WasteCo FY25 Annual Report release and CE resignation
30 May 2025
WasteCo FY25 Annual Report release and CE resignation
WasteCo Group Limited today announced that Chief Executive Officer David Peterson has advised the
Board of his intention to step down from his role, effective at the end of June 2025.
David has informed the Board that he will be moving back to Australia to join his family.
WasteCo Chair Roger Gower said, “On behalf of the Board and the entire WasteCo team, I want to
thank David for his outstanding service. He has led the company through a dynamic period of growth
and change, including the integration of key acquisitions and the strengthening of our presence
across the South Island and into the North Island.
“We respect and support his personal decision and wish David and his family all the very best for the
future,” says Roger Gower.
“Last week we announced that we had been awarded a $40 million, nine-year Solid Waste
Management contract with Ashburton District Council (ADC). This achievement reflects David’s
strategic leadership and the dedication of the wider WasteCo team. The contract represents a
significant milestone in the company’s continued growth,” says Roger Gower.
Today WasteCo released its Annual Report. The 2025 financial year saw WasteCo maintain its
commitment to sustainable sales growth and operational efficiency. The Group reported a sales
increase of $8.18 million and a rise in operating EBITDA of $1.27 million, reflecting a positive shift in
performance.
“While our bottom-line result is disappointing, the underlying trend is positive. WasteCo enters the
new financial year with a leaner operating model, a clearer strategic direction, and the early benefits
of consolidation and renewal,” says Roger Gower. “Our focus in 2025/26 will be on translating these
foundations into consistent financial performance and long-term value for shareholders.”
The Board has commenced a formal search for a new Chief Executive Officer. In the interim,
Chairman Roger Gower will assume an Executive role to ensure a smooth leadership transition and to
continue oversight of the company’s safety and operational reset already underway.
David has confirmed he will be available to the company in a consultative capacity post-departure to
ensure continuity, particularly in relation to the recent award of the ADC contract and ongoing
operational priorities
ENDS
Erin Jamieson |WasteCo Media Contact | erin@conv.co.nz | 021 743 237
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Results announcement
Results for announcement to the market
Name of issuer WasteCo Group Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$56,409 17.0%
Total Revenue
$56,409
17.0%
Net profit/(loss) from
continuing operations
$(9,854)
138.3%
Total net profit/(loss)
$(9,854)
138.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0054 $0.0121
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the Annual Report for the year ended 31 March 2025
that accompanies this announcement.
Authority for this announcement
Name of person
authorised
to make this announcement
Nigel Franklin
Contact person for this
announcement
Nigel Franklin
Contact phone number 029 983 3871
Contact email address Nigel.franklin@wasteco.co.nz
Date of release through MAP
30 May 2025
Audited financial statements accompany this announcement.
---
Annual Report
2025
WasteCo Group Limited
Making waste work
for communities means more
than recycling.
It’s about being there
—after the flood, during the festival,
and every day in between—
delivering safe, reliable services
that people can count on.
Annual Report 2025334569127802We7'r r69c
Contents
Welcome
Who we are
Our purpose
Highlights of our year
Sector performance
Chair’s report
CEO’s report
Opportunities and trends
Making waste work for communities
Board of Directors
Corporate Governance Statement
Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Auditor’s report
Shareholder and Statutory Information
Company directory
4
5
6
7
9
11
14
18
19
23
26
36
43
94
97
110
Annual Report 2025434569127802We7'r r69c
Welcome
At WasteCo, we understand that our success is built on
strong, enduring relationships—with the councils we partner,
the households we serve, and the commercial and industrial
clients who trust us to deliver. Our commitment to customer
satisfaction, health and safety, and environmental
responsibility underpins everything we do.
Our strategy remains focused on running our current operations
well, while pursuing strategic acquisitions that support our goal
of building a successful nationwide waste solutions business.
Building strong
foundations for
a sustainable future
Annual Report 2025534569127802We7'r r69c
Who we are
Over the past year, we’ve continued to grow organically and
through strategic acquisitions, securing long-term contracts that
underpin our momentum and provide a strong foundation
for future success.
Looking ahead, our unwavering focus is on improving our
health and safety, while at the same time accelerating sales
growth. We are optimising our operations for peak efficiency
and investing in groundbreaking technologies—all to strengthen
our market position and unlock new revenue opportunities.
As we scale success, strategic acquisitions will play a key role
in driving expansion and securing long-term growth.
These efforts will drive WasteCo’s growth and long-term
value for our shareholders.
We’re proud to be one of New Zealand’s leading
waste management providers
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Our purpose
At WasteCo, we see ourselves as more than
just a waste company, we’re stewards
of the full waste lifecycle
Our responsibility goes beyond diversion; it’s about
recovering resources, protecting public health, and helping
our communities, councils and business partners meet
their environmental goals.
Our mission is simple: to deliver smarter, safer,
and more sustainable waste solutions that make a real
difference and deliver cleaner environments.
Highlights of our year
Improved profitability
Strategic expansion
Major new investment
Revenue growth
Sales increased from $48 million
to $56 million, marking strong
year-on-year growth
The NZ$15 million
investment we
secured from Empire
Waste Technology
supported the Civic
Waste acquisition and
reinforced our platform
for future growth
Our operating EBITDA
rose by $1.27 million,
reflecting an uplift
in performance
We successfully
expanded into
the North Island
through our acquisition
of Civic Waste
Strong
shareholder
support
Strengthened governance
Cleaner Antarctica Initiative
Productivity gains
Our NZ$5 million
Share Purchase Plan
was fully subscribed,
demonstrating investor
confidence in our
strategy and direction
Appointed a new
Board Chair and welcomed
additional directors in
December 2024, enhancing
our leadership capability
We continued
our partnership with
Antarctica New Zealand,
managing frozen waste
on the ice to protect one
of the world’s most
pristine environments
We prioritised
operational efficiency,
unlocking synergies
and maximising
asset utilisation
Sustainable fleet transition
We introduced hybrid
Toyota RAV4s into the sales fleet
and added a Polestar 2 EV to
the WasteCo fleet, reinforcing
our commitment to sustainability
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Sector performance
New Zealand’s waste management sector sits at the intersection
of essential public service and industrial infrastructure, making
it both resilient and exposed to broader economic trends.
This past year has illustrated both sides of that dynamic.
Overall sector performance in FY2024/25 was subdued, reflecting
broader macroeconomic conditions. Slower GDP growth, the
slowdown in manufacturing, and delayed investment across
construction and infrastructure projects, led to reduced waste
volumes in key commercial and industrial segments.
However, core municipal services have remained stable,
underpinned by long-term contracts and the non-discretionary
nature of household and civic waste collection. This consistency
provides a foundation of reliability for operators like WasteCo,
even in turbulent times.
Environmental regulation has also played a dual role. While
compliance costs have increased across the sector, heightened
scrutiny and tighter standards are creating opportunities for
innovation and differentiation, particularly for providers with the
scale and systems to respond effectively.
Our strategy
Deliver cleaner
environments
Make acquisitions
in core areas
Focus
on our team
Optimise our
current business
Annual Report 20251134569127802We7'r r69c
Chair’s report
At our core, WasteCo is in the business
of making waste work better, for the
communities, councils and businesses we
serve. But managing waste well means much
more than just diverting it. It means taking
responsibility from end to end—being there
during the event and turning up after the
flood to clear culverts. It means earning
and maintaining the trust of our partners
through safe, reliable service. And it means
protecting our people by embedding rigorous
risk management and learning from the
toughest of challenges.
This year, we were deeply tested. The
tragic death of our colleague Lynda Kelly
shook us all and it is a loss that will remain
with us. The Board extends its heartfelt
condolences to Lynda’s family, friends, and
teammates. We were, and remain, deeply
concerned. As directors, we carry the
weight of ensuring that such an incident
never happens again. In the weeks since,
we have acted with urgency and care,
embedding stronger accountability for
safety at every level of the business.
The 2025 financial year saw WasteCo maintain its commitment
to sustainable sales growth and operational efficiency.
The Group reported a sales increase of NZ$8.18 million and a
rise in operating EBITDA of NZ$1.27 million, reflecting a positive
shift in performance. However, despite these improvements, the
Group recorded a total comprehensive loss of NZ$9.85 million
(2024: NZ$4.14 million loss). This result was primarily influenced
by several one-off and non-operational factors, including
restructuring costs of NZ$1.76 million, acquisition-related
expenses of NZ$605k and ongoing finance costs amounting
to NZ$5.1 million.
