputala,
Ivan Turangakino, Kaleb Turangakino, Joseph
Tutuila, Fred Ulberg, Vosa Vaihu, Quintin Waite,
Sheryl Waite, William Weekes, Zoe Wilkinson,
Alfred Williams, Logan Williams, Hayden Young,
Ubaid Zahidani.
DAILY FREIGHT
CHRISTCHURCH
Sheik Ali, Rebecca Baxter,
Anthony Beazley, Skye Bogle-Cracknell, Isobel
Bowman, AJ Bradley, Phillip Brosnahan,
Beverley Canovan, Paul Chatterton, Harry
Clinton-Baker, Roberta Davids, Robin Davids,
Susan Davies, Craig Dixon, Craig Dunphy, Will
Gillespie, Joshua Green, Victoria Harwood,
Ross Hawken, Iain Henderson, Levi Hibbert,
Thomas Hira, Amaru Hutchins, Porto (Vaughan)
Keefe, Abbey Kirk, Shane Kupfer, Angus Lowe,
Brittany McGill, Sam Mitchell, Tom Morgan,
Harry Morris, Sam Morton, Steve Moule, Jayne
Munslow, Ajeet Nahal, Nikki Oliver, Kataraina
Peeti, Tahi Poasa, Tara Price, Tony Ringdahl,
Kate Roach, Bhagwant Singh, Jagdeep Singh,
Jaspreet Singh, Navjot Singh, Navreet Singh
Bindra, Mandeep Singh Gill, Gurinder Singh
Mann, Steve Smith, Craig Stewart, Carl
Stringer, Kim Tallott, Jacob Taurua, Ngarui
Taurua, Tamas Taurua, Tamati Thomson, Mark
Tomlinson.
DAILY FREIGHT /
CHEMCOURIERS HAMILTON
Joe Brickland,
Jenny Cliffe, Neil Douch, Kawana (Seymour)
Hemara, Son (Edward) Hemara, Tom Kumitau,
Manase Lavemai, Andre Paladin, Ernest Tauai,
Jodi Vaughan.
DAILY FREIGHT
WELLINGTON
Peter Ansell, Barry Bellamy,
Sam Ede, Seila Fiso, Rukua Kavakura, Paul
MacCormack, Steve Marsh, Adriano Mello,
Michelle Mikara, Ahu Moeahu, David Priestley,
Graham Ralston, John Salanoa, Ron Satherley,
Lynette Sinden, Phil Tamatea, Gordon Tobin,
Alex Walters.
MAINFREIGHT ASHBURTON
Ross Butler, Glenda Donaldson, Christopher
Frost, Yvonne Kirdy, Barry Linwood, Shea
Rainey, George Taylor.
MAINFREIGHT
AUCKLAND
Hannah Abraham, Wiki Abraham,
Jon Absolum, Maree Adams, Tevita Afu,
Mohammed Ahmed, Kevin Aldridge, Mahamed
Ali, James Avery, Emanu Avua, Fazeel Basha,
Shameem Basha, Prakash Bechan, Hayden
Bell, Shailesh Bhuthadia, Michael Bing, Wayne
Birch, Beau Birtwistle, Don Braid, Jagjeet Brar,
Jugsir Brar, Kym Brett, David Brown, Hohepa
Brown, Wynyard Brown, Trudy Burt, Alex
Campbell, Rex Campbell, Vania Chalmers,
Shamal Charan, Jeremy Chin, Yvonne Chissell,
Milan (Jnr) Cihak, Milan (Snr) Cihak, Ana
Cihakova, Renata Cihakova, Bryan Clark,
Dianne Clemens, Paul Cole, Antonio Collings,
Scott Collings, Catherine Collins, Kevan Collins,
Martin Cook, Nikki Cooper, Simon Cotter, Larry
Coulter, Edward Creedy, Rob Croft, Robert
Croft, Hazel Crosbie, John Dash, Connor
Deadman, Martin Devereux, Chris Drader, Kevin
Drinkwater, Cory Duggan, Alan Edwards,
Katarina Ene, Nina Ene, Craig Evans, Christina
Ewe, David Fainu’u, Jennifer Farr, Felix
Fotunga, Nehu Freeman, Paul Freeman,
Joshua Garland, Kevin Gee, Carl George,
Narsheer Gill, Josh Gillespie, Simon Glenn, Neil
Graham (In Memoriam), Jonathan Gravatt,
Mitch Gregor, Helen Harden, Mohammed
Hassan, Joshua Haunga, Josh Hawkins, Yi He,
Mona Hellens, Alfred Hetaraka, Boris Hirawani,
Emmet Hobbs, Charlotte Hoeft, Brett Horgan,
Carl Howard-Smith, Quinnton Hubbard, Lesley
Huia, Connor Hull, Graeme Illing, Matt Irvine,
Chris Isaia, Emma Jackson, Tom Jane,
Ramandeep Jawanda, Jonathan Judge, Fred
Kalman, Emma Katavich, Melanie Katu, Nic
Kay, Clinton Kewene, Abdul Khan, Erica Kim,
Sonia Kippenberger, Michael Kokaua, Chandre
Koole, Sonal Kumar, Lowrance Lal, Omeksh
Lal, Reelesh Lal, Shawn LamSam, Mark Lane,
Wilson Li, Esmond Lum, Migle Mackay, William
Mackie, Kris Maddaford, Samrat Main, Nitesh
Mani, Sarah Mann, Corina Mareela, Robert
Mareela, Glenn Matthews, Vaughn McDonald,
Andrew McKenzie, Rachel McKenzie, Junior
Meatuai, Bryan Mogridge, Riaz Mohammed,
Dennis Morar, James Morgan, Oliver Morrison,
Max Muaulu, Dionn Munro, Chicago Nairn, Lui
Naoupu, Millie Neioti, Alan Neithe, Mark Antony
Nisbett, Zedekiah Nuku, Lucy Owen, Luke
Paine, Maureen Paine, Vitolio Palu, Chris Park,
William Parkinson, Kate Parsons, Mayurkumar
Patel, Israel Paul, Tom Paul, Maurie Phillips,
Bruce Plested, Karl Pomare, Queleah Pompey,
Adrianne Pongi, Shayne Porter, Bimal Prakash,
Avikash Prasad, Richard Prebble, Rowan
Preston, Craig Radich, Na Raihania, Cameron
Reibel, Keith Robb, Robert Robertson, Jason
Rogers, Sir Don Rowlands (In Memoriam),
Mohammed Saheem, Raman Saini,
Vickram Saini, Mohammed Saleem, Anil Sami,
Georgina Sanders, Tarlochan Sarai, Alex
Sawyer, Glenn Searle, Carol Selwyn, Nawar
Shamas, Harpreet Shran, Vavega Siliga,
Carolyn Sim, Donna Sim, Harry Sima, Michelle
Simmons, Anmol Singh, Armanpreet Singh,
Arpandeep Singh, Gurinder Singh, Gurpreet
(Sunny) Singh, Hardeep Singh, Jaswinder
Singh, Mohan Singh, Narinder Singh, Rajneet
Singh, Ranjeet Singh, Resham Singh, Navi
Singh Sidhu, Junior Sipeli, Severe Sipeli, Julie
Slessor, Dansey Smith, Regan Somers,
Amandeep Sran, Kendal Stratford, Jason
Street, Hassanjit Sumra, Sheena Symons, Sjarn
Tagoai, Jah-Milla Taitin, Jamane Tarau, Tuaine
Tarau, Phillip Tasmania, Mele’ana Taufa, Mike
Taufa, Sifa Taukaka, Suzanne Taunton, Noreen
Taurua, Moana TeWhetu, Norm Teio, Sue
Tindal, Anthony Tipene, David Tolson, Paul
Tolson, Taylor Tolson, Kevin Tram, Joe Tuala,
Lee Tuimauga, Matangi Tukiuha, Paul Tupaea,
Malcolm Variava, Alex Vatau, Ana Vuetibau,
Karen Vuetibau, Stuart Wallace, Hayden Walls,
Maurice Watson, Mellissa Wearing, Matt
Wedding, Daniel Wells, Michael Whitehead,
Wayne Whitiora, Debbie Williams, Rob Williams,
Tim Williams, Scott Wilson, Jareth Wong,
Hamish Woods, Laurie Wright.
MAINFREIGHT
BLENHEIM
Murray Batchelor, Steven Davey,
John Falconer, Kendra Gill, Lily Graham, Peter
Jones, Janet Landon-Lane, Christopher
Mealings, Scott Pickering, Andrew Pillans,
Rhonda Pillans, James Poulter, Amanda Sanft,
Shane Smythe, Murray Snowden, Ainsley
Speak, James Thompsett, Murray Wallis,
Shane Wood.
MAINFREIGHT
CHRISTCHURCH
Natalie Armstrong, Nicolas
Aubrey, Darren Bernhardt, Philip Black, Debbie
Blackburn, Blair Bradbury, Dean Buick, Craig
Burberry, Chad Chamberlain, Donald
Chamberlain, Rhys Chamberlain, Egon Chmiel,
Dennis Christmas, Rhyl Cole, Sara Cole, Alicia
Coles, Robin Cook, Sue Cook, Anja Crawford,
Michael Crawford, Lorryn Dalzell, Sally Dalzell,
Nathan De Lautour, Kelly Dean, Megan
Delaney, Joseph Devine, Owen Donald, Jessie
Eastmond, Harry Ewing, John Ferguson, Grant
Forbes, Sarah Garriock, Finn Gilbertson, Steven
Grace, Mike Griffiths, Elijah Hapi, Tyler
Hodgkinson, Russell Jackson, Mike Jeffery,
Reuben Jeffery-Butler, Desiree Jones-Jackson,
Wiona Lawson, Carolyn Lee, Patrick
McGillivray, Robert McGillivray, Marcus
McLintock, Laurie McMahon, Neil McRobbie,
Colin McTurk, Jacob Middlemiss, Bob
Murdock, Mark Nicol, Connor Oberndorfer,
Ashton O’Neil Morel, Isaac Parore, Chris
Radford, Geoff Radford, Brodie Reid, Darryl
Reid, Ian Reid, Cody Reynish, Cody Reynish,
James Rickard, Julianna Rickard, Tracey
Rickard, Hannah Robertson, Liam Robinson,
Brett Rodgers, Jenna Rowe, Kieran Rowe, Sam
Sayeed, Ben Sharp, James Sheehan, Amrinder
Singh, Jaswinder Singh, Jatinder Singh,
Kawalbir Singh, Sarwan Singh, Josh Smith,
Wendy Smith, Lachlan Stanley, Robin Suhag,
Lindsay Thomas, Sridhar Thutkuri, Shilpa
Vangapali, Russell Waters, Desirae Watkins,
Jason Woods, John Wright.
MAINFREIGHT
CROMWELL
Paul Arras, CJ Bilcliffe, Polly
Black, Celia Cowien, Hayden Elwarth, Max
Finau, Amrit Gossal, Clark Hegan, Melissa
Horn, Cassandra Hunt, Janal Johnston, Jayden
Kennedy, Zarik Khan, Diane McAuliffe, Hayley
McAuliffe, Grant McDonald, Nathan
McEldowney, Yvette McLennan, James
McMeekin, Paula Perkins, Sami Rutherford, Jeff
Saunders, Sindy Shanks, Bhagwant Singh,
Hawinder Singh, Trevor Smith, Tim Stewart,
Rosslyn Todd, Hamish Wilkinson, Paul Wright,
Teryle Yates.
MAINFREIGHT DUNEDIN
Nathan Anderson, Alf Bell, Janine Blanc, Jeff
Blanc, Kris Blanc, Nerrissa Blanc, Tim Brasier,
Lenny Brisbane, Jeff Bryant, Barry Clark,
Graeme Clark, Brendan Clyne, Greg Colston,
Richard Cowan, Adam Crashley, Wayne Day,
Wietske de Groot, Melanie Duggan, Rex
Edwards, Jason Eyles, Patrick Folimatama,
Emma Forscutt, Carl Gardner, Joseph
George-Alleyne, Stephen Gibb, Kyle Grayston,
Fiona Guildford, Trevor Gutsell, Barry Hanson,
Meghan Hatley, David Hoatten, Graham Hunter,
Ross Hunter, Brett Johnston, Paul Johnston,
Kamm Kawau, Melissa Kawau, Matt Keane,
Yvonne King, Jared Kwiat, Andrew Laurie,
Stephanie Laurie, Jeremy Lee, Simon Lewin,
Chris Marsden, Grant Matthews, Leah Maxwell,
Carter McAuliffe, Brett McCaughan, Kenneth
McCutcheon, Doug McElhinney, Mark
McElhinney, Ryan McLean, Doug Melrose,
Simon Mowat, Alana Mutch, Corey Patterson,
Cameron Power, Yoland Power, Lenny Rankin,
Chris Rigby, Lillie Rohan, Vaughan Rohan, Tony
Russell, Derek Saville, John Scott, Pat Smith,
Steven Smith, Zinzan Smith, Evan Steel, Robert
Stout, Brendon Todd, Brendon Turner, Warren
Turner, Ryan Van Der Lem, Frank Watson, Jade
Whalan, Robert Whalan, Kelly Wilson, Lindsay
Wilson, Rick Winklemann, Geoffrey
Woods-Bryan, Heath Woollett, Zhaviar Woollett.
MAINFREIGHT GISBORNE Peter Archibald,
Eru Campbell, Lisa Gillies, Tony Gray, Danny
(Rick) Hohipa, Rangi Kahu, David Kahui, Wayne
Lee, Rob Madden, Bridgette McKay, Dave
McLauchlan, Elaine McLauchlan, Margaret
Muir, Anthony Ngaronoa, Daniel O’Neill, Jamie
Pilcher, Eliza Poingdestre, Wayne Poingdestre,
Mike Rutherford, Mark Simon, Sally Taylor, Ken
Whitehead, Damian Wikotu, Ben Williams,
Malcolm Wilson Wilson, Vanessa Wilson.
MAINFREIGHT GREYMOUTH Simeon
Clarke, Wayne Dalzell, Jozef Grimes, Andrew
Havill, Russell Hines, Matt Ilton, Moana
Johnsen, Michael Knipe, Keith Lavery, James
Lee, Scott Lemon, Jamie McGeady.
MAINFREIGHT HAMILTON Dekota Adams,
Ashley Andersen, Shaun Atkinson, Jimmy
Baker, Patrick Barton, Richard Bassett,
Ashleigh Blair, Robert Bryers, Bianca Burge,
Kirwan Carter, Steve Carter, Ashnil Chand,
Darren Clark, Ricky Clark, Barry Clifford, Phillip
Coleman, Jordan Cox, Krystella Crawford,
Thaila Crawford, Christina Dalgety, Scott Davis,
Ezra Day, Paora Dennis, Raana Dennis, Randall
Dennis, Ray Dixon, Allan Duncan, Gavin
Duncan, Daniel Earney, Donna Everaarts,
Nikolette Fahey, Paul Fahey, Ross Fitz-John,
Jesse Folkerts, Mele Fonua, Phil Frost, Shaun
Goodwin, Wayne Goodwin, Jocelyn Gordon,
Justin Gower, Khushal Goyal, Arthur Green,
Melanie Greenbank, Jhudge Gregory, Jimmy
Gregory, Hayden Grocott, Andrew Hall, Jaimee
Hall, Jordan Halse, Janette Hasen, Arthur
Hayes, Tracey Hayes, Craig Heerdeger, Darcy
Hemara, Charles Heremia, Aubrey Hicks,
Carlos Hicks, Nathan Hobart, Tony Holes,
Mary-Jane Hona, Anna Irwin, John Irwin,
Maurice Jarrett, Mathew Jessop, Murray Johns,
Kayla Joseph, Kevin Judge, Andrew Kaan,
Kiran Kaur, Denise Kearns, Karyle Kenny, Vicky
Kerapa, Harjinder Khatkar, Haami Kingi, Amy
Knuth, Phillip Koopu, Dayna Krippner, Murray
Lasenby, Denis Laws, Brian Lawson, Joshua
Lewis, Michael Lucas, Julie Anne Madden,
Darrell Madsen, Richard Manuatu, Peter
Manutai-Esau, Ethan Martell, Francis Maxwell,
James McBride, Peter McIntyre, Richard
McLaughlin, Toby McLean, Karen McLeod,
Luke Metekingi, Simon Mills, Whetu-Moses
Miringa, Amittai Mita, Fiona Moore, Nathan
Morton, Richard Mountney, Kobi Nicholson,
Marie Oliver, Barry Palensky, Tom Parker, Tuariki
Plowman, Mark Poata, Anne Marie Pratt,
Shane Pratt, Nicola Preston, Fabian Purcell,
Lawrence Purchase, James Rangionehi, Sanjay
Reedy, Tannyin Reeves, Colin Richardson,
Darren Richardson, Jeanna Richardson, Robb
Ridle, Vaughn Sargent, John Scandlyn, Debbie
Schollum, Rajpreet Sidhu, Gagandeep Singh,
Hanmanpreet Singh, Hardeep Singh,
Harmanpreet Singh, Daniel Sitivi, Karen Smith,
Shaun Smith, Darrel Stevens, Mike Stockley,
Sam Sullivan-Laws, Tangaroa Taara, Beau
Taipari, Trudy Te Aho, Frank Te Wani, Andrew
Thoreson, Jackson Tito, Grant Toms, Joanna
Troughton, Raymond Tucker-Hoogstraten,
Marcus Tumai, Dave Underhill, John Van Der
Hulst, Kristie Wade, Stuart Wallace, Bridget
Walsh, Paula Watts, Tyne Watts, Brendon
Webster, Jacob Weherua, Daniel White, Robert
Wichman, Steven Wildbore, Craig Wilson,
Martin Wilson, Piko Wineera-Hemara.
MAINFREIGHT INVERCARGILL Roy Algar,
Jackie Buckley Gray, Ally Burns, Ricky
Cockburn, Dean Cribb, Frith Elias, Ian Garrick,
Jason Gray, Renee Manaena, Nathan McKay,
Stephen Monaghan, Annette North, Debbie
Palfrey, Dean Reynolds, Harry Reynolds,
Nathan Reynolds, David Searle, John Searle,
Kelly Thorburn, Ross Wells, Jeanette Williams,
April Woods.
MAINFREIGHT KAITAIA Steven
Holloway, Hine Perry, Kurt Tahu, Tunney
Thrupp.
MAINFREIGHT MASTERTON Issac
Carswell, Bob Dougherty, Nicholas Garner,
Andrea McCafferty, Shane McDougal, Glenn
Murphy, Gary Strang.
MAINFREIGHT MOUNT
MAUNGANUI
Hannah Abbott, Alan Allport,
Eric Ashe, Colin Belk, Richard Benseman, Carl
Bergersen, Adrian Betterton, Troy Bidois, Brent
Brosnan, Rob Bull, Greg Camenzind,
NZ
Anthony Chadwick, Darren Chadwick, Dean
Chadwick, Lance Chadwick, Stu Clarke, April
Corbett, Richard Currie, Caitlin Darby, Marise
Davis, Dipak Dayal, Frazer Edwards, Wayne
Ellis, Jayemi Emery, Neville Emery, Peter Flett,
Kylie Foreman, Raymond Fraser, Jordan
Golding, Paul Grimes, Kayla Hansen, Yana
Heath, Alex Herd, Ray Hewlett, Craig Hine,
Hirini Houia, Joshua Jane, Mark Jones, Kherry
Kharound, Troy Krom, Jitender Kumar, Tevita
Mafileo, Debbie Martin, Morgan Matehe, Dylan
Mcshane, Marcel Milner, Tane Morgan, Bryce
Murdoch, Rick Ngatai, David Nicol, Delcie
Oliphant, Wayne Powell, Chris Reti, Jerry
Robinson, Mark Robinson, Jessica Rolleston,
Lindsey Rund, Bickram Sangha, Bevan Scott,
Charanjit Singh, Prince Singh, Ranjit Singh,
Leroy Smith, Courtney Stevenson, Melissa
Stevenson, Keegan Stewart, Thomas Tapetulu,
Kelvin Teasdale, Lee Tuhura, Chris Webb,
Maurice Webb, Schirelle Wildbore, Clive Wilson,
Michael Woodham, Tracey Wright.
MAINFREIGHT NAPIER Mark Balhorn, Kelly
Barnett, Jeff Chapman, Alastair Ching, Kaylene
Corin, Clayton Cuttriss, Ashton Davis, Jordan
Dougan, Samuel Gallagher, Fraser Garnett,
Shane Gilmour, Tui Haami, Daniel Hodson,
Adam Jackson, Grant Jarden, Jason Kennedy,
Zachary Leeman, John Mackay, Lesley
Matheson, Andrea Mill, John Montgomery,
Henare Morton, Wayne Mullins, Kaye Ngapera,
Kerryn O’Neill, Sean O’Neill, Fee Orviss, Jenny
Pedersen, Gerard Phillips, David Quickenden,
Brent Redington, Scott Russell, Glen Scott,
Darryn Scurr, David Storey, Noel Stubbs,
Deepak Verma, Craig Walker, Shannon Wano,
Julian Ward, Bill Whyte, Chad Whyte, Andrew
Wickham, Heath Zachan.
MAINFREIGHT
NELSON
Kwaid Ah-Hoi, Tui Ball, Craig Barron,
Paul Brown, Jeremy Carston, Manu Crosbie,
Shannan Donker, Chris Edwards, Dan Edwards,
Darryl Farmer, Charlotte Gordon, Carmen
Graham, Ray Gregory, Aimee Groome, Craig
Groome, Rochelle Holland, William Holland,
Mark Hughes, Tracey Hughes, Wesley King,
Shaun Mana, Glen Markland, Nick Max, Ruby
Morrison, Ronald Pawson, Leigh Rout, Rohit
Saini, Michael Savage, Bill Simmiss, Graeme
Towns, Pam Waddington, Neil Watson, Brett
Yates, Steve Edgar, Stu Kemp, Stu McKenzie,
Jaiden Van Dyk.
MAINFREIGHT NEW
PLYMOUTH
Nathan Bain, Gareth Bridger, Jess
Burkhart, Paul Cottrell, John Davidson,
Jonothan Davies, Cori Delves, Shannon
Emmerson, Aaron Farley, Peter Graystone,
Simon Harris, Joseph Horo, Benjamin Leaf,
Steve Longstaff, Cody Mason, Reuben Mason,
John McKenna, Cody Miller, Kayne Newman,
Joel Paki, Rick Payne, Scott Peters, Lane
Powell, Daniel Rona, Marcus Russ, Tracey
Schroeder, Steven Short, Tony Smith, Caeten
Streat, Josh Treneary, Michael Tunnicliffe, Kellie
Whale, Cara Young.
MAINFREIGHT
PALMERSTON NORTH
Benny Barr, Angela
Batt, Neil Bryant, Forbes Campbell, Michaela
Caulton-McNabb, Trevor Chambers, Henare
Cunningham, Brett Cuttle, Peter Darroch,
Simon Dean, Sara Devonshire, Paul Foxall,
John Fraser, Marsh Graham, Suzan Graham,
Nasoni Hawea, Jordan Henare, Vanessa
Johnson, Archie Kauri, Finn Kearns, Tuhi
Kimura, Rex Lambert, Hayden Little, Stacey
Luke, Tipu Luke, Michael Mackley, Pita
Marshall, Rebecca McBride, Ross McDonald,
Kevin McDougal, Justyn McQuade, John
Mitchell, Tracey Mitchell, Keith Mudgway,
Michael Newton, Daniel Pamata, Scott Payne,
Leon Pirake, Ray Prideaux, Brock Radich,
Stephen Ralph, Etu Rongotaua, Jamie Sanson,
Monique Sanson, Matthew Sherlock, Preet
Singh, Raja Singh, Vijay Singh, Nathan Smith,
Wendy Stewart, Josh Stimpson, Bryan Taiaroa,
Jaxson Taylor, Albert Tovio, Jason Waho, Peter
Waho, Temau Waho, Chelsey Watson-Fryer,
Nicole Will, Jackie Williams, Andrew Young.
MAINFREIGHT PARAPARAUMU Nicole
Graham, Greg Howard, Craig Quinlan, Andrew
Rankin.
MAINFREIGHT ROTORUA Ricky
Bishop, Madison Blank, Manasa Bole, Gregg
Conning, Anthony Curtis, Louise Day, Gary
Dunseath, Dave Farrell, Kane Fitzpatrick, Carl
Gage, Tony Gallagher, Leonie Gardiner, Chris
Hall, Barbara Harrison, Benjamin Jenkins,
Raena Lacey, Jordan Lilley, Talya Macredie,
Kerry Maxwell, Aaron McMahon, Perry Nicoll,
Ranginui Nicoll, Sonny Nicoll, Mark Print, Emily
Sime, Varinderdeep Singh, Luke Skipwith,
Jackson Smith, Travel Taura, Matthew
Thompson, Ted Torrey.
MAINFREIGHT
TAUPO
Jodie Andrews, Sam Box,
Ricco Healey, Jerry Horo, Nick Hyde, Jenny
Payne, Alexander Savopoulas, Brendan Smith,
Kapi Tupe, Johnny Wanoa, Bossy Wanoa.
MAINFREIGHT THAMES Lisa Dickey, Jade
Durrah, Samantha Hana, Ryan Kennedy, David
McGruer, Kiu Muller, Lance Paul, Nicholas
Powell, John Reynolds, Marcus Taipari, Ash
Wearing, Chris Wearing, Mark Wearing, Vern
Wright.
MAINFREIGHT TIMARU Greg
Anderson, Michael Armstrong, Nigel Blackler,
Sandra Breen, Simone Brett, Kelly Cabrel,
Jarrid Cooper, Hollie Duncombe, Dave Ennis,
James Hay, Lisa Howey, Geoff Kerr, Murray
Kippenberger, Juliet Kippenberger, Nathan
Kippenberger, Renee Le Lievre, Andrew
Liversey, John Lyon, Kevin McElhinney,
Cameron Milne, Jordan Moore, Melissa Nolan,
Tyler O’Leary, Ryk Ormsby, Matthew Russell,
Shannon Sim, Kingsley Simpson, Brooke
Wilkie, Craig Wilson.
MAINFREIGHT
WELLINGTON
Craig Armstrong, Jonah
Aumua, Lee Bailey, Gurinderpal Bajwa, Sarwan
Banwait, Sarah Bennison, Rocky Betham, Ian
Black, Andre Boyte, Dempsey Broad, Martyn
Bryant, Daniel Bullimore, Annabelle Carpenter,
Scott Carson, Sean Clark, Te Ariki Coker, Sam
Collier, Paul Connolly, Max Cottle, Matt Dalton,
Harry Davey, Isaac Davis, Ellie Dennis, Richard
Devine, Kasey Downs, John Edgar, Paul
Fincham, Pouevalu Fiso, Tatjiana Fiso, Kate
Godley, John Graham, Phillippe Guerin, Mark
Hales, Matthew Haskell, Anna Hastie, Pat
Henderson, Scott Hilder, John Holton, Daryl
Hutchinson, Jamal Idris, Clayton Ikenasio, Peter
Jackson, Leon Jahnke, Cody Jefferies, Chris
Jordan, Daniel Jupp, Jacob Kelly, Maresa
Kilepoa, Renee King, Josh Kinvig, Sean Love,
Alex Macdonald, Scott Matuschka, Richard
Maxwell, Mike McAlister, Robert McGrath,
Leslie Mendoza, Liam Menheere, Raeden
Mikara, Stephen Miles, Herini Moeahu, Lorna
Moeahu, Scott Newman, Hanipale Nouata,
Dean Piper, Greg Piper, Paula Piper, Kristy
Powell, Lee Puepuemai, Graig Quinlan, Tai-Paul
Rerekura-Tamaiva, Dennis Reynolds, Amanda
Roberts, Paul Roberts, Scott Roberts, Connor
Rocard, Michelle Romaine, Kaitao Rota, Kendra
Rowe, Andrew Schofield, Alastair Scott, Tracey
Scurrah, Pisa Seala, David Sherborne,
Bikramjeet Singh, Harsimran Singh, Manjit
Singh, Tyler Slobbe, Shane Smith, Jade Soliga,
Nicholas Sommers, Maree Stephen, Sola Tanoi,
Gordon Tanis, Rios Taramai, Louise Taylor, Greg
Te Kura, Stuart Thorn, Zion Upton-Mahan,
Chayna Va, Tau-Pao-Pao Va, Harnek Varn,
Carla Vega Barrientos, Barbara Vincent, Bob
Vincent, Ross Ward, Joshua Watson-Holmes,
Aimee Wicht, Haedyn Wicks, Alex Williams,
Eddie Yako.
MAINFREIGHT WHANGANUI
James Albert, Jared Barrow, Innes Campbell,
Daryl Edmonds, Macey Hart, Preston Heremia,
Lyn Johnston, Bass Kane, Ricky Katene, Jason
Kibblewhite, Mathew McMillan, Ratana Tane.
MAINFREIGHT WHANGAREI Kasandra
Albert, Kayne Armstrong, Chase Ashby, Manon
Austin, Todd Beehre, Jim & Heather Bond,
Brendon Boyte, Rebecca Brady, Steven
Cameron, Simon Cauty, Calvin Deboer, Chris
Francis, Owen Gilchrist, Brendon Harris, Levi
Harris, Tim Hayward, Duane Herbert, Josh
Hoek, Ben Hyde, Willie Karena, Pieter
Lambrechts, Tepa Littin, Ross Macdonald, Sam
Mather, Gavin McCleary, Craig McKenzie, Allan
McQuinn, Jason Morgan, Isaac Parore, Ngakau
Paul, William Paul, Logan Pole, James Poulson,
José Restrepo, Pacey Richards, Kevin Roberts,
Clifford Ryan, Ben Shortland, Zak Sinclair,
Sandeep Singh, Wayne Stacey, John Steele,
Kimi Tae, William Tae, Dave Tarawa, Philip
Tepania, Kylie Tulloch, Phillip Tulloch, Graham
Waite, Melissa Wendt, Daryl Whautere, Te Hau
Whautere, Jamie Williams, Joseph Yearbury.
MAINFREIGHT AIR & OCEAN AUCKLAND
Imitaz Ali, Kevin Ann, Behnaz Bahmani, Darren
Barboza, Mark Belfiore, Matthew Beveridge,
Kirsty Bristol, Sonya Buckle, Penelope Burt, Liz
Castillo, Todd Chandler, Wilsyn Chang, Tracy
Cleven, Dylan Colbert, Christine Cullen, Jeremy
Davis, Flavia Derbyshire, Sean Dillon, Shane
Douglas, Mei-Ling Faitau, James Gatley,
Victoria Gelmi, Leslie Ge-Pan, Mark Glover,
Canoe Halagigie, Manu Halagigie, Shannon
Hegan, Stefanie Henry, Daniel Huo, Jan Hustler,
Richard Ioane, Jason Kim, Leo Kim, Kura Kiria,
Tarryn Lanner, Catherine Le Vert, Emily Liang,
Anu Manga, Kane Michalick, Lisa Mitchell,
Christian Moral, Simona Nelisi, Phillip Nelson,
Sarah Olo, Davis Palmer, Lex Paulo, Benjamin
Pearson, Joel Pereira, Daniel Plested, Amanda
Pritchard, Juliet Qiu, Rachael Richardson, Paul
Riethmaier, Karen Roberts, Robert Samuels,
Sonny Sarwara, Harmandeep Singh, Rashni
Singh, Charlie Sionetuato, Karen Smith, Nicky
Smith, Georgia Staddon, Elle Stewart, Nicole
Taaffe, Giovana Tabarini, Cathy Takiwa, Arwen
Tao, Patrice Temanu, Celia Tepania, Andrew
Thomson, Steven Tooley, Robert Tucker, Iki
Vaka, Raju Vegesna, Ye Wang, Antoinette Ward,
Annette Webb, Jessica Williamson, Joanne
Wright, David Zhao.
MAINFREIGHT AIR &
OCEAN CHRISTCHURCH
Nicole Andrews,
Andrew Atkinson, Derek Black, Kevin
Coman-Wright, Hayden Cook, Oliver Dimmick,
Lydia Evans, Cameron Godfrey, Paul Hale,
Michael Louth, Jason McFadden, Julie McIlroy,
Jason Newton, Matt Newton, Lydia Nuttall,
Jacinda Potts, Michell Riley, Sarah Robb,
Hamish Robertson, Dennis Rowe, Joel Stuart,
Karen Waltham, Helen Watson, Alana Wheeler,
Elaine Wong.
MAINFREIGHT AIR & OCEAN
DUNEDIN
Tracey Burrell, Jeffery Foster, James
Morrissey, Teresa O’Connell, Richard Will, Mark
Willis, Paul Wilson.
MAINFREIGHT AIR &
OCEAN HAMILTON
Charles Day, Albertine
Gerrand, Ben Good, Carmen Hadfield, Greg
Waylen, Amber Woodward.
MAINFREIGHT
AIR & OCEAN MOUNT MAUNGANUI
Margie
Brunton, Duncan Byron, Cheryl Chye, Nada
Gvozdenovic, Carol Kennedy, Robyn McCarthy,
Georghia McFeteridge, Linda Mitchell, Andrew
Mole, Kyran Pierce, Julie Scott, Jo Smart,
Shane Williamson.
MAINFREIGHT AIR &
OCEAN NAPIER
Levi Kroot, Monique Peary,
Michelle Stevenson, Krystel Strachan, Melinda
Thomson.
MAINFREIGHT AIR & OCEAN
NELSON
Jessica Hitchman, Megan Lockie,
Belinda O’Donoghue.
MAINFREIGHT AIR &
OCEAN NEW PLYMOUTH
Ed Gafney, Jill
Sorensen, Brendon Wylde. MAINFREIGHT
AIR & OCEAN PALMERSTON NORTH
Tim
Bray.
MAINFREIGHT AIR & OCEAN
WELLINGTON
Erle Betty, Dean Cope, Natalie
Curley, Chrissy Douglas, Paul Fredrickson,
Natasha Jacobs, Briony Larsen, Jeff Larsen,
Victoria Lelo, Robert Little, Sean Paterson,
Scott Rice, Trevor Rice.
MAINFREIGHT AIR &
OCEAN WHANGAREI
Chris Carmichael.
MAINFREIGHT FTL NORTH ISLAND Gavin
Bowers, Ken Brown, Ben Clark, Chris Collins,
Marc Collins, Lyle Cook, Paddy Didovich, Rob
Gifford, Ricky Ireland, Kevin Jackson, John
Katu, Ray Lutherus, Kyla McGregor-Kurth,
Warren McKee, John Mitchell, Karen Powell,
Ryan Rossiter, Ronesh Sharma, Ratneel Singh,
Jamal Stent, Mike Swindells, Sandy Teddy,
Chris Tunnell, Darren Turner.
MAINFREIGHT
FTL PALMERSTON NORTH
Matt Beckett,
Gordon Bell, Tracey Belliss, Bryan Douglas,
Uluaki Fangatua, Peter Flett, Stewart Hickford,
Nathan Inu, Leslie Jackson, Wendy Little, Darrin
Moeahu, Keri Monk, Francis Phillips, Fredrick
Phillips, Elvis Rowlands, Mark Simon, Peter
Taylor, Arthur Tepania, William Tupara, Justin
Wall, Julna Williams, John Winton.
MAINFREIGHT FTL SOUTH ISLAND Nathan
Anderson, Blair Bennett, Pete Bradley, Brett
Bramley, Trevor Bray, Tony Bremner, Hayden
Campbell, Benjamin Gibbins, Andrew Gilmour,
Tim Hitchings, Terry Hucklebridge, Cain King,
Glen Lloyd-Jones, Lindsay Miller, George Mirfin,
Sandeep Nafry, Jamie Newall, Gavin Nichols,
Rene Niovara’Dave, James Price, Rob Renwick,
Hoani Rewha, Taylor Scott, Ray Webb, Rex
Whittle, Neville Williams, Andrew Zyskowski.
MAINFREIGHT IT NEW ZEALAND Gus
Ah-Chong, Tyrone Ah-Chong, Nilesh Bhuthadia,
Corban Borrie, Joshua Burrow, Amelia Camp,
Alice Colenbrander, Jennine Cosgrave, Richard
Daldy, Fraser Dawson, Kishan Dhanji, Lawrence
Dunn, John Eshuis, Mark Hales, David Hall,
Gary Harrington, Alistair Hughes, Bharat Kesry,
Logan Lim, Rhoda Malveda, Lisa Martin, John
McStay, Shaun Morrow, Dineshan Naidoo,
Ankit Narotam, Arun Paul, Jamie Ross, Raagni
Sahay, Dennis Shikhu, Dannielle Steffany,
Pateriki Te Pou, Glen Thompson, Rachael
Timmo, Maree Toa, Roger van Dorsten, Peter
Webster.
MAINFREIGHT LOGISTICS
AUCKLAND, HIGHBROOK
Stephen
Bucheler, Rachel Crawford, Stephen Day,
Patisolo Feo, Ben Hadley, Gladys Iehu, Tony
Lafoga, Kaleb Lockyer, Jonathan Sellar, Kim
Sour Soy, Neil Theologidis, Maria Van der
Nagel, Ryan Wong.
MAINFREIGHT
LOGISTICS AUCKLAND, LANDING DRIVE
Clarence Fuimaono, Arthur Hoeft, Clement
Latulipe, Satish Ramaswamy, Esther
Oluwadamilola Rotimi, Luke Rudolph, Sikha
Santawirya, Adrian Tohovaka, Cody Watts.
MAINFREIGHT LOGISTICS AUCKLAND,
MAINFREIGHT LANE
Keegan Anderson, Joel
Bennett, Paulo De Souza, Amelia Fraser,
Manpreet Kaur, Priyesh Lal, Kyle London, Allan
Lowe, Cristina Lumby, Daniel Mason, Albert
Miratana, Som Nuttamon, Patrick Patau,
Tangapiri Pokoina, Satish Prasad, Roshlene Raj,
Lawton Rebbeck, Tammy Rivers, Hansell
Semeu, Hardeep Singh, Varinder Singh Chanal,
Harpreet Singh Rupal, Kennedy Smith, Theresa
Tahi, Lusio Taliauli, John Valu, Hafe Vilitama,
Dean Walters, Leslie White, Faisal Zafiri.
MAINFREIGHT LOGISTICS AUCKLAND,
MANU STREET
Charlotte Abbott, Tusi Alao,
Zac Brocklehurst, Joel Clarke, Jupiter Dai,
Varghese Devassy, Natalia Fanene, Joseph
Fulu, Patrick Iese, Dennis Ikenasio, Swapnil
Jose, Mo Khan, Sangeeta Lal, Francis Lee,
Hosea Maloni, Melvin Nair, Megan Nel, Rajesh
Patel, Jake Ropati, Siju Samuel, Liam Sharland,
Vivek Sharma, Pardeep Singh, Sukhir Singh,
Kim Sipeli, Krystal Solomono, Thomas Steel,
Alvin Swamy, Piesi Tama, Andy Tongia,
Suitulaga Tupuiliu, Aleska Veljkovic.
MAINFREIGHT LOGISTICS AUCKLAND,
NEALES ROAD
Josh Blackwell, Alex Chen,
Jodie Jackson, Harley Jacobs, Samuel Joe,
Amelia Lee-Hussien, Darius Mamea, David
Moevao, Komal Nadan, Sam Petersen,
Harmanpreet Singh, Jagjeet Singh, Jarmanjit
Singh, Kulwinder Singh, Nirmal Singh,
Rajwinder Singh, Rhys Stunell, Alvin Vaisa, Ofa
Vave.
MAINFREIGHT LOGISTICS
AUCKLAND, O’RORKE ROAD
Chaenala
Bennett, Paul Claydon, Kim Curtis, Marcio Da
Silva, Talia Ioasa, Patrick Jeffery, Gitesh Kishore,
Fotu Mau, Patrick Patalesio, Sarah Rodgers,
Lyn Rogers, Corbin Taylor, Amasaia Valu.
MAINFREIGHT LOGISTICS AUCKLAND,
WESTNEY ROAD
Tony Amituanai, Mandeep
Aulakh, Dave & Kay Batchelor, Zach Butler,
Jason Byun, Joshua De Thierry, James
Fuamatu, Ankur Ghuliani, Warren Hall, Neil
Harding, Travis Hari, Thomas Hughes, Salmaan
Hussein, Ioasa Ioasa, Sam Irving, Shazil Izaz,
Deborah Jackson, Tau Kaho, Samuel Kalauta,
Salesh Kishore, Levi Kite, Denis Kovalev, Sonal
Kumar, Abhinash Lal, Tim Logan, Simi Mareko,
Daniel McGrath, Ashwin Mohan, Jessica
Moody, Evelyn Pak, Patricia Papanui, Tangi
Pekepo, Graham PoChing, Zane Polley, Jai
Prasad, Kelvin Prasad, Roneel Raj, Dallas
Rawiri, Tony Sagaga, Daniel Sharma, Mandeep
Singh, Nirmal Singh, Khodie Tagoai, Mulivai
Televave, Mladan Yagmich.
MAINFREIGHT
LOGISTICS CHRISTCHURCH, ISLINGTON
Craig Baird, Richard Blake, Olly Bosworth,
Carissa Leka, Joshua Pavelka, Aaron Smith,
Caitlin Taiapo, Luke Trounson.
MAINFREIGHT
LOGISTICS CHRISTCHURCH, MCALPINE
STREET
Michael Baker, Wayne Busson,
Richard Cowper, Caitlin Dunne, Diane Franks,
Tanisha Haumu, Jack Henshaw, Sean
Henshaw, Bernard Jagers, Akshay Jindal,
Andrew Kay, Harry Larkman, Geoff Lulham,
Hugh Lynch, Guy McMenamin, Jared Orme,
Tyler Pakau-Narayan, Aslyn Pennington, Brynley
Riches, Sue Riches, Mark Ritchie, Sandra
Ritchie, Jessica Rowe, Kristin Sadd-Peawini,
Anthony Sialeipata, Brayden Simkin, Kirk
Simpson, Harjit Singh, Lovepreet Singh,
Sarabpal Singh, Garth Sutton, Erika Tinomana,
John Wolfrey, Robert Woods.
MAINFREIGHT
LOGISTICS DUNEDIN
Geoff Baird, Martin
Swann, Bruce Wilson.
MAINFREIGHT
LOGISTICS WELLINGTON
Kayleigh Adrian,
Te Rangi Hata, Gregory Hunter, Huriata
Karauria, Jacob McDowell, Christian Vaaulu,
Jonathan Zwart.
MAINFREIGHT METRO
AUCKLAND
Chrissy Adams, Mustaq Ali, Zavid
Ali, Abdul Asheem, Jatinder Bajwa, Zubin
Bhathena, Emma Bryant, Shenaye Campbell,
Ritesh Chand, Alisha Chauhan, Patrick
Chong-Nee, Etesa Cordtz, Thomas Curtis,
Aoese Fruean, Karunesh Gounder, Nicole
Harris, Naushad Hussein, Tevesi Inukihaangana,
Inderjit Jaswal, Lashman Jhim, Ashwin Karan,
Ashaf Khan, Imtiyaz Khan, Nazim Khan, Zeyn
Khan, Alvin Kumar, Mahendra Kumar, Nishant
Kumar, Rahul Kumar, Ravneeth Rinesh Kumar,
Hirdeshwar Lal, Timothy Love, Kirsty Michell,
Mahendra (Bobby) Naicker, Davendra Naiker,
Malay Patel, John Paul, Krishneel Varun Prasad,
John Raju, Devesh Ram, Saud Ramadhan,
Munendra Reddy, Vimal Reddy, Liam Reidy,
Nizal Saddik, Rakesh Sen, Mez Sethna,
Quentin Sinclair, Chamkaur Singh, Davinder
Singh, Deepen Singh, Dushkar Singh,
Gagandeep Singh, Hardeep Singh, Harry
Singh, Parnam Singh, Shyam Singh,
Sukhuinder Singh, Hardeep Singh,
Rajdeep Singh Powar, Amanda Smith, Anmol Sodhi,
Kunal Sodhi, Mikey Taia, Thomas Tetai, Ropisone
Toma, Sateki Tongia, Laura Watson, Sam Wilkinson,
Alex Witteveen.
MAINFREIGHT METRO
CHRISTCHURCH
Sheilk Ali, Malcolm Baird, Aaita
Biswa, Honey Bizarh, Lizzie Bridges, Andrew Chai,
Dan Chetty, Vince Cheung, John Cowlin, Craig
Cowper, Tarvinder Deol, Anmol Dutt, Robert Hayes,
Tim Hitchings, Ian Johnson, Corrie Kerkvliet,
Jatinder Kumar, Brian Lewis, Jarad Maioha, Feroze
Mohammed, Hameed Mohammed, Armit Rai,
Katrina Robertson, Shantel Robertson, Wayne
Robertson, James Sansom, Grant Sherlock,
Amrinderjit Singh, Darshan Singh, Jatinder Singh,
Kamaal Singh, Mandeep Singh, Manpreet Singh,
Pargat Singh, Sam Singh, Sandeep Singh, Simarjit
Singh, Sukhwinder Singh, Bo (James) Zhang, Li
Zheng, George Zuo.
MAINFREIGHT METRO
WELLINGTON
Tama-Rangi Awatere, George
Chapman-Reynolds, Kayleigh Elliot, Clinton Garrity,
Ben Harris, Jacob McDowell, Marama Riddell,
Graham Strang, Tecye Tevita, Segaula Va, Julie
Ward.
MAINFREIGHT MOBILE Sosaia Ahau,
Dylan Anderson, Parapa Fatamaka, Kevin Geard,
Wisam Ibrahim, Faiyaz Khan, Alex Phillips, Nishant
Sharma, Ganandeep Singh, Gurjant Singh, Jagdeep
Singh, Sukhdev Singh, Glen Symons, Clayton Tito.
MAINFREIGHT PORT OPERATIONS,
AUCKLAND
Carol Avard, Arron Davis, Balwant
Dhaliwal, Rob Dickinson, Alexander Fedorov,
Harmandeep Gill, Gerald Goff, Muni Gounder,
Nicholas Gray, Michael Heera, Adam Hohepa, Bryan
Hohepa, Mohammed Khan, Oriana Laumea, Rezin
Leaunoa, Faizad Mohammed, Shakeel Mohammed,
Ravi Naidu, Dinah Ogabang, Sarwan Padayachi,
Harry Petersen, Avinesh Michael Prasad, Simon
Sahim, Harinder Sandhu, Sukhraj Singh, Puneet
Singla, Tiffany Sio, George Taiapo, Andrew Tautari,
Terrance Tereapu, Trudy Timmo.
MAINFREIGHT
PORT OPERATIONS, CHRISTCHURCH
Sameh
Awadalla, Renee Barnes, Dean Coates, David
Dickson, Adrian Ferguson, Vaughan France, Tony
Green, Eddie Hiku, Michelle Hodgkinson, Carolyn
Kirby, Gary Sellars, Joe Weng, John Williamson.
MAINFREIGHT PORT OPERATIONS,
WELLINGTON
Ken Harris, Wayne Kilgour, John
King, Tony Roberts, Chris Sirota.
MAINFREIGHT
2HOME AUCKLAND
Nathaniel Anesone, Sam
Anson, Ray Brown, Jagroop Chahel, Ratish Chand,
Ella-Lee Cihak, Joseph Collins, Cindy Crosbie,
Darren Cummins, Jonathan Davison, Mark De Hoog,
Alan Enslin, Tama Fasavalu, Edward Freeman,
Jeffrey Fuatogi, Sukhdeep Gill, Theresa Herbert,
Sophia Hunt, Tony Inia, Joe Kawau, Joshua
Kewene, Mohammed Khan, Jordan Lau’ese,
Amitesh Maharaj, Nukutawhiti Mano, Jared
Martinovich, Siosifa Ma’u, Zain Mohammed, Ben
Monro, Michael Munns, Jared Nuku, Jacqui
O’Connor, Peter Park, Dhiren Patel, Jeremy
Patterson, Jade Pearce, Chhabra Raghu, Deben
Raut, Abdul Rehman, Andre Russ-Kite, Joshua
Savea, Justin Scrivener, Tupu Seumanu, Dharminder
Singh Gurpreet Singh, Hardeep Singh, Manjit Singh,
Paramjeet Singh, Grant Smith, Dion Solomona,
Bronwyn Symons, Israel Talakai, Allan Tango, Ioane
Tava’e, Arthur Tusa, Semisi Ula, Joe Veve, Antonio
Vila, Ioane Viliamu, Bianca Vuetibau, Peter Wallis,
Jeremy Wells, Sheree Whitehead, Caleb Wong,
Greg Wong, Kai Yao.
MAINFREIGHT 2HOME
CHRISTCHURCH
Ryan Berry, Ray Bradcock, Chris
Bramley, Grant Brinsdon, Ben Carlisle Reeve,
Timothy Challis, Greg Cooper, Ihaia Cox-Winiata,
Tony Cummings, Tom Dawson, Zac Devonshire,
Daniel Diamond, Mansell Diamond, Cameron Duffy,
Rob Duffy, Tracy Hapi, Daryn Hardy, Elijah Hosking,
Jaysin Hurrell, Ben Innes, Richard Kotlowski, Daniel
Lidgett, Katie Newsome, Wayne Pahl, Luke
Percasky, Tyler Perriton, Rob Poasa, Morgan Rangi,
Richie Richmond, Earl Ritani, Nicky Scott, Khamus
Sisikefu, Ryan Steadman, Xavier Te Wano, Henry
Whyte, Cody Williams, Kamen Withington, Ben
Wright.
MAINFREIGHT 2HOME WELLINGTON
Deepak Dadrah, Frank De Jong, Huriata Karauria,
Mariane Langi, Charles Simpson, Christie Strang.
OWENS AUCKLAND Aldre Aborro, Mohammad
Ahmed, Frank Aholelei, Ilaeiseh Aumau, Manjinder
Bhathal, Alvin Datt, Sheik Bobby Dean, Godfrey
Wynyard Brown, Michael Brown, Sami Chand, Aisea
Cokula, Daiana Cokula, Tiwihou Cope, Murray Craig,
Leanne Drube, Jayden Fanouaha, George Francis,
Jeremon Galiki, Sefulu Gaugau, Andrew Gibson,
David Heka, Pryce Howearth, Dominic Hunt, Eun Sik
Joo, Elaine Kaliopasi, Telea Kasipale, Fatai Kaufusi,
Robert Kealey, Mosese Kivalu, Ram Krishna, Anish
Kumar, Ashika Kumar, Nitesh Kumar, Ravin Kumar,
Salesh Kumar, Marshneel Lal, Neelam Lata, Joshua
Leef, Tino Liufau Pio, Rebekah Lopau, Emma Lowry,
Teremoana Loza, Samuel Lythe, Lloyd Mahara,
Pravin Maharaj, Savi Maharaj, Joylene Malofie,
Christian Marsters, Upoko Maruariki-Taoro,
Mike Masters, Macayla Masters-Clarke, Jackie Mein,
Riaz Mohammed, Gabriel Moore, Ali Mumtaz,
Damien Murray, David Murray, Leena Nand, Kartick
Narayan, Junior Nathan, Tarryn Neal, Tim Ottenhof,
Rayneil Pal, John Palelei, Jayantkumar Patel, Lisa
Pearce, Braedon Phillips-Davis, Christopher
Pikering, Brooke Pope, Shavneel Prakash, Vinal
Prasad, Kelevi Qalilawa, Vinit Raj, Nileshni Rattan,
Davante Renata-Leaf, Toby Reynolds, Gerrard
Robinson, Sukhi Samra, Samil Sanesh Sewak,
Aklesh Sharma, Salendra Sharma, Vinnie Sharma,
Baljinder Singh, Dalbir Singh, Davinder Singh,
Dinesh Singh, Gurdev Singh, Gurjant Singh, Jagjit
Singh, Jatinder Singh, Nawal Nischal Singh, Niraj
Singh, Raj Singh, Terry Slattery, Andrew Smith,
William Smith, Archie Stephens, Oliver Stevens,
Robert Stevens, Junior Stowers, Nathaniel Swney,
Alisha Tairakena, Shayne Tall, Joseph Tatafu,
Andrew Tautari, Adam Tieng, Bryan Tohi, Uluka Lala
Toki, Dibley Tokimua, Peter Topia, Siaosi Tuanai,
Eddie Tuhakaraina, Paongo Tulimaiau, Mark
Upokomanu, Billy Vesth, Jason Vijaykumar, Gurjant
Virk, Kathryn Wilson, Candy Worden.
OWENS
CHRISTCHURCH
Rachael Bedard, Jason Carey,
Callum Field, Scott Finlayson, James Foster, Janine
Gordon, Kris Hickey, Ross Hodson, Kevin Huang,
Deane Hunt, Keith Kenyon, John Kerr, Robert King,
Matthew Kitchin, Jason Lapsley, Ricky Liang,
Yupeng Ma, Tony Martin, Lindsay McKewen, Lucy
Mitchell, Brigid Moorhouse, Alan Morgan, Guy
Murgatroyd, McGee Nimmo, Xin Ning, Elizabeth
Prentice, Melissa Riach, Graham Ryan, Jimmy
Shearman, Jennifer Sheppard, Manpreet Singh,
Narender Singh, Sam Singh, Kareena Sullivan, Le
Tan, Allen Tian, Bobby Tito, Rowan Traue, Holly
Turnbull, Talosia Vanilau, James Whittle, Hayden
Williams, John Wynyard, Haobo Xu.
OWENS
HAMILTON
Wayne Bryant, Lindsay Meredith.
OWENS WELLINGTON Ala Aiono, Sally Bryant,
Kate Hoar, Tracey Hoare, Alby Mahuika, Allen
Marchant, Cambridge Moore, Toi Morehu, Jeffery
Saunders, Harminder Singh, Johan Soeteman.
OWENS LOGISTICS AUCKLAND Hannay
Lapana, Konelio Leone, Anthony Levao, Jodi
McLaren, Colin McPherson, Milka Sagi, Maninder
Singh, Sukhjit Singh, Mateo Tino, Jeremy Williams.
OWENS LOGISTICS CHRISTCHURCH Grant
Breach, Isaac Breach, Emily Fowler, Rebecca
Hayward, Chunguang Hu, Andrew Maxwell, Gareth
McKay, Thomas Meyrick, Jayden Mita, Richard
Owen, Ivan Peek, Jim Rabuku, Deborah Ryan,
Andrew Sesani, Nikita Swarts.
OWENS TANKERS
Andrew Calvert, Maurice Clarke, Joe Curtis, Tom
Davis, Jock Dixon, Brian Keogh, Pera Maxine, Reza
Motadeli, Guy Small, Marilyn Syms.
TRAINING
TEAM NEW ZEALAND
Donna Barrett, Charlotte
Carpenter, Charlotte Colson, Rochelle Coster, Erica
Dash, Trace Donaghey, Gary Dyason, Rachel Hustler,
Lizzie Judd, Ange Quedley, Alexia van der Zanden.
AUSTRALIA
CAROTRANS BRISBANE Jacinta
Gremond, Naia Morais, Anna Slater, Grace Stewart,
Peter Tombling.
CAROTRANS MELBOURNE
Sindy Bartlett, Rebekah Burgoyne, Debra Carr, Jade
Carter, Paula DiBella, Melanie Hill, Renee Pace,
Andrew Petersen, Brianna Pisasale, Jacinta Polzella,
Nadia Rimene.
CAROTRANS SYDNEY Adam
Bajek, Hamish Brown, Tiana Hamlin, Alana
McCarten, Tony Naumoff, Diana Scott, James
Warren, Kate Winterburn, Karam Zebib.
CHEMCOURIERS BRISBANE Haris Akram,
Claude Andrasescu, Steven Beaumont, Troy
Blacklock, Olivia Goldsack, Connor Harper, Samuel
Hudson, Kevin James, Amanda Johnston, Garry
Kennedy, Pankaj Kumar, Legan Nyabenda, Chris
Powell, Scott Pratt, Mandeep Singh, Ranvir Singh,
Surinder Singh, Tarsem Singh Sandhu, Tere Webb.
CHEMCOURIERS MELBOURNE Marli Adendorff,
Cameron Aldridge, Brian Aspinall, Mehdi Bahrami,
Peter Bedford, Daemen Bray, Anita Byrne, Eugene
Calandro, David Carswell, Matthew Cartledge, Ethan
Coates, Lucas Columbro, Kevin Dicker, Guo-Qiang
Dong, Goran Grbic, Shayam Jayasuriya, Navdeep
Johal, Scott Jones, Jason Kennedy, Lyly Lai, Henry
Lam, Monique Latorre, Caleb Lewis, Marcel
Maunsell, Grace Mead, Katrina Miller, Shertim
Muratovski, Radmilo Nedic, Hoai (Victor) Nguyen,
Huy Nguyen, Sang Nguyen, Christopher Raditsis,
Vanja Radulovic, Terry Rawiri, Satpal Singh Sandhu,
Dillon Trew, Lanh Truong, Isaac Tufuga, Aled
Wills-John.
CHEMCOURIERS SYDNEY Bilall Ajaj,
Ridhwaan Ali, Riyaz Ali, Liam Bainbridge,
Benjamin Bano, Michael Blitvic, Elie Boulos, Hayley
Brown, Naman Chand, Blake Curran, Nicholas
Foglia, Joeffrey Frias, Caleb Fungo, Cebbar Gergoy,
William Hamdi, Liam Hastings, Matthew Ishak, Petar
Jovanovic, Mohammed (Kash) Khan, Andrew Kyei,
Michael McIvor, Robert Meredith, Timothy Meredith,
Kelela Pasina, Eva-Lynn Patai, Natasha Perese,
Motiana Pisu, Daniel Ross, Sam Sattar, Elvis
Sehovic, Mark Shabow, Peter Smith, Mark Taai,
Terry Tallar, T-Jay Tallar, Antoinette Te Runa, Peter
Thomson, Lokomaikaiokalani Vaisagote, Stanley
Vaka, Bruno Vidigal, Romesh Vigneswaran, Gary
Vongphakdy, William Wang.
MAINFREIGHT
ADELAIDE
Kendall Anderson, Cherie Aunger,
Jason Borg, Shane Borg, James Brook, Alfredo
Cammarano, Christopher Cammarano, Pauline
Cammarano, Amanjot Cheema, Trevor Clayson, Jae
Cook, Danyl Drabsch, Jesse Ebert-Hudson, Peter
Fanning, Luke Farrugia, Lee Ford-Griffiths, Terry
Forst, Arthur Gentle, Michael Goldfinch, Shanon
Govindan, Patrice Hall, Michelle Hanson, Otniel
Iordachi, Robert Jones, Jody Knight, Valeria
Lapteva, Warren Logan, Napinder Mann, Liam Miller,
Deborah Moore, Lauren Neldner, Kim Pawsey,
Lee-Anne Phillips, Stephen Phillips, Joanne
Reimann, Mark Richter, Lynne Rooney, Thomas
Scholtus, Garry Semmler, Mitch Simons, Gurpreet
Singh, Harjit Singh, Vajinderpal Singh, Jack Star,
Tracy Stefanopoulos, Justin Stoyanoff, Stefan
Stoyanoff, Tom Stoyanoff, Andrew Tait, Steve
Thorpe, Aaron Ward, Madeline Wilsdon.
MAINFREIGHT ALBURY
Vishu Arora, Gordon
Brooks, Jason Ellingham, Bradley Foy, Michelle
Foye, Theo Fraser, Tori Graham, Joshua Green,
Ashley Hemopo, Jessie Hullick, Kym Hullick,
Matthew King, Luke McCluskey, Craig Perry,
Amrinder Singh, Avtar Singh, Manjot Singh, Riki
Tipene, Tinika Tipene.
MAINFREIGHT BALLARAT
Adrian Freckleton, Steve Gill, Jason Hanson, John
Lloyd, Vanessa Maxwell, Andrew Sporne.
MAINFREIGHT BENDIGO Claude Ayrton, Micheal
Lawry, Benjamin Norris, Lidia Tonkin.
MAINFREIGHT BRISBANE Indira Abrahams,
Lauren Alley, Amanda Aplin, Sorcha Barnes, Steven
Blackmoore, Patterson Callum, Tara Carnegie,
Ritesh Chand, Erika Chee, John Cohen, Courtney
Collier, Cassandra Collins, Mitchell Day, Timothy De
Beer, Greg De Lautour, Ruth De Lautour, Roy Faifai,
Deanne Gage, Lucas Goldblatt, Stephanie
Goldsack, Daniel Goodwin, Shari Groves, Kris
Gyorky, Angelina Harper, Stacey Heard, Michael
Heironymus, John Holpen, Yvonne Ili, Chase Inia,
Christian Ionut Istrate, Vikram Jit, Anthony Johnson,
Steve Jovanovic, Amanda Karipa, Trevor Keating,
Dallas Keevers, Andrew Kelly, Bhupinda Kharaud,
Jayson King, Joseph King, Linda King, Sharvin
Kumar, Sunil Kumar, Bradley Lahey, Daniel Lahey,
Jason Levy, Nikki Lindsay, Reece Little, Jamie Lovell,
Ezekiel Makowharemahihi, Natu Manao, Harrison
Martin, Shaun Martin, Tina Martin, Samuel Massey,
Nathan McDonald, William Meaclem, Joshua
Meads, Brandon Metai, Darius Moldovan, Rodolfo
Morales-Diaz, Michael Murray, Khalid Naved, Zoltan
Neer, Michael Niesler, Bradley Ogier, Ian Patterson,
Nicholas Pell, Tod Poole, Ashleigh Santoso, Sharyn
Santoso, Amber Scott, Ashleigh Scullion-Gilpin,
Quinn Sherriff, Jonathon Silver, Brent Smith, Jarrod
Smith, Sebastian Smith, Todd Smith, Zac Speedy,
Liesel Stevens, Charles Sutcliffe, Stephen Te Hau,
Sunil Thakkar, Katie Thompson, Pologa Tuafafo, Jay
Tuautu, Vesi Tuautu, Steve Turner, Peter Underwood,
Terence Utai, Uhila Vakameilalo, Akos Varga,
Fursland Wayne, Kevin Whitty, Robert Williams,
Byran Wong.
MAINFREIGHT BUNBURY Laurent
De Robillard.
MAINFREIGHT CANBERRA Jahmal
Batchelor, Leonie Blundell, Steven Edwards, Kai
Ehlers, Uate Foliaki, Andrew Pearson, Bryce Ring,
Liam Thompson, Nicola Thompson, Kieran
Wickham, Michael Zhou.
MAINFREIGHT
GEELONG
Cheryl Dean, Ranjan Grewal, Sean
Maher, John Seaver, Jaswinder Singh Baidwan,
Sander Vreeburg.
MAINFREIGHT GOLD COAST
James Blok, Katrina Casey, Mark Jackson, Michael
Jones, Rhys Mahy, Glenn Manwell, Joel Nikeller,
Crystal Obst, Zoltan Udvardi, Allan Were, Chris
Were, Maraea Wharemate.
MAINFREIGHT
MELBOURNE (CLAYTON)
Nicole Adendorff, Vijay
Ahluwalia, Hassanain Ali, Nelson Aravjo,
Jenny-Maree Armel, Kanwalpreet Atwal, Mali Barber,
Nirmal Brar Singh, Craig Britto, Liem Bui, Aaron
Campbell, Vince Cecil-Daniel, Bin Jing Chen, Peyton
Coghlan-Savage, Steve Cooper, Sonani Cramer,
Peter Daly, Andrea D’Cruz, Kim Devine, Jatinder
Dharni, Albert Edwards, Chithrinee Ekanayake,
Mirjana Fifita, Mafutaga Galuvao, Anthony Garland,
Sam Gebremeskel, Anthony Giannopoulos, Zack
Gligurovski, Semi Godinet, Jason Govaars, Ross
Grace, Callum Greig, Peter Grindal, Chloe
Guillemain, Brayden Hackling, Douglas Hartwick,
Ali (Reza) Hassani, Jamie Haysom, Faye Henderson,
Valentine Hicks, Jason Hill, Thuyet Ho, Dane Hoffner,
Jake Howell, Mujtaba Hussain, Sadaat Hussain,
Jesse Jansz, Jack Kanakaris, Cory Kapetanakos,
Balwinder Kaur, Gregory Kennedy, Miki Kolek,
Michael Kuzmanovski, Raymond Lal, Daniel Lamblin,
Resalene Lavaka, Thomas Lennon, Madeleine
Lynch, Mike Mai, Lewis Marco, Peter Mayes, Scott
McGill, Huy Minh Vu, Albi Mino, Benny Moser,
Muamer Muratovski, Shenol Muratovski, Surender
Nagulapally, Krishna Naidu, Jean-Claude Nayna,
Cody Newsome, Mark Ngaruhe, Nhiem Ngo, Vu
Ngo, Ken Nguyen, Tien Nguyen, Tony Nguyen, Bill
Nikopoulos, Mitchell Nolan, Dylan Osman, Osman
Osman, Luke Pavey, Emma Pedler, Ray Pepper,
Hung Pham, Paul Pipilakis, Michael Pryor, Presley
Purcell, Sukhdeep Rangi, Malcolm Reynolds,
Megan-Anne Rose, Elmedina Sadinlija, Trevor
Scharenguivel, Antarpreet Sekhon, Amandeep
Sharma, Avinder Singh, Baljit Singh, Barinder Singh,
Darshdeep Singh, Davinder Singh, Khusdeep Singh,
Ravinder Singh, Rupinder Singh, Anna Smith, Chloe
Smith, Xavier Smith, Craig Steer, Hanh Hq Ta,
Ashley Taylor, Rebecca Taylor, Turoa Tipene, Duc
Truong, Han Truong, Van Be Truyen, Damian Turner,
Sanele Utupo, Sitiveni Vakacavu, Joseph Vibal,
Estelita Vincent, Tommy Vo, Srdan Vukovic, Jennifer
Wanigasekera, Kelly-Jo Wells, Stacey Wells, Andrew
Weymouth, Willie Wharewera, Alphonso Williams,
Helen Williams, Harrison Wright, Steve Wright.
MAINFREIGHT MELBOURNE (EPPING)
George
Abernethy, Marola Amin, Linfield Anitipa, Paul
Anitipa, Louis Arnott, Rajvinder Bains, Lochlan
Barlow, Yousef Bastani, Clement Boydell, Corey
Braid, Amiee Chambers, David Ciardullo, Tomas
Condon, Stephanie Conduit, Robert Cross, Bryan
Curtis, Grant Draper, Benjamin Duke, Danielle
Edwards, Faafetai Etuale,Vincent Falvo, Josephine
Fava, Soteria Folaumoeloa, Bill Fraser, Anthony
Galea, Brice Giacomantonio, Bradley Greer, Luke
Grimes, Amy Habermann, Wayne Harris, Edmila
Hebel, Kathleen Hill, Tanya Hillier, Tohidul Hoque,
Shengdong Huang, Beniamina Inatoti, Leah Jones,
Mele Kaliopasi, Chung-Hsuan Kuo, Violeta
Kuzmanoski, Dianne La Velle, Izaac Lazarevic, Kam
Lee, Brandon Lemalu, Christopher Lindroos,
Michael Mackenzie, Cameron MacLean, Paul
Mahfoud, Brok Maihi-Taniora, Tarun Markapuram
Shivaprakash, Andrew Marshall, Mercedesz
Matskassy, Nicholas Matthews, Stuart McKell, Kevin
Mendez, Nicole Merrigan, Nicholas Milevski, Rodd
Morgan, Edward Mulvenna, Keryse Munro, Morgan
Munro, Tosko Nastevski, Ainsley Newson, Amrinder
Pannu, Dimitra Paterakis, Nicholas Payne, Edward
Pearson, Hai Pham, Mark Phelan, Sammy
Phommachanh, Andrew Plonsker, Joanne Polley,
Tikka Popple-Amos, Luisa Pouono, Ashleigh Rae,
Matthew Rak, Christina Rebesco, Gary Ritchie,
Graham Robinson, Lauren Ross, Leasa Rowley,
Brendan Ryan, Melanie Savona, David Scott, Funda
Sener, Rupesh Sharma, Jesse-Jaymes Simmonds,
Amarpreet Singh, Angrej Singh, Devender Singh,
Gary Singh, Gurpreet (Raj) Singh, Harjap Singh,
Harpreet Singh, Jagpreet Singh, Jaspal Singh, Jazz
Singh, Mandeep Singh Brar, Parmjeet Singh Verma,
Gagandeep Singh Virk, Tayla Stankovski, Maryann
Stellini, Natasha Stojkovska, Martin Stronge, Paula
Suwart, Janaya Symons, John Tapuala-Unasa,
Andrew Thompson, Rawiri Thompson, Natalie
Trajkovski, Bransislav Trifkovic, Thanh Phong Truong,
Steven Tucci, Aline Van Buiten, Riley Van Buiten,
Jake Van Meel, Justin Velevski, Leigh Vlasblom,
Richard Vlasblom, Massey Wade, Joyce Wain, Joe
Wakefield, Ford Watene, Jaya Wirawan, Jessica
Young.
MAINFREIGHT NEWCASTLE Beau
Baglin, Kristen Cameron, Tony Cross, Brett Cullinan,
Luke Dalton, Lily Davis, Tom Enderby, Ebony Fisher,
Jessica Govan, Jason Hammer, Shardey Hancy, Jim
Heins, Ruby Ho, Kaiden Hudson, Zachariah Jenkins,
Dylan Johnson, Benjamin Keane, Ian Macpherson,
Matthew McCallum, Tanya Milne, Brett Mulheron,
Michael Parkinson, Alyssa Pilgrim, Byron Price,
Steve Renton, Stephen Smith, Douglas Williamson,
Jason Willoughby, Brad Yuile.
MAINFREIGHT
PERTH
Muchsin Alaydrus, Mark Alberts, Daniel
Battaglia, Sarah Battaglia, Karl Baxter, Shaun
Birmingham, Christopher Brookshaw, Stephen Bull,
Mohamed Cheaib, Rau Cooper, Shaun Davy,
Michael DiMaggio, Raquel DiMaggio, Damien Faass,
Lauren Faass, Sinan Fazlilar, Jeffrey Field, Robert
Foster, Jesse Galende, Rob Glerum, Jesse
Gray-Morgan, David Gurney, Renato Hadziavdic,
Daniel Harvey, Robert Hawksworth, Graham Herd,
John Hope, Frank Hulsdunk, Valerie Jeisman, David
Kake, John Keen, Jaskarn Khanghura, Jaswant
Kharoud, Pardeep Kumar, Theunis Lemmer, Rajesh
Lohan, Nikki Maru, Todd McCabe, Raymond
Mccagh, Matthew McKeon, Susanne Meechan,
Bailey Mitchell, George Moore, Patrick O’Shea,
James Paekau, Malcolm Papa, Yianni Papaliaris,
Madison Parker, Singh Sandhu Ravipreet, Amelia
Richardson, Robert Rix, Annette Roberts,
AU
Damian Schoppe, Jaswinder Singh, Paramveer
Singh, Gurpreet Singh Gill, Harpal Singh Saini,
Amandeep Singh Sandhu, Pushpinder Singh
Sandhu, Curtis Spencer, Christine Sutherland,
Simon Tasker, Scott Taumata, Graeme Tilley, Paul
Van Dam, Huy Vu, Peter Webb, Hamish Williams,
Alexandria Wood, Daria Yuldasheva, Nargis Zahedi.
MAINFREIGHT SUNSHINE COAST
Brent Bevin,
Jessica Cuming, Mark Thomas. MAINFREIGHT
SYDNEY
Mitchell Ahrens, Rogaya Alexander, Haider
Al-Haider, Ramy Al-Haider, Fadi Al-Mallou, Renney
Ama, Sharon Ama, Guy Assanti, Kevin Babbington,
Zachariah Beltran, Mohammed Beydoun, Tony Bilir,
Jake Brazill, Laisenia Burewe, Armani Busby,
Talmage-Jade Busby, Avinesh Chand, Ravi Chand,
Salvin Chandra, Raelene Codd, Ashleigh Collins,
Amy Connelly, Kim Corpin, Jessica Currey, Daniel
Curtis, Samantha Daley, James Darby, Alik Darmo,
Charisse De Abreu, Navdeep Deogun, Pamela
Dilucchio, Alan Ebadi, Mathew Edwards, Danny
Ellyard, Denielle Everingham, Naseri Faifua, Hilal
Fawaz, Moh Fawaz, Russell Fender, Amelia Fifita,
Kristen Flood, Asipeli Fotofili, Anthony Franco, Jason
Gerondis, Tayfun Gezer, Imran Goraya, Vishnu
Gounder, Reza Hamazaehlouei, Namal Hamid,
Thomas Han, Kryillos Hana, Ray Hanson, Geoffrey
Heard, Makalio Hehea, Rosario Herbereau De La
Chaise, Kingi Hoskin, Tony Howard, Declan
Jackson-Harris, Kathryne James, Natalie James,
Samuel Jenkins, Lolomanaia Kakala, Jim Karipis,
Sarah Kimmings, Zed Komsic, Nishi Kothari,
Sachindra Krishnan, Van Le, Holly Licciardo, Stacey
Lockeridge, Danny Loli, Surendra Madala, Loseli
Manu, Mark Mariano, Patrick Masaisomug, Joshua
Masih, Kathleen Mena, John Michael, Daneile
Moana, Susan Morrow, Magele Muaulu, Solomone
Naa, Avinesh Naidu, Niraj Navin, Tai Ngaau, Quoc
Nguyen, Quoc Tai Nguyen, Tan Nguyen, Vanessa
O’Neill, Pece Paceskoski, Phillip Paceskoski, Suza
Paceskoski, Cindy Page, Junior Papalii, Vinay
Rajendrakumar Patel, Jessica Peig, Bill Perese,
Thomas Pham, Christopher Phelan, Scott Phillips,
Dragan Popovic, Mark Posa, Lisa Profilio, Iosefa
Pule, Michelle Purvis, Donald Ram, Pawan
Rathnayake, Debbie Rawiri, Reti Reed, Jimmy
Ristevski, Adam Robey, Channa Rodrigo, Ezekiel
Rookledge, Rafael Rueda, Saipele Salelesi, Tagi’ilima
Salelesi, Shiu Sambhu, Jody Savage, Strantz
Schaumkel, Jessica Schuck, Amy Schumann, Kyle
Shales, William Shea, Joshua Siddle, Ismael Silvera,
Chandresh-Bobby Singh, Gurvinder Singh, Pranit
Singh, Randhir Singh, Satbir Singh, Tyreece Siofele,
Nino Sioufi, Hayden Smith, Alan Spackman, Stefano
Tahi, Rangimarie Takiari, Vaituu Tautai, Jade Towle,
Anthony-Minh Tran, Zoran Trenkoski, Umit
Tuncdoruk, Taane Tupola, Filipine Vave, Sione Vave,
Mark Vincent, Denise Vitellaro, Ratu Vuibau, Vikrant
Wadhwa, Mary Wall, Tershel Watene, Peter Wilson,
Reginald Woonton, Angus Zammit.
MAINFREIGHT
TOOWOOMBA
Aaron Furey. MAINFREIGHT
TOWNSVILLE
Steven Ace, Marla Costabeber, Jack
Grimwood, Michael James, Tierre Mallinson, Scott
Wilton, Nicholas Withycombe.
MAINFREIGHT AIR
& OCEAN ADELAIDE
Hayley Barnes, Gary
Birmingham, Hayley Collins, Jaimie Collyer, Joseph
Covino, Jodie Dirksen, Jessica Hautop, Adrian
Logan, Bianca Newbery, Sophia Nikolakopoulos, Thi
Ong, Caroline Pitman, Lisa Raimondo, Sarah
Ramiro, Kanesh Sivashankar, Mitchell Stint.
MAINFREIGHT AIR & OCEAN BRISBANE
Stephen Anderson, Elizabeth Arguello, Kathryn
Bailey, Christopher Bamford, Monicque Bamford,
Saskia Bemelman, Callum Bruce, Jessica Butler,
Grant Carlson, Erin Carmock, Joseph Castellana,
Damien Cridland, Camila Del Passo Brandao, Abbi
Dilena, Mitchell Fontalvo, Catherine Gillick, Bailey
Gooding, Myroslava Gopanchok, David Hall, Adam
Horne, Amy Kelly, Karen King, Deanne Kramer, Faith
Ling, Jacinta Marriott, Christopher Meacham, Sara
Payne, Madison Pfuhl, Mehau Phillip, Jessica
Pursey, Melanie Sheppard, Stephen Simpson,
Chantelle Stiege, Monty Sullivan, Jayde Tarbuck, Ian
Thomas, Ogi Vuksanovic, Rebecca Vuksanovic,
KaMing Wong, Peng Zhou.
MAINFREIGHT AIR &
OCEAN PERISHABLES BRISBANE
Drew Bowler,
Keisha Derrett, Ataia Faapo, Alec Fontalvo, Bronwen
Howells, Alex Jenkins, Faasuaga Lemaga, Andre
Ling, Brendan Rogers, Melanie Secomb, Mark
Underwood. MAINFREIGHT AIR & OCEAN
GOLD COAST
Luke Chance, Jade Fogwell.
MAINFREIGHT AIR & OCEAN MELBOURNE
April Ali, Gary Atkins, Daisy Attard, Melissa Bartlett,
William Brown, Laura Burns, Monica Cahill, Tony
Capuano, Ksenia Chudak, Darren Ciantar, Kerry
Cogan, Chrysanthe Coles, Lisa Colombo, Rebecca
Conte, Dave Coughlin, Kirsty Davis, Daniela
Dimitrijovska, Susi Dombrzalski, Elizabeth Fellows,
Shalini Fernando, Damien Ferris, Shania Finnigan,
Dale Foote, Vincent Fu, Louise Gallardo, Fiona
Goodwin, Rachel Grover, Clancy Hall,
Nicole Hegeman, Hamish Hill, Bronte Houston, Sean
Hutchinson, Janberk Ilhan, Aneta Jankovski,
Svetlana Kasyanov, Melissa Kelly, Carolyn King,
Megan Kirkman, Troy Kirwan, Bojan Kljajic, Damien
Kozelj, Franciscus Kranen, Rajini Kumari, Mandy
Lazaridis, Nicole Levey, Jing Liao, Jason Lister, Lee
Liu, Christopher Manessis, Rosaria Marra, Sarah
Martin, Wesley Mayne, Julia McMillan, Roslyn Meli,
Kosta Mihos, Amanda Millington, Pam Moussiades,
Matthew Mudge, Janine Nemeth, Lingna Ngo, Luise
Ockardt, Charissa Ong, Sasa Opacic, Melissa
Packett, Kristian Phillips, Vincent Pirozzi, Grace
Polgar, Natalie Poloni, Tahlia Prestia, James Ryan,
Anthony Schembri, Luke Sekoa, Shara Shanahan,
Brendan Shergill, Junsik Shin, Jason Spiteri, Georgia
Strada, Chloe Straughair, Xiaoxia Sun, Brittany
Thorogood, Travis Thorogood, Cynan Tomsen,
Winnie Tong, Paolina Tortora, Diem Tran, Daniella
Verlaque, Connie Vinci, Yizhao Wang, Joanne
Warway, Paige Woodhouse, Vincent Woolfe, Jie
Zhen, Oxana Zherebtsova.
MAINFREIGHT AIR &
OCEAN PERISHABLES MELBOURNE
Emad
Abbas, Khled Abbas, T-Jay Bartlett, Jonathan
Caruso, Vincent Caruso, Megan Cooper, Ryan
Darmanin, Houssein Dekmak, Travis Dellar, Adam
Downing, Mykhaylo Dyachkov, Mario Farrugia,
Sattambiralalage Fernando, Angelina Fernandopulle,
Benjamin Green, David Grossman, Julie-Anne
Jordan, Lisa Jordan, PingPing Liang, Jordyn Luke,
Shane Moroney, Beau O’Connell, Tom Redmond,
James Riego, Imad Takerei.
MAINFREIGHT AIR &
OCEAN NEWCASTLE
Belinda Bremner, William
Pooley.