Financial
outlook
Annual Report 20251234569127802We7'r r69c
These exceptional costs reflect a year of strategic transformation
as WasteCo continues to reshape its operations for long-
term sustainability and growth. The company is in a transition
phase, positioning itself for future growth through acquisition,
consolidation and efficiency. Notably, the acquisition activity
undertaken during the year supports our growth ambitions.
An income tax benefit of NZ$1.14 million partially offset the net
loss, recognising the impact of restructuring and investment
on taxable earnings.
Setting
the building blocks
in place
Waste volumes and service demand
in New Zealand are closely tied to industrial
activity, population growth and construction
—all of which have been impacted in the last
twelve months due to a slow down in the
economy, which has been slower to rebound
than anticipated. However we’ve maintained
a clear focus on productivity and efficiency,
which is now underpinning our ability to
drive performance and win new business
across the country.
Strengthening our national footprint
remains a cornerstone of our long-term
strategy. We continue to diversify across
sectors and build deeper partnerships with
major enterprises—enhancing both the
resilience and reach of our business.
The municipal and public service sector
provides a stable foundation, and we are
focused on growing WasteCo’s presence
as a trusted provider nationally.
Strategic investment is critical to our long-
term value creation. The acquisition of Civic
Waste significantly extended our geographic
coverage and improved our capacity to
service large, multi-regional contracts.
Upgrades to our fleet and the overhaul of our
health and safety systems are more than
operational improvements—they are key
investments in reliability, risk mitigation
and our reputation. These initiatives ensure
we are well-positioned to scale efficiently
and meet increasing demand as economic
conditions improve.
The NZ$15 million investment from
Empire Waste Technology Limited, via
Convertible Note, was instrumental in
supporting the Civic Waste acquisition
and strengthening our platform for future
growth. Our NZ$5 million Share Purchase
Plan also met with strong investor demand,
reflecting confidence in our strategy and
growth trajectory.
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While the bottom-line result is disappointing, the underlying
trend is positive. WasteCo enters the new financial year with
a leaner operating model, a clearer strategic direction, and
the early benefits of consolidation and renewal.
Our focus in 2025/26 is on translating these foundations
into consistent financial performance and long-term value
for shareholders.
We are well-positioned to prosper as macro-economic
conditions improve next year, and we continue to investigate
and execute upon further investment and acquisition
opportunities in New Zealand’s fragmented waste sector.
On behalf of the Board, I want to thank our team for their
commitment, our partners for their continued support
and our shareholders for their confidence. Together, we are
building a stronger, more resilient WasteCo.
Roger Gower
Chair
Looking ahead
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CEO’s report
Prioritising health,
safety
and wellbeing
The safety and wellbeing of our people
is our highest priority. For the senior
leadership team, health and safety is not
simply a compliance obligation—it is the
most important responsibility we carry.
Good safety is good business, but more
importantly, nothing matters more than
making sure every team member goes
home safely at the end of each day.
The tragic loss of Lynda Kelly, a valued
member of our team, who lost her life in an
accident at our Te Anau site in May 2025
was devastating. Although the incident
occurred outside the reporting period, its
impact has been deeply felt across our
organisation. Our thoughts remain with
Lynda’s family, friends, and colleagues
during this incredibly difficult time.
We are working closely with WorkSafe
to fully understand the circumstances
surrounding the incident and to ensure
any lessons are implemented without delay.
In the immediate aftermath, we undertook
a comprehensive operational review across
all six of our transfer stations and
started an internal investigation.
These assessments and our review have
reinforced our commitment to identifying,
understanding and managing every critical
risk within our operations.
We remain resolute in our commitment to
building a culture where safety is embedded
in every decision, every action and every
site across our business.
Prior to this tragedy, we had already launched a major
health and safety initiative, A Road to a Safer Tomorrow.
This programme is a company-wide effort to embed a stronger
safety culture at every level of our organisation. We are reviewing
and redesigning our safety policies, procedures and training
frameworks to ensure they are practical, relevant and fit for
purpose—especially in the diverse environments where our
people work, from urban centres to remote locations.
We are also implementing clearer safety expectations,
measurable performance indicators and stronger accountability
for both leadership and frontline teams. Increased investment
in training, field engagement and fleet upgrades reflect our
commitment to reducing physical risks across the business.
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The loss of a colleague is a stark and painful reminder of why this
work matters. It strengthens our resolve to do better and be better.
Our commitment to continuous improvement in health and safety
is unwavering, and we will take every necessary step to protect our
people to ensure they return home safely each day.
Since the reporting period, we are
proud to announce that WasteCo has
secured a significant new partnership
with Ashburton District Council. The
nine-year, $40 million contract will see
WasteCo deliver comprehensive waste
management services to more than
12,000 households and facilities across
the district, with potential for a further
nine-year extension.
The scope of the contract includes
kerbside rubbish and recycling collection,
operation of the district’s resource
recovery parks in Ashburton and Rakaia,
and management of school and rural
recycling drop-off sites.
This represents a major milestone for
the company’s national growth strategy
and is the first major waste contract
awarded to WasteCo in the Canterbury
region. It allows us to deliver innovative,
future-focused waste solutions that
enhance service delivery, environmental
performance and community outcomes.
The contract, which commences
on 1 September 2026, will support
23 full-time employees and involves the
purchase of nine new collection vehicles
and associated plant.
Diverse operations
In FY2024 we expanded our operational
footprint into Southland, Central Otago
and the top of the South Island through
three strategic acquisitions. Establishing
a strong presence in these regions has been
key to our continued growth and ability
to deliver integrated services to both
new and existing customers.
Our acquisition of Civic Waste in FY2025
has significantly increased our position
as a truly national operator, enhancing our
North Island presence while complementing
our established South Island network. The
integration has progressed well, enabling us
to broaden our service offering and compete
for large-scale, multi-site contracts across
priority sectors such as retail, education and
residential services.
ASHBURTON
DISTRICT COUNCIL
AWARDS WASTECO
MULTI-MILLION-DOLLAR
CONTRACT
A strong foundation
for growth
Annual Report 20251634569127802We7'r r69c
We remain focused on
improving our core business
through critical risk
management, cost efficiency,
sales growth and operational
excellence. While strategic
acquisitions have played a
key role in expanding our
national footprint, sustainable
growth depends on getting the
fundamentals right.
The diversity of our operations
across the South Island is a
core strength, underpinned
by multiple revenue streams
spanning waste management
and industrial services.
This year, we prioritised
productivity gains, unlocking
operational synergies and
making smarter use of our
assets. For example, Civic
Waste began to deliver on a
major new Waikato contract
by redeploying a specialist
vehicle from the South Island,
enabling service delivery ahead
of new fleet investment.
These kinds of efficiencies are
improving performance across
our network and enhancing our
competitiveness in the market.
As we grow, our success will rely
on maintaining a disciplined
focus on our core business,
making it stronger, more
efficient and better positioned
to support long-term expansion.
As a company deeply connected to the environment,
sustainability is not a bolt-on, it’s an essential part of how we
operate and grow. This year, we partnered with environmental
specialists to develop an integrated sustainability plan that
will guide our transition to lower emissions and better resource
use. This includes building out supporting policies, setting clear
KPIs, and streamlining our carbon auditing processes to ensure
transparency and accountability.
To reduce emissions and improve operational efficiency
we implemented Teletrac Navman tracking technology
across our fleet. This gives us real-time visibility over vehicle
movements, helping us cut emissions, optimise logistics and
support safer, more efficient driving behaviour.
We are also transitioning our fleet to more sustainable vehicles.
Hybrid Toyota RAV4s have been introduced into our sales fleet,
and Civic Waste has added a Polestar 2 electric vehicle, marking
a step forward on our journey toward a zero-emissions future.
Strengthening
our core while
enabling growth
Embedding
environmental
leadership
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Making waste work for communities means more than
recycling, it’s about being there after the flood, during the
festival and every day in between, delivering safe, reliable
services that people can count on.
Our focus remains clear—to look after our people, lead with
integrity, grow responsibly and build a sustainable business
that supports our communities and protects the environment
for future generations.
Thank you to all the staff at WasteCo for your commitment
to delivering cleaner environments.
David Peterson
CEO
Our focus
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Opportunities and trends for growth
in waste management
Urbanisation and infrastructure investment
Circular economy and sustainability demands
Technology and efficiency
Sector consolidation and national service demand
Climate adaption and resilience
1
2
3
4
5
Continued urban expansion, especially in regional hubs, will drive higher
demand for construction and demolition waste services. As councils and
developers increase investment in housing and transport, waste services will
need to scale to support delivery.