MAINFREIGHT AIR & OCEAN PERTH
Nimitra Chandran, Alessandra Divina, Savannah
Dsouza, Loganayagie Govender, Melissa Lowe,
Misha Mandalia, Jocelyn McCagh, James McCrone,
Jennifer Nardi, Jueyu Peng, Kate Robertson,
Stefanie Schroeder, Rupesh Sethuram, Jian Tan,
Yokke Verbert, Joel Ward, Bronwyn Wassell.
MAINFREIGHT AIR & OCEAN SYDNEY Melissa
Ahilleos, Lee Amour, Luke Andreatta, Amber Bailey,
Joshua Brading, Skye Budd, Juan-Diego
Cabada-DeSouza, Vanessa Carangelo, Julie
Costopoulos, Julie Deang, Annelien Deceuninck,
Erika Dudley, Paul Enriquez, Alla Ermoliev, Justin
Evans, Salvatore Forzisi, Natalee Fox, Fidia Ghazi,
Tyne Green, James Hartigan, Kathleen Hoglund,
Seok Hong, Yuan Hu, Vanessa Jaconelli, Blake Kelly,
Julie Lee, Benjamin Lenzo, Marika Lenzo, Kin Li,
Jacky Liang, Fang Liu, Kaiju Liu, Shaoji Liu, Carol
Ma, Jimmy Ma, Jonathon Mahon, Cassandra
Mangan, Joanne Mani, Lachlan Maude, Conor
McClelland, Kylie Miller, Jessica Molyneux, Grant
Morrison, Joumana Nasr, Natalie Nikolovski, Steven
Pavitt, James Perkins, Kayla Phuyal, Liong Purna,
Jordan Quintal, Margaret Reynolds, Sofia Rida,
Edward Ridgway, James Robertson, Syed Sarwar,
Rebecca Sears, Michael Smith, Melissa Stanley,
Aleks Stojkovski, Robert Swinton, Elizabeth Tadic,
Bryant Tan, Karlson Tan, Tiancheng Tao, Samuel
Taylor, Lisa Turner, Denise Wainwright, Jiamin Wang,
Jiaqi Wang, Riwa Wiki, Philip Wilson, Kit Woo, Hua
Yu.
MAINFREIGHT AIR & OCEAN
PERISHABLES SYDNEY
Darren Bird, Michael
Blackburn, Mirjana Bridge, Mark Bugden, Matthew
Canturi, Sheldon Cofie, Craig Dunphy, Petelo
Falaniko, Lisa Harrison, Zara Harrison, Sophie Hill,
Kristian Jensen, Mathew Kyriakopoulos, Bronson
Mannix, Debra May, Damien McNamara, Michael
Neoklis, Kate Pryor, Imran Shaikh, Hayley Smith, Lee
Symons, Kurt Van Ummersen.
MAINFREIGHT AIR
& OCEAN TOWNSVILLE
Christopher Barnes,
Melyssa Hobbs.
MAINFREIGHT FTL ADELAIDE
Brian Cook. MAINFREIGHT FTL BRISBANE
Timothy Craig, Amanda Nugent, Angela Topp.
MAINFREIGHT FTL MELBOURNE Stephen Kay,
Brandon Lawler, Andrew Mase.
MAINFREIGHT
FTL PERTH
Paul Read. MAINFREIGHT FTL
SYDNEY
Rodney Steel. MAINFREIGHT IT
MELBOURNE
Darrel Byrnes, Lawrence Gangi,
Jonathan Holmes, Michael Hood, Aditya Hooda,
Megan Mackay, Bruno Marra, Andrew McLeod,
Matthew Murphy, Kate Oakley, Darryn Petricevich,
Pagona Petricevich, Benjamin Renehan, Suman
Shaganti, Justin Ventura, Anthony Venuto, Marija
Vukovic.
MAINFREIGHT IT SYDNEY Belinda
Bright, David Coen, Rachael Moore.
MAINFREIGHT LOGISTICS ADELAIDE Shaun
Hurrell, Scott Knight, Aaryn Minerds.
MAINFREIGHT LOGISTICS BRISBANE
(LARAPINTA)
Fetolofai Ah-Ching, Cameron
Barber, Alanah Campbell, Jennifer Colditz,
Alexander Finlay, Kate Fraser, Liam Fraser, Paul
Fraser, Nicholas Gardner, Petrus Grobler, Gordon
Hay, Emma Hemmings, Dragan Ivesic, Barry
Keleher, Tyler Little, Brandon McCorkindale,
Christine Meekings, Jason Moroney, Daniel Mullins,
Benjamin Parker, Jessa Pinili, Bianca Reck, Eric
Taylor, Damon Taylor-Grainger, Michael Thaow,
Hung Tran, Fiona Trebilcock, Alastair Tymon,
Benjamin Walton, Harry Winterbourne, Tracey
Young.
MAINFREIGHT LOGISTICS BRISBANE
(RADIUS DRIVE)
Po Iosia-Sipeli, David Kidston,
Matthew Little, Charles McDermott, Shelby Moselen,
Simon Wishart.
MAINFREIGHT LOGISTICS
MELBOURNE (EPPING)
Aviral Aggarwal, Emre
Aldemir, Mazen AlZaatari, John Anitipa, Aysha
Assafiri, Liam Bailey, Aladin Basic, Jayson Bedford,
Robert Bell, Vanessa Bogdanovic, Aaron Bond,
Thomas Bourke, Kevin Bradley, Mitch Bryan, Aidan
Chick, Alexander Chu-Shing, Jeremy Collins,
Salvatore Costa, Shivnesh Dass, Kimberley Davis,
James Dimick, Nicholas Dinneen, Khoder
El-Chaaban, April Farver, Alexander Fitzpatrick,
Dylan Gollant, Simon Hart, Tim Hasemann,
Katherine Hicks, Nick Hodges, Erin Icbudak,
Zachary Irving, Liam Jilla, Daniel John, Antony
Johns, Alexander Jordanov, Aleksandra Jovanovski,
Aleksandar Karakostov, Sandeep Kaur, Kirsten
Kerry, Benjamin Kidd, Shane Kinnear, Anastasios
Kourkoulis, Marc La Brooy, Daniel Lavars, Veronica
Lee, Nathan Lewis, Bradley Lightburn, Esekia
Manuele-Malagaoma, Rhonda Marroun, Riordan
McCarthy, Peter McNally, Natasha Meyer, Shaun
Mizza, Ghi-Ng Nguyen, Elvis Nikolovski, Samuel
Nyhuis, Michal Oczek, Joseph Padua, Dominica
Poutini, Donald Quartermain, Cody Rayson, Dillon
Rayson, Jacob Regester, James Reilly, Sian Rogers,
Karl Rutherford, Mark Sammut, Gabriel Simonetti,
Akash Singh, Clive Smith, Christopher Stephens,
Joshua Sumura, Pavithra Tallam, Harmon
Taulapapa, Jason Thea, Serhiy Timoshchenko,
Lyndah Tua, Luke Van Meel, Ger Vang, Dietmar
Venkort, Georgia Warner, Martin Wierzbicki.
MAINFREIGHT LOGISTICS MELBOURNE
(NOBLE PARK)
Molly Boswell, Hamish Bradley,
Olivia Bradley, Sam Bradley, Jake Charles, Kaytlyn
Davies, Riki Davies, Dorian Do, Senad Dosic,
Anthony Ennerst, Craig Fenney, Milka Ilijanic, Natalie
Jonker, Andrew Journeaux, Patrick Kerr, Ryan
Knipe, Shannon Lomas, Daniel Martin, Ha Nguyen,
Nathan Power, Siobhan Riordan, Sayed Shahi, Dean
Sinnbeck, Matthew Stephens, Valentin Teles, Eric
Thea, Joel Winder.
MAINFREIGHT LOGISTICS
PERTH
Helen Brookshaw, Jake Bungert, April
Canny, Craig Ellis, Matthew Elphinstone, Brett
Hoare, Nicholas Marshall, Sasa Pelemis, Pauline Poi,
Gerald Randle, Ricky Sassanelli, Brendon Taylor,
Zachery Taylor, William Tuheke-Wade, Ryan Vagg,
Todd Vallerine, Jeremiah Wordsworth.
MAINFREIGHT LOGISTICS SYDNEY (EASTERN
CREEK)
Vitda Pangnanouvong, Raymond Camillire,
Sejla Dizdaric, Matthew Gowman, Ali Hassani, Riyaz
Jordan, Jordan Lennon, Paul Loveridge, Xian Low,
Peter Moodley, Aseri Vakarau.
MAINFREIGHT
LOGISTICS SYDNEY (ERSKINE PARK)
Mustapha Beri, Cindy Cole, Kayla Collins, Scott
Forsyth, Stacey Galea, Susila Ika, Kadir Koksal,
Ashleigh Lemmon, Andrew Luu, Don McClean,
Christopher McGrath, Franca Onwodi, Shaun
O’Reilly, Sunti Ouk, Luke Parkes, Glenn Parkhill,
Daniel Payne, Jessica Rao, Kurt Reeves, Aaron
Rossiter, Nilakshan Sharvanandha, Jordan
Shepherd, Andrew Taylor, Xena Temu, Sione
Valulatu, Alexander Warton, Christopher Webb, Brett
Webster, Shane Zielonka.
MAINFREIGHT
LOGISTICS SYDNEY (PRESTONS)
Faapaia Alao,
Luke Arena, Dylan Ball, Christina Bekkema, Emilija
Benderovska, Marissa Berioso, Krystal Blackadder,
Laura Blazic, Nathan Brisenden, Dylan Burgess,
Raymond Burgess, Charlie Camilleri, Phillip Camilleri,
Catherine Catania, Augusto CepedaSimoes, Deepa
Chandra, Virginia Cheong, Shepherd Chigiya, Pik
Choy, Andrew Christiansen, Dalton Christie, Stacey
Clark, Rowan Cooke, Joshua Cutrupi, Quoc Dang,
Pramendra Datt, Ryan Denmeade, Nathan El Masry,
Jackson Elliot, Desmond Esera, Kisona Feni,
Futakihaagana Fepale, Florita Forrester, Rui Geng,
Sok Ghoy, Matthew Gibson, Scott Green, Tannia
Gujanto, Joe Harris, Larissa Harris, Jane Henry, Lisa
Huy, Aris Izmirlian, Michael Jackson, Yu Jing, Leanne
Jones, Matt Kennedy, Haisam Khanat, Megan
Lawson, Kukama LelilioSiu, Akanesi Magele, Denny
Mankin, Juan Mantes, Glenn McDonald, Nathan
Medhurst, Mitchell Montgomery, Brooke Moretti,
Hailezelaise Nauer, Kristian Nedeljkovic, Maata
Ngatai, Solina Ngov, Caroline Nguyen, Quoc
Nguyen, Thi Nguyen, Toakase Nuku, Swee Ong,
Doris Pace, Melanie Pace, Faye Pating, Antonio
Pavez, Tanya Pavez, Keith Penman, Sopha
Phimmasone, Nilantha Pohorambage, Randil
Pohorambage, Santhush Pohorambage, George
Popovski, Victoria Potifara, William Power, Ronald
Prasad, Fernando Puglia, Alex Rivera, Benjamin
Robins, Andrew Robinson, James Rullo, Tarek
Saad, Melona Sabellano, Abubaker Samadi, Premal
Shah, Shahban Shah, Damien Shankar, Anthony
Sialavai, Dragan Simonovski, Matthew Smith, Abigail
Tago, Olomaene Tago, Potifara Tago, Dean Tanweer,
Suhandy Tengara, Fredrick Tevaga, Klara Thwaite,
Tracey Tihema, Emily Tran, James Tran, Kiec Tran,
Tin-Shing Tse, Dolores Upton, Aaron Vallely, Jordan
Velcich, Jarred Wetere, Jazmin Willcockson, Sophal
Yos.
MAINFREIGHT METRO BRISBANE Harpreet
Brar, Reece Cassidy, James Date, Damien Denning,
Marty Fry, Pardeep Gill, Cody Hart, Zuzana Horniak,
Martin James, Himesh Kamdar, Clint King, Paris
Knight, Peter Mclean, Nima Najafpour, Patrick
Nicula, Steven Pomeroy, Manoj Punj, Gurjot Singh,
Harminder Singh, Harvinder Singh, Josephine Smith,
Michael Walker, Yong Zhu.
MAINFREIGHT METRO
MELBOURNE
Meron Ashebire, Yilma Asherbire,
Jim Aygun, Fadia Barkho, Lanelle Barkho, Timothy
Brown, Nicholas Cerchiara, Kolio Falealii, Rifet
Gorovic, Parminder Handa, Imraan Haylaz, Bob
Inoue, Jovan Jovanovski, Peter Klein, Stevo
Krstevski, Minh Lam, Stephanie Marroun, Bereket
Mulholland, Xuan Minh Phan, Ozkan Sener, Bikramjit
Singh, Gurjeet Singh, Jassi Singh, Kuldeep Singh,
Rajinder Singh, Sharan Singh, Varinder Singh.
MAINFREIGHT METRO SYDNEY Ravinesh Singh,
Arthur Alexiou, Jayraj Amrutlal Panchal, Mohammed
Ashifdar, Dallas Blitvic, Deni Bozinovski, Alan Brown,
Mitchell Burnside, Francisco Candido De
SouFerreira, Jiri Chek, Ethan Cole, Tony Dimovski,
Ngoc (David) Dinh Nguyen, Samer Fawaz, Andrew
Gailani, Rgheed Ghdhaib, Habib Hadi, Kylie Jones,
Paul Jones, Kire Josevski, Nick Karapalevski,
Andrew Kumar, Thanh Le, Yong Li, Christopher
Maggs, Kerin Mamo, Zac Mohamad, Hamza
Mustapha, Selvakumar Navarathinam, Thai Nguyen,
Ricardo Odiamar Pan, Kirtesh Parsunath Baran,
Gaya Prasad, Lindsay Puckeridge, Ali Rahal, Atma
Ram, Mike (Mihindu) Ratnayake, Maetham Salah
Zeebala, Sujeet Singh, Craig Smith, Xingzhi (Didy)
Sun, Saso Sutarov, Nikolce Tasevski, Joshua Taylor,
Goranco Trajkoski, Monathal Yousif, Ghulam Zohori.
OWENS BRISBANE Shareen Ali, Daniel
Andrasescu, Paul Bellamy, Desmond Bertram,
Darren Copland, Jamie Davis, Steve Dibley, Nunzio
Fichera, Shaun Gilmour, Daniel Key, Ron Llewellyn,
Fereniki Londy, Jakeb Lucht, Lisa Mahy, Rhys Mahy,
Kristie McKenna, Murray McMahon, Jason Moore,
Robert Henry Ngamoki, Ezechil Opris, Kane Pinney,
Dana Powell, Matt Provost, Charles Ratahi, Adam
Real, Mark Redman, Brit Reynish, Mustafa Rezaie,
David Sandor, Tibor Sandor, Rod Sheriff, Kelly
Shortall, Davinder Singh, Gurbrinder Singh, Jack
Singh, Jasjamjit Singh, Manbir Singh, Sukhdev
(Harry) Singh, Leigh Stephenson, Mick Stevanovic,
Timothy Stewart, Zoltan Takacs, Tony Youssef.
OWENS MELBOURNE
Robert Amenta, Nick
Apostolovski, Zlate Apostolovski, Neville Bajic,
James Bennett, Gaurav Bhatti, Ian Callen, Michael
Campbell, Jessica Clayton, Anthony Coles, Mathew
Coles, Jose Jnr Conejera, Jose Snr Conejera, Greg
Cook, Blair Cooper, Roderick Douglas, Roderick
Douglas, Krystal Fox, Peter Fox, Jonathon Galluzzo,
Manuel Goncalves, Jake Hedley, Tony Henderson,
Melanie Hynd, Monty Khaira, Raj Kumar, Barry Lynn,
Antony Papalia, Rodney Patterson, Narinder Rai,
Josue Romero Rodriguez, Nigel Rouse, Martin
Sammut, Baljinder Singh, Gary Singh, Gurvinder
Singh, TJ Singh, Gary Singh Sandhu, Harjinder
Singh Sandhu, Andrew Smith, Ross Turner, Nathan
Zahra.
OWENS PERTH Martin Buckland, Samantha
Cox, John Drewell, Mark Dwight, Sergio Gabelic,
Nigel Leggett, Tristan McFarlane, Tony Pain, Gemma
Philpott, Gethash Ramlukun, Gurjant Randhawa,
Jarryd Reeve, Sumit Sehgal, Paul Sheppard, Carl
Simons, Gurvir Singh, Harwinder Singh, Tejwant
Singh, Netana Tauhinu, Jason Templeman, James
Trinidad.
OWENS SYDNEY Jessica Adamson,
Jordan Andersen, Hugh Blaxland, Mark Boyd, Mende
Bozinovski, Stephen Butler, Roberto Catalano, Sam
Catena, Hirdesh Chand, Craig Connors, Nick
Dimitropoulos, Damen England, George Evangelou,
Glen Finlay, Nicholas Francis, Dario Fredotovic,
Benjamin Gilks, Oguzhan Gozubuyijk, Vangel
Gramosli, Jobelle Guibani, Brian Hogarty, Keith
Jones, Paul Jordon, Bobi Karaguleski, Zinal Khan,
Peter Kolozos, Paul Konstantinidis, Dave Lembke, Ali
Madrajat, George Mantzakos, Dean Marks, Glenn
Marshall, Paul McCracken, Tristram McKay, Vale
McKenzie, Joseph Meteka, Robert Michael, Cristian
Montoya Brohoquis, Cuong Nguyen, Emily Nicholls,
Christina Papoulia, Marcus Peat, Van Pham, Reino
Repo, Ljupco Ribarevski, Josephine Riservato,
Pasqua Riservato, Annalisa-Maria Rizzo, Oliver
Rozario, James Russell, Fares Saad, Graham Stone,
Keith Stone, Ronald Stone, Graeme Syphers, Thanh
Tran, Emily Tuitufu, Eddy Wosik, George Xenos,
Sotirios Xenos, George Zernelis, Mike Reid, Karyn
Seed.
TRAINING TEAM AUSTRALIA Gabrielle
Àrena, Sarah Averill, Katherine Becker, Troy Bennett,
Dale Cranston, Katrina DeKoning,Gabrielle Fage,
Natalina Fisher, Rachel Hilton, Iupita Lotoaso, Aaron
Louws, Kelsey Mitchell, Colleen Moore, Shona Taylor,
Gabriella Vlasblom, Samantha Ward.
dar Clint King Parisar Clint King Parar Clint King PaClint King PClint King PClint KingClint Kingint Kingnt Kint Kin
ASIA CAROTRANS GUANGZHOU Lance
Feng, Kidd Li, Lousie Zheng.
CAROTRANS
HONG KONG
Meki Chan, Ray Chan, Coey
Cheuk, Abe Cheung, Carol Lam, Shing Lam,
Ivan Lau, Perry Lau, Sharon Lee, Judy Leung,
Chloe Ngai, Elton Poon, Melinda She, Pearl
Sze-To, Suki Wai, Daffy Wong.
CAROTRANS
SHANGHAI
Jeff Bian, Yuki Dong, Riyo Jiang,
Lawrence Qin, Helen Sun, Benny Tang, Sarah
Yuan, Gary Zhang
CAROTRANS SHENZHEN
Danny Lan, Susan Su, Crystal Wang, Cathy
Zou. CAROTRANS KAOHSIUNG Annie
Chou, Jean Liu, Sam Tu. CAROTRANS
TAIPEI
Jimmy Chien, Nico Kuo, Eva Lin, Lily
Shen, Chloe Wu, Egbert Yu. MAINFREIGHT
BEIJING
Dave Li, Grace Mu, Catherine Xie,
Johnny Zhang, Fiona Zhao. MAINFREIGHT
CHENGDU
Zoe Cao, Paul Chen, Ada Dai,
Share Du, Linda Fan, Bubble Guo, Joy Guo,
Abby Han, Julia Jia, Benny Liu, Summer
Luo, Enid Shi, Connie Sun, Summer Wang,
Lumi Xiao, Ariel Xie, Rhea Xu, Afra Yang,
Joyce Yuan, Canace Zhou.
MAINFREIGHT
GUANGZHOU
Ben Chen, Ivan Chen, Yoyo
Chen, Lin Cheng, Dick Deng, Lynn Hu, Vincent
Lee, Jane Liu, Judy Liu, Natalie Liu, Ray Liu,
Cecilia Luo, Wendy Niu, Anita Su, Candice Tan,
Angela Wang, Castie Wu.
MAINFREIGHT
HONG KONG
Andrew Chan, Edwin Chan,
Joe Chan, Stanley Chan, Jerry Chan, Wilson
Chen, Edmond Cheng, Benni Cheung, Cecilia
Cheung, Eddie Cheung, Connie Cho, Clement
Chong, Queenie Chong, Mapy Chow, Alex
Chung, Cary Chung, Sam Fung, Vincent
Fung, Elly Fung, Susan He, Joe Hsieh, Winnie
Huen, Franklin Hui, Noel Kong, Timothy Kong,
Kurt Kwan, Steve Lai, Tim Lai, Franky Lam,
Ivan Lam, Ivy Lam, Jacky Lam, Yuk Lam,
Gary Lau, Joyce Lau, Kittie Lau, Jouann Lee,
Matthew Lee, Wayne Lee, Joe Lee, Jason
Leung, Kathy Leung, Dennis Li, Raymond
Lo, Franky Lui, Jaimie Nip, Ambrose So, Burt
So, Duncan Tang, Ricky Tong, Fannie Tsang,
Magic Tsang, Janly Wai, Chloe Wong, Crystal
Wong, Michelle Wong, Nicky Wong, Rose
Wong, Nam Wu, Max Yeung, Michelle Yip, Kris
Yu, CK Yuen Yuen, Lisa Yuen, Sherman Yuen,
Nichi Zhui.
MAINFREIGHT NINGBO Bobo
Cai, Vicky Chen, Vivi Chen Chen, Charlie He,
Jane Ke, Frank Li, Lisa Li, Rain Shan, Andy
Sun, Sunny Sun, Emily Wu, Michelle Wu, Carl
Xu, Joice Xu, Cindy Yang, Linda Yang, Paul
Ye.
MAINFREIGHT QINGDAO Rex Gao,
Gary Hu, Eva Jiang, Monica Jiao, Helena
Li, Neil Li, Tiger Li, Aileen Sun, Steven Sun,
Never Xu, Daniel Xue, Miki Yuan, Vicky Zhao.
MAINFREIGHT SHANGHAI
Joy Cai, Leo
Cai, Squall Cai, Clark Chen, Neal Chen, Kevin
Dai, Caroline Ding, Tweety Ding, Kenny Dong,
Joanna Fan, Nancy Fan, Roney Fang, Frank
Fei, Tim Gong, Jane Gu, Alex Guo, Bella He,
Patrick He, Peter Huang, Joan Ji, Lan Ji, Mary
Jiang, Terry Jiang, Lydia Jin, Alen Li, Daisy
Li, Joyce Li, Andy Liu, Anny Liu, Tom Liu, Ice
Lu, Olivia Lu, Rody Luo, Echo Mao, Cindy Qi,
John Qin, Miko Ren, Max Shen, Jenny Shui,
Kevin Song, Eric Sun, Lillian Sun, Joki Tan,
Penny Tang, Cherry Wang, Cici Wang, Steven
Wang, Wing Wang, Aaron Wu, Enali Wu, Matt
Xu, Michael Xu, Una Xu, Yuki Xu, Wintour
Yan, Jerry Yang, Lily Yang, Eddy Yao, Doris
Yuan, Billy Zhang, Jessie Zhang, Vivien Zhang,
Zues Zhang, Ada Zhao, Minnie Zhao, Zoey
Zhou, Apple Zhu, Wind Zhu.
MAINFREIGHT
SHENZHEN
Cloris Chen, Steven Chen, Healer
Diao, Lora Ding, Dora He, Jane Huang, Dylan
Ji, Cara Li, Fionn Li, Sasa Liang, Sunny Lin,
Jemma Liu, Letina Liu, Vincent Sun, Linda
Wang, Soy Wu, Lucy Xiong, Sindy Yang,
Paul Yuan, Xuan Zeng, Cindy Zhang, Seven
Zhang, Shayne Zhang, Symia Zhang, Yukey
Zhang, Jenny Zhong, Canni Zou, Lily Zou.
MAINFREIGHT TIANJIN Sage Chang, Carol
Chen, Eileen Feng, Jason Jiang, Aaron Liu,
Momo Ma, Jenny Niu, Carson Sun, Wendy
Tian, Tracy Xu.
MAINFREIGHT XIAMEN
Renny Chen, Roy Chen, Sally Chen, Tina Chen,
Colin Cheng, Jessica Chou, Cathy Gong, Andy
Guo, Will Li, Johnson Lin, Bressanone Zhu.
MAINFREIGHT KAOHSIUNG Joanna Bao,
Angie Chen, Mia Cheng, James Hsiao, Joyce
Huang, Queenie Lee, Rachel Ma.
MAINFREIGHT TAIPEI Zoeie Chao, Josephine
Chen, Nicole Chen, Andy Hsu, Aria Hung,
Sindy Lee, Angelic Lin, Jessie Lin, Eric Peng,
Hank She, Stanley Su, Jessica Wu, Shana Wu.
MAINFREIGHT THAILAND Pattamanun
Anuchitananon, Sukanya Boonrueng, Withanya
Ceetantivech, Saowanee Chaiparinya, Nawarat
Chalitapanukul, Chatchawan Channim, Pairin
Chuenchairiam, Wuttichai Intarasil, Patcharin
Jakarathorn, Narirat Koksanthia, Jarupa
Pengjam, Peeyaporn Puangkheaw, Jidapa
Saeyab, Virongrong Sangkaew, Krissana
Sangpao, Kasidit Sarapanwong, Supang
Somboonkusolsil, Sommai Trakarnrung, Jinjuta
Woranit.
MAINFREIGHT VIETNAM Ryou Bui,
Chau Cao, Khang Ha, Daisy Luong, Nina Mai,
Sera Ngo, Anna Nguyen, Cindy Nguyen, Helen
Nguyen, Thuong Nguyen, Rita Pham, Lucas
Phu, Sandy Tran.
MAINLINE SINGAPORE
Ching Kwee Shyan Ching, Chua Bee Eng Chua,
Huang Yong Goh, Karen Goh, Hii Pee Hui Hii,
Dominic Yeung.
AMERICAS
CANADA MAINFREIGHT
TORONTO
Dean Baran, Sara Bennis, Alex
Borghello, Sean McGrattan, Shawn Roach,
Mike Thompson, Rene Van Houtum.
MAINFREIGHT AIR & OCEAN TORONTO
Gustavo Amorim, Bogi Compton, David Frisina,
Inna Gilevich, Jason Grover, Andrew Hall,
James McWilliam, Stacey Mitchell, Paul Ody,
Anna Pazynich, Erin Smith.
CHILE
CAROTRANS SANTIAGO
Diego Burgos,
Miguel Cuevas, Marcelo Hermosilla, Hector
Lara, Barbara Macias, Francisco Melo, Beatriz
Osorio, Daniela Vasquez.
MEXICO
MAINFREIGHT MEXICO CITY
Pamela Angel
De la Rosa, Ana Cristina Cornejo, Hector
Miguel Guerrero Lopez, Karenina Luna,
Elizabeth Angelica Montiel Galan, Argenis
Rodrigo Ortiz Mendez, Kennia Analaura Perez
Viquez, Guido Fernando Ruiz Polo, Guillermo
Alberto Tena Mercado, Azucena de Jesús
Toledo, Brenda Vázquez Martinez.
MAINFREIGHT QUERETARO Ivan Garcia,
Angelica Sais Insunza.
USA CAROTRANS
ATLANTA
Alice Macgregor, Veronica Schock,
William Young.
CAROTRANS BALTIMORE
Michelle Allison, Damilola Balogun, Marcos
Cazares, Steve Greenfield, Susan Kahl, Lisa
Tryon.
CAROTRANS BOSTON James
Bradley, Hiwot Kebede, Joseph Kleinmann,
Brian Moorhead, Ede Salvadore, Qing Zhou.
CAROTRANS CHARLESTON Milos Baric,
Renee Basnett, James Bayne, Jessica Blaszak,
Lisa Crabbe, Kelly Creson, Wicks Dickson,
Kellyanne Dix, Beth Embry, Clay Jones, Tyler
Nichols, Colin O'Donnel, Sarah Rosal, Mark
Stowell.
CAROTRANS CHARLOTTE Shelly
Bisanar, Jamie Gunnells, Christopher
Montgomery, Tyrone Neville, April Pride, Craig
Stukey, Yenny Villafuerte.
CAROTRANS
CHICAGO
Brian Allcorn, Nicole Bobor, Lisa
Brach, Jasmyne Brown Roberts, Janice
Brunning, Olga Cazares, Elisabeth Conboy,
Dagmara Derlaga, Araceli Dominguez, Sara
Faddah, Elzbieta Filipek, Karen Flores Espinosa,
Gladys Garza, Susan Hicks, Jamie Houlihan,
Takehito Kashiwabara, Debbie Klodzinski, Rita
Kollias, Peter Kowalski, Carol Malak, Timothy
Merchut, Fiorella Meza, Mark Milan, Patricia
Moran, Nicole Muschong, Lynn Ocasio,
Catherine Petersen, Grace Sarsfield, James
Stutzman, David Valadez, Ana Vietoris, Anna
Villafane, Andrew Weisse, Ana Zarco, Joseph
Zeno.
CAROTRANS CLEVELAND Diana
Beaman, Annamaria George, April June, Abigail
Malson, Magdalena Piktel, Lori Radca, Heather
Roe, Whitney Williams, Andrew Zapinski.
CAROTRANS DALLAS Krystle Bouchahine,
Thomas Cussen, Lauren Hatley, Mylinda
Winton.
CAROTRANS HOUSTON
Mariajanette Espinoza, Criselda Garza, Norman
Johnson, Aleksandr Kosachev, Justin Martin,
Theresa Maxie, Joshua Namee, Tayre Reyes.
CAROTRANS INDIANAPOLIS Kristine
Connolly, Virginia Valentine. CAROTRANS LOS
ANGELES
Maria Aldana, Cameron Bemis,
Dicarlo Bennett, Maria Bitong Noche, Lueder
Bitter, Kari Christopher, Lorenzo Cometa,
Andrew Dickie, David Duyao, Elsa Gomez,
Oscar Gudino, Miguel Hernandez,
Siamack Heshmati, Norihiro Hisanaga, Theresa
Iamaleava, Darren Justice, Derek King,
Claudette Kwiat, Eduardo Lemus, Jeremy
Long, Patricia Maahs, Meha Marathe, Melina
Martinez, Jazmine Medina, Jennifer Miller,
Robert Ramirez, Carol Rebullar, Diana
Sepulveda, Mark Taitingfong, Rowina Tauanuu,
Gilbert Tolentino, Christina Towne, Christopher
Wilson.
CAROTRANS MIAMI Deuris Aguiar
Naranjo, Roberto Ayala, Bruno Barbi, Ana
Bermeo, Rocio Diaz, Roger Estrada, Gregory
Meier, Susana Melara, Juan Melendez, Bryan
Meza, Daniel Orihuela, Jeniffer Possebon, Cindy
Rafart, Jacqueline Ramos, Hugo Sequeira,
Christian Supplice, Branko Tomicic, Maria
Veiga.
CAROTRANS NEW JERSEY
Christopher Ablanedo, Stephanie Adago,
Oluseun Afolabi, Blanca Aguirre, Jessica
Almonte, Catarina Alves, Maria Amorim,
Takahiro Arima, Richard Awansi, Erik Berger,
Kai Campbell, Michelle Chan, Janae Chandler,
Kerry Conn, Nadiyah Dabney, Gary Dreuer,
Christina Egan, Natalie Espino, Christina
Georgiou, Misa Hernandez, Ken Hogan, Shalise
Hughes, Antanina Imbriaco, Christopher
Johnson, Latonia Kornegay, Janet Lanni, Laura
Litchholt, Samuel Martinez-Arias, Debra
McCarty, Michelle McGrath, Kevin Meza,
Kenneth Millroy, Jessica Murphy, Camise
Normil, Diane Pirozzi, Kelly Preziosa, Andrea
Quito, Lauren Rainey, Kelly Rodriguez, Nicole
Salcedo-Twaddle, Julianne Santiago, Ellen
Shindle, Nancy Silva, Dillon Smith, Matthew
Spartz, Philip Szumanski, Zamary Vargas,
Jeryck Villahermosa, Mary White, Heidi Zhao.
CAROTRANS SEATTLE Milton Carballo,
Andrea Cherry, Andrew Garrido, Ryan Ritchie,
Adam Whelpley.
MAINFREIGHT ALBANY
Scott Avery, Colin Bunce, Jeffrey Burke, Eileen
Ceccucci, Frances Fairall, Lisa Gaetano, Brian
Gallagher, Bryce Hicks, Natalya Ivashina,
Rebecca Lahart, Agnes Maciorowski, Michael
Morrissey, Robert Narcavage, Sincerity
Nomahegan, Elinor Rees, Nolan Sutton, Tracy
Zayac.
MAINFREIGHT ATLANTA Brendon
Belesky, Michael Benjamin, Bryan Burton,
Patrick Edd, Curry Fetcher, Gye Griffin, Brian
Martin, Matthew Mayville, Lavon McCord,
Valencia McCree, Lanora Norton, Sean Phelan,
Ashley Render, Beth Rosenbrock, Michelle
Smith, Austin Tyler, Jordan Walter, Kaycie
Young.
MAINFREIGHT CHARLOTTE Nicole
Boccia, Johnny Collins, Scott Hopkins,
Matthew Mays, Robert Nsonwu-Farmer, Julie
Power, Adam Renner, Michael Rosenbrock,
Amy Walker, Robert West.
MAINFREIGHT
CHICAGO
Kent Anderson, Eric Bell, Suzanne
Berner, Michael Broglin, Emma Byall, Ewa
Cazares, Edward Chamberlain, Fred Erhardt,
Brandon Fischer, Adrian Gallardo, Jasmine
Gonzalez, Elizabeth Guerra, Matthew
Gustafson, Lori Hageline, Elizabeth Hickey,
Mark Hines, Donald Hull, Marco Iannessa, Mark
Kral, Thomas Kurtzer, Anthony Loris, Taras
Maksymovych, Annalisa Marchiafava, Danny
Mason, Mary Mumper, Kiley Ogden, Nathaniel
Page, Julio Prieto, Michael Redden, David
Rogalski, Christopher Ruiz, Juan Sanchez,
Desiree Santos, Matthew Shatswell, Jon Shaw,
Davita Smith, Riley Tryhorn, Erik Weidner, Justin
Yonkelowitz, Rauf Yussuf.
MAINFREIGHT
COLUMBUS
Sherry Bivens, Jeffrey Infield,
Christopher Khan, Jason Meyer, Steven Rea,
Tonia Uhrig.
MAINFREIGHT DALLAS Lane
Adamson, Richard Aitken, Shelley Aldaco,
Misae Amemiya, Gloria Barron, Eahou Barta,
Willie Brewer, Mary Buck, Ashley Burns, Ana
Calderon, Kathryn Campbell, Andrew Coulton,
Diane Cox, Marty Cryer, Richard Dean, Kyle
Evans, Brandon Fuller, Monique Garcia, Antonio
Garza, Ronny Garza, Michael Gillaspie, Thomas
Goodfallow, Elsa Guzman, Karina Guzman,
Deborah Hendrix, Johnny-Angel Hernandez,
Shelby Hill, Wesley Hutchings, Phillip James,
Jordan Karnes, Akshay Kothari, Erin Lewis,
Quincy Lewis, Valerie Lewis, Todd Luney,
Eduardo Marenco, Michelle McClanahan,
Stefanie McGaughy, Miguel Morales, Marshall
Oxentine, Elsi Pacheco, Janesh Patel, Elizabeth
Penney, Elizabeth Plaster, Donna Ridgeway,
Nicholas Rochowski, Tiffany Saddler, Anthony
Salamino, Victoria Schomas, Seth Sefah,
Camille Shocair, Jeffrey Solbrack, Scott Sprick,
Amy Strong, John Taylor, Kristofer Wilson.
MAINFREIGHT DETRIOT Edward
Richardson, Jacob Varcie.
MAINFREIGHT
HOUSTON
Zachary Abeyta, Carol Beilman,
Matthew Britton, Linda Callahan, Helen
Docherty, Lawrence Drucker, Freddie Gonzales,
Sara Gravely, Blanca Holliday, Lori Hull Garcia,
Peter Joyce, Trevor Kubera, Merrilee Levine,
Sydney Littlejohn, Paula Minor, Daniel Overton,
Danielle Perkins, Ronald Rodriguez, Cheryl
Rogers, Scott Rood, Kristian Stone, Jennifer
Stooksberry, Terrence Wakefield.
MAINFREIGHT LAREDO Brenda Gloria,
Roberto Ortiz, Reynaldo Rodriguez.
MAINFREIGHT LOS ANGELES Jose Aguilar,
Jose Aguirre, Ana Alvarez, Alonzo Alviso,
Robert Andrews, Javier Angulo, Manuel Arceo,
Dee Armstrong, Angel Arroyo, McDaniel Belony,
Linda Bettencourt, Ryan Betts, Edward
Blancarte, Melissa Bowder, Peter Burke,
Christopher Burton, Rodney Buskeness,
Matthew Cable, Armando Camarena, Raquel
Canas-Thompson, Eva Caruso, Brian Cason,
Alexis Castro, Jhovanny Castro, Nelson
Cheung, Janet Clark, Kenny Cobos, Richard
Cohuo, Mauricio Colocho, Robert Comfort,
Abraham Cortez, Stephen Curle, Lance Dailey,
Bharat Dambal, Maryjane Dauis, Kathy
Dawkins, Analisa Dennis, Harsh Dharamshi,
Elizabeth Duran, Peter Dyeremose, Celine
Eazell, George Ehrreich, Taschana Epps,
Jacqueline Estrada, Jacob Fallon, Michael
Forkenbrock, Ronald Frady, Byron Franks,
Veronica Friedland, Matthew Friedman,
Jacqueline Ganther, Isaac Gettis, Raewyn
Glamuzina, Eric Gonzalez, Jeremiah Gregersen,
Ernie Griego, Joyce Guillen-Cox, Matthew
Halpin, Laurie Hamid, Brian Heidrich, John
Hepworth, Lisa Herrera, Judy Hua, Ajanae
Hunter, Nicholas Ireland, Patricia Jimenez,
Roxana Jimenez, Debra Johnson, Seife Kidane,
Michelle King, Jonathan Kirwan, Carlos
Labrada, Talia Lamiano, Alexander Lasota,
Abraham Leandro, Esperanza Leanos, Jason
Lee, Christopher Leighton, Jeffrey LeMaster,
John Lewczyk, Kara Lewczyk, Theodore Locke,
Daniel Lund, Elisa Lupian, Alan Martinez,
Desiree Martinez, Henry Martinez, Laila
Martinez, Barry McLemore, Jorge Mejia,
German Mendoza, Victor Mendoza, Thomas
Merriman, Janeth Meza, Maree Michalick,
Shane Michalick, William Minard, Marissa
Monteroso, Alba Montes, Elizabeth Moore,
Rigoberto Mora, Marie Morales, Michelle
Morales, Angus Morrissy, Michael Moval, Silvia
Mueller-Thompson, Jesus Munguia, Jeffrey
Nallick, Mark Neumann, Kimberly Nguyen,
Christina Nielsen, Nicholas O’Brian, Erik Ohler,
Daniel Ortiz, Maria Ortiz, Michael Paynter,
Simon Perez, Sandra Phillips, Ivan Ramirez,
Victor Ramirez, Craig Robb, Stephanie
Rodrigues, Olivia Rodriguez, Karen Rogers,
Alma Rosa, Juan Sagrero, Homayoun Sahafi,
Kulmohit Sandhu, James Seifert, Paul Sharpe,
Daniel Smeltzer, Anita Smith, Yung Sun, Rex
Hubert Tan, Jaime Tapia, Nathan Thomas,
Mieko Thompson, Eric To, Cesar Torres, Susan
Tziboy, Benjamin Ushkow, Thomas Valentine,
Carl Vangorden, Zachary Vann, Isela Vazquez,
Armando Velasquez, Nicholas Vernald, Lilia
Villanera, Denise Von Roishmandt, Regina
Warden, Susan Weiher, Dallas Wymes, Jaime
Zamora-Gutierrez, Anthony Zepeda.
MAINFREIGHT MCALLEN Rafael Garcia,
Jose Gurrola, Christian Magana, Cruz Polanco,
Benito Salinas, Giovanna Zanetti.
MAINFREIGHT MIAMI Yoelis Estevez, Doris
Gomez, Fernanda Moraes, Jennifer Pedreira,
Pedro Pombo, Eduardo Rivera, Nicole Szelest,
Victoria Whalen.
MAINFREIGHT
MINNEAPOLIS
Scott Brunclik, Jaclyn Collins,
Justin Ellingson, Heather Zoccoli.
MAINFREIGHT NEWARK Sylvia
Arroyo-Pazmino, Carol Bausch, Patricia Bercy,
Edgar Berrios, Shirley Branch, Jules
Branswyck, David Bubb, Jonas Busse,
Stephen Cacnio, Rosaura Candelario, Carmen
Caroleo, Svend Christensen, Christine Correia,
Eliezer Fernandez-Medina, Aden Gelmi, Daniel
Hansen, Rodney Harris, Cole Hopper,
Emmaline Howard-Smith, MaryAnn Kish, Peter
Kruszewski, Freddy Landaverde, Kevin
Landaverde, Bryan Landin, Terry Lindell,
Vincent Marciano, Anthony Mazza, Luis Medina,
Jose Melendez, Jake Moller, Maritza Patricio,
Timothy Pinckney, Dries Pinoy, Steven
Plummer, Stephanie Quinonez, Yury Ramirez,
Ronald Rhodes, Julia Riker, Moises Rodriguez,
Oscar Rossini, Deborah Rumore, Chandell
Russell, Robert Siuzdak, Richard Smith, Eric
Stockl, Matthew Stuebe, Christopher Taylor,
Danielle Torsiello, Steven Verrismo, Hobyung Yi.
MAINFREIGHT NORFOLK Stephen
Harklerode, Nancy Sanchez.
MAINFREIGHT
PHILADELPHIA
Robert Coghlan, David
Cunningham, Jillian Darrow, Matthew Gummel,
David Hallinan, William McClay.
ASIA
AMERICAS
MAINFREIGHT PORTLAND Caitlin
Balderrama, Jacqueline D’Angelico,
Brian Donahue, Tareq Hunaidi, Angelica
Jaracuaro, Daniel Kinoshita, Weston Martin,
Kirsten Pomeroy, Ramine Ravanbakhsh.
MAINFREIGHT SAN DIEGO Karen Amador,
David Enriquez, Luke Hamilton, Jessica Hayes,
Erika Heguy, Luis Isais, Kim Nguyen, Ariana
Prado.
MAINFREIGHT USA SUPPORT
CENTER PHOENIX
Joseph Brouillard,
Griselda Chavez, Sergio Chavez, Rameina
Gewargis, Michelle Grabek, Aaron Grewal,
Daniel Hutcheson, Coral Schultz, Jeremy
Thomas, Ami Todd, Stephanie Walton.
EUROPE
BELGIUM MAINFREIGHT
ANTWERP
Mats Algoet, Wannes Jansen,
Samira Labraymi, Patrick van der Hoek,
Konstantin Yakovlev. MAINFREIGHT
BRUSSELS
Katrien Baes, Glen De Snijder,
Aline Draps, Elke Loockx, Maria Catalina
Munteanu, Rita Rassalle, Marie Tisson, Ines
Waegemans, Laura Zenebergh.
MAINFREIGHT / SYSTEMPLUS GENK
Hamid Abbou, Yannick Adriaensen, Sandro
Arena, Osman Biberoglu, Geert Biesmans,
Tanja Biets, Abdelhadi Birbouz, Abderrahim
Birbouz, Johnny Brouns, Liselotte Camps, Ine
Caymax, Wouter Conings, Jeroen Creyns,
Christophe De Backer, Domenico De Nicolo,
Peter Decock, Daniel Di Pardo, David Dops,
Toufik El Khiari, Farid Farchich, Jan Fijol, Fatih
Gezginci, Joris Indeherberg, Dimitri Kubiczek,
Jochen Lemmens, Ivo Leurs, Karen Liesens,
Ann Loos, Thijs Mertens, Debby Missfeldt,
Dennis Moelans, Stijn Mulders, Karolien
Orlandini, Nicolas Pouet, Marleen Saeren,
Roberto Spiga, Eddy Stals, Erik Stas, Brent
Sybers, Ronny Van Cauter, Astrid Van
Cauwelaert, Ingmar Vandebroek, Tom
Vandeurzen, Ann Vanhaeren, Maarten
Vannoppen, Dimitri Vennekens, Tom Verlinden,
Arno Wackerghom, Parcifal Wackerghom,
Zekeriya Yildiz.
MAINFREIGHT OOSTENDE
Qais Al-Dulaimi, Jos Allemeersch, Ignace
Arnou, Assaad Banjak, Roger Blanckaert,
Carine Bovy, Annick Brokken, Neil Calingaert,
Stephanie Camerlynck, Mario Carette, Annemie
Casier, Naida Claes, Kristof Cool, Jimmy
Cooleman, Alex Corbisier, Bart Cornille, Danny
Craeye, Eddy Cuylle, Philippe David, Bruno De
Bruyn, Alain De Corte, Thomas De Gols, Dirk
De Maeseneer, Danny De Meyer, Alex De Nijs,
Romina De Smul, Tom De Walsche, Didier De
Wannemacker, Pascal Debrabandere,
Jean-Pierre Declercq, Peter Deconijnck, Maxim
Defer, Franky Delanghe, Serioja Delrue, Mario
Demey, Marc Denecker, Aude Derycke,
Brandon Desaever, Jan Desmet, Celine Devloo,
Karel Devogeleer, Lili Devriendt, Nicolas Dubois,
Udo Engels, Cengiz Fani, Henk Feys, Griet
Fleerackers, Sander Flore, Eline Floryn, Miguel
Focke, Wim Foulon, Kevin Gailliaert, Francois
Gesquiere, Christophe Goossens, Hannes
Gunst, Sabrina Haeghebaert, Coraline
Haelvoet, Davy Haers, Jessy Hardy, Daniel
Helsen, Wilfried Hullebus, Cedric Immesoete,
Roland Janssen, Pascal Janssens, Yves
Janssens, Frederik Jonnaert, Yves Knockaert,
Kamil Krempa, Sylwia Kuczynska, Jozef
Kujawa, Glenn Labens, Bryan Laga, Filip Laga,
Delphine Lefere, Filip Legiest, Marie Christine
Lesage, Oleg Logounovitch, Veronique
Lootens, Marc Maerten, Romain Maes, Jean
Manoula, Marc Marey, Joris Martens, Monaam
Moknassi, Philemon Moyersoon, Khenji Mylle,
Kindanda Fidele Nzuzi, Tom Oosterwaal, Chris
Osstyn, Walter Parmentier, Thomas Pier,
Liesbeth Pierloot, Katrien Portier, Dirk Ragaert,
Jamshid Rezaie, Peter Sabbe, Khalifa Salek,
Louise Samyn, Yves Scherpereel, Sandy Scy,
Christian Sergeant, Marlies Sevenhant, Manga
Singh, Piotr Sitko, Felix Smeyers, Farid
Souaddi, Marc Speliers, Guido Staels, Jerry
Synaeve, Jorit Sys, Lynn Thijs, Julie Tolpe,
Dimitri Torreele, Stefaan Van Aken, Willem Van
Besouw, Joren Van Den Berg, Franck Van Der
Heyde, Martine Van Hyfte, Yves Van Vooren,
Pascal Vancoetsem, Katrien Vanden
Eeckhoute, Rudy Vandewalle, Sofie Vanhee,
Ariane Vanhooren, Frederic Vanmeenen, Jos
Vanmullem, Andy Verbrugghe, Stefaan
Vercruysse, Vincent Verduyn, Carl Verhulst,
Joke Verkempinck, Serge Vermander,
Wim Verpoort, Ingeborg Verschorre, Melissa
Verstraete, Patrick Volbrecht, Nick Wyns,
Sander Xhajaj, Daniel Zonnekein.
MAINFREIGHT LOGISTICS GENT Stephen
Addae, Anke Geebelen, Dimitri Hautekeete,
Kevin Mestdagh, Nikolaj Moens.
MAINFREIGHT LOGISTICS OOSTENDE
Fadi Abdulghani, Salvadi Adilsoultanov, Glenn
Ampe, Johan Baudewyn, Stephanie Baudot,
Johnny Beddeleem, Quentin Bentein, Anzor
Beshiev, Nicky Beutels, Natalie Blomme,
Arnaud Blondeel, Nancy Bober, Killian
Bocquez, Riad Boumaza, Olga Bourtseva,
Jeffrey Broucke, Daniel Capriotti, Ivan Casier,
Alain Cauwenbergh, Alex Cazzato, Wesley
Cicou, Bruno Clybouw, Carl Criem, Miguel
Crombez, Jorge Da Rocha Azevedo, Stijn
David, Aris De Fijter, Jordy De Gheselle, Tessa
De Groote, Robin De Kock, Dennis De Meester,
Hannelore De Muynck, Joaquim De Oliveira
Gomes, Ingrid De Rechter, Robin De Sutter,
Johan Debruyne, Robert Deman, Caroline
Depuydt, Kim Desmet, Christine D’Hont, Jean
Dumon, Jimmy Duriez, Steven Duyck, Frank
Ediale, Frederik Eeckloo, Nizar El Ali, Karol Flak,
Krzystof Flak, Daisy Gaillez, Mansur Gandalojev,
Frederik Gielis, Redgy Goethals, Dylan Gouwy,
Dieter Hamers, Abdelsattar Hassan, Miguel
Hollevoet, Claudine Houkx, Sylvie Hullebus,
Dave Huwel, Glenn Huwel, Oluwashefunmi
Itomo Edward, Christa Janssens, Yury
Jolnerevitch, Eddy Jonckheere, Fabrice Junion,
Gari Justianz, Samuel Kamdem, Burim Kastrati,
Kenneth Kooy, Lukasz Kowalski, Joanna
Kujawa, Abdelaziz Labane, Filip Laleman, Peter
Laseure, Katja Lebeuf, Joke Lepeire, Massivi
Lubaki, Jason Lussaert, Shelly Lusyne, Didier
Martinat, Danny Merchie, Stacy Mesuere, Axel
Meuleman, Luc Meulemeester, Stephanie
Moyersoen, Shana Mylle, Ireneusz Niedzwiedz,
Pete Onyekwere Chukwunyere, Dicky Oppong,
Marinus Pastoor, Gilles Peere, Zsolt Petrak,
Hugo Filipe Pinto Ribeiro, Bjorn Plas, Michael
Poupart, Gregory Prevot, Veerle Ramon,
Bogdan-Ionut Rascol, Adam Rogatzky, Glenn
Rogiers, Didier Rosseel, Maxim Rosseel, Nick
Rouzere, Pol Sabbe, Sairam Saurzhanova,
Bram Schoutteten, Sinclare Scott, Andrzej
Seibert, Jean Paul Semirindi, Khurram
Shahzad, Mohammed Issa Sherzad, Hugo
Silva, Redgy Simons, Anthony Slabbinck, Tom
Slight, Nicolas Jose Soto, Rachid Taki,
Mohamad Theibich, Sebastien T’Jonck, Lukasz
Tymkiewicz, Kevin Van De Voorde, Cedric Van
Huffel, Kenneth Van Nieuwenborgh, Frederick
Van Rapenbusch, Philip Vanacker, Sylvie
Vancoppenolle, Andy Vandekerckhove,
Christiaan Vandenberghe, Isabelle
Vandenberghe, Frederik Vandenbrande,
Kenneth Vandeputte, Patrick Vandeputte,
Katrien Vandewalle, Jay Vanhou, Rudi
Vankerckhove, Rik Vanneste, Pascal Vanroose,
Steven Vansteenkiste, Ronny Vanwelsenaers,
Elisama Verheecke, Fabienne Verhelst, Sandy
Verhelst, Jacky Verlee, Marc Vermeire, Bart
Verschelde, Manu Volckaert, Linda Vyvey,
Arnold Weidler, Kevin Windelinckx, Ines
Wouters.
FRANCE MAINFREIGHT AIR &
OCEAN LE HAVRE
Clément Burgy, Gaël
Devin, Laetitia Fiolet, Marie Fohet, Carlos Daniel
Guedes Dos Santos, Laoura Khassouev,
Maxime Mazari.
MAINFREIGHT AIR &
OCEAN LYON
Florian Delarboulas, Philippe
Thomassin.
MAINFREIGHT AIR & OCEAN
PARIS
Samia Boukhoulkhal, Thomas Brieudes,
Léa Collin, Thibault Fressard, Laetitia
Gourmelen, Camille Laroche, Alain Navarron,
Véronique Sabatier.
MAINFREIGHT LYON
Mathilde Gairard, Deborah Prefot, Erick Saes.
MAINFREIGHT PARIS Martial Aberlen, Yacine
Ajmour, Teresa Aubert, Gregory Aucouturier,
Paolo Bakouma, Damien Barrault, Sonia
Basraoui, Nicolas Bertrand, Marie Bissey,
Martine Blandin, Stéphane Bobu, Jean François
Bouquet, Amel Causevic, Caroline Cordier,
Sylvie Costa Neves, Steeve Dalaize, Damien De
L’Espinay, René Claude Deblond, Kévin
Delaitre, Vincent Delpech, Marine Deniau,
Isabelle Denon, Thibault Detrouselle, Cédric
Diarra, Paola Dos Santos Evora, Nadir Dramsy,
Florian Durand, Jérémy Engelmann, Claude
Grele, Said Hannaoui, Laurent Janniaud,
Stéphanie Jasmin, Nora Jauffrion, Youssef
Jdaini, Mélodie Julien, Samuel Cedric Justine,
Moustapha Korch, Sébastien Labe, Thierry
Lacoudray, Rodolphe Lenhart, Precilia Lenogue,
Muriel Loube, Dylan Maaroufi, Charles-Henry
Maingard, Christopher Malte, Abdoulaye
Marega, Antoine Maslyczyk, Faten Meite Essid,
Thierry Moisan, Thibault Moreau, Céline Munoz,
Julien Neuschwander, Franck Pardo,
Emmanuel Peccatte, Coralie Pecho, Bruno
Pommier, Soda Ponn, Clémence Privé, Robert
Prunier, Éric Puyet, Yann Quenard, Yannick
Rodrigues Ribeiro, Arthur Roulier, Jacky
Rupaire, Christian Tchicaya, Jody Tumba,
Damien Vesse, Julien Vieville.
GERMANY
MAINFREIGHT AIR & OCEAN FRANKFURT
Patricia Cuppari, Viktoria Donst, Marcel Frank,
Niklas Gust, Aferdita Hoxha, Severin Janus,
Johanna Jurasec, Stefan Kickler, Stev Klein,
Nicole Körner, Leny Leinich, Sebastian
Maslowski, Catherine Ngafoe Nama, Matthias
Sartor, Torsten Sommer, Maria Teichmann.
ITALY MAINFREIGHT AIR & OCEAN MILAN
Giulia Colombo, Cristian Milardi, Giorgio
Mongeri, Loris Parise, Valeria Ratti, Marco
Scarantino, Emanuela Tedoldi.
NETHERLANDS MAINFREIGHT AIR &
OCEAN ROTTERDAM
Chris Arnout, Ricardo
Bello, Jason Braid, Dermot Clark, Melvin da
Luz, Boris de Puij, Ronald den Held, Nadia
Diraa, Harrold Dost, Björn Febus, Rodney
Fister, Cora Greven, Michiel Hoekstra, Bert
Hoepel, Monique Kleijburg-Streefland, Laura
Kuijpers, Mitchell Lagendijk, Liselotte Lorenzo
Sanchez, Kevin Maasbach, Maarten Mol, Lucy
Partridge, Jake Pascoe, Jasper Plugge, Rhea
Post, Remy Rosendahl, Niels Stadthouders,
Arthur van Amen, Astrid van Dam, Yvonne van
den Berg-van der Hout, Veronique van den
Berge-Peerboom, Angelique Van der
Spuij-Visser, Ramon van Hek, Matthijs van
Herk, Tom van Ree, Mariska van Schaik, Stijn
Vliegen, Jacco Wijker.
MAINFREIGHT AIR &
OCEAN SCHIPHOL
Arnold Bierma, Rob
Duijnmayer, Jeroen Geerdink, Ian Graham,
Samuel Grootjes, Esmee Heuvink, Daniel Joor,
Gideon Lioe-A-Tjam, Frederike Nordin-Stubbe,
Georgina Shelton-Agar, Mels van Egmond, Arie
van Saarloos, Robert Waasdorp.
MAINFREIGHT CLEARANCE
‘S-HEERENBERG
Petra Beumer, Angelo
Daamen, Gerrie Heering, Jacqueline
Hendriks-Ras, Fred Martens, David Pouwels,
Peggy Reinders-van Koot, Rieky te
Grootenhuis-Hebbink, Bram Tromp, Hudyta
Wieczorek.
MAINFREIGHT CROSSDOCK
‘S-HEERENBERG
Bodo Apmann, Chantal
Arts, Ibrahima Bangoura, Gert Beernink, Lucas
Berendsen, Twan Berndsen, Bastiaan
Besselink, René Bisselink, Boudewijn Bongers,
Harold Bosch, Daniël Bouwman, Jeroen
Bouwman, Tonny Buijl, Olcay Cil, Thorsten
Claassen, Bahri Coroz, Mustafa Coskun,
Ramon de Bakker, Diana Disbergen, Theo
Engelen, Gert Essink, Derk Geersing, Bart
Giesen, Hans Hageman, Jesper Heijkoop,
Patrick Helmink, Hayco Hendriks, Wilco
Hendriks, Milko Heurnink, Gerden Heymen,
Stephan Horn, Wessel Immink, Bennie Jansen,
Kai Jansen, Nick Jansen, Poldien Keurntjes,
Erol Kilicdere, William Kniest, Stefan Koolmees,
Harald Kuhfuss, Levent Kumurcu, Gerard
Kupper, Mehmet Kurum, Jeroen Lakwijk, Uwe
Lamm, Henk Lammers, Peter Langenheim,
Pascal Lieon, Ronald Luikink, Christian Mai,
Frauke Mellendijk, Björn Meunders, André
Miguel, Kay Mulder, Michael Neils, Mohamed
Osman, Eric Raaijman, Mariam Rengelink-
Bongers, Guido Roes, Jeffrey Roes, Alexander
Rudi, Rik Ruikes, Richard Ruthers, Dorie
Rutjes-Janssen, Ferit Sahin, Boris Sestakov,
Nick Sewalt, Maurice Slutter, Gerrt Steltjes, Cor
Straub, Karl Heinz Tabatt, Richie Tatoglu, Hein
te Winkel, Dewi Tebeest, Cuma Temir, Sevket
Temir, Raymong ten Haaf, Mike ten Holder,
Wesley ter Beest, Jasmijn ter Heerdt, Annette
Thiele, Etieene Thies, Ralf Timmer, Ercan Tuku,
Jan Ursinus, Sebastiaan van Aken, Jeroen van
Broeckhuijsen, Ruud van Buuren, Peter van de
Kamp, Nico van den Heuvel, Pascal van der
Meer, Rowan van Emden, Nick van Vliet,
Francis van Zelst, Lucas Veenhof, Remo
Verschueren, Willam Visser, Pascal Wevers,
Marc Wijnsema, Hennie Willemsen, Tijmen
Wisselink, Hatem Yaktemur, Haci Yildirim.
MAINFREIGHT FORWARDING
‘S-HEERENBERG
Rob Aalders, Tonnie
Abbenhuis, Mick Arendsen, Leon Bakker,
Serdar Baktir, Salih Bal, Stefan Banning, Sylvia
Bavelaar-Cowan, Ina Beekhuizen-Roes,
Pieternel Beekvelt, Tom Benning, Jordy
Bergman, Marco Berndsen, Harriëtte
Berndsen-te Dorsthorst, Edith Bijenhof-Wevers,
Rianne Bisseling, Yvonne Bleekman, Robin
Boeijink, Tanja Bondarchuk, Erik Bongaerts,
Stefan Bongers, Hans Bruggeman, Jeroen
Bruil, Robert-Jan Bruil, Randy Bruns, Iuliia
Bruns-Klepikova, Gerda Buffinga-Feddes, Rifat
Bugdayci, Ilke Bultink, Maikel de Graaf, Noah
de Jager, Janita de Jong, Jeroen de Lange,
Bob de Ruijter, Bart Decnop, Jordy Dellemann,
Menno Diepenbroek, Tania Donis Psarou, Mirjan
Donkers-Liebrand, Muhammed Durucan,
Marcel Duvigneau, Max Ebbers, Corrie
Ederveen, Margo Eijpe-Stoverinck, Rody Elting,
Ron Enzerink, Clemens Farwick, Mark
Feukkink, Anton Frauenfelder, Danja
Frauenfelder, Yoram Frauenfelder, Ceriel
Frensen, Leander Geelen, Michael Gersjes,
Anne Giesen, John Giezenaar, Hans Groothuis,
Tamara Hakfoort, Ylanie Hansen-Böhmer, Jaimy
Hartjes, Wessel Heezen, Patricia Heijnst,
Marieke Heinen, Eddy Heister, Gerry
Helmink-Steinvoort, Niels Hendriksen, Joost
Hermsen, Anouck Hesseling, Wilco
Hogenkamp, Bram Hogeweide, Sonja
Holstein-Reumer, Ramon Hueskes, René
Inkenhaag, Amar Jaggan, Cindy Jansen, Lars
Jansen, Koen Janssen, Adil Jusufovic, Douwe
Kaastra, Mete Enes Karakurt, Pargol Kashani
Nejad-Azarbad, Hans Kloosterboer, Aaron
Kock, Miranda Kock-Augustijn, Wim Konings,
Linda Korteweg, Rut Koster, Marcel Kramp,
Rien Kranen, Sierra Krawiec, Pascal Kuiper,
Willem Kummeling, Ellen Küppers-Kolkman,
Onur Kurucu, Nikky Langkamp-van Veluwen,
Ivan Larsen, Erick Leijgrave, Bas Lentink, Timo
Leusink, Mirijam Lieven, Cilia Lorx, Tanja
Loskamp-Verstegen, Angelique Lovink, Berni
Luimes, Jurgen Lukassen, Marloe Maalderink,
Joep Marissink, Jos Marissink, Monica
Marissink-Jansen, Ferdinand Massop, Nicole
Messing-Liebrand, Lex Miechels, Lasia
Mierzwinska-Donck, Antonie Moonen, Gerben
Müller, Peter Nagel, Rosie Neervoort, Nathaniël
Nguyen, Chris Nijland, Kim Notten, Charlotte
Nuissl, Frank Overgoor, Jordi Overgoor, Thijs
Papenborg, Cilia Peters-Boerboom, Kees
Plantinga, Ivo Plessis, Esther Pol-Bolwerk,
Djaran Polman, Marijn Pothoff, Ronald Putman,
Reinoud Reesink, Bryan Roelofsen, Pepijn
Rosendaal, Margo Rottger-Goorman, Tamme
Sanders, Tim Schenning, Jeroen Schuurman,
Jitske Schuurmans, Jack Schweckhorst, Anita
Seegers, Ronnie Sessink, Michael Siebenheller,
Marloes Siemes, Silvia Siemes-Aalders, Rob
Silvius, Anneke Slotboom-Meulenbelt, Martin
Sluyter, Mike Sommers, Yvonne Sommers-
Böhmer, Amanda Sonneveld-Lents, Angelique
Stefas-Vinkenvleugel, Aydé Sterk, Lian te Luke,
Willem-Jan Teitink, Robbin ten Bhömer,
Chanien ten Brinke, Karin Timmerman,
Jean-Baptiste Topenot, Giovanni Tornabene,
Ruud Tousain, Nick Trentelman, Marga van
Brandenburg, Rob van Bueren, Suzanne van
Dam, Femke van de Zand-Janssen, Sjoerd van
den Bos, Luc van der Horst, Guus van der
Stelt, Marijn van Emden, Joost van Gaalen, Jet
Van Haaren-te Dorsthorst, Helga van Manen,
Danny van Oostveen, Harald van Schooten,
Elles van Veen-Winkel, Winfried van Vessem,
Sebastiann van Wageningen, Sander van
Zuilen, Joost Verdouw, Fred Verholen, Roy
Verploegen, Nick Verweij, Erwin Wanders,
Lammert Wanders, Martine Wegenhousen,
Natalie Weijenbarg-Bos, Annemieke
Westerhof-Aalders, Melvin Westerveld, Mark
Wevers, Kay Wijkamp, Miryanna Wijnands,
Erwin Willemsen, Alex Wilmans, Cissy
Wingelaar, Sander Wolsink, Oktay Yalcin, Frans
Zuidgeest.
MAINFREIGHT HOLDING
‘S-HEERENBERG
Aron Aaldering, Arjan
Albers-Weijermars, Anne-Kim Alserda, Danielle
Arendsen, Bram Assendorp, Lydia
Baars-Kuster, Wesley Banis, Jules Barten,
Donna Bekker, Wiecher Berghorst, Raymond
Beskers, Annelies Bijsterbosch-van Leeuwen,
Leon Bleumink, Silvia Boerakker-Jansen, Rico
Boerboom, Marianne Boschker-Boom,
Courtney Bould, Lieke Brom, Jeroen
Bruggeman, Ilona Brugmann, Martens, F. (Fred)
Brunner, Wim Buijzert, Chow-Ling Chong,
Jurriaan Cijsouw, Aleyna Çil, Martijn Claessen,
Kathleen Cullity, Saskia Daams, Maarten de
Graauw, Thomas de Hoogh, Robin de Kock,
Marie-Louise de Kruiff, Dinie Dijkman-Reessink,
Nicole Driever-Ruess, Marjo Egging, Leroy
Elderman, Sander Elfring, Michel Engel, Niek
Essink, Ben Fitts, Rico Franssen, Jeanette
Frauenfelder-Frazer, Mike Freriks, Rosita
Frielink-Gerrits, Joost Froeling, Jeroen
Geerdink, Marise Gerritsen-Zwetsloot, Philippe
Hermans, Thom Heslinga, Chiel Hesseling,
Marian Heuvel-Wissink, Sebastiaan Holleman,
Monique Holleman-Oudhuis, Robin
Hoogenraad, Arthur Hoogsteder, Ilse Jansen,
Berry Janssen, Jonnes Jeuken, Robert
Jochoms, Doris Jolink-Wosnitza, Marion Kloos,
Wilma Kloosterboer-Bisselink, Jan Kniest,
Wilfrank Knuiman, Evie Koolenbrander-Tinnevelt,
Stina Kristiansson, Lisanne Kruiniger, Devlin Krul,
EU
Willy Kuiper, Shauny Küppers, Mike Lelivelt, Mulugeta
Mandefiro, Astrid Martens-Verbeeten, Petra Massop,
Lisan Moorman-Wielheesen, Jan Willem Navis,
Frederike Nordin-Stubbé, Silvan Obelink, Anette
Overgoor, Jonathan Ras, Angelique Remijnse,
Maarten Reumer, Rudi Rietman, Anita
Roelofsen-Besselink, Christian Roeterink, Thijs
Römer, Nardie Rosendaal-Verweg, Sandra Ruikes,
Jürgen Schuimer, Tom Slabbers, Mike Snijders,
Annelies Spaan, André Sprenkeler, Carola te
Grotenhuis, Giel ter Beek, Jorg ter Haar, Emiel
Teunissen, Monique Tuenter-ten Holder, Marc van
Aalst, Jelmer van Bergenhenegouwen, Gert van
Dalen, Jules van de Pavert, Rob van der Zee, Martijn
van Dongen, Joost van Leijen, Coco van Megen,
Chantel van Raaij-Uilenreef, Erik van Ringelenstein,
Aart van Silfhout, Marco Veenstra, Kay Verhalle, Ilona
Verheij-Geerts, Rob Verheijen, Kristel Verheul, Teun
Welling, Sandy Wielheesen, Erwin Willemsen,
Michèlle Willemsen.
MAINFREIGHT LOGISTICS
GELEEN
Wichard Achten, Ingo Bergmans, Roald
Bosch, Robert Boumans, Riana Brauwers-Bening,
Sven Bronkhorst, Richard Cords, Jos Cox, Ton
Cuijpers, Marl de Boer, Kevin de Graaf, Marvin de
Kok, Mariëtte Debets, Marcel Destreel, Ton
Dewaide, Martina Dobro, Geert Eummelen, Anita
Everaerts, Jeroen Evers, Ron Frijters, Peter
Grammé, Hans Graus, Jos Habets, Eddy Hermans,
Joselien Hoen-Adams, Werner Hoofs, Mischa
Jansen, Ferno Keesmeekers, Fred Kosack, Arno
Kuijpers, Stefan Maas, Adri Meesen, Eno Mobers,
Ton Moors, Jan Nijssen, Gerald Nuijes, Leo op de
Beke, Fred Paas, Daniel Pfände, Michel Pierik, Frank
Ramakers, Timo Reinink, Liesbeth Reyskens,
Norman Ridderbeekx, Chris Roering, Andre
Schmidt, Ger Schröder, Karl Heinz Schubert, Frank
Senden, Anke Smits, Marlies Soetelmans-Gerits,
Pascal Stoffels, Silvia Tuwet, Rien van de Ree,
Martijn van der Helm, Ton van Dorst, Roger Vliex,
Louis Wijnen, Monique Wolffs, Lesley Wouters, Nico
Wuyts, Rob Zonneveld.
MAINFREIGHT
LOGISTICS ‘S-HEERENBERG
Gonzalo Ahumada,
Enver Aktaran, Ali Al Jubury, Keoen Alst, Stef Althoff,
Feike Averdonk, Wilbert Bach, Dawid Baranowski,
Sven Baum, Marcel Bax, Marianne Becker-
Niersmann, Melvin Beekhuizen, Dennis Berends,
Hans Berendsen, Damian Berntsen, Toon Berntsen,
Christiaan Besselink, Dick Betlem, Jeroen Bieleman,
Andre Biermann, Thomas Bijl, Musa Bilici,
Hans-Peter Bisseling, Patricia Blanken-Epskamp,
Jason Bloemendaal, Rick Gertjan Bod, Denise
Boerboom, Eric Boerboom, Angelo Bolk, Sander
Bos, Jelke Braem, Sander Brands, Danny
Brinkhorst, Maurice Brinkman, Manon Broekhuizen,
Willem Bronsema, Detlef Brucks, Federica Bruno,
Susanne Buiting, Hannie Bulten-Tijken, Andrei
Burlacu, Jimmy Bus, Brian Bussing, David Buyl, Roy
Campschroer, Ties Campschroer, Wi Chaisim,
Joanna Ciurkot, Richard Clappers, Jeannette Clarke,
Silvano Coco, Martin Coenen, Geert Colenbrander,
Kaylee Couzijnse, Edith Damman, Hilbrand de Boer,
Raymond de Ronde, Niek de Vries, Tim den Heije,
René Derksen, Gunrun Dirlich, Bernadett Dombai,
Nicole Donders, Thomas Driessen, Jeffret
Duinmaijer, Marco Eding, Hannie Eggink, Milo Eijs,
Michael Eleveld, Stan Elting, Toon Elting, Pato
Espinoza Vasque, Jeremy Evers, Henk Fieret, Selynn
Fiering, Jean-Gérard Fifis, Danielle Fifis-Oudbier,
Jeffrey Forterie, Marnix Frazer, Rob Frencken, Daniel
Fritzsche, Sander Geerts, Saikhan Gekhayev, Edwin
Geurts, Manon Geurtsen, Marcella Gielens, Iris
Gijsbertsen, Barry Goöle, Patrick Goossen, Karolina
Gorczynska, Ronnie Gotink, Jolanta Grynfelder,
Gökhan Güler, Soran Hady Ali, Anouk Harbers,
Alexander Harmelink, Robbin Hartemink, Detlef
Hawranke, Marcel Hazeleger, Aron Heerschap, John
Hegeman, Arjen Heijboer, Edwin Heijnen, Juliane
Hein, Leon Heister, Nick Helmink, Jeanette
Hendriks, Anouk Hendriksen-Evers, Nancy
Henkens, Peter Hetterscheid, Sara Higgins, René
Hill, Billy Ho, Terry Hoenink, Danny Hoksbergen,
Berry Holleboom, Bianca Holtslag, Esther Houtman,
Gyorgyi Hrabecova, Particia Hucovicova, Richard
Huisman, Laura Hunting, Jeroen Jansen, Luca
Jansen, Mathijs Jansen, Michel Jansen, Milo
Janssen, Roy Janssen Bouwmeester, Gerrie Jeene,
Mitchell Kaak, Lars Kalinski, Hubert Kamphuis, Iryna
Kamphuis, Holger Kasimir, Dora Kasper, Dora
Kasper, Christina Keller, Oksana Keller, Rogier
Kerner, Anna Kersten, Karen Keuben, Jan Kieft,
Edward Kingma, Danielle Kip, Niels Klappers, Nico
Klein Wolterink, Berry Kluitmans, Judith Kniest, Rob
Kobesen, Niels Kok, Dennis Konstapel, Joanna
Korevaar, Alan Kort, Christian Koskamp, José
Koster, Arjen Koudijs, Peter Kraps, Simon Krawczyk,
Adam Kupczynski, Remco Kuper, Krzysztof Kurek,
Piotr Lagiewka, Jarst Lammers, Anata Langer, Astrid
Lankreijer, Kim Le, Michel Lenderink, Dariusz Lenz,
Corinne Lepine, Pauline Leunen, Christian Leurs,
Andy Leuvenink, Nicky Loeve, Twan Loeven,
Janneke Logtenberg, Dariusz Longer,
Richard Louwe, Bas Maarse, Arjan Maas, Adel
Mahfoud Nasser, Linda Maquine, Nabil Maraha,
Marcel Marencák, Krzysztof Markowski, Lajos
Markus, Andreas Martens, Andy Masselink, Aafke
Mateman, Johnny Maurick, Gerbert Medze, Henrik
Meelen, Arjen Meijering, Sander Mengerink, Tomasz
Mertka, Andre Meuwsen, Jiri Michalcik, Mateusz
Mietkiewicz, Karel Monasso, Hetty Mulder-
Plasschaert, Nadine Muller, Nathan Naberman, Roan
Neervoort, Mike Neidhöfer, Grzegor Niedzielski, Gabi
Niersmann, Jessy Nijman, Martyna Nojfeld,
Katarzyna Norek, Jarno Nuijen, Thomas Obermeit,
Adam Ociepa, Karolina Ociepa-Zawada, Tjort
Peeters, Danny Peters, Erik Peters, Erwin Peters,
Henk Peters, Maik Peters, Roy Peters, Sanne
Peters, Wouter Peters, Liane Philipsen, Andre
Piotrowski, Calaudia Plucker, Geurt Poel, Marcin
Popielak, Floris Proost, Raphael Quitsch, Anna
Radosavljevic, Pascal Ratering, Frauke Reijmer,
Joop Reitsma, Miko Rengelink, Konny Rennings,
Bertie Reumer, Tamara Ribbers, Ferdie Robben,
Martina Rödel, Franck Roodbeen, Joyce Ruesink,
Servet Sahin, Loek Sanders, Dominik Sankowski,
Iris Saulus, Marco Schaap, Vencent Schilp, Frank
Schmidt, Sandra Schneider, Bran Scholts,
Dominique Schonewille, Jürgen Schöttler, Etieene
Schreuder, Tom Schuijt, Jeggrey Schutte, Marc
Schwittepper, Krzysztof Sedlak, Dawid Serafin,
Radoslaw Siennicki, Tonny Smeenk, Harrie Smit,
Erwin Smitjes, Ruben Snippe, René Spaan, Magda
Sromek, Monika Steil-Witzger-Knautz, Andreas
Steinvoort, Ilse Steverink, Tom Steverink, Bas
Stienissen, Tonny Stoffels, Christian Striekwold,
Maria Strous, Hans te Grotenhuis, Joost te Stroet,
Laura te Welscher, Sjoerd Teerink, Michael ten
Hagen, Marc ter Heide, Barbara Tkocz, Joost Toren,
Danny Torres Cauronne, Emma Tothova, Jennifer
Tueck, Jens Tuijten, Stephan Uenk, Meho Usubjan,
Rustem Usubjan, Rob van Aken, Herman van
Amerongen, Nick van Benthem, Britt van de
Weerd-Roenhorst, Luke van den Aarssen, Martijn
van den Berg, Roel van den Hoogen, Jill van den
Oosterkamp, Herre van der Laan, Bertus van der
Pavert, Eric van der Pol, Pascal van der Spek, Tom
van der Stelt, Reina van der Til, Wouter van der
Toorn, Chris van der Veen, Sjors van der Velde,
Richarda van der Zee Nap, Wilfried van Dulmen,
Bianca van Dun, Stefan van Gemmern, Roy van
Gendt, Eddie van Gerven, Job van Gessel, Adrie van
Haaren, Maureen van Haren, Ceryl van Hasselt,
Ferdinand van Hilst, Yngwie van Hummel, Patrick
van Lavieren, Nena van Londen, Robbin van
Rooijen, Melanie van Saase, Remy van Voorbergen,
Janneau van Wissem, Mitchell van’t Oost, Roel
Veenstra, Matthew Verberk, Daniela Veuger-
Ardelean, Thymo Vierwind, Jac Vlaminckx, Eliene
Vonk, Annine Voss, Maik Wagensveld, Sascha
Wagner, Erik Wallinga, Ania Wawrzynczok, Rémon
Weerwag, Jurrit Weijers, Anouk Weijkamp, Rick
Weikamp, Perry Wennink, Daniela Werdelmann-
Nöthe, Gerbrand Wesselink, Fiona Westerveld,
Wesley Willems, Joyce Willemsen, Bas Witjes, Tim
Wittenhorst, Mattijn Witteveen, Kasia Woitaschek,
Patrycja Wolczyk, Bart Wolkenfelt, Gijs Wormskamp,
Emirhan Yorulmaz, Osman Zorluer, Michal Zurek.