Businesses and government are under growing pressure to improve
environmental performance. This has accelerated interest in diversion from
landfill, resource recovery and integrated waste solutions—areas where
WasteCo is actively investing and expanding capabilities.
The sector is undergoing a quiet transformation through digitisation,
automation and data-led service delivery. Companies that invest in smart
routing, predictive maintenance and customer-facing platforms will unlock
productivity gains and competitive advantages.
As large enterprises and government bodies seek fewer suppliers with broader
national reach, consolidation is accelerating. WasteCo’s strategic expansion
positions us to win larger contracts and deliver consistent service across
multiple regions.
Natural disasters and climate-related events are increasing in frequency
and impact. The waste sector plays a critical role in emergency response
and recovery—a growing area of demand where agility matters.
Despite short-term constraints, several structural trends signal
long-term opportunity and growth potential
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Making waste work
for communities
At WasteCo, we’re more than just a waste services provider
—we’re an active part of the communities we serve, committed to making
a positive impact through environmental leadership, local partnerships
and supporting regional events
WasteCo is committed to creating positive
impact in the communities we serve. This
year, we continued our proud partnership
with the Canterbury Charity Hospital Trust,
a volunteer-run facility providing free healthcare
to individuals who fall outside public healthcare
eligibility and cannot afford private treatment.
By providing complimentary waste management
services, including handling both general and
medical waste, we help reduce operational
It was great to be part of the Electric Avenue
Music Festival, Australasia’s biggest party.
With more than 70,000 attendees across two
days and a visitor spend of nearly $10.5 million,
the event was a major boost for Christchurch.
We played our part by managing waste and
diverting as much as possible from landfill.
costs for this vital communityresource. This
support enables the hospital to redirect funds
towards patient care and essential services like
colorectal cancer screening for under–60s.
Our partnership reflects WasteCo’s values
as a national leader with strong local roots,
investing not only in innovative waste solutions
but also in community-driven initiatives that
make a real difference in people’s lives.
Supporting healthcare
access at Canterbury
Charity Hospital
Supporting
Electric Avenue 2025
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We were on the ground at the CORDE
City2Surf event, providing waste sorting
services and successfully recycling all waste
to divert as much rubbish as possible from
landfill. It was another step towards making
the event more sustainable.
We continued to work with Antarctica
New Zealand, managing frozen waste generated
on the ice. From sterilising food waste to deep-
burying treated human waste, we’re committed
to keeping one of the world’s most pristine
environments clean for future generations.
We loved supporting the Goldfields Cavalcade in Twizel, providing Portaloos,
managing septic services and ensuring participants had safe, clean facilities
throughout the 1200km journey. A huge thanks to Donny Lewis and the Central
Otago team for making it all happen seamlessly.
CORDE City2Surf
A cleaner Antarctica
On the ground at the Goldfields Cavalcade
We were proud to support the grand
opening of Mitre 10 MEGA Brougham Street,
providing waste services in the lead-up to
the event. Our team helped keep the site
clean and launch-ready, demonstrating
our commitment to supporting local
businesses and community success.
The Mitre 10 MEGA
grand opening
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To improve fleet efficiency and sustainability,
we installed Teletrac Navman tracking across
our vehicle network. This technology gives
us real-time visibility over fleet movements,
helping reduce emissions, optimise resources
and improve driver performance.
Investing in smarter
fleet management
In partnership with the Clutha District Council, we rolled out
new sideloader trucks in Balclutha. These trucks reduce
manual handling, improve efficiency and cut emissions—
showcasing how local innovation is helping deliver smarter,
more sustainable services.
Local innovation in action:
new trucks in Balclutha
We introduced hybrid vehicles, including
Toyota RAV4 hybrids, into our sales fleet to
lower emissions and improve fuel efficiency.
WasteCo has also added a Polestar 2
electric vehicle to its fleet, moving closer
to its zero-emission goals.
We are also working with Green Halo
to understand our base line position on
carbon emissions.
Investing in a greener fleet
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We are a proud to support our local roots by
sponsoring the Crusaders. This partnership
is part of our commitment to sustainability
and community, and we’re excited to help
the team stay focused on their game while
managing waste sustainably at every
home match.
Supporting local roots:
sponsoring the Crusaders
As a Toitū Diamond-Certified waste solutions provider, we’re committed
to reducing landfill waste through advanced sorting facilities and
environmentally responsible processes.
Toitū Enviromark is a New Zealand-based environmental certification
programme designed to help organisations manage, reduce and offset
their environmental impacts. It provides the framework and tools
for businesses to measure, manage and mitigate their carbon footprint
and other environmental impacts. To gain this certification an organisation
must have a robust Environmental Management System to manage
environmental impacts.
Embracing
Toitū Enviromark certification:
a pathway to a sustainable future
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Roger is an experienced executive, director
and chairman of public and private companies.
He had an executive career in logistics and
transportation and was a key executive in the
listing of a New Zealand transport company on
the NASDAQ, and organising significant offshore
financing for transport assets.
Roger became WasteCo’s Chairman last
December. He is currently also the Chairman
of PrimePort, Timaru. Roger is an independent
director of NZX-listed Me Today and of a number
of private companies.
Following his executive career, he completed
a Master of Philosophy degree at Cambridge
University, in the UK, researching the use of
economic tools to improve environmental
outcomes and the key attributes of successful
spinouts. He also holds a B.Com from Auckland
University and an MBA from Massey University.
Simon brings more than 25 years of experience
in business and property investment, combined
with an 18-year legal career in major New Zealand
law firms.
As principal of Empire Capital, Simon has
spearheaded transformative projects, including
acquisitions across marine; residential, industrial
and commercial property; and technology sectors.
Notable achievements include the acquisition of
three of Auckland’s privately-owned marinas and
associated waterfront land holdings and growing
them into thriving enterprises.
Lesser known is his investment in technological
infrastructure, reflecting his strategic vision and
entrepreneurial leadership. His proven expertise,
experience and forward-thinking leadership will be
valuable as WasteCo continues on its aggressive
growth trajectory.
ChairNon-Independent Director
WasteCo Board of Directors
Roger GowerSimon Herbert
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Sean has more than 30 years’ experience in the
corporate sector as a corporate lawyer and a
market participant. He has a particular focus on
the capital markets and securities laws in New
Zealand. This includes regulatory compliance,
initial public offerings, compliance listings,
reverse listings, takeovers, fundraising and
offerings of various types of securities in New
Zealand.
Sean is a Chartered Member of the Institute of
Directors (CMinstD) and holds a Bachelor of Arts
and a Bachelor of Laws (Hons) from Auckland
University. Sean is a director of a number of private
and listed companies.
Shane has extensive experience in financial
markets, having worked in London and
New Zealand for more than 30 years.
He was previously a member of the Financial
Market Authority’s Code Committee for Financial
Advisers for seven years. Shane became a
shareholder and a director of WasteCo Holdings
NZ in December 2020 (prior to the reverse listing)
and served as Chair from December 2022 to
December 2024.
Non-Independent DirectorDirector
Sean JoyceShane Edmond
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James is one of WasteCo’s founders.
Before launching WasteCo with Carl Storm,
James gained 18 years of cost and management
accounting experience in banking, foreign
exchange, broadcasting, manufacturing
and pharmaceuticals.
James and Carl are no longer working in the
business, but James remains on the Board.
Rodney is a qualified Chartered Accountant
with over 30 years’ experience. He has a strong
financial background and commenced his career
at KPMG Auckland in the financial accounting
and insolvency areas.
After a solid grounding in CA practice,
he then began his commercial journey in the
manufacturing sector, with various senior
finance roles in multinational printing groups
Blue Star Print and PMP Print, including
experience in managing business acquisitions
and startups. More recently he has moved into
the private sector with a CFO role in the Hospitality
industry for 5 years and is currently CFO of
the Empire Capital Group.
He brings significant commercial business
experience, strategic thinking, and broad financial
analysis and interpretation skills to the Board.
Non-Independent DirectorNon-Independent Director
James RedmayneRodney Malam
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The full content of the company’s Governance Code and related polices and charters can be
found on the company’s website (‘website’).
This statement is a summary of the corporate governance arrangements approved and observed
by the Board as at 31 March 2025. The corporate governance arrangements are based on the
principles set out in the NZX Corporate Governance Code (‘NZX Code’). This statement has been
approved by the Board.
The Board has documented a Code of Ethics, which can be found on the website. The Code of
Ethics details the ethical standards to which the directors and employees of the Company and its
subsidiaries (Group) are expected to adhere. The Code of Ethics includes the items listed under
Recommendation 1.1 of the NZX Code.
The objective of the Board is to enhance shareholder value by directing the company in
accordance with sound governance principles. The Board assumes the following primary
responsibilities:
A formal Governance Code, which can be found on the website, has been adopted by the Board
and further outlines roles and responsibilities of the board, and distinguishes and discloses the
respective roles and responsibilities of the Board and management.
The Company regularly evaluates the performance of the directors, Board and Board committees
• formulation and approval of the strategic direction, objectives and goals of the Company;
• monitoring the financial performance of the Company, including approval of the
Company’s financial statements;
• ensuring that adequate internal control systems and procedures exist and that
compliance with these systems and procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the Company
to operate by.
The Board is committed to achieving best practice corporate governance
and the highest standards of ethical behaviour. The governance principles
adopted by the Board are designed to achieve these goals.
for the year ended 31 March 2025
Code of ethics
Roles of the Board
Corporate Governance Statement
Annual Report 20252734569127802We7'r r69c
internally. In addition, the Company continues to assess the size, diversity and skills of the Board.
Directors also receive appropriate training to remain current on how to best perform their duties
as directors of the Company.
The Company enters into written agreements with newly appointed directors establishing the
terms of their appointment.
In accordance with the Company’s constitution and the NZX Listing Rules, the Board
will comprise not less than three directors. The Board will be comprised of persons with
complementary skills appropriate to the Company’s objectives and strategies. The Board must
include not less than two persons who are deemed to be independent. A profile for each director is
set out on page 23 of this Annual Report and on the website.
Independence is assessed in accordance with the NZX Listing Rules, the factors listed under
Recommendation 2.4 of the NZX Code, and up to date information about a director. The Board
also has regard to the purpose of the composition requirements under the NZX Listing Rules.
WasteCo’s Board currently comprises five directors as follows:
Rodney Malam was also appointed as a Non-Independent Alternate Director in December 2024.
He is an alternate for Sean Joyce and Simon Herbert and is authorised to act in their place if his
appointer is absent.
As outlined above, Roger Gower and Shane Edmond are considered independent directors by the
Board, in accordance with the NZX Listing Rules, as of 31 March 2025.
This determination is based on the fact that Mr. Gower and Mr. Edmond are not employees of the
Group and do not have any ‘Disqualifying Relationship’ as defined in the NZX Listing Rules.
Additionally, after careful consideration, the Board has found no other factors, including those
referenced in Table 2.4 of the NZX Code, that would affect the independence status of Mr. Gower,
or Mr. Edmond.
Board composition
Roger Gower (Chair)Independent Director
Shane EdmondIndependent Director
Sean JoyceNon-independent Director
Simon HerbertNon-independent Director
James RedmayneNon-independent Director
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The following individuals are considered non-independent directors:
Note that while Sean Joyce and Rodney Malam are appointed to the Board in their capacity
as representatives of substantial product holder, Empire Waste Technology Limited, they do
not hold a personal relevant interest in those shares. Simon Herbert is the sole shareholder of the
ultimate holding company of Empire Waste Technology Limited, Empire Holdings Trustee Limited.
Additionally, James Redmayne held an executive role within the Company during the financial
year ending 31 March 2025.
The Chair is an independent director, and the Chair and the CEO of the Company
are different people.
• Sean Joyce—has a Disqualifying Relationship as he was appointed to the Board
by a substantial product holder of the Company, Empire Waste Technology Limited.
• Simon Herbert—has a Disqualifying Relationship as he was appointed to the Board
by a substantial product holder of the Company, Empire Waste Technology Limited.
• James Redmayne—is a substantial product holder of the Company as a joint trustee
of a family trust.
• Rodney Malam (alternate for Sean Joyce and Simon Herbert)—has a Disqualifying
Relationship as he was appointed to the Board by a substantial product holder of the
Company, Empire Waste Technology Limited.
• James Redmayne resigned from his executive role effective 30 June 2024.
• Carl Storm resigned from his executive role on 5 July 2024 and later stepped down from his
director role on 16 August 2024.
• Angus Cooper resigned from the Board on 31 October 2024.
Resignations & role changes
The Board considers that, although it does not have a majority of independent Board members,
it has the right balance for the current size and structure of the Company. The Board will continue
to reassess this to ensure that the balance of Board members remains appropriate for the
Company’s needs.
Board meetings are held on a monthly basis and are attended by key management personnel
as required. Additional meetings are held as and when required. Each Board meeting involves
discussions and review of health and safety, finance, market information, strategy and other
operational matters.
Board meetings
Annual Report 20252934569127802We7'r r69c
The following table shows director attendance at Board meetings and Board committee meetings
for the FY25 financial year:
Board memberBoard Meetings attended
Roger Gower8
Shane Edmond9
James Redmayne 9
Angus Cooper6
Carl Storm4
Simon Herbert2
Sean Joyce2
The Company’s Governance Code sets out the nomination and appointment procedures for
directors. When a vacancy arises, the Board will identify candidates with a mix of diversity,
capabilities and perspectives considered necessary for the Board to carry out its responsibilities
effectively in accordance with its nomination and appointment procedure. A director appointed
by the Board must stand for election at the next Annual Meeting. A director may not hold office for
longer than three years or past the third annual meeting following that director’s appointment.
Retiring directors are eligible for re-election.
The Board has established an Audit, Finance and Risk Committee and a Remuneration,
Nomination and Health & Safety Committee.
Criteria for Board membership
Board committees
The Audit, Finance and Risk Committee operates under a Charter approved by the Board and is
accountable to the Board for:
Audit, Finance and Risk Committee
• the business relationship with, and the independence of, external auditors;
• the reliability and appropriateness of the disclosure of the financial statements and
external financial communication; and
Annual Report 20253034569127802We7'r r69c
• the maintenance of an effective business risk management framework including
compliance and internal controls.
Part of the Audit, Finance and Risk Committee’s role is to oversee financial reporting to ensure it
is balanced, clear and objective.
The current members of the Audit, Finance and Risk Committee are Shane Edmond (Chair),
Roger Gower and James Redmayne, all of whom are non-executive directors and being a majority
of independent directors. Shane Edmond is both an independent director and has an adequate
financial background, determined in accordance with section 3.2.1 of the NZX’s Governance
Guidance Note (January 2025). Shane Edmond is an independent chair of the Audit, Finance and
Risk Committee and is not Chair of the Board. Employees only attend the Audit, Finance and Risk
Committee meetings at the invitation of the committee.
The Audit, Finance and Risk Committee Charter can be found on the website.
The Remuneration, Nominations and Health & Safety Committee operates under a Charter
approved by the Board and is accountable to the Board for:
The current members of the Remuneration, Nominations and Health & Safety Committee are
Roger Gower and Shane Edmond, who are both independent directors. Management only attends
Remuneration, Nominations and Health & Safety Committee meetings at the invitation of the
committee. The remuneration paid to the directors during the financial year ended 31 March 2025
is set out on page 101 of this Annual Report.
WasteCo has a remuneration policy for the remuneration of executives and directors,
contained in the Company’s Governance Code. The Board promotes the alignment of the
interests of the directors, the CEO and management with the long-term interests of shareholders.
The remuneration received by directors in FY25 is disclosed on page 101 of this Annual Report.
The remuneration arrangements for the CEO are disclosed on page 108 of this Annual Report.
This includes a base salary and a short term incentive but no long term incentives.
The Remuneration, Nomination and Health Committee Charter can be found on the website.
Remuneration, Nomination and Health & Safety Committee
• the appointment, remuneration and evaluation of the CEO and succession planning
in relation to them;
• the remuneration of the leadership team;
• reviewing risks and compliance with statutory and regulatory requirements relative to
human resources;
• reviewing health and safety policies to ensure the Company is providing a safe working
environment for all employees and contractors; and
• recommending to the Board, candidates to be appointed as a director.
Annual Report 20253134569127802We7'r r69c
The Board has adopted a set of protocols to be followed in the event of a control transaction
(as defined in the NZX Code) being made. In the event of a control transaction, a control
transaction committee of independent directors would be formed and would have responsibility
for managing the control transaction in accordance with the Board protocols and applicable laws,
including the New Zealand Takeovers Code.
The Company does not currently have any other standing Board committees. The Board
has considered whether any other Board committees are required and has determined they
are not required.
Other Committees
The Company has a detailed Share Trading Policy which applies to all directors and employees,
and their associated persons, and can be found on the website. The procedures outlined in
this policy must be followed by all directors and any employees to obtain consent to trade in
the Company’s shares. Under the policy, trading restrictions apply during the following specific
blackout periods:
The Company has in place procedures designed to ensure compliance with the NZX Listing Rules
such that all investors have equal and timely access to material information concerning the
Company, including its financial situation, performance, ownership and governance.