MAINFREIGHT TRANSPORT ‘SHEERENBERG
Koos Aaldering, Jerry Aarsen, Marc Aarsen, Diana
Abbenhuis-Siroen, Theo Alofs, Jhonny Amting,
Freddie Anneveld, Sven Baars, Wilco Bannink,
Torseten Becker, Aart Bendeler, Remco Berndsen,
Ivo Bod, Luke Bos, Johan Bötzel, Gerald Braam,
Joan Brink, Arno Broekhuizen, Ton Broekhuizen,
Michel Bruntink, Gerjan Bulten, Shawn Bultink,
Herman Bussink, Bülent Cavlun, Arnoud Coenradij,
Gerrit Cornelissen, Roy Cornielje, Rinus de Jong,
Hemmy de Reus, Rudi de Vries, Theo Deijnen, Bert
den Brok, Thijs Derksen, Jeroen Dieker, Paul Dieker,
Herben Dimmedal, Wim Driessen, Jeffrey Duinmaijer,
Jo Duis, Olaf Eenstroom, Marc Elting, Hans Engelen,
Ramon Engelen, Martin Essink, Corine
Evers-Karsten, Tommy Firing, Patrick Fleuren, Koen
Geerts, Koen Geerts, Jan Geertsema, Donny
Gerritzen, Stephanie Giesen, Jeroen Giezen, Cemil
Gönc, Arjan Greven, Niels Haegens, Niek Hansen,
Remco Harleman, Pjotter Hebbink, Marijn Heebink,
Marcel Heerdt, Thomas Heezen, Wessel Heezen,
Erik Jan Heijkoop, Stefan Heitink, Bas Hermsen,
Jasper Hieltjes, Henk Hijink, Ronny Hoefman, Henk
Holtland, Hans Holtslag, Jacques Huiskes, Gijs
Hunting, Jurgen Huying, Dennis Jansen, Frank
Jansen, Frans Jansen, Gerald Jansen, Robbin
Jansen, Wouter Janssen, Laura Jentink, Herman
Jolink, Gepko Jonker, Henk Kamphuis, Danny
Karsten, Hennie Karsten, Dejan Kastein, Sami Kaya,
Zoltán Kecskeméti, Fons Keijser, Frank Ketelaar,
Jeroen Kniest, Jordy Kniest, Raymond Kock, Sander
Korten, Mischa Koster, Mehmet Kozan, Erik
Lammers, Devlin Liebrand, Simeon Liebrand, Wygle
Liebrand, Kevin Loef, Harrie Lucassen, René
Luijmes, Casper Lukassen, Hishem Maksoud,
Quando Man, Dennis Marschall, Frank Medze,
Arjan Meijer, Emiel Meijer, Britt Mennink, Lars
Mennink, Sander Mensink, Marco Menting,
Natalie Menting-Helmink, Gerard Morren, Jeroen
Morren, Delphin Mulder, Ivan Mulder, Hakija Nekic,
Edwin Nienhuis, Harm Nijland, Daan Nijman, Barry
Notten, Henry Oosterdijk, Mike Peelen, Marcel
Peppelman, Willem Pietersen, Rob Polman, Thomas
Prinsen, Rob Punte, Herwin Rabbers, Henk
Reindsen, Regina Riggeling, Alex Rissewijck, Léon
Robbe, Erwin Roelofs, Bryan Roelofsen, Frank
Roelofzen, Sandy Rossel, Erik Ruesink, Mark
Ruesink, Maurice Ruesink, Roland Ruesink, Johnny
Ruikes, Arno Rutten, Rob Rutten, Enrico Sabajo,
Pascal Sas, Marco Scheper, Koen Schreur, Rob
Schürmann, Bennie Schut, Bertus Schuurman, Theo
Schuurman, Rick Seijger, Han Seinhorst, Jimmy
Sewalt, Maik Sewalt, Nicole Sewalt, Mark Sloetjes,
Willem Smits, Chris Spaan, Piet Speet, Ramon
Starink, Harry Stevens, Joey Stinissen, Michiel
Sturrus, Joël te Dorsthorst, Johan te Lindert, Sietse
te Mebel, Fred te Wiel, Frank Tempels, Rick ten
Have, Henri Tenten, Jeroen ter Beest, Leo ter
Heerdt, Bertil ter Maat, Mart Terhaerdt, Bjorn
Theijssen, Bjorn Theijssen, Mike Theunissen,
Herman Tieltjes, Bobby Timmermans, Dirk van
Boggelen, Frank van de Kamp, Marcel van de
Wetering, Theo van den Berg, Timo van den Bos,
René van den Broek, Ewald van den Heuvel, Henk
van den Heuvel, Sven van der Poel, Jeroen van der
Rijst, Jos van der Zwet, Tom van Doorn, Joost van
Eerden, Jurgen van Eerden, Kees van Grootveld,
Wouter van Hartskamp, Gerard van Heeswijk,
Wilfred van Kippersluis, Luc van Marwijk, Hans van
Niekerk, Maurice van Ree, Marco van Remmen,
Sander van Schie, Rutger van Toor, Maren van Uhm,
Niko van Uhm, Jacques van Uum, Diana van
Waardenburg, Mark van Wessel, Björn Visser, Edwin
Vrogten, Jan Wassink, Joop Wassink, Rutger
Wassink, Konrad Jaroslaw Wejman, Bas Wensink,
Henk Wentink, Hein Wessels, Wilko Wiendels,
Richard Wienen, Jeroen Wierbos, Patrick Willemsen,
Quint Winters, Ron Winters, Wilfried Wolbring, Sydi
Yanardag, Sakir Yilmaz, Ruben Zegers.
POLAND
MAINFREIGHT KATOWICE
Ratajczak Agnieszka,
è\RHZaLR.YaLNVYa:LY^H[RH1HR\I>HYKH1HR\I
2HZa`JH2HYVSPUH2HJaTHYLRè\RHZa9aLWRV^ZRH
Magdalena, Mycak Mateusz, Piotrowska Patrycja,
:RYaLR7H^Lé
MAINFREIGHT POZNA Fajfer
(NH[H5HNVKaPljZRP4HYJPU2VaéV^ZRH4HYPL[[H
MAINFREIGHT PRUSZKÓW Lach Adam,
Romejko Adam, Bladowski Adrian, Szczepanik
Agata, Brymerska Agnieszka, Raunmiagi Agnieszka,
*aLY^PljZRP(SLRZHUKLY)HY[RP](UKYPP2\KY`R(UKYPP
4HUKaPljZRP(UKYaLQ>HéHJOV^ZRP(UKYaLQ
Linkiewicz Arkadiusz, Makówka Arkadiusz, Pokora
(YRHKP\Za;VTJaHR(YRHKP\ZaNJS\ZHYa(YRHKP\Za
+VTǏHé(Y[\Y:LJR)HY[VZa2YH^Ja`R)LH[H
Gonerski Bogdan, Rakowski Bogdan, Witanowski
)VNKHU7Y`[\SH)VOKHU4\Za`ljZRP)VSLZéH^
2Hé\ZRH)VǏLUH9HMHSZRH)VǏLUH9VNV^ZRP
+HTPHU7PV[YV^ZRP+HUPLS.YaǃKaPLSL^ZRP+HYP\Za
2\Za[HS+HYP\Za)HYHljZRP+HYP\Za:[LJRP+H^PK
7PL[Ya`R+VTPUPRAHNYHQLR,SǏIPL[H>VSHUV^ZRP
-PSPW7PJOUHY-YHUJPZaLR>VéJa\R.YaLNVYa>LILY
/LUY`R>PNjUPL^ZRP/\ILY[)LYUL0SVUH)VUKLYZRH
0aHILSH2V^HSL^ZRP1HJLR<SL^PJa1HYVZéH^
7VSV^Ja`R2HTPS4PSSLY2HYVS2\R\éRH2HYVSPUH
Pyrzewicz Karolina, Mirgos Katarzyna, Wodowska
2H[HYa`UH)PLSLUKH2VUYHK+ǃIYV^ZRP2Ya`Za[VM
Zawojek Krzysztof, Przyborowski Krzysztof,
Kotowoda Magdalena, Milewska Magdalena, Gaze
Marcin, Pytel Marcin, Zamojski Marcin, Fabisiak
Marek, Kucharuk Marek, Olek Marek, Malec
4HYP\Za:[HUPR4HYP\Za;LS\R4HYP\Za2VDž4HYP\Za
Paziewski Mateusz, Stoma Mateusz, Gmitruk
4PJOHé4PZa[HS4PJOHé4Y}a4PYVZéH^9`IHJa\R
5VYILY[AHROHYRV6SLRZHUKY+ǃIYV^ZRH7H\SPUH
.VaKHSZRP7H^Lé2HWYHS7H^Lé2VWLJRP7H^Lé
:aYHNH7H^Lé-PSPWLR7H^Lé)HYZaJaL^ZRP7PV[Y
+HéLR7PV[Y3LZPLJRP7PV[Y5H^YVJRP7PV[Y:RPWVY
7PV[YNJ^PLJ[VJOV^ZRP7PV[Y;YH^PljZRP7PV[Y
>HSRV^PHR7PV[Y>VSHljZRP7PV[Y4HYJa\R9HMHS
2V^HSPR9HMHé:VIVJPljNjRP9HMHé2VY`[RV^ZRH
9LUH[H9VǏUPLJRP9VILY[5PL^PLYV^ZRP9VILY[
.HIY`S9VTHU9LS\NH9VTHU*P\Y\Nj9`ZaHYK
/HY]L`:PTVU*OY\Z[U`:[HUPZéH^APLSPljZRP:[LMHU
Szlendak vel Rybak Sylwester, Barcikowski Szymon,
2VTWHUV^ZRP;HKL\Za)HYHljJa\R;VTHZa
*aLRHSZRP;VTHZa6SLZPljZRP;VTHZa9\KaRP
Tomasz, Maciaszek Tomasz, Liushnenko Volodymyr,
7H]S`R=VSVK`T`Y2VUPR>PLZéH^;VRHYa>VQJPLJO
Pavalanski Yury, Kiper Zbigniew, Pawlak Zbigniew,
Sejda Zbigniew, Marczuk Zbigniew, Chrustny
AKaPZéH^7PL[Ya`RAKaPZéH^
MAINFREIGHT
WARSAW
Bartnicka Agnieszka, Boboryko Beata,
+LPULRV2H[LY`UH>`ZaRV^ZRPè\RHZa:RVY\WRH
4HYJPU9\[RV^ZRP7H^Lé+LQ[YV^ZRP7PV[Y
ROMANIA MAINFREIGHT CLUJ-NAPOCA
Bernadette Botca, Tamas Arpad Both, Gheorghe
Ciobanu, Csongor Peter Deak, Marius Ionut Dinca,
Denise Laura Duduiala, Maria Claudia Holunga,
Paul Vlad Lucea, Alexandrin Macavei, Flaviu
Emanuel Marian, Silviu Moldovan, Liviu Dan
Paina, Victor Petrindean, Razvan Tiberiu Rus,
Roxana Suciu, Sergiu Vasile Suciu, Nelu-Gabriel
Topan-Groza, Robert Vajas.
MAINFREIGHT
PLOIESTI
Marius Albu, Marin Daniel Andrei, Mihai
Angelescu, Marin Anghel, Gheorghe Anton, Cristinel
Apostol, Florin Apostol, Razvan Apostolescu,
Mihai Constantin Ardeleanu, Constantin Avram,
Maria Avram, Ramona Georgiana Avram, Sanda
Avram, Stelian Avram, Valeriu Marius Avram, Florin
Baciu, Constantin Badaran, Valentina Luiza Badea,
Andrei Bajenaru, Adrian Balalia, Catalin Balalia,
Florea Banu, Alina Barbu, Pandele Barbulescu,
Vasile Bechis, Mugurel Ciprian Bejan, Aurel Florian
Ben, Marin Marius Bivolaru, Adrian Bocan, Ilie
Bolanu, Ion Iulian Bolanu, Adrian George Bratu,
Razvan Brumarescu, George Bucur, Dan Claudiu
Bucurescu, Roxana Adriana Bunea, Paul Vlad
Burian, Vasile Butarus, Cristian Ionut Calin,
Gheorghe Calin, Livius Calinescu, Alexandru Ion
Carbuneanu, Petre Carstica, Constantin Catanescu,
Mihai Catescu, Nicoleta Mariana Cazacu, Marian
Cioc, Valentin Ciupe, Marius Ciurea, Ion Mihail
Constantin, Ionut Tiberiu Constantin, Mihai
Constantin, Gheorghe Constantinescu, Gabriel
Razvan Corciu, Gabriel Costache, Ion Costache,
Ana Maria Cretu, Liviu Culea, Ionut Cursaru,
Gheorghe David, Constantin Diaconescu, Dragos
Dinu, Iulia Dinu, Petre Lucian Dita, Neculai Dogea,
Alexandru Doican, Viorel Dosaru, Ioan Dragan,
Gheorghe Dragu, Constantin Duca, Aurelian
Dumitru, George Dumitru, Nicoleta Duta, Sorin
Catalin Enache, Aurelian Ene, Ion Fanica, Emilian
Faniciu, Mihai Feraru, Tudor Florea, Iulian Florescu,
Cristina Florian, Ruxandra Frone, Neculai Fronea,
Adrian Gaspar, Cristian Georgescu, Viorel Catalin
Georgescu, Marian Adrian Gheorghe, Nicolae
Gheorghe, Constantin Ghita, Paul Ghita, Neacsu
Golea, Sergiu Gabriel Grecu, Adrian Grigoras,
Adrian Constantin Guiu, Adrian Mihai Hagiu, Dragos
Hornaru, Elena Iancu, Nicolae Aurelian Iancu,
Alexandru Florian Ilie, Claudiu Ilie, Nadia Mihaela
Ilie, Emil Ion, Alexandru Silviu Ionita, Costel Ionita,
Daniela Ionita, Cristian Ivan, Iulian Florin Ivan,
Lorena Jianu, Danut Catalin Lepa, Paula Clementina
Macean, Petrica Daniel Manaila, Constantin Marian
Manole, Constantin Manu, Daniel Marasescu,
Camelia Mares, Irinel Mares, Cristian Maria, Adrian
Marin, Alexandra Marinescu, Stefan Maslina, Sorin
Ion Matei, Lucian Mazare, Georgiana Florentina
Mazarini, Neamtu Mihai Alexandru, Ion Minea,
Virginia Minea, Cristinel Mocanu, Mihai Mototolea,
Florin Catalin Muscalu, Adrian Neagu, Constantin
Neagu, Petre Neagu, Stefania Neagu, Dialisa
Neata, Ion Nefliu, Ion Negre, Andrei Nicolae, Adrian
Niculescu, Dragos Constantin Niculescu, Dragan Ilie
Nituica, Bobi Oprea, Marius Pana, Alexandru Panait,
Sorin Panait, Gabriela Paun, Dumitru Pertea, Nicolae
Petcu, Elena Petre, Ionut Alexandru Petre, Marian
Mircea Petre, Nicolae Viorel Pirvu, Giani Popa,
Iulian Popa, Mihai Popescu, Titisor Popescu, Vasile
Popescu, Constantin Preda, Constantin Racatej,
Ana Maria Georgiana Radu, Cornel Radu, Costel
Iulian Radu, Gabriel Constantin Radu, Constantin
Radu, Daniela Nicoleta Rogozea, Romeo Rosu,
Iulian Rotaru, Marian Rotaru, Alexandru Lucian
Rujoiu, Ionela Sandu, Ion Iulian Scarlat, Nicusor
Scarlat, Marian Serban, Mirela Gabriela Sirbu,
Cristian Soare, Petre Solovastru, Irina Georgeta
Stan, Iulian Stan, Gabriel Stanciu, Valentin Lucian
Stanciu, Vasile Stanciu, Adrian Stanescu, Romulus
Stanescu, Adrian Stanila, Justina Stanila, Marius
Iulian State, Ion Valentin Stefan, Adrian Stoian,
Gabriel Stoian, Adrian Stoica, AnaMaria Rodica
Stoica, Elena Stoica, Nicolae Stoica, Puiu Stoica,
Gheorghe Suditu, Ioan Vlad Sumandan, Alexandru
Tache, Mugurel Tilimpea, Catalin Timceag, Viorel
Tintea, Florin Toader, Alexandru Ionut Toma,
Iulian Andrei Toma, Mihai Tone, Alexandru Tudor,
Constantin Tudor, Georgiana Tudorache, Marius
Tudose, Simona Unger, Cosmin Ungureanu, Anca
Vasile, Andrei Bogdan Vasile, Mircea Georgian Visan,
Marius Zet.
RUSSIA MAINFREIGHT
ST. PETERSBURG
Elena Chernova, Pavel
Ermoshin, Natalia Fenina, Igor Frolin, Dmitry
Gavrilkin, Konstantin Gichin, Christina Icevert,
Andrey Ilyin, Oksana Kalashnikova, Alexander
Karamyshev, Evgeny Keyf, Eugenia Korkh, Denis
Scherbakov, Ekaterina Semik, Evgenia Stasina,
Rodion Sukhorukov, Anna Vasilenko, Daria Veselova,
Aleksander Vlasov, Margarita Yakubovich, Irina
Zhukova.
UKRAINE MAINFREIGHT KIEV
Valeriia Andreychikova, Tetiana Bryginets, Oksana
Dzyubenko, Sergii Levitan, Maxim Moshkivsky, Irina
Petrenko. UNITED KINGDOM MAINFREIGHT
AIR & OCEAN UK
Colin Crowhurst, Nitaan
Glentworth, Pavel Grossu, Matt Kibbler, John Lane,
Matt Nicolls, Ritesh Patelia, Bradley Russell, Mike
Wakefield, Matt Ward, Emma West.
53
54
“BEING PART OF MAINFREIGHT MEANS DOING
WHATEVER IT TAKES TO DELIVER FOR OUR CUSTOMERS.
IF THAT MEANS PICKING ORDERS MYSELF, I’M THERE.
“It's important to know we have the autonomy to make decisions.
We’re the ones that know our customers best and we’re always
looking for process improvements to help streamline their businesses
and make them more competitive. Mainfreight trusts us to make
decisions that are right for our customers and for our team.
There’s no ‘head office’ mentality or layers of hierarchy
to slow things down here.”
OUR APPROACH IS ALWAYS
how can we do more
for our customers?
NICOLE DONDERS, OPERATIONS MANAGER
LOGISTICS 'S-HEERENBERG
OUR CUSTOMERS' BUSINESS
matters
55
Through the strategic expansion of our network, we are becoming a competitive
global logistics provider. We seek to attract customers which have the potential
to trade across our geographical network and utilise our full services.
INTENSIFICATION of Our Network
2,408 Team Members
EU¤17.7m EBITDA
EU¤335.8m Revenue
33 Branches
EUROPE
AUSTRALIA
1,741 Team Members
AU$49.9m EBITDA
AU$623.8m Revenue
53 Branches
Attract customers who have the
right business and cultural fit
• Value customised service
• Often operate across
regions/countries
• Require Logistics,
Domestic & Air
& Ocean services
Customers
Help more customers with more of
our services across more regions
• Prove our capabilities across
each region and service
• Invest in strategically-located
facilities, expand the network
• Demonstrate Mainfreight
consistency and quality
Services
56
NZ, Australia, USA, Canada, Mexico, Chile,
China, Hong Kong, Taiwan, Singapore,
Thailand, Vietnam, Netherlands, Belgium,
France, Germany, Romania, Poland,
Ukraine, Russia, United Kingdom, Italy.
Branches
247
Countries
22
Become our customers’ single supply
chain partner globally
EVERY
Service
EVERY
Region
• Provide a fully-integrated, end-to-end service
• Deliver greater efficiencies, consistency and transparency
• Retain control over freight movement and quality
• Build brand visibility and market share in regions
NEW ZEALAND
2,272 Team Members
NZ$98.6m EBITDA
NZ$666.2m Revenue
78 Branches
THE AMERICAS
805 Team Members
US$19.2m EBITDA
US$436.7m Revenue
64 Branches
347 Team Members
US$4.9m EBITDA
US$83.9m Revenue
19 Branches
ASIA
57
58
“EVERY MORNING I PROACTIVELY SCAN
OUR FREIGHT TO FIND ANY ANOMALIES OR
ISSUES THAT COULD AFFECT DELIVERY.
“Even though I inspect hundreds of consignments a week, I know that
doing this accurately contributes to better quality. Troubleshooting
consistently and early means we get on top of any issues and work
out a fix so it doesn’t impact our customers’ business.
“We run exactly the same process at every branch in the world.
Unlike most businesses though, Mainfreight lets me make the
decision on the spot and communicate that to the customer.”
FAST, ACCURATE DECISIONS
keep our freight moving!
AMIEE SCATTOLIN, CUSTOMER SERVICE, MELBOURNE
QUALITY
matters
59
Kristel Verheul and André Miguel – ’s-Heerenberg, The Netherlands.
6060
Our expanding geographical reach
means that we are providing
round-the-clock computing for
many of our worldwide systems
from New Zealand, and much of
our development is also based in
New Zealand. We have continued
to rollout new technology and
increased functionality for the benefit
of both our customers and our
business during the last year.
Over the past year our New Zealand
Domestic business has settled in
with our new transport management
system, Mainstreet, and the team is
comfortable with the system now.
Our focus for Mainstreet shifted
in latter part of the year to
Australia, as we specified and
developed the modifications
required for its introduction there.
The implementation commenced
post year-end in early May 2018
and, with the benefit of the
New Zealand experience, once again
we achieved a successful upgrade
with minimal fuss. A significant effort
from our IT and training teams, and
total support from the users and
leadership team are all worthy of
recognition. This upgrade provides
our teams in Australia, New Zealand
and USA with the latest technology,
improving speed, visibility and freight
management. Now we have this
modern technology platform in place
it means we can turn our attention
to introducing a higher level of
innovation that will increase business
and customer benefits.
Europe continued with the rollout
of Mainmove, a new transport
management system, during the
year. The majority of the functionality
has been switched to Mainmove for
all freight operations into and out of
the Netherlands and the business is
already benefiting from increased
efficiency and visibility provided
by the new system. We expect the
rest of our European operations
to transition to Mainmove over the
coming year.
Our Order Management System
(OMS) is a very valuable addition to
our Technology Suite. Built within
Mainchain, our customer portal, it
allows our customers to monitor the
status of their orders through the
manufacturing process anywhere,
anytime. OMS effectively extends our
reach and service for the customer,
directly into their supplier networks,
so they can have visibility from the
time they place their order with the
manufacturer.
Our European team has also
created an online selling solution
for customers that warehouse their
product with us. We provide an
online storefront that can distinguish
multiple types of customer models,
from direct to the consumer (B2C)
or a variety of business to business
(B2B) models, which enables us to
offer different variants of process and
pricing based on the model type.
The CaroTrans USA team has
completed the switch to their new
version of CaroTrak, a system that
has run successfully from November
1999 until present day. The system
has been progressively updated over
the last three years, by integrating
new modules into the old system
in a way that they can coexist
and give more immediate benefit
to users, rather than waiting for
the entire system to be rewritten.
This approach has also meant less
downtime and risk.
Mainfreight USA now has more
than 100 vehicles running with
in-cab scanning technology for
their Domestic freight movements.
The technology is the same that we
already run in Australasia and results
in greater visibility and timeliness of
pickup and delivery information for
the customer.
To allow for the ever-increasing
geographical spread of visitors to
our website, www.mainfreight.com,
we have distributed the majority
of its resources over a Content
Distribution Network (CDN). With
hundreds of servers worldwide, this
move has allowed us to provide a
more consistent level of performance
and information to customers and
visitors anywhere in the world, while
retaining the sensitive elements in
our own secure network.
MAINFREIGHT Technology
Our investment in technology in the last financial year was $52.19 million and we
expect that level to increase as we digitise our business for the benefit of our
customers. The need for higher levels of spend on cyber security, as threats increase
in number and complexity, will also have an impact.
61
We measure the carbon emissions
we generate across our New Zealand
and European operations, and over
time will establish measurement
across our global operations.
In seeking to reduce our emissions,
Mainfreight’s initiatives include:
>Moving capacity from road to rail
and coastal shipping
>Route planning – using GPS in
congested international cities,
and introducing planning software
to bring efficiencies to freight
deliveries and pick-ups
>Truck size management – using
smaller trucks for distribution
within cities and larger trucks
between cities
>Promoting off-peak distribution,
particularly between cities and
from ports
>Efficient driving techniques
promulgated through our driver
training programmes
>Vehicle maintenance guidelines for
owner-drivers to promote efficient
running of their trucks
>The conversion of gas and diesel
powered forklifts operating on our
docks to electric, and the use of
manual pallet trucks to replace
forklifts where practicable
>Trialling EV/hybrid vehicles in
Australia and New Zealand (current
fleet of 3 EVs and 124 hybrid cars).
In addition, our European business
continues to participate in studies
underway in the Netherlands to
evaluate the practical application
of “Platooning”. Truck Platooning
involves a number of trucks
equipped with state-of-the-art
driving technology – one closely
following the other with the vehicles
constantly communicating.
With the following trucks braking
immediately, with zero reaction time,
platooning can improve traffic safety.
Other benefits include cost-saving
(as the trucks drive close together
at a constant speed), and lower
CO
2
emissions, and it also boosts
traffic flows/road efficiency.
It is important to note that through
good old-fashioned common sense,
we have been recycling office and
depot waste for 30 years in
New Zealand. We store and use
rainwater and recycle greywater
for truck washing, ablutions and
irrigation. Where possible, our new
freight and warehousing facilities in
New Zealand and Australia are built
with environmental design principles
in mind; energy-efficient lighting and
heating solutions; and solar power
installations where feasible.
Rain gardens are installed as a
feature of our landscaped grounds.
Our Hamilton facility is equipped
with 690 solar panels, making it
one of the largest private solar
installations in Australasia, with a 170
kwH capacity. Our facility in Epping,
Melbourne also includes a solar
installation, with 100 kwH capacity.
In future new facilities, environmental
considerations will influence design
and build, as we look to extract
maximum ecological benefits.
In Europe, the business has
committed to the Netherlands’
sustainable logistics programme,
with the objective of reducing
carbon emissions by 30% in 2013
from levels recorded in 2007. For
the Dutch fleet, we achieved a
carbon reduction of 47% in the 2017
calendar year, compared to baseline
in 2007, while the Belgium business
reported a preliminary result of
31% reduction in 2017 compared
to 2010. The carbon emission is a
combination of fuel consumption
and average usage of our fleet.
Fuel consumption also continues to
improve for the fleet in Europe; over
the past 10 years we have recorded
a decrease of 11%, with 2% of this
reduction achieved last year.
As a progressive global business, we are mindful of our responsibilities to
the communities we live and operate in around the world. Environmental
and sustainability initiatives are a key part of the planning and development
of new facilities and processes as we expand.
ENVIRONMENT
62
Noreen Taurua-Watson – Auckland, New Zealand, with one of several EV/hybrid vehicles in the business.
6363
6464
Linda Vagana, General Manager of Duffy Books in Homes NZ, with students from Bairds Mainfreight Primary School.
The philosophy behind the
programme is simple: to break
the cycle of ‘booklessness’. Kids
who can’t read become adults
who can’t communicate and that’s a
serious disadvantage in a world that
operates on the written word.
In America, Books in Homes has
grown to encompass 70 locations
including elementary schools,
pre-schools and community centres
in Pennsylvania, New Jersey,
New York, Maryland, Virginia and
California. Mainfreight USA and
CaroTrans are two of the lead
sponsors supporting the programme,
which has given away over 560,000
books to more than 193,000 children
since 2008.
In New Zealand, since 1994 the
Duffy Books in Homes programme
has distributed over 12 million
books through 521 schools and
270 early childhood education
centres participating in the scheme.
In 2018, over 75,000 books will go
to students at Mainfreight-sponsored
schools.
Mainfreight’s other significant
sponsorship partner is “The Life
Education Trust” which was
established in New Zealand in
1988. The Trust seeks to help give
young people the knowledge and
skills to live a fulfilling and healthy
life through their positive health-
based education. Each year they
take over 225,000 children through
their mobile classrooms teaching
self-respect, respect for others and
providing tools for healthy living.
This year marks our eleventh year of
support to The Life Education Trust.
Mainfreight is proud to support these
two exceptional organisations that
channel so much to the children who
are our future. We encourage you to
learn more about how you can help
by visiting their websites:
www.booksinhomes.org.nz
www.booksinhomesaustralia.com.au
www.booksinhomesusa.org
www.lifeeducation.org.nz
MAINFREIGHT in the Community
Mainfreight has been part of the “Duffy Books in Homes” programme since its
inception in 1994 and currently we support over 85 schools in New Zealand,
Australia and the USA. This means over 15,000 children every year are getting
new books to read with our support.
65
NEW ZEALAND
IN NEW ZEALAND, CRAIG EVANS OVERSEES THE BUSINESS, SUPPORTED BY:
NIC KAY
NATIONAL MANAGER
AIR & OCEAN NEW ZEALAND
22 YEARS
• Began with Mainfreight
in Christchurch Logistics,
followed by Sales and
Branch Manager roles in
Transport
• His passion for sales and
leadership saw him accept
New Zealand Group Sales
Manager role in 2011
• Appointed to the Air &
Ocean management role
in 2015.
CARL GEORGE
NATIONAL MANAGER
TRANSPORT NEW ZEALAND
23 YEARS
• Started with Mainfreight
in the Auckland Transport
branch on the inwards shift
• Quickly progressed through
various rating, customer
service and sales positions,
before taking on Branch
Manager roles
• Since returning to
New Zealand from a
business development role
in the UK Carl has worked
in national sales and now
leads the New Zealand
Domestic Transport
business.
ROB CROFT
NATIONAL SALES MANAGER
NEW ZEALAND
8 YEARS
• Began with Mainfreight in
1994 as a local sales
rep with Daily Freight
Wellington
• After working in the
industry overseas, Rob
returned to the Mainfreight
Group in Australia in 2010
and then to New Zealand
in 2014 in a South Island
Business Development role
• Appointed National Sales
Manager in 2015.
MITCH GREGOR
NATIONAL MANAGER
LOGISTICS NEW ZEALAND
17 YEARS
• Has worked across the
business in operations,
sales and branch
management roles, in both
our Logistics and Domestic
Transport businesses in
New Zealand and Australia
• He is responsible for
Mainfreight and Owens
Logistics operations across
New Zealand
• Career highlights include
being part of two branches
to win Branch of the Year
trophies.
OUR Leadership Team
66
IN AUSTRALIA, RODD MORGAN OVERSEES THE BUSINESS, SUPPORTED BY:
AUSTRALIA
GRANT DRAPER
NATIONAL MANAGER
AIR & OCEAN AUSTRALIA
21 YEARS
• Joined Mainfreight as
Financial Controller for
Air & Ocean in 1997
• Relocated to Melbourne
to maximise business
efficiencies following the
acquisition of additional
international operations
in Australia in 2001
• Became Financial
Controller for Air &
Ocean Australia
• Appointed National
Manager in 2015.
DAVE SCOTT
NATIONAL SALES
MANAGER AUSTRALIA
18 YEARS
• Joined the Mainfreight
Melbourne team in 2000,
with a strong background
in domestic and
international transport in
New Zealand, Australia
and the UK
• Focused on achieving
growth targets through
the ongoing development
and retention of a young
and motivated sales team.
SIMON HART
NATIONAL MANAGER
LOGISTICS AUSTRALIA
12 YEARS
• Joined Mainfreight in
2001 after graduating
as an engineer and
became part of the IT and
Business Development
teams in NZ
• After a two-year break
in the UK, joined the
Australian team, and has
held roles in Business
Development
• Now manages the
Australian Logistics
business.
BRYAN CURTIS
NATIONAL MANAGER
TRANSPORT AUSTRALIA
38 YEARS
• Has been part of
Mainfreight almost
since day one
• Has held a wide variety
of leadership roles in
both Australia and NZ
• Oversaw the significant
investment into new
facilities for the Australian
Transport business in
recent years
• Current focus is on
achieving growth and
improving quality.
67
ASIA
BILLY ZHANG
REGIONAL SALES MANAGER ASIA
17 YEARS
• Joined Mainfreight Asia in 2001
having graduated from Shanghai
University with a double degree
in Industrial Engineering and
Foreign Trade
• Billy has experience in a range
of roles in the business, from
customer service to trade-lane
management and sales
• Most recently was National Sales
Manager for China before taking
on his current role in late 2017.
IN ASIA, CARY CHUNG OVERSEES THE BUSINESS, SUPPORTED BY:
68
IN AMERICA, JOHN HEPWORTH OVERSEES THE BUSINESS, SUPPORTED BY:
RENÉ VAN HOUTUM
NATIONAL MANAGER/
PRESIDENT LOGISTICS USA
7 YEARS
• Spent 17 years in a variety
of roles with Wim Bosman
Group, Europe
• Became a part of
Mainfreight through
acquisition of the Wim
Bosman Group
• Moved to Australia 2011
to lead the warehousing
division there
• In 2014 set up and now
leads Mainfreight’s
standalone North America
Logistics division.
CHRIS WILSON
PRESIDENT
CAROTRANS USA
13 YEARS
• Joined CaroTrans in 2004
as the inaugural Cleveland
Branch Manager
• Led the branch to Branch
of the Year twice
• Opened the CaroTrans
Le Havre branch in France
in 2012, before moving
back to the United States
in 2016
• Held senior sales and
operational roles before
taking on the leadership of
the CaroTrans business in
June 2017.
SHAWN ROACH
NATIONAL MANAGER/
PRESIDENT DOMESTIC
TRANSPORT USA
2 YEARS
• Joined the Mainfreight US
following six years as a
North American transport
partner
• Instrumental in linking trade
lanes between US and
Canada
• Focused on increasing
domestic growth through
excellent sales process and
customer satisfaction.
NATHAN THOMAS
NATIONAL MANAGER/
PRESIDENT AIR & OCEAN
USA
17 YEARS
• Became a part of
Mainfreight through
acquisition of the Owens
Group
• Held several roles in NZ
Perishables Airfreight
division
• Joined Air & Ocean LA
• Led his team to win the
Mainfreight USA Branch
of the Year.
THE AMERICAS
69
IN EUROPE, BEN FITTS OVERSEES THE BUSINESS, SUPPORTED BY:
LIANE PHILIPSEN
EUROPEAN MANAGER
LOGISTICS
7 YEARS
• Joined Wim Bosman as
a management trainee in
1997, after graduating with a
masters degree in Business
Administration
• Has held roles in Logistics
operations and sales, and was
the European Sales Director
before taking on her current
role at the start of 2018
• Liane has a personal interest
in implementing continuous
improvement programmes with
positive outcomes for both the
team and customers.
JASON BRAID
EUROPEAN MANAGER
AIR & OCEAN
21 YEARS
• Joined Mainfreight as a graduate in
1997 at Daily Freight NZ
• Moved to CaroTrans Chicago and
then to Mainfreight Air & Ocean
Los Angeles in sales and branch
manager roles
• More recently he was appointed
as Vice President Air & Ocean for
Mainfreight USA before moving
to Europe where he now heads
up the European Air & Ocean
business.
FRANS ZUIDGEEST
EUROPEAN MANAGER
FORWARDING & TRANSPORT
7 YEARS
• Began as a graduate with Wim
Bosman in 1997, working across IT
and Sales roles
• In 2011 moved to the Forwarding
and Transport team, responsible
for the SystemPlus network in the
Netherlands.
• Later as Country Manager
Forwarding, he led the forwarding
and crossdock team in the
Netherlands, before taking on his
current role at the end of 2015.
EUROPE
70
OUR GLOBAL INTERESTS ARE SUPPORTED BY:
MARTIN DEVEREUX
GROUP MANAGER
TEAM DEVELOPMENT
18 YEARS
• Holds degrees in
Management and Law
• Joined Mainfreight in 2000
on graduate programme
• Has worked in various
roles across Transport
and Air & Ocean, in both
New Zealand and Australia.
• Joined our Training &
Development team in 2004
and took on the global
coordination of these
teams in 2011.
KEVIN DRINKWATER
GROUP IT
MANAGER
32 YEARS
• Mainfreight’s first graduate
• Roles have included Chief
Financial Officer, Sales
Manager and first General
Manager of Mainfreight
Logistics
• Kevin has led the
development and
implementation of most of
our critical systems globally.
TIM WILLIAMS
CHIEF FINANCIAL
OFFICER
24 YEARS
• Joined Mainfreight
following acquisition of
Daily Freightways in 1994
• Played a key role in
Mainfreight’s initial public
offering in 1996
• Over the years his role and
capabilities have continued
to broaden as Mainfreight
moves into diverse global
markets.
CARL HOWARD-SMITH
GENERAL COUNSEL
MAINFREIGHT GROUP
40 YEARS
• Has been with Mainfreight
since its inception 40 years
ago
• Currently holds joint roles
as a Director and General
Counsel of the Company
• The business has always
placed a high value on his
legal and business acumen,
and his commitment to the
Group’s development and
growth.
GLOBAL
71
WHERE WE HAVE
COME FROM,
shapes where we can go
ALTHOUGH 2018 MARKS OUR 40TH YEAR, IT’S OUR FUTURE WHICH DEFINES
US. IN FOUR DECADES, WE HAVE NEVER STOOD STILL. OURS HAS BEEN A
JOURNEY OF CHALLENGING THE STATUS QUO, REACHING FOR THE NEXT
TARGET AND ALWAYS HOLDING OURSELVES ACCOUNTABLE.
Mainfreight
founded by
Executive
Chairman,
Bruce Plested
1978
Acquired
Daily Freight &
Chemcouriers in
New Zealand
1994
GO!
100
year
vision
Our
100-Year
Vision
adopted
1979
Listed on
New Zealand
Stock
Exchange
1996
Major
acquisition
in Australia
adds scale
2000
Acquired
Owens Group in
New Zealand
Established
strategic
operation in
USA through
shareholding in
CaroTrans
20031999
72
When the opportunities were right, we’ve been bold.
Through challenging times, we’ve made the tough calls.
Some of the world’s best businesses choose to work with us.
We have evolved, adapted and expanded and, in 40 years, never lost sight
of who we are. The beliefs and purpose set by our founder, Bruce Plested,
will guide us through the next 100 years.
THANKS TO HIS SPIRIT AND VISION
the journey is as exciting as ever!
Revenues
reach
NZ$1 billion
Revenues
reach
NZ$2 billion
Revenues of
$2.6b and profit
of $112m
200920152018
Secured European
footprint through
acquisition
2011
$1b
Profits
exceed
$100m for
first time
2017
$2b
40
years
US
acquisition
provides
basis for
Mainfreight
USA
2007
Full
acquisition
of Asian
business
2007
73
TARGETS, Progress & Achievements
2018
TARGETSTATUS
• Additional land purchased for network development in
New Zealand and Australia
• Land identified and purchased/leased in Auckland, Tauranga,
Melbourne, Adelaide, Brisbane, Sydney
• USA has revenue of US$500 million earning a rate of
return of 7%
• Current revenue at US$437 million, with ROR target likely
to take more time
• Our American and European interests earn more profit than our
Australian and New Zealand operations
• Unlikely before 2020
• Sales revenues exceed $3.0 billion • Revenues for the 2018 financial year are $2.6 billion.
At a growth rate of 7.2% pa compounded, we would double
revenue every decade
• European revenues exceed ¤500 million• This year’s revenues at ¤336 million
• Pre-eminent supply chain logistics business for Australasia,
with New Zealand and Australian exporters and importers
supporting us around the world
• We would humbly suggest that we are well considered in this
arena, and we continue to intensify our network to provide
further supply chain efficiencies.
• Our Australian domestic network has branches in every major
city and town, all operating profitably
• We now have 53 branches across the Australian continent, with
Tasmania and Northern Queensland under consideration
• Begin to invest capital in the American market to build suitable
infrastructure to support our growth and quality ambitions
• Likely from 2020 onwards; financial and operational
performance need to improve
• Have at least 50% of revenues in Asia developed in-country • Currently 24%; not likely to be achieved until 2020 onwards
• Asia network well established and positioned in and around
ports and airports rather than offices in central city locations
• Our network continues to expand; now in 6 countries with
19 branches. Singapore branch is located at Changi airport.
Airfreight locations have been secured for Guangzhou and
Beijing
• European Air & Ocean network extended to Italy• Completed with Milan branch opened. Additional locations
being investigated for Germany, with Scandinavia under
consideration
2017 – PAST YEAR
TARGETSTATUS
• Mainfreight has a well-established International network trading
between Europe, USA, South America, and Asia/Pacific
• Our Air & Ocean network is developing satisfactorily, with
offices opening in Italy and Russia this year. We would expect
to see more branches opening throughout Asia and possibly
the Middle East and Africa over time
• 85% of revenue is earned outside of New Zealand• The team have accepted the challenge! Currently at 75%
• Net profit earned offshore is greater than that earned in
New Zealand
• Currently 52% earned offshore
• New Zealand operations are the pre-eminent supplier of
services for food products across the nation (dry, ambient,
chilled and frozen)
• We continue to focus on developing our quality
• Strength built across our Australian business, growing our
regional network to complement growth in all five States where
we are located (six including the ACT)
• Our network continues to develop throughout Australia, with
another two branches to open in Toowoomba and Wollongong
• Six dedicated 3PL warehouses across the USA• Currently four dedicated Logistics sites; with Chicago
opened in 2018
• Dedicated linehaul between all major city locations within the
USA and major city centres in Canada
• Currently we cover 40 cities, averaging 129 linehauls per
week (174 legs)
• Strong growth across all European operations extending into
Logistics, Forwarding, and Air & Ocean networks
• Growth rates continue to increase satisfactorily. New land and
buildings are underway to provide sufficient infrastructure.