Announcements are factual and presented in a clear and balanced way. Significant market
announcements, including the announcements of the half-year and full-year results and the
financial statements for those periods are reviewed by the Board prior to release.
The Group’s NZX Market Disclosure Policy has been put in place to ensure that the Company
complies with its continuous disclosure obligations at all times and can be found on the website.
Outside the black-out periods specified above, any trading is subject to the notification and
consent requirements outlined in the policy.
Trading in Shares
Continuous disclosure
• two weeks before 30 September until 48 hours after the half-year results are
released to NZX;
• two weeks before 31 March until 48 hours after the full-year results are released
to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement)
for a general public offer of the same class of shares.
Annual Report 20253234569127802We7'r r69c
The Board ensures that the Group effectively manages health and safety. Providing leadership
and securing and allocating resources, as well as ensuring the Company has the appropriate
team, systems and equipment to manage the risks related to its work activities, are important
aspects of the Board’s responsibility to health and safety management. The Group has a
health and safety incident reporting system by which it reports all incidents to the Board for its
information, review and assurance on a monthly basis.
The Board recognises the wide-ranging benefits that diversity brings to an organisation.
The Company endeavours to incorporate diversity to ensure a balance of skills and perspectives
are available to benefit our shareholders. The Company’s Diversity Policy can be found
on the website.
WasteCo Group’s diversity focuses on gender, age, ethnicity, sexual orientation,
inclusion and flexibility. The activity we undertake across these areas of focus is aligned
to the following principles:
As at 31 March 2025, the gender balance of the Company’s directors (excluding alternates)
and officers were as follows:
Health & Safety
Diversity
• increasing the diversity of our workforce at senior levels;
• creating a flexible and inclusive work environment that values difference and enhances
business outcomes;
• harnessing diversity of thought and capitalising on individual differences;
• leadership behaviours that reflect our belief in the value of inclusion and diversity; and
• retaining and attracting a talented workforce through increasing the diversity of the
candidate pool and maintaining a recruitment strategy that is attractive to all candidates.
20252024
FEMALEMALEFEMALEMALE
Directors—5—5
Officers (exluding directors)—2—2
Total—7—7
Annual Report 20253334569127802We7'r r69c
As the opportunity arises to expand the Board, the Company will look to diversify in terms of both
gender and skills.
The waste industry has historically had a larger percentage of male employees. WasteCo has
taken active steps to increase the percentage representation of female employees through equal
employment opportunity initiatives and policies, assessments of gender pay gap, employee
wellbeing initiatives and a focus on an inclusive family-oriented work culture.
The Board is responsible for ensuring that material business and financial risks are identified,
and that appropriate controls and procedures are in place to effectively manage those risks. The
Audit, Finance and Risk Committee has overall responsibility for ensuring that the Company’s
risk management framework is appropriate and that risks are identified, considered and
managed. Risk management is a standing item on the agenda for Audit, Finance and Risk
Committee meetings. During the year ended 31 March 2025 the Group implemented a number of
risk management initiatives. Health and safety continues to be a key area of focus and external
reviews were conducted on insurance and information technology risk.
The Board has established a framework for the Group’s relationship with its external auditors,
which ensures that external audit independence is maintained. The External Audit Policy is
set out in the Company’s Governance Code, available on the website. Oversight of the Group’s
external audit arrangements is the responsibility of the Audit, Finance and Risk Committee.
The External Audit Policy covers:
The Company does not have an internal audit function, however it has internal processes and
processes that are considered to be appropriate for the size, structure and complexity of the
Group. As set out in the Company’s Governance Code, the Audit, Finance and Risk Committee is
responsible for regularly reviewing the Company’s internal controls and systems, and regularly
reporting to the Board on the Company’s internal control processes.
The external auditor attends the Company’s annual meeting each year to answer questions from
shareholders in relation to the audit.
Risks
Auditor
External auditor
Internal audit
• communication between the Audit, Finance and Risk Committee and the
external auditors;
• maintaining independence of the external auditors; and
• the process for reporting on non-audit work.
Annual Report 20253434569127802We7'r r69c
The Company has a dedicated page on its website where investors and stakeholders can
access financial and operational information and key corporate governance information about
the Company.
Shareholders can raise queries via the contact information on the website or at the Company’s
Annual Meeting of shareholders. Shareholders can elect to receive communications
electronically.
As required by the NZX Listing Rules, the Company seeks shareholder approval for major
decisions. In December 2024, the Company sought shareholder approval under the NZX Listing
Rules and the Takeovers Code for the issue and conversion of convertible notes.
The Company seeks to offer new equity pro rata to existing shareholders. In December 2024,
the Company announced a Share Purchase Plan, where new equity was offered to existing
shareholders, enabling shareholders that participated to maintain at least pro rata holdings,
if they wished.
As set out in the Company’s Governance Code, the Board endeavours to release all notices of
meeting at least 20 business days prior to the date of the meeting, where practical.
During the year ended 31 March 2025, the Company has followed the NZX Code (31 January 2025)
in all material aspects, with the following exceptions:
Shareholder rights & relations
NZX Corporate Governance Code (31 January 2025)
ReferenceRecommendationAlternative Governance Practice
& Reason for the Practice
Recommendation 2.8A majority of the board should be
independent directors.
James Redmayne, Sean Joyce, Simon
Herbert and Rodney Malam (alternate for
Sean Joyce and Simon Herbert) are not
classified as independent directors due to
their status as either substantial product
holders of the Company, or having been
appointed to the Board by a substantial
product holder of the Company.
While the Board does not currently have
a majority of independent directors, it
believes that the existing composition
provides an appropriate balance given the
Company’s current size and structure.
The Board remains committed to ongoing
reassessment of its structure to ensure
that the composition continues to align
with the Company’s strategic needs and
governance requirements.
Annual Report 20253534569127802We7'r r69c
Recommendation 4.4An issuer should provide non-financial
disclosure at least annually, including
considering environmental, social
sustainability and governance factors
and practices. It should explain
how operational or non-financial
targets are measured. Non-financial
reporting should be informative,
include forward looking assessments,
and align with key strategies and
metrics monitored by the board.
WasteCo has not yet provided
comprehensive reporting on environmental,
economic, and social sustainability factors.
Moving forward, the Board, in collaboration
with the appropriate committees, will
continue to identify relevant measures for
these key areas. Efforts are underway to
develop and implement systems that will
effectively capture, refine, and structure
this information to support future reporting
and transparency in these domains.
Recommendation 6.1An issuer should have a risk
management framework for its
business and the issuer’s board
should receive and review regular
reports. An issuer should report the
material risks facing the business and
how these are being managed.
Risk Management Implementation—FY25
Throughout FY25, the Board has
remained committed to implementing
and refining the Group’s risk management
plan, ensuring it effectively addresses
the material risks impacting business
operations. This approach follows the
reverse takeover transaction completed in
December 2022, providing a framework for
managing evolving challenges
and opportunities.
The risk management plan has been
designed with a specific focus on strategic,
operational, and project-related risks,
ensuring comprehensive oversight and
mitigation efforts. In particular, the
following key areas have been a priority:
→Health & Safety: Strengthening
workplace safety protocols and
compliance measures.
→Information Technology & Systems:
Enhancing cybersecurity, data
management, and digital infrastructure
to mitigate technology-related risks.
→Financial Risk Management:
Implementing robust financial controls
to safeguard stability and improve
operational resilience.
By prioritising these critical areas,
the Board aims to ensure long-term
sustainability, operational efficiency, and
proactive risk mitigation across the Group.
The alternative governance practices described in the table above have been approved
by the Board.
Annual Report 20253634569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Revenue5
56,40948,233
Other income632199
Expenses
Labour related expenses7.1
(24,598)(21,624)
Collection, recycling and waste disposal expenses(10,798)(8,988)
Fleet operating expenses(9,988)(6,876)
Depreciation and amortisation expenses7(8,169)(6,192)
Property expenses(1,012)(730)
Other expenses(5,680)(6,710)
Loss from operations(3,515)(2,788)
Finance costs7.2(5,114)(3,078)
Restructuring costs7.3(1,755) —
Acquisition costs7.4(605)(639)
Gain on bargain purchase—762
Loss before income tax(10,989)(5,743)
Income tax benefit91,1351,608
Loss for the year(9,854)(4,135)
Other comprehensive income
Other comprehensive income for the year
— —
Total comprehensive loss for the year(9,854)(4,135)
Loss per share
Basic and diluted loss per share (NZ$)10
(0.011)(0.005)
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
for the year ended 31 March 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Annual Report 20253734569127802We7'r r69c
NoteShare
capital
NZ$000
Convertible
notes
reserve
NZ$000
Share based
payments
reserve
NZ$000
Retained
earnings
NZ$000
Total
equity
NZ$000
Balance at 1 April 2024
19,931343564(4,451)16,387
Loss for the year
———(9,854)(9,854)
Other comprehensive
income net of income tax
—————
Total comprehensive loss
———(9,854)(9,854)
Transaction with owners in their capacity as owners
Shares issued during
the year
19
5,000———5,000
Less: share issue costs19
(298)———(298)
Equity component
recognised in convertible
notes reserve
18.4
—4,270——4,720
Less: transaction
costs allocated to the
equity component of
convertible costs
18.4
—(148)——(148)
Share options issued20, 21
——144—144
Share options forfeited20, 21
——(297)94(203)
Balance at 31 March 2025
24,6334,465411(14,211)15,298
Consolidated Statement of Changes in Equity
for the year ended 31 March 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Annual Report 20253834569127802We7'r r69c
NoteShare
capital
NZ$000
Convertible
notes
reserve
NZ$000
Share based
payments
reserve
NZ$000
Retained
earnings
NZ$000
Total
equity
NZ$000
Balance at 1 April 2023
9,871—304(316)9,859
Loss for the year
———(4 ,135)(4 ,135)
Other comprehensive
income net of income tax
—————
Total comprehensive loss
———(4,135)(4,135)
Transaction with owners in their capacity as owners
Shares issued during
the year
19
10,527———10,527
Less: share issue costs19
(507)———(507)
Equity component
recognised in convertible
notes reserve
18.4
—343——343
Share options issued20, 21
——321—321
Share options forfeited20, 21
——(4 6)—(4 6)
Share options exercised20, 21
40—(15)—25
Balance at 31 March 2024
19,931343564(4,451)16,387
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Annual Report 20253934569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
ASSETS
Current assets
Cash at bank25.1
5,8541,751
Trade receivables and other current assets118,6787,62 2
Inventories1272273
Income tax receivable—26
14,6049,672
Assets classified as held for sale13199—
Total current assets14,8039,672
Non-current assets
Property, plant and equipment14
41,39441,279
Right-of-use assets15.114,62010,545
Intangible assets169,3196,163
Total non-current assets65,33357,987
Total assets80,13667,659
Consolidated Statement of Financial Position
as at 31 March 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Annual Report 20254034569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
LIABILITIES
Current liabilities
Trade payable and other current liabilities17
7,76 65,859
Lease liabilities15.22.2761,162
Borrowings188,65210,640
Income tax payable142—
Total current liabilities18,83617,661
Non-current assets
Lease liabilities15.2
13,70410,422
Borrowings1832,29823,189
Total non-current liabilities46,00233,611
Total liabilities64,83851,272
Net assets15,29816,387
EQUITY
Share capital19
24,63319,931
Convertible notes reserve18.44,465343
Share based payments reserve20411564
Retained earnings(14,211)(4 ,4 51)
Total equity15,29816,387
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
These consolidated financial statements were approved by the Board on 29 May 2025.
Signed on behalf of the Board by:
Roger Gower
Director
Shane Edmond
Director
Annual Report 20254134569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Cash flows from operating activities
Receipts from customers
5 7, 8 7 946,022
Government grants received215
Payments to suppliers and employees(53,447)(4 4 ,913)
Interest received14—
Income tax (paid)/refunded2173
Net cash from operating activities25.24,4691,197
Cash flows from investing activities
Payments for property, plant and equipment14
(1,038)(3,560)
Receipts from sale of property, plant and equipment531299
Payments for intangible assets16(12)(35)
Acquisition of business24(5,581)(13,458)
Acquisition costs7.4(393)—
Contribution to acquisition expenses675—
Net cash used in investing activities(6,418)(16,754)
Consolidated Statement of Cash Flows
for the year ended 31 March 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Annual Report 20254234569127802We7'r r69c
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
Note2025
NZ$000
2024
NZ$000
Cash flows from financing activities
Proceeds from issue of share capital19
5,0008,347
Payments for share issue costs19(298)(507)
Proceeds from borrowings25.332,13218,858
Principal repayment of borrowings25.3(36,488)(8,202)
Interest paid on borrowings25.3(3,160)(2,264)
Proceeds from convertible notes18.415,000—
Payments for convertible note issue costs18.4(510)—
Interest paid on convertible notes18.4(547)—
Principal repayment of lease liabilities25.3(1,700)(1,323)
Interest paid on lease liabilities25.3(1,037)(799)
Other interest paid—(15)
Net cash from financing activities8,39214,095
Net increase in cash and cash equivalents6,443(1,462)
Cash and cash equivalents at the beginning of the year(589)873
Cash and cash equivalents at the end of the year25.15,854(589)
Annual Report 20254334569127802We7'r r69c
Notes to the Consolidated
Financial Statements
for the year ended 31 March 2025
Material accounting policies
2.1 Statement of compliance and reporting framework
2.2 Basis of preparation
General information
WasteCo Group Limited (‘WasteCo’ or ‘the Company’) and its subsidiaries (together ‘the Group’)
are limited liability companies, incorporated under the Companies Act 1993 and domiciled
in New Zealand.
The Group provides solutions in the collection of waste and recycling, sweeping services and
industrial cleaning services. WasteCo is the holding company for the Group. Details of subsidiary
companies and their principal activities are set out in note 22.
The address of the Company’s registered office is 421 Blenheim Road, Christchurch.
The following are the material accounting policies adopted by the Group in the preparation and
presentation of the consolidated financial statements. There have been no changes in the material
accounting policies since the previous year end unless otherwise stated.
The consolidated financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’). The Group is a for-profit entity for the purposes
of complying with NZ GAAP. The consolidated financial statements comply with New Zealand
equivalents to IFRS Accounting Standards (‘NZ IFRS’) and other applicable New Zealand Financial
Reporting Standards as appropriate for for-profit entities.
The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013. The
Company is listed on the NZX Main Board (‘NZX’). These consolidated financial statements have been
prepared in accordance with the requirements of the Financial Markets Conduct Act 2013 and the
NZX Main Board Listing Rules.
The consolidated financial statements have been prepared on a historical cost basis apart from those
items measured at fair value as described below. Historical cost is generally based on the fair value of
the consideration given in exchange for goods and services.
1
2
Annual Report 20254434569127802We7'r r69c
The consolidated financial statements are presented in New Zealand dollars which is the
Group’s functional and presentation currency, rounded to the nearest thousand dollars unless
otherwise stated.
2.3 Principles of consolidation
2.4 Revenue recognition
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company. Control is achieved when the Company:
The Group derives revenue from the following major sources:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control listed above.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies in line with the Group's accounting policies.
All intragroup assets, liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
Acquisitions of businesses are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at fair value. Acquisition related costs are
generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised
at their fair value at the acquisition date, except that deferred tax assets or liabilities, and liabilities
related to employee benefit arrangements, are recognised and measured in accordance with NZ IAS
12 Income Taxes and NZ IAS 19 Employee Benefits respectively.
Goodwill is measured as the excess of the sum of the consideration transferred over the net of the
acquisition-date amounts of the identifiable assets acquired, and the liabilities assumed.
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
• Waste collection and recycling services;
• Sweeping services; and
• Industrial cleaning services.
Business combinations
Annual Report 20254534569127802We7'r r69c
The Group provides waste collection and recycling services via front load bins, hook bins, skip bins
and wheelie bins to both commercial and private customers. Recycling services include a dedicated
sorting facility with a focus on diversion from landfill.
Revenue from collection and disposal of waste is recognised when the performance obligation to the
customer has been fulfilled, which is generally when the waste has been collected from the customer.
Costs to dispose of the waste are generally incurred at, or close to, the time of collection.
Revenue from the sale of recycled materials is recognised when control of the goods has transferred,
being when the goods have been shipped to the customer’s specific location or when the customer
collects the goods.
The Group provides sweeping services for Councils and commercial customers. Contracts for the
provision of sweeping services to Councils are usually for ongoing sweeping over multi-year periods.
Revenue from sweeping services provided to Councils are recognised over time as the services are
performed. Revenue from sweeping services provided to commercial customers is recognised when
the performance obligation to the customer has been fulfilled, which is generally when the sweeping
service has been provided.