• New software (Mainstreet) implemented across New Zealand
and Australian domestic transport networks
• Implemented in May 2017; Australia has followed with
implementation in May 2018
• European Forwarding software completed and implemented• Implementation underway; completion due late 2018
7474
Each year we challenge ourselves with increasingly bold targets. Defining and
openly sharing these with our teams, shareholders and customers, drives us
to achieve what we promise.
2019
TARGETSTATUS
• Our Australian profit exceeds that of New Zealand• Not likely to be achieved until 2021
• Over 300 branch locations around the world• On target; currently 247
• 500,000 TEUs moved by sea globally• Currently 311,586 TEUs (up 11% from last year)
• 100 million kg of air freight moved globally• Currently 127 million kg (up 5% from last year)
• USA profitability improved and revenue growth back to
satisfactory levels
• Revenue growth improving, albeit slowly, and profitability
up 3.5% in 2018
• Increased number of Air & Ocean branches in Germany
to at least 6
• Branches planned for Hamburg and Munich in 2019 financial
year; it will take longer to establish further branches
• Our global warehousing footprint to exceed 750,000m
2
• Currently at 614,037m
2
• 38 Land & Building projects underway in New Zealand,
Australia, Europe and the USA
• Completion of most through 2019 & 2020
2020
TARGETSTATUS
• Over 400 branches globally• A stretch – more likely to be 2022
• Our network extends across 30 countries worldwide• Currently in 22 countries, Japan, South East Asia under
consideration
• South America and Middle East locations and network well
developed
• We continue to be interested in developing our
South American, and now Middle East, presence
• Our Asian business is making similar profits to that of the USA• Unlikely, providing our USA business meets our expectations
• Our supply chain solutions extend across all our networks,
including Asia
• Asian focus is on Air & Ocean, however by 2020 we expect to
be considering 3PL warehousing locations
• Chemcouriers in Australia is well established and recognised
as the pre-eminent hazardous freight provider to the nation
• Establishment of a global perishable airfreight business
2022
TARGET
• Established in 50 countries including on the continents of
Africa, South America and the Indian sub-continent
• Our coverage extends to all countries in the European Union
• Our customer-focused culture attracts many large multi-
nationals across their full supply chain requirements
2021
TARGETSTATUS
• $4 billion of sales revenue• Wouldn’t this be nice!
• Our global network further extended • Intensification of our network remains a core strategy
• Our information technology contributing profitability via the
sale of our visibility software tools
• Digitisation of our Air & Ocean customer solutions will
be well established and revenue-earning
• Over 10,000 team members around the world• Currently 7,573
• Warehousing footprint exceeds 1,000,000m
2
• Currently 614,037m
2
• Mainfreight 2Home is well established and profitable in Australia
2023
TARGET
• Network intensity continues; more facilities in more countries
• Warehouse footprint becomes a dominant feature of our
activities
• Domestic locations increased to provide more efficient
delivery of domestic freight
• In excess of 50% of our customer base are utilising all three
cornerstone products – Domestic, Air & Ocean, and Logistics
• Expect our Asian business to have doubled in size from 2018
7575
Capital Expenditure is directed and approved by the Board of Directors from
recommendations made by senior management. Expenditure can be classified
into three divisions; Property and Buildings, Information Technology and General,
including Plant and Equipment.
CAPITAL Expenditure
During this past financial year,
Net Capital Expenditure totalled
$64.7 million. Capital required for
property development during the
2019 financial year is likely to be
approximately $105 million with total
capital expenditure estimated at
$150 million.
Property and Buildings
Of the $64.7 million, $20.1 million was
spent on property, primarily across
our network in New Zealand and
Australia. The major items were:
Sundry New Zealand property $9.2m
Sundry European property $5.6m
Sundry Australian property $4.5m
It is our desire to invest in world-
class facilities wherever possible to
ensure that our people have the very
best of facilities to assist the delivery
of high quality supply chain services.
Land investment decisions continue
to be made on an as-required basis.
In some instances, owned facilities
with a limited future due to size
and/or design, will be sold and
leased back with funds being
invested in land designated for
building a new facility.
Whilst land and buildings were
inherited in Europe with the
acquisition of the business there,
we have yet to invest any large
amounts of additional capital in this
region; a situation that will continue
until we find acceptable business
improvement and growth. In the
meantime, leasing facilities in Europe
is our favoured approach.
In the USA, freight, warehousing and
office facilities are 100% leased. Time
and growth will determine land and
building investment for the future.
Information Technology
Our investment in technology
continues to strengthen our
efficiency and productivity, providing
data and statistics that allow us
to deliver greater quality while
providing transparency for our
customers, providing them with an
extra layer of intelligence as well as
critical supply chain information.
Capital expenditure on Information
Technology was $17.7 million in this
past year and is likely to be a similar
amount over the next two years.
Plant and Equipment
The balance of capital spend, $26.9
million, is attributable to plant and
equipment purchased across the
Group’s five regions.
76
Jodie Dirksen – Adelaide, Australia.
7777
CORPORATE Governance Statement
This statement is a summary of the
Corporate Governance arrangements
approved and observed by
Mainfreight’s Board of Directors
(“the Board”) as at 31 March 2018.
The code of ethics, policies, charters
and other associated documents are
available on the Investor pages of
the Company’s website:
www.mainfreight.com/global/
en/global-home/investor-centre/
governance.aspx
Mainfreight’s corporate governance
practices do not materially differ
from the NZX Corporate Governance
Best Practice Code, except that
Mainfreight has not established a
Nominations Committee, preferring
to accomplish this task with the
assistance of the full Board.
The Role of the Board
of Directors
The Board is committed to the
highest standards of ethical
behaviour in its own undertakings
and those of the Group’s team
members. The Board follows
the corporate governance rules
established by NZX, and Directors
exercise their duties in the best
interests of the Group. A formal
charter has been adopted by the
Board and further sets out the
responsibilities of Directors.
The Board is responsible for the
proper direction and control of the
Group’s activities. This responsibility
includes such areas of stewardship
as the identification and control
of the Group’s business risks,
the integrity of management
information systems and reporting
to shareholders. While the Board
acknowledges that it is responsible
for the overall control framework of
the Group, it recognises that no cost
effective internal control system will
preclude all errors and irregularities.
Our system is based upon written
procedures, policies and guidelines,
organisational structures that
provide an appropriate division
of responsibility, and the careful
selection and training of all qualified
personnel.
The Board includes in its decision
making: dividend payments; the
raising of new capital; major
borrowings; the approval of annual
accounts; and the provision of
information to shareholders, major
capital expenditure and acquisitions.
The Board delegates the conduct
of the day-to-day affairs of the
company to the Group Managing
Director and Executive Management.
Financial statements are prepared
monthly in conjunction with the
weekly profit and loss statements
generated at branch level. These are
reviewed by the Board progressively
through the year to monitor
management’s performance and
assess the integrity of management
information.
Board Composition
The Board comprises eight Directors:
a Chairman; a Group Managing
Director; and six Directors, five of
whom are independent. From time
to time, key executives are invited
to attend full Board Meetings and
are encouraged to fully participate
in all debate.
Carl Howard-Smith retires by
rotation at the 2018 Annual Meeting
of Shareholders and will not stand
for re-election. The Board will
continue with a complement of
seven Directors.
Directors’ Meetings
The Directors normally hold five full
Board Meetings per year – three
of these are held over two- to
three-day periods in operational
regions of interest and concern, with
opportunities to meet with customers
and/or our team in those locations;
with the other two meetings being
shorter, and held primarily to review
performance and strategy. Additional
meetings are held for the purposes
of considering interim and final
dividends, and approving financial
results for release to the market, and
as otherwise required.
The Board met on seven occasions
in the financial year ended 31 March
2018: in Auckland, New Zealand;
Sydney, Australia; Hong Kong;
‘s-Heerenberg, the Netherlands;
and Los Angeles, United States.
The following table summarises
Director attendance at Board and
Committee meetings:
DirectorBoardAudit CommitteeRemuneration Committee
Bruce Plested7/7–2/2
Don Braid*7/72/2–
Simon Cotter7/72/22/2
Carl Howard-
Smith
7/ 72 / 2–
Bryan Mogridge7/72/2–
Richard Prebble
#
7/ 72 / 22 / 2
Kate Parsons6/7––
Sue Tindal7/7––
* Don Braid attended the Audit
Committee by invitation
#
Richard Prebble attended the
Audit Committee by choice
78
Share Trading
The Board has set out a procedure
which must be followed by Directors
and key Executive Management
when trading in Mainfreight Limited
shares. This procedure assists those
persons to ensure they comply with
the insider trading provisions in the
Financial Markets Conduct Act 2013.
Group Management Structure
The Group’s organisational structure
is focused on its core competencies;
domestic distribution, international
sea and air freight forwarding,
warehousing and supply chain
management. These operations are
located in New Zealand, Australia,
the Americas, Europe and Asia.
A country/region management
structure now exists to reflect the
size and diversity of our global
operations.
Our management structure is
deliberately kept as flat and minimal
as we can achieve. This provides
an ideal platform for succession
planning, and allows for decision-
making from those closest to our
customers. We manage with a
philosophy that encourages all to
contribute.
Diversity
The Board recognises the current
requirement placed by NZX Main
Board Listing Rules on Issuers to
report on diversity, and has included
a gender breakdown across its
full team in its Annual Reports for
many years. Mainfreight is firmly
committed to diversity and equality
in all areas of its operations, and the
Group’s Diversity Policy is available
on its website.
At the level of Directors and Officers,
gender composition is set out
below. The Company’s management
structure was streamlined in
early 2013 in a move away from
product/discipline leaders in each
region, to overall country/regional
management:
THIS YEARLAST YEAR
Male Female Male Female
Directors
6262
Officers
100100
All Team
Members*
68%32%71%29%
*If we remove Owner Drivers and
EU Drivers from the calculation,
gender ratios are 59% Male and 41%
Female (last year 63% Male and 37%
Female).
The supply chain logistics industry is
recognised as being predominantly
male, however as the Company
moves into a broader geographic
range, we are discovering areas
where there is greater gender
balance such as our Logistics
business in the Netherlands, our
Air & Ocean business in many
locations, and our Asian business.
We are pleased that the number of
female managers has increased to 37
(up from 31 in 2017, and 27 in 2016).
The number of key management
roles held by females still falls well
below our expectations and we look
for improvement.
Anti-Corruption & Competitive
Practice Guideline
With the advent of the global
economy, most countries have
put in place anti-corruption and
competition laws, which we at
Mainfreight welcome and endorse.
Mainfreight, as a global company,
has adopted guidelines and policy
to enforce anti-corruption and anti-
competitive behaviour.
The integrity of our brand and the
way we are perceived in the market
is of paramount importance to
us. Mainfreight demands from its
team members at all times honesty,
integrity and a scrupulously “clean”
approach to the way we conduct
our business.
The Role of Shareholders
The Board aims to ensure that
shareholders are informed of all
major developments affecting the
Group’s state of affairs. Information
is communicated to shareholders
in the Annual Report, the Interim
Report, and twice-yearly Newsletters,
all of which are also available on the
Company’s website with other items
of interest.
The Board has adopted a continuous
disclosure policy to assist Mainfreight
to comply with its continuous
disclosure obligations under the
NZX Main Board Listing Rules.
The Board encourages full
participation of shareholders at
the Annual Meeting to ensure a
high level of accountability and
identification with the Group’s
strategies and goals.
7979
The Board has constituted the
following standing Committees
that focus on specified areas of
the Board’s responsibility. Each
Committee operates under its own
charter outlining composition and
responsibilities.
Audit Committee
The Committee is responsible for
the framework of internal control
mechanisms that ensure proper
management of the Group’s affairs.
The Committee is accountable to the
Board for the recommendations of
the external auditors, EY, directing
and monitoring the audit function
and reviewing the adequacy and
quality of the annual audit process.
The Committee provides the Board
with additional assurance regarding
the accuracy of financial information
for inclusion in the Group’s Annual
Report, including the Financial
Statements. The Committee is also
responsible for ensuring that the
Group has an effective internal
control framework. A member of
the Group’s finance team oversees
regular internal control assessments,
and reports to the Chief Financial
Officer and the Audit Committee
as appropriate.
These controls include the
safeguarding of assets, maintaining
proper accounting records,
complying with legislation, including
resource management and health
and safety issues, ensuring the
reliability of financial information,
and assessing and overviewing
business risk. The Committee also
deals with Governmental and
NZX compliance requirements.
Audit Committee:
>Simon Cotter, Chairman
>Carl Howard-Smith, Director
>Bryan Mogridge, Director
Remuneration Committee
The Committee is responsible for
reviewing the remuneration and
benefits of the Group Managing
Director and senior executives,
for reviewing the remuneration of
Board members, and makes its
recommendations to the Board.
The Committee also monitors and
reports on general trends and
proposals concerning employment
conditions and remuneration.
General remuneration for all team
members is reviewed on an annual
basis and takes into account CPI
and responsibility changes for each
individual. This does not include
senior executives. Senior executive
remuneration is reviewed every
two years.
A general increase is applied to all
salaries in April, as detailed below.
Senior executives’ salaries are
reviewed every two years, and were
last reviewed in October 2016.
1 April
2018
1 April
2017
New Zealand 3.0%3.0%
Australia3.0%3.0%
Americas3.0%2.0%
Asia3.0%3.0%
Europe
(% increase where
applicable, and
guidance where
negotiations are
required)
1.86%
(weighted
average)
2.05%
(weighted
average)
In New Zealand and Australia, at
the April 2018 review, the salaries of
those at the lower end of our salary
range were further lifted, to levels
well above minimum or living wages.
Mainfreight has never looked to pay
a minimum wage, and is on track
to achieve an entry level annual
salary of at least $60,000 in the
near future.
The discretionary bonus system used
in Mainfreight was applied during the
financial period with Board approval.
This bonus calculation is applied
across all business units and only to
those people who have completed 12
months’ continuous full-time service
for Mainfreight. The total cost of this
discretionary bonus for the 2018
financial year is $20.7 million.
Remuneration Committee:
>Bruce Plested, Chairman
>Richard Prebble, Director
>Simon Cotter, Director.
CORPORATE Governance Statement CONTINUED
80
81
10-YEAR SNAPSHOT
of growth
These 10-year key indicators reflect our ability to grow our business
and our people globally, leverage the network and more recently, attract
and retain customers who value our passion for quality.
82
240,000
210,000
180,000
150,000
120,000
90,000
60,000
30,000
0
EBITDA
($000)
120,000
100,000
80,000
60,000
20,000
0
40,000
GROUP PROFITS
09 101112131415161718
BEFORE ABNORMALS ($000)
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
09 101112131415161718
GROUP REVENUE
($000)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
TEAM MEMBERS
09 1011121314 15161718
09 1011121314 15161718
BRANCHES TOTAL
250
200
150
100
09 101112131415161718
COUNTRIES
25
20
15
10
5
0
09 101112131415161718
83
The Directors are pleased to present
this 23rd published Annual Report
of Mainfreight Limited.
Financial Result
Consolidated sales for the year were
$2,618.86 million, up on the previous
year by $285.27 million, or 12.2%.
Net profit increased from $101.52
million to $107.89 million. Excluding
abnormal gains and losses, net profit
for the 2018 financial year increased
8.8% to $112.22 million. Comparisons
to the 2017 result are set out in the
five-year review; page 130 of the
Annual Report.
Financial Position
The Group has improved its financial
position with shareholders’ equity of
$712.40 million, funding 51.8% of total
assets. Earnings cover interest on
debt by 23.76 times. Net cash flow
from operations was $140.24 million,
up from $131.23 million last year.
Dividend
A dividend of 24.0 cents per share
was paid in July 2017, fully imputed.
A supplementary dividend of
4.23 cents per share was paid to
non-resident shareholders with this
dividend. A further dividend of 19.0
cents per share was paid
in December 2017, fully imputed.
A supplementary dividend of
3.35 cents per share was paid
to non-resident shareholders with this
dividend. A fully imputed dividend
of 26.0 cents per share, payable on
20 July 2018 is proposed, together
with a supplementary dividend of
4.59 cents per share for non-resident
shareholders. Books close for this
dividend on 13 July 2018.
Statutory Information
Additional information is set out on
pages 127 to 129 including Directors’
Interests as required by
the Companies Act 1993.
Directors
Bruce Plested and Richard Prebble
retire by rotation, and are available
for re-election.
Carl Howard-Smith also retires by
rotation, however as previously
advised, will not stand for re-election.
Audit
The Company’s Auditors, EY, will
continue in office in accordance
with the Companies Act 1993. The
Company has a formally constituted
Audit Committee.
Reporting & Communications
Mainfreight continues to support
high levels of public company
disclosure. The Company provides
half-yearly reporting on results,
with ongoing disclosure as required.
The Company is effective in
communicating the Group’s affairs
and results to shareholders, NZX,
regulatory bodies and the media.
The first half-year result to
30 September 2018 is scheduled
for release on 14 November 2018.
Outlook
The Directors are satisfied with
the direction and development
of the Group. The next 12 months
will continue the developments
that Mainfreight has underway,
with subsequent benefits to our
shareholders and stakeholders.
For and on behalf of the Board
26 June 2018.
BRUCE PLESTED
Chairman
SIMON COTTER
Director
DIRECTORS’ Report
DISTRIBUTION TO SHAREHOLDERS
Dividends – Paid & Proposed (NZ$)
Per Ordinary
Share (Normal)
Times Covered
by Net Profit Before
Abnormals
AVERAGE ANNUAL SHAREHOLDER
RETURN ON INVESTMENT
Since listing
in 1996 (%)
Last
5 years (%)
Last
10 years (%)
2018201820172017201820182018201720172017
23.9%
45.0C
24.6%
41.0C
19.9%
2.48
20.4%
21.8%
2.50
17.9%
84
8585
Board of Directors inspecting our land recently purchased in West Auckland.
Richard Prebble, Carl Howard-Smith, Don Braid, Bruce Plested, Sue Tindal, Bryan Mogridge, Simon Cotter, Kate Parsons.
OUR Board of Directors
8686
8787
OUR Board of Directors CONTINUED
BRUCE PLESTED
CHAIRMAN AND FOUNDING OWNER | AGE: 76
40 YEARS WITH MAINFREIGHT
APPOINTMENT TO BOARD 1978
As Chairman and Founder, Bruce shares his vision
for the Company with the Mainfreight team, bringing
a particular focus to quality and our culture. Likewise,
his strongly-held beliefs relating to the importance of
education and of recycling/sustainability, continue to
positively shape the Company’s behaviours.
DON BRAID
GROUP MANAGING DIRECTOR | AGE: 58
24 YEARS WITH MAINFREIGHT
APPOINTMENT TO BOARD 2000
Don has over 39 years’ experience in the freight
industry, including 24 with Mainfreight. His leadership
is underpinned by a strong belief in Mainfreight’s global
competency and capabilities to provide high-quality
supply chain solutions for our customers. His visits to
our local and overseas operations guide our teams to
be sales-focused and always aiming for operational
excellence. He is fiercely proud of the Mainfreight
culture seeing this as a key reason customers choose
Mainfreight over the competition.
CARL HOWARD-SMITH
DIRECTOR | AGE: 74
40 YEARS WITH MAINFREIGHT
APPOINTMENT TO BOARD 1983
Carl has been with the Company since its inception,
and serves as Mainfreight’s General Counsel attending
to the Company’s legal affairs (including extensive
property matters). His advice is greatly valued by
the Company’s Board of Directors and Leadership
team alike.
RICHARD PREBBLE
INDEPENDENT DIRECTOR | AGE: 70
APPOINTMENT TO BOARD 1996
Richard Prebble is by profession a lawyer. As a Minister,
Richard was responsible for creating SOEs, deregulating
telecommunications and broadcasting, reforming ports,
airports, railways and aviation. Today he chairs a group
of telecommunication companies. Richard has been
elected a fellow of the Chartered Institute of Logistics
and Transport.
Other current directorships: Information and
Communication Services Limited (Chairman),
Seronic (NZ) Limited, Stellaris Limited, and his
family companies.
BRYAN MOGRIDGE
INDEPENDENT DIRECTOR | AGE: 72
APPOINTMENT TO BOARD 2003
Bryan has a wealth of experience, both in executive and
board roles. He has also lent his considerable support
to not-for-profit organisations such as the Starship
Foundation. His intellect and pragmatic approach is
highly regarded at the Board table.
Other current significant directorships and trusteeships:
Rakon Limited (Chairman), BUPA
Australia Pty Limited, Adherium Limited, Clearspan
Limited, Thinxtra Limited, Starship Foundation,
Massey University Foundation.
SIMON COTTER
INDEPENDENT DIRECTOR | AGE: 51
APPOINTMENT TO BOARD 2013
Simon has a long association with Mainfreight having
served as the Company’s main adviser for acquisitions,
debt structure and other matters since 2003 (through
Grant Samuel & Associates), prior to joining the
Mainfreight Board. He brings strong financial skills
and business acumen to the role.
Other current directorships: Grant Samuel & Associates
Ltd, and a number of private companies.
KATE PARSONS
INDEPENDENT DIRECTOR | AGE: 45
APPOINTMENT TO BOARD 2017
Kate brings to the Board her broad financial and
analytical experience acquired in a range of industries,
both in New Zealand and overseas. Her knowledge
of high-tech companies is a welcome addition to
the Board’s capabilities, as is her familiarity with the
complexities of acquisitions, and steering companies
through growth and change.
Other current directorships: Private family companies.
SUE TINDAL
INDEPENDENT DIRECTOR | AGE: 56
APPOINTMENT TO BOARD 2017
Sue has a wealth of international experience, having
served on a number of private sector and not-for-profit
boards in Australia. Since returning to New Zealand
in 2014, she has held consulting and CFO roles. Her
proficiency in banking, finance and technology is greatly
valued, as is the international perspective she brings.
Other current directorships: Member of the CFO
Advisory Board, Auckland University Business School.
88
Ajanae Hunter and Joyce Guillen-Cox – Los Angeles, USA.
8989
OPERATING Statistics
CLAIMS NEW ZEALAND
2014* 677 consignments for 1 claim
2015471 consignments for 1 claim
2016461 consignments for 1 claim
2017529 consignments for 1 claim
2018# 498 consignments for 1 claim
The way our claims are measured was
changed in the 2016 year, to include all
small claims settled by direct credit.
* Figures for 2014 have not been
recalculated
# Figures for 2018 are inclusive of
significant inter-Island tonnages being
trans-shipped via our pop-up Spring Creek
operation
CLAIMS AUSTRALIA
20169,414 consignments for 1 claim
20174,725 consignments for 1 claim
20182,952 consignments for 1 claim
2016 was our first year of calculating Claims
statistics for Australia with the introduction
of our Quality Assurance Programme
(QAP). The reduction in the measure for
the 2017 and 2018 years reflects a greater
understanding of the benefits of the QAP
by our Australian customers. We expect to
see the figure trend down as it becomes
more widely accepted, before increasing
with ongoing quality improvement
initiatives.
CLAIMS AMERICAS
20171,000 consignments for 1 claim
2018571 consignments for 1 claim
2017 was our first year reporting for
Americas; subsequent improvement in
measuring our claims KPI has provided
greater accuracy.
LOADING ERRORS NEW ZEALAND
20141.83 loading errors per 100
consignments
20152.64 loading errors per 100
consignments
20162.41 loading errors per 100
consignments
20173.74 loading errors per 100
consignments
20183.94 loading errors per 100
consignments
LOADING ERRORS AUSTRALIA
20143.24 loading errors per 100
consignments
20152.91 loading errors per 100
consignments
20164.37 loading errors per 100
consignments
20173.93 loading errors per 100
consignments
20185.99 loading errors per 100
consignments
INTERNATIONAL STATISTICS
This YearLast Year
Airfreight
Inbound and
Outbound
(kilos)
127,173,601 121,552,658
Seafreight
Inbound and
Outbound
(TEU’s)
311,586280,539
Customs
Clearances
199,916199,533
IATA Ranking
New Zealand
Australia
Americas
1st
7th
29th
1st
6th
30th
INFORMATION TECHNOLOGY STATISTICS
This YearLast Year
Information
Technology
Spend
$52.19
million
$51.09
million
As a % of
Revenue
1.99%2.19%
1. Percentage of consignment notes
received electronically
This YearLast Year
New Zealand89%89%
Australia96%95%
Americas43%45%
Europe94%85%
2. Percentage of Logistics orders
received electronically
This YearLast Year
New Zealand99%98%
Australia99%99%
Americas99%99%
Europe99%99%
NEW ZEALAND DOMESTIC STATISTICS
This YearLast Year
Total Tonnes2,346,1792,353,180
Total Cubic
Metres
6,865,6387,086,258
Total
Consignments
3,921,9833,961,023
Delivery
Performance*
86.3%93.1%
* Delivery Performance impacted by
earthquake disruption.
AUSTRALIAN DOMESTIC STATISTICS
This YearLast Year
Total Tonnes
1,096,989929,338
Total Cubic
Metres
3,919,1613,333,008
Total
Consignments
1,658,5301,492,253
Delivery
Performance
92.4%93.7%
AMERICAS DOMESTIC STATISTICS
This YearLast Year
Total Tonnes
211,796184,748
Total Cubic
Metres
--
Total
Consignments
209,800-
Delivery
Performance
93.0%95.0%
EUROPE DOMESTIC STATISTICS
This YearLast Year
Total Tonnes
3,211,9032,681,667
Total Cubic
Metres
8,519,4388,712,863
Total
Consignments
1,913,8731,771,760
Delivery
Performance
91.5%89.5%
The need to standardise our Domestic
freight quality statistics is a key priority for
our American and European business units.
90
TRAINING STATISTICS
New ZealandAustraliaAmericasAsiaEurope
This YearLast YearThis YearLast YearThis YearLast YearThis YearLast YearThis YearLast Year
Induction21022431954000989276360
Licensing377526236040720311227484841
Procedural8449791,3883,4812,1521,5477922318191,278
Systems2,2344,41013,3281,63919854777205957517
Other4,6531,8411,6521,5762474550113408315
Total
8,3187,98016,7107,2963,0042,7521,0795852,9443,311
TRAINING AND HR SPEND
This YearLast Year
Training and
HR Spend
$10.23
million
$8.46
million
As a % of
Revenue
0.39%0.36%
GENDER RATIOS
MaleFemale
New Zealand71%29%
Australia62%38%
Americas54%46%
Asia40%60%
Europe 78%22%
Total Group
68%32%
If we remove Owner Drivers and European
Drivers from the calculation, gender ratios
are 59% Male and 41% Female.
TEAM NUMBERS
This YearLast Year
New Zealand2,2722,136
Australia1,7411,495
Asia347352
Americas805756
Europe2,4082,267
Total Group
7,5737,006
DEBTORS DAYS OUTSTANDING
This YearLast Year
Debtors Days
Outstanding
37.5238.91
LOGISTICS STATISTICS
This YearLast Year
New Zealand (NZ$)
Inventory Record Accuracy (IRA)
98.0%97.0%
Facility Utilisation
85.0%83.0%
Warehousing Footprint
145,000m
2
140,000m
2
Domestic Consignments Generated
421,956470,069
Value of Domestic Consignments Generated
$38.8 million$36.3 million
Percentage of Domestic Freight
9.2%9.1%
Australia (AU$)
Inventory Record Accuracy (IRA)
98.6%98.3%
Facility Utilisation
96.0%82.0%
Warehousing Footprint
113,071m
2
108,322m
2
Domestic Consignments Generated
314,340231,224
Value of Domestic Consignments Generated
$46.4 million$26.4 million
Percentage of Domestic Freight
18.6%11.3%
Americas (US$)
Inventory Record Accuracy (IRA)
91.9%87.9%
Facility Utilisation
72.0%58.0%
Warehousing Footprint
59,500m
2
49,146m
2
Domestic Consignments Generated
6,5522,433
Value of Domestic Consignments Generated
$2,338,477$966,403
Percentage of Domestic Freight
1.5%0.7%
Europe (EU¤)
Inventory Record Accuracy (IRA)99.94%99.95%
Facility Utilisation 97.0%98.0%
Warehousing Footprint296,466m
2
281,256m
2
European Consignments Generated918,954496,615
Value of European Consignments Generated¤33.1 million¤28.1 million
Percentage of European Freight17.8%16.6%
Outbound Accuracy99.93%99.95%
Mainfreight’s level of IRA measures location count, inventory condition, systems
alignment to inventory count, product integrity, total inventory count.
91
9292
FINANCIAL STATEMENTS Contents
93
INCOME
STATEMENT
94
BALANCE
SHEET
95
STATEMENT OF
CHANGES IN EQUITY
96
CASH FLOW
STATEMENT
97
NOTES TO FINANCIAL
STATEMENTS
123
AUDITOR’S
REPORT
127
STATUTORY
INFORMATION
129
INTERESTS
REGISTER
130
FIVE YEAR
REVIEW
93
Income Statement
FOR THE YEAR ENDED 31 MARCH 2018
Note
2018
$000
2017
$000
Operating Revenue 2,618,349 2,333,088
Interest Income 511 503
TOTAL REVENUE 2,618,860 2,333,591
Transport Costs (1,607,317) (1,432,556)
Labour Expenses Excluding Share Based Payments (538,483) (476,256)
Occupancy Expenses (73,192) (65,792)
Depreciation and Amortisation Expenses14, 15 (47,788) (43,492)
Other Expenses (183,941) (160,942)
Finance Costs (7,567) (7,728)
Non-cash Share Based Payment Expense25 - (55)
Profit Before Abnormal Items and Taxation for the Year 160,572 146,770
Income Tax on Profit Before Abnormal Items (48,353) (43,606)
NET PROFIT BEFORE ABNORMAL ITEMS FOR THE YEAR 112,219 103,164
Abnormal Items27 (7,224) (2,448)
Income Tax on Abnormal Items27 2,898 807
ABNORMAL ITEMS AFTER TAXATION (4,326) (1,641)
Profit Before Taxation for the Year 153,348 144,322
Income Tax Expense7 (45,455) (42,799)
NET PROFIT FOR THE YEAR 107,893 101,523
Earnings per share for profit attributable to the ordinary equity holders of the company are:
CentsCents
Basic Earnings Per Share: Total Operations9 107.14101.10
Diluted Earnings Per Share: Total Operations9 107.14100.97
Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2018
2018
$000
2017
$000
Net Profit for the Year 107,893 101,523
OTHER COMPREHENSIVE INCOME
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange Differences on Translation of Foreign Operations (1,988) (5,260)
Income Tax Effect 3,371 (2,155)
Net Other comprehensive income to be reclassified to profit or loss in subsequent periods 1,383 (7,415)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Revaluation of Land including Foreign Exchange Movements 638 (789)
Income Tax Effect - -
Net Other comprehensive income not to be reclassified to profit or loss in subsequent periods 638 (789)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Defined Benefit Pension Provision 325 (635)
Income Tax Effect (137) 215
Net Other comprehensive income not to be reclassified to profit or loss in subsequent periods 188 (420)
Other Comprehensive Income for the Year, Net of Tax 2,209 (8,624)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 110,102 92,899
The accompanying notes form an integral part of these financial statements.
94
Balance Sheet
AS AT 31 MARCH 2018
Note
2018
$000
2017
$000
CURRENT ASSETS
Bank10 80,521 75,312
Trade Debtors11 361,737 314,888
Income Tax Receivable 270 1,829
Properties Held for Sale14 7,852 -
Other Receivables12 60,811 48,008
511,191 440,037
NON-CURRENT ASSETS
Property14 483,488 484,244
Plant & Equipment14 98,822 86,462
Software15 49,374 43,086
Goodwill15 207,919 200,721
Brand Names15 7,863 10,546
Other Intangible Assets15 9,164 10,814
Deferred Tax Asset7 8,581 8,855
865,211 844,728
TOTAL ASSETS 1,376,402 1,284,765
CURRENT LIABILITIES
Bank10 36 947
Trade Creditors & Accruals18 295,000 261,206
Employee Entitlements16 53,373 47,907
Provision for Taxation 12,323 14,121
Finance Lease Liability20 2,077 1,801
362,809 325,982
NON-CURRENT LIABILITIES
Bank Term Loan19 270,753 283,029
Employee Entitlements16 3,634 3,800
Deferred Tax Liability7 22,296 23,879
Finance Lease Liability20 4,507 2,473
301,190 313,181
SHAREHOLDERS’ EQUITY
Share Capital21 85,821 85,821
Retained Earnings 586,211 521,619
Revaluation Reserve 51,254 50,616
Foreign Currency Translation Reserve (10,651) (12,034)
Defined Benefit Pension Reserve (232) (420)
TOTAL EQUITY 712,403 645,602
TOTAL LIABILITIES AND EQUITY 1,376,402 1,284,765
For and on behalf of the Board who authorised the issue of these financial statements on 26 June 2018.
Bruce Plested, Chairman Simon Cotter, Director
The accompanying notes form an integral part of these financial statements.
95
Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2018
2018
$000Note
Ordinary
Shares
Asset
Revaluation
Reserve
Foreign
Currency
Translation
Reserve
Defined
Benefit
Pension
Reserve
Retained
EarningsTotal
Balance at 1 April 2017 85,821 50,616 (12,034) (420) 521,619 645,602
Profit for the Year - - - - 107,893 107,893
Other Comprehensive Income - 638 1,383 188 - 2,209
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR - 638 1,383 188 107,893 110,102
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Supplementary Dividends - - - - (1,497) (1,497)
Dividends Paid8 - - - - (43,301) (43,301)
Foreign Investor Tax Credit - - - - 1,497 1,497
BALANCE AT 31 MARCH 2018 85,821 51,254 (10,651) (232) 586,211 712,403
2017
$000
Ordinary
Shares
Asset
Revaluation
Reserve
Foreign
Currency
Translation
Reserve
Defined
Benefit
Pension
Reserve
Retained
EarningsTotal
Balance at 1 April 2016 73,912 52,303 (4,619) - 459,477 581,073
Profit for the Year - - - - 101,523 101,523
Transfer of Revaluation Reserve
for Land Sold - (898) - - 898 -
Other Comprehensive Income - (789) (7,415) (420) - (8,624)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR - (1,687) (7,415) (420) 102,421 92,899
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Shares Issued21 11,854 - - - - 11,854
Executive Share Scheme Costs 25 55 - - - - 55
Supplementary Dividends - - - - (1,212) (1,212)
Dividends Paid8 - - - - (40,279) (40,279)
Foreign Investor Tax Credit - - - - 1,212 1,212
BALANCE AT 31 MARCH 2017 85,821 50,616 (12,034) (420) 521,619 645,602
The accompanying notes form an integral part of these financial statements.
96
Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2018
Note
2018
$000
2017
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers 2,580,429 2,307,424
Interest Received 511 503
Payments to Suppliers and Team Members (2,388,030) (2,132,227)
Interest Paid (7,567) (7,729)
Income Taxes Paid (45,107) (36,745)
NET CASH FLOWS FROM OPERATING ACTIVITIES22 140,236 131,226
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of Property, Plant & Equipment 4,507 5,822
Proceeds from Sale of Software 46 38
Repayments by Team Members 213 4
Purchase of Property, Plant & Equipment (51,509) (47,696)
Purchase of Software (17,726) (19,603)
Advances to Team Members (10) (212)
Establishment of Franchises and Acquisition of Subsidiaries (250) -
NET CASH FLOWS FROM INVESTING ACTIVITIES (64,729) (61,647)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of Long Term Loans 1,974 -
Proceeds of Share Issues - 11,854
Dividend Paid to Shareholders (43,300) (40,279)
Repayment of Loans (28,441) (57,131)
NET CASH FLOWS FROM FINANCING ACTIVITIES (69,767) (85,556)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 5,740 (15,977)
Net Foreign Exchange Differences 380 (2,394)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 74,365 92,736
CASH AND CASH EQUIVALENTS AT END OF PERIOD 80,485 74,365
COMPRISED
Bank and Short Term Deposits10 80,521 75,312
Bank Overdraft (36) (947)
80,485 74,365
The accompanying notes form an integral part of these financial statements.
97
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2018
1 CORPORATE INFORMATION
The financial statements of Mainfreight Limited (“the Parent“) and its subsidiaries (“the Group”) for the year ended 31 March 2018 were
authorised for issue in accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly traded on the NZX Main
Board (New Zealand Stock Exchange).
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand (NZ
GAAP) and the requirements of the Companies Act 1993 and the Financial Markets Conduct Act 2013. The financial statements
have been prepared:
• On a historical cost basis, except for land, and derivative financial instruments.
• On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.
(b) Statement of Compliance
The financial statements have been prepared in accordance with NZ GAAP. They comply with New Zealand equivalents to
International Financial Reporting Standards and other applicable Financial Reporting Standards, as appropriate for profit-
oriented entities. The financial statements comply with International Financial Reporting Standards (IFRS).
(c) Basis of Consolidation
The consolidated financial statements comprise the financial statements of Mainfreight Limited and its subsidiaries (the “Group”)
as at 31 March each year (as outlined in note 13). Consolidation of a subsidiary begins when the Group obtains control over the
subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains
control until the date the Group ceases to control the subsidiary.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. Income and expenses for each subsidiary whose functional currency is not New Zealand dollars are translated
at exchange rates which approximate the rates at the actual dates of the transactions. Assets and liabilities of such subsidiaries
are translated at exchange rates prevailing at balance date. All resulting exchange differences are recognised in the foreign
currency translation reserve which is a separate component of equity.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit
and losses resulting from intra-group transactions have been eliminated in full.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from
the date on which control is transferred out of the Group.
(d) Foreign Currency Translation
(i) Functional and Presentation Currency
The presentation currency of the Group is New Zealand dollars ($) and all values are rounded to the nearest thousand dollars
($000). Each entity in the Group determines its own functional currency and items included in the financial statements of each
entity are measured using that functional currency.
(ii) Transactions and Balances
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange
ruling at the balance sheet date.
All exchange differences in the consolidated financial statements are taken to profit or loss with the exception of differences on
foreign currency borrowings that provide a hedge against a net investment and differences arising on translation of a foreign
operation. These are recognised in other comprehensive income and accumulated in reserves until disposal of the net investment
at which time they are recognised in profit or loss. On disposal of a foreign operation, the cumulative amount recognised in
equity relating to that particular foreign operation is recognised in profit or loss. Tax charges and credits attributable to exchange
differences on those borrowings are also recognised in equity.
98
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate
as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value was determined.
(iii) Hedges of a Net Investment
Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net
investment, are accounted for by including the gains or losses on the hedging instrument relating to the effective portion of the
hedge directly in equity while any gains or losses relating to the ineffective portion of the hedge are recognised in profit or loss.
On disposal of the foreign operation, the cumulative value of any such gains or losses recognised directly in equity is transferred
to profit or loss.
(e) New Accounting Standards and Interpretations
The Group has chosen not to early adopt the following standards that have been issued but are not yet effective:
• NZ IFRS 9 – Financial Instruments: Classification and Measurement (effective for annual periods beginning on or after
1 January 2018). The Group has initially assessed the impact of this standard and given the nature of the Group’s business and
the instruments currently utilised by the Group the adoption of this standard is not expected to have a material impact on the
financial statements.
• NZ IFRS 15 – Revenue from Contracts with Customers (effective for annual periods beginning on or after 1 January 2018).
The Group will adopt IFRS 15 Revenue from Contracts with Customers from its 2019 financial year. The core principle of IFRS
15 is that an entity recognises revenue to present the transfer of promised goods or services to customers reflecting the
consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduces the
following five-step model as the framework for applying this core principle: (i) identify the contract with the customer; (ii)
identify the performance obligations (that are promises in a contract to transfer to a customer goods and/or services); (iii)
determine the transaction price; (iv) allocate the transaction price to each performance obligation on the basis of the relative
standalone selling prices of each good or service promised in the contract; and (v) recognise revenue when a performance
obligation is satisfied. In addition, IFRS 15 includes more disclosure requirements about the nature, amount, timing and
uncertainty of revenues and cash flows arising from contracts with customers.
The Group has largely completed its consideration and determination of the impact of IFRS 15.