The Group provides industrial scrubbing, high pressure water blasting, urgent spill response services,
port-a-loo hire and collection, and septic tank cleaning. Revenue from industrial cleaning services is
recognised when the performance obligation to the customer has been performed, which is generally
when the cleaning services have been performed, or in the case of port-a-loos, when the regular
cleaning and waste collection has been completed.
Revenue is measured based on the consideration to which the Group expects to be entitled in a
contract with a customer and excludes amounts collected on behalf of third parties, such as goods
and service tax and customs duties.
Waste collection and recycling services
Sweeping services
Industrial cleaning services
2.5 Segment reporting
2.6 Borrowing costs
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision maker. The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating segments, has been identified as
the Board of Directors.
Borrowing costs include interest expense calculated using the effective interest method and finance
charges in respect of lease arrangements. Borrowing costs are expensed as incurred.
Annual Report 20254634569127802We7'r r69c
2.7 Income Tax
2.9 Inventories
2.8 Goods and services tax
Income tax expense comprises both current and deferred tax.
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are
determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for
inventories less estimated costs of completion and costs necessary to make the sale.
Revenue, expenses, assets, liabilities, cash receipts and cash payments are recognised net of the
amount of goods and services tax (GST) except:
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit
before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because
of items of income or expense that are taxable or deductible in other years and items that are never
taxable or deductible.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of
unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it
is probable that taxable profits will be available against which those deductible temporary differences
can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference
arises from the initial recognition (other than in a business combination) of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit, unless the initial
recognition gives rise to equal amounts of taxable and deductible temporary differences.
Current tax
Deferred tax
• where the amount of GST incurred is not recovered from the Inland Revenue Department, it
is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or
• for receivables and payables, which are recognised inclusive of GST.
Annual Report 20254734569127802We7'r r69c
2.10 Assets held for sale
2.11 Property, plant and equipment
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair
value less costs to sell. Non-current assets are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. This condition is
regarded as met only when the sale is highly probable and the asset is available for immediate sale in
its present condition. The Group must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.
Each class of property, plant and equipment is measured at historical cost less accumulated
depreciation and accumulated impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values, over their
estimated useful lives. The estimated useful lives, residual values and depreciation method are
reviewed at the end of each reporting period.
The following depreciation rates are applied:
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of property, plant and equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
Class of assetDepreciation ratesDepreciation basis
Plant and equipment
4%—20%
Straight line
16%—67%
Diminishing value
Vehicles
7%—20%
Straight line
13%—30%
Diminishing value
Office equipment
16%—50%
Diminishing value
Leasehold improvements
10%
Diminishing value
Annual Report 20254834569127802We7'r r69c
2.12 Intangible assets
2.13 Leases
Acquired intangible assets with finite useful lives are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is recognised so as to write off the cost of the
assets over their estimated useful lives. The estimated useful lives and amortisation method are
reviewed at the end of each reporting period. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment losses.
The following amortisation rates are applied:
The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease
term of 12 months or less) and lease of low value assets.
The lease liability is initially measured at the present value of the future lease payments, discounted
by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its
incremental borrowing rate. The lease liability is subsequently measured at amortised cost using the
using the effective interest method. It is remeasured when there is a change in future lease payments
arising from a change in rate or if the Group changes its assessment of whether it will exercise
a purchase, extension of termination option, with a corresponding adjustment made to the carrying
value of the right-of-use asset.
The right-of-use assets comprise the initial measurement of the corresponding lease liability.
They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and the useful life of the
underlying asset.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is reviewed at each
reporting date to determine whether there is any objective evidence of impairment and is tested
annually for impairment.
Class of assetDepreciation ratesDepreciation basis
Customer contracts
26.67%
Straight line
Computer software
50%
Diminishing value
Brand names
The brand names acquired on the acquisition
of Civic Waste Limited have been fully impaired as
the Group has decided to not continue with these
brand names.
Annual Report 20254934569127802We7'r r69c
2.14 Financial instruments
2.15 Share capital
2.16 Share based payment transactions
The Group’s financial assets at amortised cost include cash at bank and trade and other receivables.
Financial liabilities (including trade payables and other current liabilities, borrowings and lease
liabilities) are measured at amortised cost using the effective interest method.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
The fair value of share options issued to directors and employees is determined at the grant date and
is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the
share options that will eventually vest, with a corresponding increase in equity.
The Group has issued convertible notes which are compound financial instruments.
The component parts of convertible loan notes issued by the Group are classified separately as
financial liabilities and equity in accordance with the substance of the contractual arrangements and
the definitions of a financial liability and an equity instrument.
At the date of issue, the fair value of the liability component is estimated using the prevailing market
interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an
amortised cost basis using the effective interest method until extinguished upon conversion or at the
instrument’s maturity date.
The conversion option classified as equity is determined by deducting the amount of the liability
component from the fair value of the compound instrument as a whole. This is recognised and
included in equity and is not subsequently remeasured. In addition, the conversion option classified
as equity will remain in equity until the conversion option is exercised, in which case, the balance
recognised in equity will be transferred to share capital. Where the conversion option remains
unexercised at the maturity date of the convertible loan note, the balance recognised in equity will be
transferred to retained earnings.
Transaction costs that relate to the issue of the convertible loan notes are allocated to the liability and
equity components in proportion to the allocation of the gross proceeds. Transaction costs relating
to the equity component are recognised directly in equity. Transaction costs relating to the liability
component are included in the carrying amount of the liability component and are amortised over the
lives of the convertible loan notes using the effective interest method.
Convertible notes
Annual Report 20255034569127802We7'r r69c
At the end of each reporting period, the Group revises its estimate of the number of share options
expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or
loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment
to the share-based payments reserve.
Application of new and revised New Zealand
IFRS Accounting Standards (NZ IFRSs)
3
3.1 New and amended standards and interpretations
All new and amended standards were implemented and the impact deemed not to be material.
The Group has not early adopted any standards, interpretations or amendments that have been
issued but are not yet effective. Early adoption of these new standards, interpretations
or amendments would not have had a material impact on the financial result or financial position
of the Group.
The Group has not yet assessed the impact of NZ IFRS 18 Presentation and Disclosure in Financial
Statements which becomes mandatory for reporting periods beginning on or after 1 January 2027.
It is expected that the standard will impact the presentation of the financial statements.
Key accounting estimates and judgements
In the application of the Group’s accounting policies, which are described in note 2, the directors
of the Group are required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods. Below are the key accounting judgements.
4
4.1 Going concern
The consolidated financial statements have been prepared on a going concern basis, which assumes
that the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $9.9 million in the year to 31 March 2025 (2024: $4.1 million
loss). The Group’s net cashflows from operating activities was $4.5 million (2024: $1.2 million).
Annual Report 20255134569127802We7'r r69c
At the reporting date the Group had cash of $5.9 million (2024: $1.8 million), negative working capital
of $4.0 million (2024: $8.0 million negative) and net assets of $15.3 million (2024: $16.4 million).
As at 31 March 2025, the Group had borrowings of $41 million (2024: $33.8 million) of which $8.7
million were current (2024: $10.6 million) and $32.3 million were non-current (2024: $23.2 million).
As described in Note 16, the Directors have considered forecast financial information and associated
assumptions in their assessment of whether there is potential impairment of intangible assets,
including goodwill. There are inherent uncertainties in forward-looking assumptions which can
be different, sometimes materially, to actual outturns. However, the Directors are of the view that
the inherent uncertainties are not material in the context of the assessment of going concern.
Additionally, the Group maintains a positive liquidity position, with enough cash on hand and access
to undrawn balance facilities at year end to provide further comfort in this respect. The Group is
currently in the process of negotiating updated financial covenants with our lender.
The Directors have, at the time of approving the consolidated financial statements, a reasonable
expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future. They have therefore continued to adopt the going concern basis of accounting in
preparing the consolidated financial statements.
The Directors have formed this expectation having regards to the Group’s current financial budget
and forecasts, the available headroom under existing funding facilities, and the Group’s ability to
comply with the renegotiated Kiwibank borrowing covenants (which have currently been agreed and
are subject to final approvals).
4.2 Determining fair values on acquisition
4.3 Impairment of goodwill
On 30 November 2024 the Group acquired Civic Waste Limited (note 24). At acquisition date the
identifiable assets acquired, and the liabilities assumed, are recognised at their fair value. Judgement
is required in determining fair value of the assets acquired. The fair value of assets acquired is
determined by reference to market prices for similar items. Independent valuers were engaged to
determine fair value.