Key considerations in this process have been:
Identify the contract with the customer – IFRS 15 requires consideration of the “contract” with the customer and in particular
what arrangement constitutes a contract. The Group has determined that individual requests for freight movement represent
the “contract” for IFRS 15 accounting purposes.
Principal v agent – IFRS 15 introduces new guidance on the determination of an entity’s role as either principal or agent. In
relation to freight movement transactions, Mainfreight considers that it acts as principal rather than agent as the customer
sees us as primarily responsible for the entire freight movement.
Identify the performance obligation – in relation to freight transactions, the Group considers its sole performance obligation
to be the delivery of freight to the final destination. Ancillary services such as customs clearance are not considered to be
separate performance obligations. Instead, together with freight they represent a bundle of performance obligations.
Recognition of revenue – the Group considers that the performance obligation is satisfied over time, and so will recognise
the related revenue as the performance obligation is satisfied. In relation to domestic freight the stage of completion is to be
measured relative to cost whereas in relation to air and ocean freight it will be measured relative to time.
The Group will transition to IFRS 15 using the fully retrospective method, meaning that the 2018 comparative balances in the
2019 financial statements will be restated, with an adjustment to equity at 1 April 2017 to reflect the cumulative profit impact
at that time.
The recognition of revenue on the basis described above will lead to a delay in the recognition of revenue compared to the
methods currently used. At any point in time this is expected to be less than 1.0% of annual revenue. As this deferral will occur
at both the beginning and end of the year, the impact on recorded revenue in any financial period is expected to be minimal
and for the 2018 year has been preliminarily calculated as less than 0.1% of revenue. Further, as the recognition of costs in
many cases will be revised to reflect the revised recognition of revenue the profit impact in any period is expected to be highly
immaterial and for the 2018 year has been preliminarily calculated as 0.3% of profit.
The expected impact upon opening (1 April 2017) net assets and equity of the Group is calculated as 0.5% of equity.
99
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
• IFRS 16 – Leases (effective for annual periods beginning on or after 1 January 2019). IFRS 16 Leases fundamentally changes
the way in which lessors account for leases. The Group will implement this standard in its 31 March 2020 financial statements.
Under the new standard, a lessee is in essence required to:
(i) recognise a right of use assets and a lease liability for each lease, with the exception of short-term (under 12 months) and
low value leases, on the balance sheet. The liability is initially measured at the present value of future minimum lease payments
for the lease term. The right of use asset reflects the lease liability, initial direct costs, any lease payments made before the
commencement date of the lease less any lease incentives.
(ii) recognise depreciation of right of use assets and interest on lease liabilities in the income statement over the lease term.
(iii) separate the total amount of cash paid into a principal portion (presented within financing activities) and interest portion
(which the Group presents in operating activities) in the cash flow statement.
This standard will have a significant impact on a number of the Group’s earnings measures as well as an increase in both total
assets and liabilities.
The Group has determined that it will use the modified retrospective approach to transition. This will involve recording an
assessed cumulative impact of application as at 1 April 2019. As a result the impact at transition is not able to be accurately
assessed at present. However the Group has performed some preliminary modelling of the potential impact of the new
standard using lease information as at 31 March 2018. This suggests that:
Total assets and liabilities are likely to increase in the order of $400,000,000.
As the current rental expense will no longer be recognised, EBITDA is likely to increase in the order of $85,000,000.
As additional depreciation and interest costs will be recognised, profit after tax will initially decrease by a small amount,
probably less than $5,000,000.
The Group is still refining the manner in which it will calculate its IFRS 16 adjustments and the data sets to which these
assumptions are applied. The Group’s actual transition adjustment will be based on lease commitments in place at 1 April
2019 which will include leases to be entered into in the coming year and which are not factored into the estimates above. The
impact will also be influenced by exchange rates and some assessments yet to be made by the Group, for example the impact
of potential lease renewals beyond the minimum contracted periods. As a result the actual transition adjustment will vary from
the indicative numbers above.
(f) Revenue Recognition
Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that
the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria
must also be met before revenue is recognised:
(i) Rendering of Services
Revenue for all domestic contracted deliveries is recognised when goods have been collected from the customer. Revenues
derived from international freight forwarding are recognised for exports on freight departure and for imports on freight arrival.
This timing reflects when the vast majority of the relevant business’s input has been performed. Fees for warehousing are
recognised as services are provided to the counterparty.
(g) Changes in Accounting Policies
There have been no changes in accounting policies that have a material impact on the financial statements. Furthermore, all
accounting policies have been applied on a consistent basis as in the previous financial year.
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments, other than derivatives, comprise bank loans and overdrafts, cash and short-term deposits,
director loans, trade creditors and accruals and trade debtors.
The main purpose of these financial instruments is to raise finance and provide working capital for the Group’s operations.
The Group also enters into derivative transactions, principally interest rate swaps. The purpose is to manage the interest rate risks
arising from the Group’s operations and its sources of finance. These are not currently hedge accounted.
The main risks arising from the Group’s financial instruments are cash flow interest rate risk, fair value interest rate risk, liquidity risk,
foreign currency risk and credit risk.
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement
and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity
instrument are disclosed in notes 2 and 4 to the financial statements and other relevant notes.
100
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Cash Flow Interest Rate Risk
The Group’s exposure to cash flow risk through changes in market interest rates relates primarily to the Group’s long-term debt
obligations with a floating interest rate. The level of debt is disclosed in note 19.
The Group’s policy is to manage its interest cost using a mix of fixed and variable rate debt. To manage this mix in a cost-efficient
manner, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between
fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. With the current low
interest rate environment, particularly in Europe and the USA, the Board decided not to enter into any swaps at this time. At 31 March
2018 none of the Group’s borrowings are at a fixed rate of interest (2017: nil).
Fair Value Interest Rate Risk
If the Group holds fixed rate debt there is a risk that the economic value of a financial instrument will fluctuate because of changes
in market interest rates. The level of fixed rate debt is disclosed in note 19 and it is acknowledged that this risk is a by-product of the
Group’s attempt to manage its cash flow interest rate risk. The Group is also exposed to fair value interest rate risk through the use of
interest rate swaps. The Group accepts this risk as a by-product of its hedging strategy.
Interest on financial instruments classified as floating have their rates repriced at intervals of less than one year. Fixed rate instruments
are fixed until the maturity of the instrument.
The Group constantly analyses its interest rate risk exposure. Within this analysis consideration is given to potential renewals of existing
positions, alternative financing and the mix of fixed and variable interest rates.
The following sensitivity analysis is based on the interest rate exposures in existence at the balance sheet date.
At 31 March 2018, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit
(including swap fair value movements) would have been affected as follows:
Post Tax Profit
Higher (Lower)
2018
$000
2017
$000
+ 1.0% (100 Basis Points)(1,378)(1,491)
- 0.5% (50 Basis Points) 689 745
Foreign Currency Risk
Foreign currency risk is the risk that the value of the Group’s assets, liabilities and financial performance will fluctuate due to changes
in foreign currency rates.
The Group is primarily exposed to currency risk as a result of its operations in Australia, America, Europe and Asia.
The risk to the Group is that the value of the overseas subsidiaries’ and associates’ financial positions and financial performances will
fluctuate in economic terms and as recorded in the consolidated accounts due to changes in overseas exchange rates.
The Group economically hedges some of the currency risk relating to its Australian operations by holding a portion of its bank
borrowings in Australian dollars. Any foreign currency movement in the net assets of the Australian subsidiaries is partly offset by an
opposite movement in the Australian dollar loan. In addition the Group has loans in United States (US) dollars to assist in funding its US
operations and to offset the variability of future post interest financial performance to foreign exchange rate fluctuations. In addition
the Group has loans in Euros to assist in funding its European operations and to offset the variability of future post interest financial
performance to foreign exchange rate fluctuations. These foreign currency borrowings are held in Australian, US and New Zealand
entities respectively.
Included in bank term loans at 31 March 2018 is a borrowing of EU¤102,700,000 (2017 ¤102,700,000) which has been designated as
a hedge of the net investments in the European subsidiaries. It is being used to hedge the Group’s exposure to changes in exchange
rates on the value of its net investments in Europe. Gains or losses on the retranslation of this borrowing are recognised in other
comprehensive income to offset any gains or losses on translation of the net investments in the subsidiaries. A net after tax loss on the
hedge of the net investment of NZ$8,668,713 (2017 net after tax profit $5,540,661) was recognised in other comprehensive income for
the period.
101
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
2018
AU$000
2017
AU$000
Net Assets Relating to Australian Subsidiaries Exposed to Currency Risk108,09298,093
US$000US$000
Net Assets Relating to American & Asian Subsidiaries Exposed to Currency Risk 87,474 78,943
EU¤000EU¤000
Net Assets Relating to European Subsidiaries Exposed to Currency Risk 29,561 28,298
Currency movements in the foreign denominated balances above are reflected in the Foreign Currency Translation Reserve.
The movements comprised the following:
2018
NZ$000
2017
NZ$000
Retranslation of Net Assets in Foreign Subsidiaries(1,988)(5,260)
Tax on Unrealised Foreign Exchange Gain3,371(2,155)
MOVEMENT IN FOREIGN CURRENCY TRANSLATION RESERVE1,383(7,415)
The Group is exposed to currency risk in relation to trading balances denominated in other than the NZ dollar, principally by the trading
of the Group’s overseas businesses.
At 31 March 2018 the Group has the following monetary assets and liabilities denominated in foreign currencies: 79% of trade accounts
payable (2017 76%), 77% of trade accounts receivable (2017 73%), 85% of cash assets (2017 97%), and 100% of cash liabilities (2017
100%). These amounts are inclusive of the above balances held in foreign subsidiaries.
The following sensitivity is based on the foreign currency risk exposures in existence at the balance sheet date:
At 31 March 2018, had the New Zealand Dollar moved as illustrated in the table below with all other variables held constant, post tax
profit and equity would have been affected as follows:
Judgements of reasonably possible movements:
Post Tax Profit
Higher / (Lower)
Equity
Higher / (Lower)
2018
$000
2017
$000
2018
$000
2017
$000
NZD/USD +10% (1,292)(1,708)(11,201)(10,581)
NZD/USD -10% 1,5802,08713,69012,933
NZD/AUD +10% (2,164) (1,753) (13,593) (12,630)
NZD/AUD -10% 2,6462,14116,61415,437
NZD/EURO +10%(631)(668)(10,193)(8,306)
NZD/EURO -10%772 816 12,459 10,152
The movement in equity is a combination of movement in post tax profit and the movement in the Foreign Currency Translation
Reserve as values of overseas investments in subsidiaries change.
Management believes the balance date risk exposures are representative of the risk exposure inherent in the financial instruments.
Credit Risk
In the normal course of business the Group is exposed to credit risk from financial instruments including cash, trade receivables, loans
to team members and derivative financial instruments.
Receivable balances are monitored on an ongoing basis with the result that, in management’s view, the Group’s exposure to bad debts
is not significant. The Group does not have concentrations of credit risk by industry but does have concentrations by geographical
sectors (refer to Segment Reporting in note 5).
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, loans to
team members and certain derivative instruments, the Group’s exposure to credit risk arises from default of the counterparty, with a
maximum exposure equal to the carrying amount of these instruments. The Group has a policy only to deal with registered banks or
financial institutions with high quality credit ratings.
It is the Group’s policy that customers considered higher risk who wish to trade on credit terms are subject to credit verification
procedures including an assessment of their independent credit rating, financial position, past experience and industry reputation. Risk
limits are set for each individual customer in accordance with parameters set by the Board. These risk limits are regularly monitored.
102
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Liquidity Risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group’s objective is to maintain a balance between
continuity of funding and flexibility through the use of bank overdrafts, bank loans, and finance leases. The Board considers that,
in general, the Group has sufficient cash flows from operating activities to meet their obligations. If there are projected shortfalls,
management ensures adequate committed finance is available.
At 31 March 2018, none of the Group’s debt will mature in less than one year (2017: nil).
The table below reflects all contractually fixed payments and receivables for settlement, repayments and interest resulting from
recognised financial assets and liabilities, including derivative financial instruments as of 31 March 2018. The respective undiscounted
cash flows for the respective upcoming fiscal years are presented. Cash flows for financial assets and liabilities without fixed amount or
timing are based on the conditions existing at 31 March 2018.
The remaining contractual maturities of the Group’s financial liabilities are:
2018 Year ($000)2017 Year ($000)
<6
months
6-12
months
1-2
years
2-5
YearsTotal
<6
months
6-12
months
1-2
years
2-5
YearsTotal
Term Loan2,6752,6755,351276,104286,8052,7232,7235,445288,474299,365
Overdraft36---36947---947
Creditors295,000---295,000261,206---261,206
Others1,1081,1071,7452,9806,9409699691,5391,1534,630
TOTAL298,8193,7827,096279,084588,781265,8453,6926,984289,627566,148
At balance date, the Group has approximately $194 million (2017: $170 million) of unused credit facilities available for its immediate use.
Fair Value
The Group uses various methods in estimating the fair value of assets carried at fair value. The methods comprise:
• Level 1: the fair value is calculated using quoted prices in active markets
• Level 2: the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices)
• Level 3: the fair value is estimated using inputs for the asset or liability that are not based on observable market data
The methods for estimating fair value are outlined in the relevant notes to the financial statements. Refer to note 14.
4 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In applying the Group’s accounting policies, management continually evaluates judgements, estimates and assumptions based on
experience and other factors, including expectations of future events that may have an impact on the Group. All judgements, estimates
and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual
results may differ from the judgements, estimates and assumptions and the differences may be material. Significant judgements,
estimates and assumptions made by management in the preparation of these financial statements are discussed within the specific
accounting policy or note as shown below:
AREA OF JUDGEMENTNote
Allocation of Goodwill15
Impairment of Goodwill and Intangibles with Indefinite Useful Lives15
Long Service Leave Provision16
Allowance for Impairment Loss on Trade Debtors11
Estimation of Useful Lives of Assets14 & 15
Estimation of Land Valuation14
103
5 SEGMENTAL REPORTING
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur
expenses whose operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial
information is available. The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and
ocean freight industries (i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform
both domestic and air and ocean services.
The accounting policies of the operating segments are the same as those described in the notes in note 2 with the exception of
deferred tax and the fair value of derivative financial instruments which are not reported on a monthly basis.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the years ended
31 March 2018 and 31 March 2017.
New
Zealand
Australia
The
Americas
Asia
Europe
Inter-
Segment
2018
$000
OPERATING REVENUE
- Sales to customers
outside the group 666,156 675,217 610,913 117,304 549,270 - 2,618,860
- Inter-segment sales 294 18,631 40,811 64,084 30,228 (154,048) -
TOTAL REVENUE 666,450 693,848 651,724 181,388 579,498 (154,048) 2,618,860
EBITDA 98,633 54,040 26,906 6,861 28,976 - 215,416
Depreciation &
Amortisation 21,174 7,173 5,786 644 13,011 - 47,788
Capital Expenditure 33,463 7,860 6,495 240 21,173 - 69,231
Trade Receivables 85,475 92,321 94,181 15,212 93,488 (18,940) 361,737
Non-current Assets 372,010 174,896 83,823 11,094 223,388 - 865,211
Total Assets 473,466 299,228 200,561 50,897 371,190 (18,940) 1,376,402
Total Liabilities201,965 145,993 114,016 21,996 198,969 (18,940) 663,999
New
Zealand
Australia
The
Americas
Asia
Europe
Inter-
Segment
2017
$000
OPERATING REVENUE
- Sales to customers
outside the group 609,238 568,056 615,280 89,328 451,689 - 2,333,591
- Inter-segment sales 999 17,379 13,785 73,809 20,182 (126,154) -
TOTAL REVENUE 610,237 585,435 629,065 163,137 471,871 (126,154) 2,333,591
EBITDA 91,021 44,930 26,205 8,806 26,580 - 197,542
Depreciation &
Amortisation 18,943 6,843 5,341 639 11,726 - 43,492
Capital Expenditure 38,627 6,222 6,875 577 14,998 - 67,299
Trade Receivables 85,043 80,743 78,418 14,016 73,746 (17,078) 314,888
Non-current Assets 363,308 178,398 86,536 18,261 198,225 - 844,728
Total Assets 455,008 289,716 186,934 51,637 318,548 (17,078) 1,284,765
Total Liabilities208,496 143,285 104,208 23,853 176,399 (17,078) 639,163
104
5 SEGMENTAL REPORTING (CONTINUED)
Reconciliation between Segment EBITDA and the Income Statement
2018
$000
2017
$000
Profit from Operations Before Abnormal Items and Taxation for the Year 160,572 146,770
Interest Income (511) (503)
Derivative Fair Value Movement - -
Non-cash Share Based Payment Expense - 55
Finance Costs 7,567 7,728
Depreciation & Amortisation 47,788 43,492
EBITDA 215,416 197,542
EBITDA is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal items, royalties, share based
payment expense, minority interests and associates.
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.
6 EXPENSES AND OTHER INCOME
The Profit before Taxation is stated:
2018
$000
2017
$000
AFTER CHARGING:
Audit Fees - Parent Company Auditors 1,465 1,405
Audit Fees - Other Auditors 65 82
Other Fees Paid to Parent Co Auditors
Assurance Related Services and Agreed Upon Procedures 8 7
Tax Advice and Compliance 645 709
Financial Statement Compilation 23 23
Other Services including Legal Advice and Accounting Advice 55 -
IT Security Advisory - 325
Employee Benefits Expense
Wages and Salaries 537,805 475,748
Directors’ Fees 678 508
Share-based Payments Expense - 55
TOTAL EMPLOYEE BENEFITS 538,483 476,311
Interest: Variable Loans 7,424 7,575
Finance Leases 143 153
Derivative Fair Value Movement - -
Donations 1,076 907
Rental & Operating Lease Costs 80,830 71,925
AFTER CREDITING OTHER INCOME:
Interest Income 511 503
Net Gain / (Loss) on Foreign Exchange 2,111 3,409
Net Gain / (Loss) on Disposal of Property, Plant & Equipment 1,339 892
Rental Income 1,156 1,129
105
7 INCOME TAX
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is generally provided on all temporary differences at the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
• When the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that
is not a business combination and that, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss; or
• When the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, and
the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and
the carry-forward of unused tax credits and unused tax losses can be utilised, except:
• When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset
or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss; or
• When the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures,
in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in
the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
2018
$000
2017
$000
Profit Before Taxation for the Year 153,348 144,322
Prima Facie Taxation at 28% NZ, 30% Australia, 37% USA, 16.5% Hong Kong, 25% China, 25% Europe 44,927 42,012
(31 March 2017 28% NZ, 30% Australia, 41% USA, 16.5% Hong Kong, 25% China, 25% Europe)
Adjusted by the Tax Effect of:
Non-assessable Revenue - (70)
Prior Year Tax Adjustments 384 (335)
Tax Rate Change (722) -
Non-deductible Share Based Payments - 15
Deferred Tax Writeback on Buildings Sold - (248)
Non-deductible Expenses 866 1,425
AGGREGATE INCOME TAX EXPENSE 45,455 42,799
Current Tax 46,764 45,492
Deferred Tax (1,309) (2,693)
45,455 42,799
Imputation Credit Account
2018
$000
2017
$000
THE AMOUNT OF CREDITS AVAILABLE FOR USE IN SUBSEQUENT REPORTING PERIODS 46,412 43,688
106
7 INCOME TAX (CONTINUED)
Recognised Deferred Tax Assets and Liabilities
Balance SheetIncome Statement
2018
$000
2017
$000
2018
$000
2017
$000
(i) Deferred Tax Assets
Doubtful Debts9231,265309133
Provisions:
Annual Leave3,8133,512 (371) (365)
Long Service Leave2,5942,368 (293) (229)
Bonuses5,4385,259 (250) (583)
Superannuation8234 220 (234)
ACC137 (6) 104
Other4,9885,662 870 (395)
Foreign Exchange Impact- - 1,508 (506)
Gross Deferred Tax Assets 17,777 18,307
Set-off of Deferred Tax Liabilities 9,196 9,452
NET DEFERRED TAX ASSETS PER BALANCE SHEET 8,581 8,855
(ii) Deferred Tax Liabilities
Deferred Tax on Property, Plant & Equipment 27,943 28,522 (1,474) (313)
Customer Lists 1,234 1,558 (886) (1,052)
Brand Names 1,966 2,636 (670) -
Unrealised FX Gains / Losses 349 615 (266) 747
Gross Deferred Tax Liabilities 31,492 33,331
Set-off of Deferred Tax Liabilities Against Assets 9,196 9,452
NET DEFERRED TAX LIABILITIES PER BALANCE SHEET 22,296 23,879
DEFERRED TAX (INCOME) / EXPENSE (1,309) (2,693)
8 DIVIDENDS PAID AND PROPOSED
2018
$000
2017
$000
RECOGNISED AMOUNTS
Declared and Paid During the Year to Parent Shareholders
Final Fully Imputed Dividend for 2017: 24.0 cents (2016: 23.0 cents) 24,168 23,160
Interim Fully Imputed Dividend for 2018: 19.0 cents (2017: 17.0 cents) 19,133 17,119
43,301 40,279
UNRECOGNISED AMOUNTS
Final Fully Imputed Dividend for 2018: 26.0 cents (2017: 24.0 cents)26,182 24,168
After the balance date, the above unrecognised dividends were approved by directors' resolution dated 28 May 2018.
These amounts have not been recognised as a liability in 2018 but will be brought to account in 2019.
107
9 EARNINGS PER SHARE
Basic earnings per share is calculated as net profit attributable to members of the Parent, adjusted to exclude any costs of servicing
equity (other than dividends), divided by the weighted average number of ordinary shares.
Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:
• Costs of servicing equity (other than dividends);
• The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as
expenses; and
• Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares.
The following reflects the income used in the basic and diluted earnings per share computations:
Net profit from continuing operations attributable to ordinary equity holders of the Parent.
2018
$000
2017
$000
FOR BASIC AND DILUTED EARNINGS PER SHARE
Net Profit Attributable to Ordinary Equity Holders of the Parent 107,893 101,523
WEIGHTED AVERAGE NUMBER OF SHARES
ThousandsThousands
Weighted Number of Ordinary Shares for Basic Earnings Per Share100,699100,417
Effect of Dilution; Weighted Number of Partly Paid Shares - 130
Weighted Number of Ordinary Shares Adjusted for the Effect of Dilution100,699100,547
CentsCents
Earnings Per Share: Total Operations107.14101.10
Diluted Earnings Per Share: Total Operations107.14100.97
Partly Paid Redeemable Shares granted to team members as described in note 21 were considered to be potential ordinary shares
and have been included in the determination of diluted earnings per share. They have not been included in the determination of basic
earnings per share.
10 CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity
of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents
represent fair value.
Reconciliation to Cash Flow Statement
For the purposes of the Cash Flow Statement, cash and cash equivalents comprise the following at 31 March:
2018
$000
2017
$000
Cash at Bank and in Hand 80,521 75,312
Bank Overdrafts (36) (947)
AS PER CASH FLOW STATEMENT 80,485 74,365
108
11 CURRENT ASSETS – TRADE DEBTORS
Trade debtors are non-interest bearing and are generally on 7-30 day terms. They are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less an allowance for impairment.
Collectability of trade debtors is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified.
An impairment provision is recognised when there is objective evidence that the Group will not be able to collect the debt. Financial
difficulties of the debtor, default payments or debts more than 6 months’ overdue are considered objective evidence of impairment.
Trade debtors are written off as bad debts when all avenues of collection have been exhausted. Due to the short term nature of these
debtors, their carrying value is assumed to approximate fair value.
2018
$000
2017
$000
Trade Debtors366,178319,459
Allowance for Impairment Loss(4,441)(4,571)
361,737 314,888
Movements in the allowance for impairment were as follows:
Balance at 1 April 4,571 5,394
Charge for the Year 2,773 1,755
Acquired Businesses - -
Amounts Written Off (2,903) (2,578)
BALANCE AT 31 MARCH 4,441 4,571
At 31 March, the ageing analysis of trade receivables is as follows:
$000Total
0-30
Days
31-60
Days
61-90
Days
PDNI*
61-90
Days
CI#
+91
Days
PDNI*
+91
Days
CI#
2018366,178237,43890,079 21,160 454 13,061 3,986
2017319,459227,39461,425 16,150 499 9,919 4,072
* Past due not impaired (PDNI)
# Considered Impaired (CI)
Credit risk management policy is disclosed in note 3.
The maximum exposure to credit risk is the fair value of receivables. Collateral is not held as security, nor is it the Group’s policy to
transfer receivables.
12 CURRENT ASSETS – OTHER RECEIVABLES
2018
$000
2017
$000
Sundry Prepayments and Other Receivables60,811 48,008
CARRYING AMOUNT OF OTHER RECEIVABLES 60,811 48,008
109
13 INVESTMENT IN SUBSIDIARY COMPANIES
Principal Subsidiary Companies all with
31 March Balance Dates Include: Principal Activity
Country of
Incorporation
2018
Shareholding
2017
Shareholding
Daily Freight (1994) LtdDomestic Freight ForwardingNew Zealand
100.0%100.0%
Owens Transport LtdDomestic Freight ForwardingNew Zealand
100.0%100.0%
Mainfreight Air & Ocean LtdAir & Ocean Freight ForwardingNew Zealand
100.0%100.0%
Owens Group LtdGroup ServicesNew Zealand
100.0%100.0%
Mainfreight Distribution Pty LtdDomestic Freight ForwardingAustralia
100.0%100.0%
Owens Transport Pty LtdDomestic Freight ForwardingAustralia
100.0%100.0%
Mainfreight Air & Ocean Pty LtdAir & Ocean Freight ForwardingAustralia
100.0%100.0%
Mainfreight Holdings Pty LtdHolding CompanyAustralia
100.0%100.0%
Mainfreight Finance AustraliaHolding PartnershipAustralia
100.0%100.0%
CaroTrans International Inc.Air & Ocean Freight ForwardingUnited States
100.0%100.0%
Mainfreight, Inc.Domestic & Air & Ocean Freight
Forwarding
United States
100.0%100.0%
Mainfreight International, Inc.Air & Ocean Freight ForwardingUnited States
100.0%100.0%
Mainfreight USA PartnershipHolding PartnershipUnited States
100.0%100.0%
CaroTrans (Chile) LimitadaAir & Ocean Freight ForwardingChile
100.0%100.0%
Mainfreight, Inc.Air & Ocean Freight ForwardingCanada
100.0%100.0%
Mainline MexicoAir & Ocean Freight ForwardingMexico
100.0%100.0%
Mainfreight Hong Kong LtdAir & Ocean Freight ForwardingHong Kong
100.0%100.0%
Mainfreight Express Ltd Air & Ocean Freight ForwardingHong Kong
100.0%100.0%
Mainfreight Int. Logistics (Shanghai) Co LtdAir & Ocean Freight ForwardingChina
100.0%100.0%
Mainline Global Logistics Pte LtdAir & Ocean Freight ForwardingSingapore
100.0%100.0%
Mainfreight Global Taiwan LtdAir & Ocean Freight ForwardingTaiwan
100.0%100.0%
Mainfreight International Logistics LtdAir & Ocean Freight ForwardingThailand
100.0%100.0%
Mainfreight Vietnam Company LtdAir & Ocean Freight ForwardingVietnam
100.0%100.0%
Mainfreight Netherlands Coop UAHolding EntityNetherlands
100.0%100.0%
Mainfreight Netherlands International BVHolding EntityNetherlands
100.0%100.0%
Mainfreight Holding BVHolding EntityNetherlands
100.0%100.0%
Debo Montferland BVHolding EntityNetherlands
100.0%100.0%
Mainfreight Customs Clearance BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Forwarding Netherlands BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Transport Netherlands BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Crossdock BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight BVAir & Ocean Freight ForwardingNetherlands
100.0%100.0%
Wim Bosman C.E.E. BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Logistics Services Netherlands BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Logistics Services Geleen BVDomestic Freight ForwardingNetherlands
100.0%100.0%
SystemPlus Logistics Services BVDomestic Freight ForwardingNetherlands
100.0%100.0%
Mainfreight Support Belgium NVGroup ServicesBelgium
100.0%100.0%
SystemPlus Logistics Services NVDomestic Freight ForwardingBelgium
100.0%100.0%
Mainfreight Forwarding Belgium NVDomestic Freight ForwardingBelgium
100.0%100.0%
Mainfreight Transport Belgium BVBADomestic Freight ForwardingBelgium
100.0%100.0%
Mainfreight Logistics Services Belgium NVDomestic Freight ForwardingBelgium
100.0%100.0%
Mainfreight N.V.Air & Ocean Freight ForwardingBelgium
100.0%100.0%
Mainfreight France SADomestic Freight ForwardingFrance
100.0%100.0%
Mainfreight SASAir & Ocean Freight ForwardingFrance
100.0%100.0%
Mainfreight Poland Sp ZOODomestic Freight ForwardingPoland
100.0%100.0%
Mainfreight Sp ZOOAir & Ocean Freight ForwardingPoland
100.0%100.0%
Mainfreight S.R.L.Domestic Freight ForwardingRomania
100.0%100.0%
Mainfreight Russ LLCDomestic Freight ForwardingRussia
100.0%100.0%
Mainfreight GmbHAir & Ocean Freight ForwardingGermany
100.0%100.0%
Mainfreight Ukraine LLCDomestic Freight ForwardingUkraine
100.0%100.0%
Mainfreight UK LtdAir & Ocean Freight ForwardingUnited Kingdom
100.0%100.0%
Mainfreight Italy SRLAir & Ocean Freight ForwardingItaly
100.0%n/a
110
14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, except land, is stated at historical cost less accumulated depreciation and any accumulated impairment
losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
All other repairs and maintenance are recognised in profit or loss as incurred.
Land is measured at fair value, based on valuations by external independent valuers who apply the International Valuation Standards
Committee International Valuation Standards, less any impairment losses recognised after the date of the revaluation. Land is revalued
at least every three years with the last valuation done as at 31 March 2016.
Depreciation is calculated on a straight-line basis at rates calculated to allocate the assets’ cost, less estimated residual value, over their
estimated useful lives as follows:
Per annum
Landnot depreciated
Buildings 2% to 3%
Leasehold Improvements10% or life of lease if shorter
Plant, Vehicles and Equipment8% to 36%
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end.
Revaluations of Land
Revaluations increment is credited to other comprehensive income and accumulated in the asset revaluation reserve except to the
extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is
recognised in profit or loss.
Any revaluation decrement is recognised in profit or loss, except to the extent that it offsets a previous revaluation increase for the
same asset, in which case the decrease is debited directly to other comprehensive income to the extent of the credit balance existing
in the revaluation reserve for that asset.
Disposal
An item of property, plant and equipment is de-recognised upon disposal or when no further future economic benefits are expected
from its use or disposal.
Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in profit or loss in the year the asset is de-recognised.
(a) Reconciliation of Carrying Amounts at the Beginning and End of the Year
Year Ended 31 March 2018
Land
$000
Buildings
$000
Leasehold
Improvements
$000
Plant, Vehicles
& Equipment
$000
Leased
Plant, Vehicles
& Equipment
$000
Work in
Progress
$000
Total
$000
At 1 April 2017,
Net of Accumulated
Depreciation 154,931 304,347 13,396 80,069 4,140 13,823 570,706
Additions 4,990 5,069 4,152 30,634 222 6,438 51,505
Disposals (195) (202) (57) (3,962) (90) - (4,506)
Transfer Between Asset
Classifications (4,856) 10,170 - 1,624 (1,312) (13,683) (8,057)***
Revaluations - - - - - - -
Depreciation Charge
for the Year (6) (11,670) (2,618) (17,512) (1,400) - (33,206)
Foreign Exchange
Impact 2,203 2,717 (181) 491 376 262 5,868
AT 31 MARCH 2018,
NET OF ACCUMULATED
DEPRECIATION 157,067 310,431 14,692 91,344 1,936 6,840 582,310
Cost or Fair Value 157,113 426,338 35,266 232,384 11,105 6,840 869,046
Accumulated
Depreciation (46) (115,907) (20,574) (141,040) (9,169) - (286,736)
NET CARRYING
AMOUNT 157,067 310,431 14,692 91,344 1,936 6,840 582,310
*** The transfer between asset classification of $8,057,000 comprises transfers out of fixed assets to properties held for sale of
$7,852,000 and transfer out to software intangibles of $205,000.
Work in progress net carrying amount included $1,298,000 for property (2017 $11,570,000).
111
14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Year Ended 31 March 2017
Land
$000
Buildings
$000
Leasehold
Improvements
$000
Plant, Vehicles
& Equipment
$000
Leased
Plant, Vehicles
& Equipment
$000
Work in
Progress
$000
Total
$000
At 1 April 2016,
Net of Accumulated
Depreciation 154,819 269,929 13,216 73,943 6,172 50,934 569,013
Additions 4,595 4,443 2,579 20,396 178 15,505 47,696
Disposals (1,394) (1,266) (61) (3,065) (24) (12) (5,822)
Transfer Between Asset
Classifications - 46,145 24 5,743 - (51,912) -
Revaluations (335) - - - - - (335)
Depreciation Charge
for the Year (6) (11,216) (2,247) (15,887) (1,816) - (31,172)
Foreign Exchange
Impact (2,748) (3,688) (115) (1,061) (370) (692) (8,674)
AT 31 MARCH 2017,
NET OF
ACCUMULATED
DEPRECIATION 154,931 304,347 13,396 80,069 4,140 13,823 570,706
Cost or Fair Value 155,025 402,025 32,707 201,001 20,357 13,823 824,938
Accumulated
Depreciation (94) (97,678) (19,311) (120,932) (16,217) - (254,232)
NET CARRYING
AMOUNT 154,931 304,347 13,396 80,069 4,140 13,823 570,706
At 31 March 2016 independent registered valuers performed a valuation of the Group's New Zealand and overseas land, buildings and
leasehold improvements.
In 2017 and 2018 a small number of valuations were completed across the Group which did not indicate overall material movements in
land valuations. As a result land valuations for 2016 have been retained for 2018. A summary of the 2016 valuations are:
Registered Valuer Country
Weighted Average
Capitalisation Rate Valuation 2016
Extensor Advisory Ltd New Zealand 7.44% NZ$299,230,000
Charter Keck Cramer Australia 7.00% AU$6,050,000
Jones Lang LaSalle Australia 6.46% AU$64,000,000
Cliff Allard Australia 7.06% AU$42,800,000
Centaline Surveyors Ltd Hong Kong n/a HK$37,800,000
DTZ Zadelhoff V.O.F. Netherlands 7.80% EU¤28,055,478
DTZ Zadelhoff BE Belgium 9.11% EU¤29,903,883
Galtier Expertise France 7.30% EU¤5,094,000
Nica Violeta Cornelia Romania 10.20% EU¤6,112,160
GROUP TOTAL NZ$544,088,000
The element of this valuation related to land has been recorded in the financial statements resulting in the revaluation of land by
$51,254,000 (2017 $50,616,000) above cost.
The element of this valuation related to buildings has not been recorded in the financial statements. If it had been recorded a
revaluation in buildings of $75,155,000 (2017 $68,275,000) would have occurred. In addition a deferred tax liability of $10,591,000
(2017 $9,632,000) would have needed to be recorded resulting in an increase in the Revaluation Reserve of $64,564,000 (2017
$58,643,000). In determining these 2017 and 2018 numbers it has been assumed the 2016 valuations apply at these dates.
In determining the fair value of land, the valuers have considered relevant general and economic factors and in particular have
investigated recent sales and leasing transactions of comparable properties that have occurred in the relevant locations within which
the assets sit. The valuers have used two principal approaches which are a capitalisation analysis and a direct comparison approach.
The valuations of land have been determined using some inputs that are not observable in the market, namely capitalisation rate and
the cashflows, and as a result these are considered level 3 valuations.
Included in the Group book values above but not in the valuations are Leasehold Improvements of $12,148,000 (2017 $10,670,000).
Properties held for sale are included in these valuations at $7,852,000 (2017 nil).
Leased plant, vehicles and equipment is pledged as security for the related finance lease liabilities.
112
14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
(b) Carrying Amounts if Land Was Measured at Cost Less Accumulated Impairment
If Land, including properties for sale, was measured using the cost model the carrying amounts would be as follows:
2018
$000
2017
$000
Cost 111,982 104,315
Accumulated Impairment - -
NET CARRYING AMOUNT 111,982 104,315
15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL
(i) Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of the business combination over
the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the business acquired are assigned to those units or groups of units.
Each unit or group of units to which the goodwill is so allocated:
• Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
• Is not larger than a segment based on the Group’s operating segments determined in accordance with NZ IFRS 8 Segment
Reporting.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units), to
which the goodwill relates. When the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the
carrying amount, an impairment loss is recognised. When goodwill forms part of a cash-generating unit (group of cash-generating
units) and an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the
carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this manner
is measured based on the relative values of the operation disposed of and the portion of cash-generating unit retained.
Impairment losses recognised for goodwill are not subsequently reversed.
(ii) Intangibles
Intangible assets acquired separately or in a business combination are initially measured at cost. The cost of an intangible asset
acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalised development costs, are not capitalised and expenditure is recognised in profit or loss in the year in which the
expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over
the useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation
period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are
accounted for prospectively by changing the amortisation period or method, as appropriate, which is a change in accounting estimate.
The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with
the function of the intangible asset.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit (group
of cash-generating units) level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is
reviewed each reporting period to determine whether the indefinite life assessment continues to be supportable. If not, the change in
the useful life assessment from indefinite to finite is accounted for as a change in an accounting estimate and is thus accounted for on
a prospective basis.
113
15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
Customer Lists and Relationships
Amortisation method used:
Amortised over the period of expected future benefit from the acquired customer list on a straight line basis generally from four to
10 years.
Internally generated or acquired:
Acquired.
Impairment testing:
Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed.
The amortisation method is reviewed at each financial year-end.
Agency Agreements
Amortisation method used:
Amortised over the period of expected future benefit from the acquired agencies on a straight line basis generally from 10 to 20 years.
Internally generated or acquired:
Acquired.
Impairment testing:
Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed.
The amortisation method is reviewed at each financial year-end.
Brand Names
Amortisation method used:
The Brand Names are considered to have indefinite useful lives as the Group has rights to these names in perpetuity.
Internally generated or acquired:
Acquired.
Impairment testing:
Tested annually for impairment.
(iii) Software
The Group uses both internal and external resources to develop software. An intangible asset arising from expenditure on an internal
project is recognised only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will
be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic
benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to
the intangible asset during its development. Following the initial recognition of the expenditure, the cost model is applied requiring the
asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Any expenditure so capitalised is
amortised over the period of expected benefit from the related project.
The carrying value of an intangible asset arising from development expenditure is tested for impairment annually when the asset is not
yet available for use, or more frequently when an indication of impairment arises during the reporting period.
A summary of the policies applied to the Group’s software assets is as follows:
Software
Amortisation method used:
Amortised over the period of expected future benefit from the related project on a straight line basis generally from three to 10 years.
Internally generated or acquired:
Both.
Impairment testing:
Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed.
The amortisation method is reviewed at each financial year-end.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognised in profit or loss when the asset is de-recognised.
114
15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
(a) Reconciliation of Carrying Amounts at the Beginning and End of the Year
Year Ended 31 March 2018
Agency
Agreements
$000
Customer
Lists /
Rel’ships
$000
***
Software
$000
Goodwill
$000
Brand
Names
$000
Total
$000
At 1 April 2017, Net of Accumulated
Amortisation 3,219 7,595 43,086 200,721 10,546 265,167
Adjustment for Movement in
Exchange Rate (17) 808 544 7,198 1,080 9,613
Additions - - 17,726 - - 17,726
Amortisation (421) (2,020) (12,141) - - (14,582)
Disposals - - (46) - - (46)
Impairement - - - - (3,763) (3,763)
Transfer Between Asset Classifications - - 205 - - 205
AT 31 MARCH 2018, NET OF
ACCUMULATED AMORTISATION 2,781 6,383 49,374 207,919 7,863 274,320
Cost (Gross Carrying Amount) 6,829 27,667 115,678 226,956 11,795 388,925
Accumulated Amortisation and
Impairment (4,048) (21,284) (66,304) (19,037) (3,932) (114,605)
NET CARRYING AMOUNT 2,781 6,383 49,374 207,919 7,863 274,320
Year Ended 31 March 2017
Agency
Agreements
$000
Customer
Lists /
Rel’ships
$000
***
Software
$000
Goodwill
$000
Brand
Names
$000
Total
$000
At 1 April 2016, Net of Accumulated
Amortisation 3,733 10,169 33,968 207,644 11,310 266,824
Adjustment for Movement in
Exchange Rate (88) (663) (464) (6,923) (764) (8,902)
Additions - - 19,603 - - 19,603
Amortisation (426) (1,911) (9,983) - - (12,320)
Disposals - - (38) - - (38)
Transfer Between Asset Classifications - - - - - -
AT 31 MARCH 2017, NET OF
ACCUMULATED AMORTISATION 3,219 7,595 43,086 200,721 10,546 265,167
Cost (Gross Carrying Amount) 6,824 25,630 98,064 219,925 10,546 360,989
Accumulated Amortisation
and Impairment (3,605) (18,035) (54,978) (19,204) - (95,822)
NET CARRYING AMOUNT 3,219 7,595 43,086 200,721 10,546 265,167
*** Software included work in progress with a book value at 31 March 2018 of nil (2017 $19,015,000). $4,882,000 of the total
software net carrying amount was internally generated, primarily team member costs for the development of new software systems
(2017 $3,955,000).
115
15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
(b) Impairment Tests for Goodwill and Brand Names
(i) Description of the cash generating units and other relevant information
Goodwill acquired through business combinations have been allocated to seven groups of cash generating units (CGU’s) for
impairment testing as follows:
New Zealand Domestic
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 11.8% (2017 11.8%). The long-term growth rate used was 2.26% (2017 2.26%).
New Zealand Air & Ocean
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 11.8% (2017 11.8%). The long-term growth rate used was 2.26% (2017 2.26%).
Australian Domestic
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 11.8% (2017 11.8%). The long-term growth rate used was 2.61% (2017 2.61%).
Australian Air & Ocean
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 11.8% (2017 11.8%). The long-term growth rate used was 2.61% (2017 2.61%).
Americas
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 10.6% (2017 10.6%). The long-term growth rate used was 2.06% (2017 2.06%).
Asia
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 13.2% (2017 13.2%). The long-term growth rate used was 3.30% (2017 3.30%).
Europe
The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial
forecasts approved by senior management covering a four-year period. The pre-tax discount rate applied to cash flow projections
is 12.5% (2017 12.5%). The long-term growth rate used was 1.73% (2017 1.73%).
(ii) Carrying amount of goodwill and brand names allocated to each group of cash generating units
2018
$000
2017
$000
New Zealand Domestic 12,215 12,215
New Zealand Air & Ocean 8,549 8,549
Australian Domestic 5,386 5,517
Australian Air & Ocean 16,427 16,887
Americas 63,874 65,764
Asia 10,092 10,092
Europe 99,239 92,243
215,782 211,267
(iii) Key assumptions used in value in use calculations for cash generating units (CGU’s)
The calculation of value in use for all CGU’s is most sensitive to the following assumptions; EBITDA, discount rates and growth
rates used.
EBITDA is based on the average achieved in the last 12 months allowing for expected efficiency, sales and utilisation gains
Discount rates reflect management’s estimate of the time value of money and the risks specific to each unit.
For the purposes of impairment testing a terminal growth rate has been used for all segments based on the long-term industry
and country averages.
116
15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
(iv) Sensitivity to changes in assumptions
With regard to the assessment of the value in use for all CGU’s, management believes that no reasonably possible change in any
of the above key assumptions would cause the carrying values of the units to materially exceed its recoverable amount with the
exception of Europe.
The European goodwill impairment test is particularly sensitive to assumptions around future earnings/cashflow levels. If each
year’s forecasted EBITDA was reduced by 35.82% Europe’s recoverable amount would equal its carrying amount.
16 EMPLOYEE ENTITLEMENTS
(i) Wages, Salaries, Annual Leave and Sick Leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be
settled within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They
are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are
recognised when the leave is taken and are measured at the rates paid or payable.
(ii) Long Service Leave
The liability for long service leave is recognised and measured as the present value of expected future payments to be made
in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is
given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future
payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and
currencies that match, as closely as possible, the estimated future cash outflows.
2018
$000
2017
$000
CURRENT
Long Service Leave 7,868 7,189
Annual Leave 25,106 21,625
Bonus Accrual 20,399 19,093
53,373 47,907
NON-CURRENT
Long Service Leave 1,098 834
Defined Benefit Pension Scheme 310 635
Other 2,226 2,331
3,634 3,800
17 PROVISIONS
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of
the amount of the obligation. When the the Group expects some or all of a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement net of any reimbursement.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the balance sheet date. If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the
passage of time is recognised in finance costs.
There were no significant provisions in the 2018 year (2017 nil).
117
18 TRADE CREDITORS AND ACCRUALS
Trade payables and other payables are carried at amortised cost. They represent liabilities for goods and services provided to the
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in
respect of the purchase of these goods and services.
The amounts are unsecured and are usually paid within 30 days of recognition. Due to their short-term nature they are not discounted.
2018
$000
2017
$000
CURRENT LIABILITIES
Trade Creditors & Accruals 295,000 261,206
19 INTEREST-BEARING LOANS AND BORROWINGS
All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction
costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective
interest method. Fees paid on the establishment of loan facilities that are yield related are included as part of the carrying amount
of the loans and borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
Borrowing Costs
Borrowing costs are recognised as an expense when incurred unless funding costs have been incurred which are directly attributable
to the acquisition, construction, or production of a qualifying asset in which case funding costs are included within the cost of the
asset. Capitalisation of borrowing costs cease when substantially all the activities necessary to prepare the qualifying asset for its
intended use or sale are complete. There were no borrowing costs capitalised in 2018 (2017 $410,314). The capitalisation rate in 2017
was 3.1%.
The Bank Term Loan falls due for repayment in the following periods:
2018
$000
2017
$000
Non-current 270,753 283,029
A long-term revolving facility of NZ$95,000,000 plus US$10,000,000 with the Westpac Banking Corporation (Westpac) was
established on 6 June 2014 expiring on 4 April 2022.
A long-term revolving facility of NZ$30,000,000 plus US$5,000,000 plus EU¤35,000,000 with the Commonwealth Bank of Australia
(CBA) was established on 6 June 2014 expiring on 4 April 2020.
A long-term revolving facility of NZ$60,000,000 plus US$10,000,000 plus EU¤30,000,000 with the Hongkong and Shanghai Banking
Corporation (HSBC) was established on 5 June 2014 expiring on 4 April 2022.
A long-term revolving facility of NZ$40,000,000 plus US$15,000,000 plus EU¤10,000,000 with the MUFG Bank (MUFG) was
established on 5 June 2014 expiring on 4 April 2022.
A long-term revolving facility of EU¤30,000,000 with ING Belgium NV/SA (ING) was established on 15 August 2017 expiring on
4 April 2022.
All facilities operate under a negative pledge and cross company guarantees.
The facilities allow the borrowing Group to offset deposits against borrowings when calculating indebtedness for covenant compliance.
These loan facilities are at a floating interest rate. Banking covenants remain unchanged. Debt approximates fair value due to floating
nature of current drawdowns.
Interest was payable during the year at the average rate of 1.96% per annum (2017 2.11%).
118
20 LEASES
The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an
assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement
conveys a right to use the asset.
Group as a Lessee
Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are
capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease
payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant
rate of interest on the remaining balance of the liability. Finance charges are recognised as an expense in profit or loss.
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term if there is no
reasonable certainty that the Group will obtain ownership by the end of the lease term.
Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term. Operating
lease incentives are recognised as a liability when received and subsequently reduced by allocating lease payments between rental
expense and reduction of the liability.
At balance date the Group had the following lease commitments:
2018
$000
2017
$000
FINANCE LEASE LIABILITIES
Payable:
– Not Later than One Year 2,267 1,909
– Later than One Year but not Later than Two Years 1,627 1,420
– Later than Two Years but not Later than Five Years 2,954 1,144
– After Five Years 88 -
Minimum Lease Payments 6,936 4,473
Less Future Finance Charges (352) (199)
6,584 4,274
CLASSIFIED IN THE STATEMENT OF FINANCIAL POSITION AS:
Current 2,077 1,801
Non-current 4,507 2,473
6,584 4,274
OPERATING LEASE COMMITMENTS (NON-CANCELLABLE)
– Not Later than One Year 83,842 81,307
– Later than One Year but not Later than Two Years 71,847 67,230
– Later than Two Years but not Later than Five Years 109,412 98,590
– After Five Years 192,273 183,851
457,374 430,978
119
21 CONTRIBUTED EQUITY
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
2018
$000
2017
$000
Authorised, Issued and Fully Paid Up Capital
100,698,548 ordinary shares (2017 100,698,548) 85,821 85,821
Nil ordinary shares partly paid to 1c (2017 nil)
Ordinary shares do not have a par value.
All ordinary shares have equal voting rights and share equally in dividends and any surplus on winding up to the extent that they are
paid up.
Movements in Ordinary Shares on Issue
2018
Shares
2017
Shares
2018
$000
2017
$000
Opening Balance 100,698,548 99,573,548 85,821 73,912
Employee Share Based Payments Scheme(i) - - - 55
Exercise of Partly Paid Share Scheme(ii) - 1,125,000 - 11,854
CLOSING BALANCE 100,698,548 100,698,548 85,821 85,821
(i) and (ii) Refer note 25.
At 31 March 2018 there were no partly paid shares outstanding (2017 nil).
Capital Management
When managing capital, the Board of Directors’ (the “Board”) objective is to ensure the entity continues as a going concern as well as
to maintain optimal returns to shareholders and benefits for other stakeholders. The Board also aims to maintain a capital structure
that ensures the lowest cost of capital available to the entity. The capital structure of the Group consists of Shareholders’ Equity and
debt.
The Board is periodically reviewing and adjusting the capital structure to take advantage of favourable costs of capital. As the market
is constantly changing, the Board may change the amount of dividends to be paid to shareholders, return capital to shareholders, issue
new shares or sell assets to reduce debt.
The Board has no current plans to issue further shares on the market.
The Board monitors capital through the Group gearing ratio (net debt / net debt and equity).
2018
$000
2017
$000
Total Borrowings 277,373 288,250
Less Cash and Cash Equivalents (80,521) (75,312)
Net Debt196,852212,938
Total Equity712,403645,602
NET DEBT AND EQUITY909,255858,540
Gearing Ratio21.6%24.8%
120
22 RECONCILIATION OF CASH FLOWS WITH REPORTED NET SURPLUS
2018
$000
2017
$000
Net Surplus After Taxation 107,893 101,523
Non-cash Items:
Depreciation and Amortisation 47,788 43,492
Share Based Payments - 55
Earnout Reversal of Accrual - (250)
(Increase) / Decrease in Deferred Tax Asset 274 (300)
Increase / (Decrease) in Deferred Tax Liability (1,583) (2,393)
154,372 142,127
Add / (Less) Movements in Other Working Capital
Items, Net of Effect of Acquisitions:
(Increase) / Decrease in Accounts Receivable (46,849) (21,694)
(Increase) / Decrease in Other Receivables (13,005) (3,317)
Increase / (Decrease) in Accounts Payable 45,704 7,372
Increase / (Decrease) in Interest Payable (462) (322)
(Increase) / Decrease in Interest Receivable 4 9
Increase / (Decrease) in Taxation Payable (239) 8,236
Increase / (Decrease) in Net GST 27 644
Adjustment for Movement in Exchange Rate 2,023 (937)
Less Items Classified as Investing Activity:
Net (Surplus) / Deficit on Sale of Fixed Assets (1,339) (892)
NET CASH INFLOW FROM OPERATING ACTIVITIES 140,236 131,226
23 RELATED PARTIES
In addition to transactions disclosed elsewhere in these financial statements, the Group transacted with the following related parties
during the period:
Name of Related PartyNature of RelationshipType of Transactions
2018
Value of
Transactions
$000
2017
Value of
Transactions
$000
C. Howard-SmithDirector & ShareholderLegal Fees 503 485
24 KEY MANAGEMENT PERSONNEL
2018
$000
2017
$000
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Short-term Employee Benefits 8,874 7,830
Share Based Payments - 30
Termination Benefits - -
8,874 7,860
There were no partly paid shares held by key management personnel at balance date.
121
25 SHARE-BASED PAYMENT TRANSACTIONS
(a) Recognised Share-based Payment Expenses
The expense recognised for employee services received during the year from partly paid share scheme is shown in the table below:
2018
$000
2017
$000
Partly Paid Shares issued May 2013 maturing July 2016 - 55
(b) Summary of Partly Paid Shares Issued
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, partly paid shares
issued during the year:
2018
No.
2018
WAEP
2017
No.
2017
WAEP
Outstanding at the Beginning of the Year - - 1,200,000 10.56
Issued During the Year - - - -
Lapsed During the Year - - (75,000) 10.56
Exercised During the Year - - (1,125,000) 10.56
OUTSTANDING AT THE END OF THE YEAR - - - -
There were no partly paid shares exercisable at the End of the Year - - - -
26 BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all business combinations regardless of whether equity instruments or
other assets are acquired. Cost is measured as the fair value of the assets given, shares issued or liabilities incurred or assumed at the
date of exchange. Where equity instruments are issued in a business combination, the fair value of the instruments is their published
market price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published price at the date of
exchange is an unreliable indicator of fair value and that other evidence and valuation methods provide a more reliable measure of fair
value. Transaction costs arising on the issue of equity instruments are recognised directly in equity.
Except for non-current assets or disposal groups classified as held for sale (which are measured at fair value less costs to sell), all
identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of the business combination
over the net fair value of the Group’s share of the identifiable net assets acquired is recognised as goodwill. If the cost of acquisition is
less than the Group’s share of the net fair value of the identifiable net assets of the subsidiary, the difference is recognised as a gain in
the income statement, but only after a reassessment of the identification and measurement of the net assets acquired.
Where settlement of any part of the consideration is deferred, the amounts payable in the future are discounted to their present
value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar
borrowing could be obtained from an independent financier under comparable terms and conditions.
There were no new material acquisitions during the financial year ended 31 March 2018 (2017 nil).
27 ABNORMAL ITEMS
During the year the Group had $7,224,000 of abnormal expenses (2017 $2,698,000). The related after tax expense was $5,048,000
(2017 $1,891,000).
In the year the Group had no abnormal gains (2017 $250,000). The related after tax gain was $722,000 (2017 $250,000).
These items comprised of:
20182017
Pre-Tax
$000
Ta x
$000
After Tax
$000
Pre-Tax
$000
Ta x
$000
After Tax
$000
Brand Name Impairment *** (3,763) 941 (2,822) - - -
Redundancies (3,461) 1,235 (2,226) (2,698) 807 (1,891)
Tax Rate Changes - 722 722 - - -
Earnout Accrual Written Back - - - 250 - 250
(7,224) 2,898 (4,326) (2,448) 807 (1,641)
*** With the process of rebranding our European operations to Mainfreight underway it was decided to impair the purchased brand of
Wim Bosman by one third in the 2018 financial year. This impairment entry has no cash impact.
122
28 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
The Group had the following capital commitments at 31 March 2018 totalling $33,588,943 (2017 $3,344,528).
- Auckland Land17,233,000
- Whangarei Freight Facility Extension2,084,345
- Auckland Airfreight Equipment1,854,100
- Christchurch Airfreight Facility97,745
- American Equipment382,228
- Europe Building Improvements2,873,205
- Europe Equipment399,829
- Melbourne Land7,438,800
- Australian Equipment1,225,691
There are additional bank performance guarantees and bonds totalling $25,169,000 (2017 $21,831,000) undertaken by the Group.
2018
$000
2017
$000
GUARANTEES COMPRISE:
Rental Guarantee 671 640
Custom Guarantees 12,592 11,261
13,263 11,901
PERFORMANCE BONDS COMPRISE:
NZX (New Zealand Stock Exchange) 75 75
European IATA Bond 627 560
European Banking Guarantees 8,624 7,864
European Other Guarantees 1,701 632
European Government Licensing Guarantees 879 799
11,906 9,930
The Group is party to sub-lease / tenancy agreements where third parties lease excess office / industrial space from the Group.
In the event of default by third parties the Group would be exposed to these liabilities.
As a result of the IRD’s programme of routine and regular tax audits, the Group anticipates that IRD audits may occur in the future.
The Group is similarly subject to routine tax audits in certain overseas jurisdictions. The ultimate outcome of any future tax audits
cannot be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate
provision for its taxation liabilities. However, there may be an impact to the Group if any revenue authority investigations result in an
adjustment that increases the Group’s taxation liabilities.
The Group can also be subject to legal claims as a result of conducting business. The ultimate outcome of any future legal claims
cannot be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate
provision for its legal liabilities. However there may be an impact to the Group if any legal cases result in an adjustment that increases
the Group’s legal liabilities.
29 SUBSEQUENT EVENTS
A dividend of 26.0 cents per share was declared on 28 May 2018 date totalling $26,181,622. Payment date is to be 20 July 2018.
123
Chartered Accountants
A member firm of Ernst & Young Global Limited
Independent Auditor’s Report to the Shareholders of Mainfreight Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Mainfreight Limited (“the company”) and its subsidiaries (together “the group”) on
pages 93 to 122, which comprise the consolidated balance sheet of the group as at 31 March 2018, and the consolidated income
statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash
flow statement for the year then ended of the group, and the notes to the consolidated financial statements including a summary of
significant accounting policies.
In our opinion, the consolidated financial statements on pages 93 to 122 present fairly, in all material respects, the consolidated
financial position of the group as at 31 March 2018 and its consolidated financial performance and cash flows for the year then ended
in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This report is made solely to the company’s shareholders, as a body. Our audit has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in an 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 company and the company’s
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 (revised) Code of Ethics for Assurance
Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities
in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young has provided taxation compliance and advice, agreed upon procedure and legal services to the group and financial
statement compilation services to various subsidiaries. We have no other relationship with, or interest in, the group. Partners
and employees of our firm may deal with the group on normal terms within the ordinary course of trading activities of the business of
the group.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of
the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
124
Chartered Accountants
A member firm of Ernst & Young Global Limited
1. Scoping of the audit
Why significantHow our audit addressed the key audit matter
Mainfreight is a global business with 75% of the group’s revenue
being generated in countries other than New Zealand.
A significant area of focus when conducting the audit was
ensuring that sufficient audit evidence was obtained in differing
geographic locations and businesses to enable us to reach our
opinion on the consolidated financial statements as a whole.
This was both with respect to the determination and allocation
of materiality as well as the determination of the nature and
extent of procedures to be performed in each location.
As group auditor, EY New Zealand determined the required
extent and nature of audit procedures required by component
teams in all significant locations.
The primary team considered the nature, size and risks associated
with each of the Group’s significant businesses. As a result of
this assessment each business was allocated a scope reflecting
the scale and nature of audit procedures to be performed. We
either performed or instructed component teams to perform the
audit work required for group reporting purposes in relation to
significant businesses in New Zealand, Australia, USA, Europe
and Asia. A number of remaining businesses were subjected to
analytical procedures by the Group audit team.
The Group audit team instructed other audit teams as to the
significant risk areas to be considered and the information to be
reported back. The Group audit team determined the materiality
to be applied by each team having regard to the size and risk
profile of the businesses across the Group.
All component teams were required to provide written
confirmation to the Group audit team explaining the work
performed, the results of that work as well as key documents
supporting any significant findings or observations.
Members of the Group audit team visited businesses and audit
teams in all significant non New Zealand locations (Australia,
USA, Europe and Asia). During these visits, the work performed
by each team was discussed as were the findings relevant to the
Group audit.
We report to the Audit Committee;
i) The results of audit procedures and testing performed by
both the primary and component teams; and
ii) Any misstatements identified that warrant reporting based
on quantitative or qualitative grounds.
125
Chartered Accountants
A member firm of Ernst & Young Global Limited
2. Impairment testing of goodwill allocated to the European business
Why significantHow our audit addressed the key audit matter
As at 31 March 2018, goodwill of $91.4m related to the group’s
European business, was recorded in the group statement of
financial position. As required by NZ IAS 36 Impairment of
Assets (NZ IAS 36) the group performs an annual impairment
test for each cash generating unit (CGU), or group of CGUs, to
which goodwill has been allocated.
A value in use model was used for this assessment which
requires the use of assumptions in estimating and discounting
future cash flows.
As disclosed in Note 15, whilst the group’s assessment indicates
that the carrying value of goodwill related to the European
business does not exceed its recoverable amount, there are
reasonably possible changes in key assumptions that could
result in an impairment.
In obtaining sufficient audit evidence:
• We involved our New Zealand valuation specialists to assess
whether the methodology applied in the value in use model
for the European business met the requirements of NZ IAS 36.
• Our assessment included involvement of our valuation
specialists in Europe who are familiar with business valuation
factors used in that market, including discount rates.
• We assessed the appropriateness of the cash flow forecasts
taking into account historical cash flows, our knowledge of
the business and relevant external information.
• We performed sensitivity analysis around key drivers of the
impairment model, including the sensitivity of the results to
changes in future projected cash flows.
• We assessed whether the assumptions which have the most
significant effect on the determination of the recoverable
amount of goodwill have been appropriately disclosed in the
consolidated financial statements.
3. Revenue recognition of International Freight
Why significantHow our audit addressed the key audit matter
As disclosed in Note 2(f) of the consolidated financial statements,
revenues derived from international freight forwarding are
recognised for exports on freight departure and for imports on
freight arrival.
Revenue derived from international freight forwarding was a
key audit matter as, collectively, material revenue transactions
can occur close to year end and there is a risk that revenue is
recognised in the incorrect period.
In obtaining sufficient audit evidence:
• We evaluated the group policies and practices regarding
the timing and nature of services provided.
• We tested recognition of a sample of revenue transactions
recorded before year end to establish whether they were
recorded in the correct period. This included agreement to
shipping documentation or other documentation indicating
the timing of shipment.
• At certain locations we completed analytical procedures
considering patterns of reported revenues and margins
before and after year end. We also analysed credit notes
issued after year end to assess whether these could
significantly impact revenue recognised within the 2018
financial year.
126
Chartered Accountants
A member firm of Ernst & Young Global Limited
Information Other than the Financial Statements and Auditor’s Report
The directors of the company are responsible for the Annual Report, which includes information other than the consolidated financial
statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the 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 during the audit, or otherwise appears to be materially misstated.
If, based upon 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.
Directors’ Responsibilities for the Financial Statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the group or cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are 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 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 International Standards on Auditing (New
Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 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 the auditor’s responsibilities for the audit of the financial statements is located at External Reporting Board’s
website https://xrb.govt.nz/Site/Auditing_Assurance_Standards/Current_Standards/Page1.aspx.
The engagement partner on the audit resulting in this independent auditor’s report is Simon Brotherton.
Auckland
26 June 2018
127
Statutory Information
DIRECTORS
The following people held office or ceased to hold office as Director during the year and received the following remuneration including
benefits during the year:
Name
Remuneration
2018
Remuneration
2017
Current Director or Date Appointed
or Resigned
Bruce Plested1 - - Current
Don Braid2 $2,636,867$2,216,120Current
Simon Cotter$113,000$113,000Current
Carl Howard-Smith3 $113,000$113,000Current
Bryan Mogridge$113,000$113,000Current
Richard Prebble$113,000$113,000Current
Sue Tindal$113,000$28,250Current
Kate Parsons$113,000$28,250Current
1. Elected not to receive director fees in 2017 and 2018 years.
2. The remuneration comprised:
20182017
Base Salary2,000,0001,800,000
Discretionary Performance Bonus ***558,867401,119
Vehicle and Other Non-cash78,00015,000
$2,636,867$2,216,119
*** The discretionary performance bonus relates to the previous financial year based on that year’s revenue and profit growth as well as other quality KPI's.
A maximum of 33.3% of base salary is payable. There were no share based payments.
3. Excludes legal fees (refer to note 23 to the Financial Statements).
EMPLOYEES’ REMUNERATION
The Mainfreight Group paid remuneration including benefits during the year in excess of $100,000 in the following bands (excluding directors):
Remuneration
New Zealand
Based
Number of
Employees
Overseas
Based
Number of
Employees
$100,000 - $110,00029141
$110,000 - $120,00034112
$120,000 - $130,0002069
$130,000 - $140,0002262
$140,000 - $150,000946
$150,000 - $160,000929
$160,000 - $170,000524
$170,000 - $180,000527
$180,000 - $190,000517
$190,000 - $200,000312
$200,000 - $210,000516
$210,000 - $220,000210
$220,000 - $230,00035
$230,000 - $240,00017
$240,000 - $250,00025
$250,000 - $260,00015
$260,000 - $270,0004
$270,000 - $280,00015
$280,000 - $290,00013
$290,000 - $300,0008
$300,000 - $310,00013
$310,000 - $320,0002
$320,000 - $330,00012
$330,000 - $340,0002
Remuneration
New Zealand
Based
Number of
Employees
Overseas
Based
Number of
Employees
$340,000 - $350,00021
$350,000 - $360,0002
$360,000 - $370,0001
$370,000 - $380,00013
$390,000 - $400,0002
$400,000 - $410,0001
$410,000 - $420,0001
$420,000 - $430,0001
$440,000 - $450,00011
$460,000 - $470,0001
$470,000 - $480,0001
$510,000 - $520,0002
$550,000 - $560,0001
$560,000 - $570,0002
$580,000 - $590,00011
$590,000 - $600,0001
$640,000 - $650,0001
$660,000 - $670,0001
$670,000 - $680,0001
$700,000 - $710,0001
$790,000 - $800,0001
$840,000 - $850,0001
TOTAL NUMBER OF EMPLOYEES169639
LAST YEAR COMPARISONS133487
Overseas based remuneration is converted to New Zealand dollars.
128
DONATIONS AND AUDITORS’ FEES
Donations and auditors’ fees are set out in note 6 of the Financial Statements.
DIRECTORS’ SHAREHOLDINGS AT BALANCE DATE
20182017
BG Plested
- shares held with beneficial interest 16,020,562 16,020,562
- held by associated persons 1,303,650 1,306,450
DR Braid
- shares held with beneficial interest 2,807,890 2,807,890
- held by associated persons49,253 13,830
SR Cotter
- shares held with beneficial interest 75,000 75,000
- held by associated persons 7,570 7,570
CG Howard-Smith
- held as trustee of staff share purchase scheme 7,850 35,350
- shares held with beneficial interest 100,000 100,000
BW Mogridge
- shares held with beneficial interest 200,000 200,000
RW Prebble
- shares held with beneficial interest 88,274 88,274
SM Tindal
- shares held with beneficial interest - -
CL Parsons
- shares held with beneficial interest - -
TOTAL DIRECTORS 20,660,049 20,654,926
Directors’ shareholdings at balance date were 20.52% of total shares issued.
SUBSTANTIAL PRODUCT HOLDERS
The following information is given pursuant to Section 293 of the Financial Markets Conduct Act 2013.
The following are recorded by the Company as at 31 March 2018 as Substantial Product Holders in the Company, and have declared the
following relevant interest in quoted financial products under the Financial Markets Product Act 2013:
B Plested, C Howard-Smith & D Braid as trustees of Rorohara No.2 Trust 16,217,562
Fisher Funds Management Ltd 5,085,353
The total number of quoted financial products issued by the Company as at 31 March 2018 was 100,698,548.
129
LARGEST PRODUCT HOLDERS AS AT 2 MAY 2018
Total Number
Held%
B Plested, C Howard-Smith & D Braid as trustees of Rorohara No.2 Trust16,017,76615.91%
TEA Custodians Ltd6,664,8986.62%
Citibank Nominees (New Zealand) Ltd5,518,8725.48%
HSBC Nominees (New Zealand) Ltd – NZCSD4,405,6074.38%
JB Were (NZ) Nominees Ltd3,803,2693.78%
Custodial Services Ltd A/c 33,493,5613.47%
HSBC Nominees (New Zealand) Ltd A/c State Street3,189,5773.17%
Accident Compensation Corporation3,123,3933.10%
JP Morgan Chase Bank2,846,1192.83%
Australian Foundation Investment Company Ltd2,840,0002.82%
DR Braid Family Interests2,807,8902.79%
FNZ Custodians Ltd2,641,0002.62%
Forsyth Barr Custodians Ltd2,630,7412.61%
BNP Paribas Nominees (NZ) Ltd – COGN 401,844,7161.83%
Custodial Services Ltd A/c 41,641,0811.63%
BNP Paribas Nominees (NZ) Ltd1,536,5761.53%
ANZ Wholesale Australasian Share Fund1,259,5141.25%
HSBC Nominees A/C NZ Superannuation Fund Nominees Ltd – NZCSD1,167,4751.16%
National Nominees NZ Ltd1,099,4941.09%
Custodial Services Ltd A/c 21,069,1691.06%
SPREAD OF PRODUCT HOLDERS AS AT 2 MAY 2018
Size of Shareholding
Number
of Holders%
Total Number
Held%
1 - 999 3,314 44.44% 1,448,797 1.44%
1,000 - 4,999 3,260 43.72% 6,603,332 6.56%
5,000 - 9,999 481 6.45% 3,131,607 3.11%
10,000 - 49,999 304 4.08% 5,300,176 5.26%
50,000 - 99,999 37 0.49% 2,393,767 2.38%
100,000 - 999,999 41 0.55% 12,220,151 12.13%
1,000,000 - PLUS 20 0.27% 69,600,718 69.12%
TOTAL 7,457 100.00% 100,698,548 100.00%
Interests Register
There were no entries made in the interests register during the year.
130
Five Year Review
The table below provides a summary of key performance and financial statistics.
Notes
2018
$000
2017
$000
2016
$000
2015
$000
2014
$000
Net Sales 2,618,349 2,333,088 2,284,226 2,053,716 1,923,526
EBITDA1 215,416 197,542 174,847 162,195 149,187
EBITA2 167,628 154,050 135,527 128,033 117,228
Abnormal Items After Taxation3 4,326 1,641 572 1,075 (12,147)
Net Interest Cost 7,056 7,225 8,372 6,638 6,838
NET PROFIT BEFORE ABNORMAL
ITEMS FOR THE YEAR 112,219 103,164 88,176 83,480 77,491
Net Profit After Abnormal Items for the Year
(NPAT)4 107,893 101,523 87,604 82,405 89,638
PRO-FORMA CASH FLOW5 160,007 146,711 127,852 117,998 109,752
Net Tangible Assets6 487,457 423,521 348,217 293,062 225,679
Net Debt7 196,852 212,938 265,205 244,657 208,594
Total Assets 1,376,402 1,284,765 1,278,577 1,124,455 975,827
Total Liabilities 663,999 639,163 697,504 615,837 533,607
EBIT Margin (Before Abnormals) (%)6.46.65.96.26.1
Equity Ratio (%)835.433.027.226.123.1
Assets to Liabilities Ratio (%)207.3201.0183.3182.6182.9
Return on NTA (%)922.124.025.228.139.7
Net Interest Cover (x)1023.7621.3216.1919.2917.14
Dividends covered by Net Profit after
abnormals (x)2.382.462.382.432.83
Dividends covered by Net Profit before
abnormals (x)2.482.502.392.472.45
Earnings Per Share (cps)11107.14101.1087.9882.8790.52
ADJUSTED EARNINGS PER SHARE (CPS)11,12111.44102.7488.5583.9578.26
Pro-forma Cash Flow Per Share (cps)11158.90146.10128.40118.67110.83
NTA Per Share (cps)11484.08421.76349.71294.72227.90
Notes:
1. EBITDA is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal Items, royalties, share based
payment expense, minority interests and associates.
2. EBITA is defined as earnings before net interest expense, tax, abnormal Items, royalties, share based payment expense, minority
interests and associates.
3. Abnormal items for the years ended 31 March 2018 and 31 March 2017 please refer note 27.
4. Net Profit (NPAT) is net profit after tax, abnormal Items and minorities but before dividends.
5. Pro-forma Cash Flow is defined as NPAT before amortisation of goodwill, depreciation, minorities and associates excluding share
based payments and abnormal Items after tax.
6. Net Tangible Assets includes Software and Deferred Tax Assets and Liabilities.
7. Net Debt is long-term plus short-term debt less cash balances.
8. Equity Ratio is Net Tangible Assets as a percentage of Total Assets.
9. Return on NTA is NPAT as a percentage of Net Tangible Assets.
10. Net Interest Cover is Profit before abnormal Items, interest and tax divided by net interest cost.
11. Per Share calculations are based on the average issued capital in each year – 100,698,548 shares in 2018.
12. Adjusted Earnings per Share figures are based on Net Profit with tax affected abnormal Items added back.
MAINFREIGHT’S TRADITION OF DELIVERING A BUCKET
OF APPLES TO OUR TEAM MEMBERS AND FAMILY OF
SUPPORTERS HAS ITS ORIGINS MANY YEARS AGO.
Our founder, Bruce Plested, was struck by the special
relationship forged between a local doctor, who generously
cared for poor patients free of charge, but was remembered
and rewarded by them with freshly-caught fish when available.
A subsequent visit to his cousin's Hawke’s Bay orchard
gave Bruce the source of his own gift in kind, and
Mainfreight’s apple tradition was born.
We take this opportunity to thank you all.
OUR TEAM OF PEOPLE AROUND
THE WORLD, OUR SHAREHOLDERS,
customers, suppliers and family
of supporters everywhere, matter.
THANK YOU matters
131
GLOSSARY of Terms
132
AIR & OCEANDistinguishes Mainfreight’s traditional international freight from that moved by
land across borders in Europe and the Americas
B2BBusiness-to-business transactions
B2CBusiness-to-consumer transactions
C&FCost and Freight; a term utilised by importers and exporters determining the
buying and selling criteria (also known as CFR, CNF)
EBITDAEarnings before net interest expense, tax, depreciation, amortisation, abnormal
items, royalties, share based payment expense, minority interest and associates
FCLFull Container Load
FEUForty Foot Equivalent Unit (Container)
FMCGFast Moving Consumer Goods; everyday products that sell quickly
FOBFree On Board; a term utilised by importers and exporters determining the
buying and selling criteria
FTLFull Truck Load
GEARING RATIONet debt to net debt and equity
I ATAInternational Air Transport Association
INTER CITYThe freight transport between cities
INTRA CITY/METROThe freight transport within a city known as metropolitan cartage or “metro”
IRAInventory Record Accuracy; Mainfreight’s level of IRA measures location count,
inventory condition, systems alignment to inventory count, product integrity,
total inventory count
LCLLess than Container Load
LINEHAULThe method and mode used to transport goods between cities and countries
LT LLess than Truck Load
NPATNet Profit After Tax
NVOCCNon Vessel Operating Common Carrier
NZXNZX Limited (Mainfreight is listed on the NZX Main Board)
RETAIL FREIGHTThe industry segment that Mainfreight operates in
SUPPLY CHAIN
LOGISTICS
The physical movement and management of supplies and finished product from
source to end user
TEUTwenty Foot Equivalent Unit (sea freight container)
WHARF CARTAGEThe transport of full containers on and off the wharf
WHOLESALE SEA
FREIGHT
The industry segment that CaroTrans operates in supplying services to other
freight forwarders
133
Board of Directors
Bruce G. Plested, Chairman
Donald R. Braid, Group Managing Director
Carl G. O. Howard-Smith, LLB
The Hon. Richard W. Prebble, BA, LLB
(Hons), CBE
Bryan W. Mogridge, BSc, ONZM, FNZID
Simon R. Cotter, BCom, MAppFin, F Fin
Catherine L. Parsons, BCom, CA
Suzanne M. Tindal, FCPA (Aust)
Registered & Administration Office
Mainfreight New Zealand
2 Railway Lane*, Otahuhu
Auckland 1062
PO Box 14038, Panmure
Auckland 1741
Tel +64 9 259 5500
www.mainfreight.com
* “Mainfreight Lane”
if the Council were kind enough
Overseas Offices
Mainfreight Australia
107 Gateway Boulevard
Epping, Victoria 3076
Australia
Tel +61 3 9267 7300
Mainfreight Americas
1400 Glenn Curtiss Street
Carson, CA 90746
United States of America
Mainfreight Asia
Units 7-10, 8/F, Tower 1, Millennium City 1
No 388 Kwun Tong Road
Kwun Tong, Kowloon
Hong Kong
Mainfreight Europe
Industriestraat 10/12
‘s-Heerenberg, NL- 7040 Amsterdam
Netherlands
Auditors
EY
EY Building
2 Takutai Square, Britomart
PO Box 2146
Auckland 1140
Lawyers
Howard-Smith & Co
Level 7, 36 Kitchener Street
PO Box 7066
Auckland 1141
Bell Gully
Barristers & Solicitors
Vero Centre
48 Shortland Street
PO Box 4199
Auckland 1140
Bankers
Westpac Banking Corporation
16 Takutai Square
Britomart
PO Box 934
Auckland 1140
Commonwealth Bank
ASB North Wharf, 12 Jellicoe Street
PO Box 35
Auckland 1140
HSBC Bank
One Queen Street
PO Box 5947
Auckland 1141
Bank of Tokyo-Mitsubishi UFJ
Lv 22, 151 Queen Street
PO Box 105160
Auckland 1143
ING Belgium
Avenue Marnix 24
B-1000 Brussels
Belgium
Investment Advisors
Grant Samuel and Associates Ltd
Vero Centre
48 Shortland Street
PO Box 4306
Auckland 1140
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
Managing Your Shareholding Online:
To change your address, update your
payment instructions, elect communication
preferences, and to view your investment
portfolio including transactions, please visit:
www.investorcentre.com/nz and log in.
You will need your CSN or Holder Number
and FIN to initially register on Investor
Centre, or your User ID and password if
previously registered.
General enquiries can be directed to;
>enquiry@computershare.co.nz
>Private Bag 92119, Auckland 1142
>Telephone +64 9 488 8777
>Facsimile +64 9 488 8787
Annual Report by
Ripe Creative
www.ripecreative.co.nz
Photography by
Alistair Guthrie, Snapper Limited
www.alistairguthrie.com
Additional Information
Please visit our website to learn more
about us, and for investor information:
www.mainfreight.com
For career opportunities visit:
www.mainfreightcareers.com
Please visit our website if you wish to obtain
an electronic version of this annual report.
DIRECTORY
The Mainfreight annual report is printed on environmentally responsible papers, manufactured using Elemental Chlorine Free pulp from Well Managed
Forests. It is produced under the environmental management system ISO 14001, which aims to prevent pollution and achieve continual improvement.
Printed with vegetable based, mineral oil free inks.
Follow us here:
Facebook:
https://www.facebook.com/Mainfreight
Twitter:
https://twitter.com/MainfreightLtd
JEEZ BRUCE,
she's a big job!
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- FRW — Freightways Group Limited: Full Year Results to 30 June 2018 and Final Dividend2018-08-12
“SEGMENTATION & PRICING •Differentiate pricing for Business / Residential / Non Urban areas across NZ •Provide address checker tools for customers •Assess margins across B2C customers •Implement new B2C pricing immediately for new business and phase in for existing customer…”
- POT — Port of Tauranga Limited: Cargo Growth Produces Record Year for Port of Tauranga2018-08-23
“TABLE OF CONTENTS 2018 Highlights 1 National Network 2 Services and Infrastructure 4 Integrated Reporting 6 Chair and Chief Executive’s Report to Shareholders 8 Our Journey 14 Purpose and Value Creation Model 18 Capital #1 - Relationships 20 Capital #2 - People 26 Capital #3 -…”
- SPN — South Port New Zealand Limited: South Port NZ Ltd – 2018 Annual Report2018-09-18
“* Based on average of period start and year end balances Financial and Operational Five Year Summary In Thousands of New Zealand Dollars 2018 2017 2016 2015 2014 FIVE YEAR GROUP FINANCIAL SUMMARY Revenue 41,017 36,997 36,903 34,584 31,441 Net operating surplus 13,508 11,812…”