Cash-generating units to which goodwill has been allocated are tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired. The Board has
undertaken value in use impairment testing and reviewed sensitivity analysis relating to the carrying
value of the goodwill. Judgement is required in determining whether there has been an impairment
in goodwill (note 16.1).
Annual Report 20255234569127802We7'r r69c
4.7 Share options
4.4 Impairment of non-financial assets
4.5 Recognition of deferred tax asset
4.6 Determining the lease term and incremental borrowing rate
The directors used judgement in determining the fair value of the share options. Share options
were independently valued using the Black-Scholes model to estimate fair value at grant date. The
expected volatility in the measure of fair value has been based on the observed volatility levels of
movements in WasteCo’s share price from 5 December 2022 up to 11 March 2025 and for overseas
comparable companies, as a proxy of the Company's future volatility. The Company did not have three
years’ trading history at the valuation date to provide a three-year historical volatility to support the
share option valuation (refer note 21).
All assets are assessed for impairment at each reporting date by evaluating whether indicators
of impairment exist in relation to the continued use of the asset by the Group. Impairment triggers
include technology changes, adverse changes in the economic or political environment and
future product expectations. If an indicator of impairment exists, the recoverable amount of the
asset is determined.
The future benefit of tax losses is recognised as a deferred tax asset to the extent that it is probable
that taxable profits will be available against which those tax losses can be utilised. Judgement is
required in determining the probability and timing of future profits.
When determining the lease term, judgement is required in determining whether it is reasonably
certain that an extension option will be exercised. The Group considers all relevant factors that create
an economic incentive for it to exercise the extension. After the commencement date, the Group
reassesses the lease term if there is a significant event or change in circumstances that is within its
control and affects its ability to exercise or not to exercise the option to extend. The Group included
the extension period as part of the lease term for leases of premises.
Lease liabilities are measured by discounting the lease payments using the interest rate implicit in
the lease. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right of use asset in a similar economic environment with similar terms,
security, and conditions. To determine the incremental borrowing rate, the Group uses recent third-
party financing received as a starting point, adjusted to reflect any changes in financing conditions
since the third-party financing was received.
Annual Report 20255334569127802We7'r r69c
Revenue
Other income
5
6
2025
NZ$000
2024
NZ$000
Revenue from waste collection and recycling
32,03925,431
Revenue from sweeping services13,29911,027
Revenue from industrial cleaning services11,07111,775
56,40948,233
2025
NZ$000
2024
NZ$000
Insurance claims
16914
Contribution to acquisition costs75—
Rental income5534
Interest income1435
Miscellaneous other income816
32199
The details above disaggregate the Group's revenue from contracts with customers into primary
markets and major service lines. All revenue is generated in New Zealand.
Annual Report 20255434569127802We7'r r69c
Expenses
7
Note2025
NZ$000
2024
NZ$000
Expenses relating to short-term leases
(268)(222)
Net foreign currency (losses)/gains(8)(4)
Loss on disposal of property, plant and equipment(553)(199)
Depreciation and amortisation expenses
Depreciation of property, plant and equipment14
(4 ,4 23)(3,902)
Depreciation of right of use assets15.1(2,019)(1,550)
Amortisation of intangible assets16(1,727)( 74 0)
(8,169)(6,192)
Fees incurred for services provided by the auditor
Audit of financial statements
Audit of the financial statements
(207)(215)
For prior audit—paid to previous auditor—(79)
(207)(294)
Other services
Acquisition due digilence services
(62)—
Total other services(62)—
Total fees incurred for services provided by the auditor(269)(294)
The profit or loss for the year includes the following expenses:
Annual Report 20255534569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Salary and wages
(23,725)(20,668)
Temporary staff costs(306)(170)
Employer Kiwisaver contributions(639)(554)
Share based payments2072(232)
(24,598)(21,624)
2025
NZ$000
2024
NZ$000
Interest on asset finance borrowings
(2,497)(2,105)
Interest on lease liabilities(1,037)(799)
Interest on convertible notes(917)—
Brokerage fees(4 32)—
Interest on bank overdraft(161)(159)
Bank fees(69)—
Interest charged by suppliers—(13)
Use of money interest(1)(2)
(5,114)(3,078)
7.1 Labour related expenses
7.2 Finance costs
Annual Report 20255634569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Restructuring costs
(755)—
Write down of assets held for sale13(66)—
Loss on disposal of assets(556)—
Impairment of property plant & equipment14(378)—
(1,755)—
Note2025
NZ$000
2024
NZ$000
Acquisition costs
(393)(639)
Impairment of intangible assets16(212)—
(605)(639)
7.3 Restructuring costs
7.4 Acquisition costs
Annual Report 20255734569127802We7'r r69c
Segment information
8
The Group provides solutions in the collection of waste and recycling, sweeping services and
industrial cleaning services. All of these collection and disposal services are provided in New Zealand.
2025Waste
collection &
recycling
NZ$000
Sweeping
services
NZ$000
Industrial
cleaning
NZ$000
Corporate
/unallocated
NZ$000
Total
NZ$000
Total revenue
32,03913,29911,071—56,409
Operating EBITDA
6,9905,1262,551(10,027)4,640
Finance income
———1414
Finance costs
(161)(25)(172)(4 ,756)(5,114)
Depreciation &
amortisation
(1,509)(348)(1,169)(5,143)(8,169)
Restructuring costs
(90)(4 5)(800)(820)(1,755)
Acquisition expenses
———(605)(605)
Net profit/(loss)
before taxation
5,2304,708410(21,337)(10,989)
Income tax benefit
———1,1351,135
Net profit/(loss)
for the year
5,2304,708410(20,202)(9,854)
Annual Report 20255834569127802We7'r r69c
2024Waste
collection &
recycling
NZ$000
Sweeping
services
NZ$000
Industrial
cleaning
NZ$000
Corporate
/unallocated
NZ$000
Total
NZ$000
Total revenue
25,43111,02711,775—48,233
Operating EBITDA
5,4394,5292,897(9,496)3,369
Finance income
———3535
Finance costs
(27)——(3,051)(3,078)
Depreciation &
amortisation
(4 28)(80)(284)(5,400)(6,192)
Gain on bargain purchase
———762762
Acquisition expenses
———(639)(639)
Net profit/(loss)
before taxation
4,9844,4492,613(17,7 8 9)(5,743)
Income tax benefit
———1,6081,608
Net profit/(loss)
for the year
4,9844,4492,613(16,181)(4,135)
The Group has identified its operating segments based on the internal reports reviewed and used by
the Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
The operating segments are identified by the CODM based upon the nature of services provided.
The Group has provided only a measure of profit and loss for each reportable segment as the
CODM is not provided with total assets and liabilities for each segment when assessing the Group’s
performance and allocating resources.
For the year ended 31 March 2025 there was two customers who individually accounted for more
than 10% of the Group's total sales. Sales to these customers were $8.6 million and $5.8 million
(31 March 2024: one customer with sales of $6.3 million). These customers purchased sweeping,
industrial & waste services.
8.1 Information about major customers
Annual Report 20255934569127802We7'r r69c
Taxation
9
The analysis of income tax expense is as follows:
The charge for the year can be reconciled to the loss before tax as follows:
9.1 Income tax benefit
9.2 Reconciliation of income tax benefit
2025
NZ$000
2024
NZ$000
Current income tax
——
Deferred tax(1,135)(1,608)
Total income tax benefit recognised in the current year(1,135)(1,608)
2025
NZ$000
2024
NZ$000
Loss before income tax
(10,989)(5,743)
Prima facie tax at 28% (2024: 28%)(3,077)(1,608)
Non-assessable income—(213)
Non-deductible expenses46988
Tax losses not recognised1,473125
Income tax benefit(1,135)(1,608)
Annual Report 20256034569127802We7'r r69c
2025Opening
balance
NZ$000
Recognised
in loss
NZ$000
Acquisition
of business
NZ$000
Closing
balance
NZ$000
Deferred tax assets(liabilities)
in relation to:
Provisions
172—19
Accrued expenses
404(66)188526
Customer contracts asset
(1,319)479(715)(1,555)
Property, plant & equipment
(3,302)(258)(608)(4,168)
Leases
29190—381
Tax losses offset against
deferred tax liability
3,909888—4,797
—1,135(1,135)—
2024Opening
balance
NZ$000
Recognised
in loss
NZ$000
Acquisition
of business
NZ$000
Closing
balance
NZ$000
Deferred tax assets(liabilities)
in relation to:
Provisions
21(4)—17
Accrued expenses
177227—404
Customer contracts asset
—203(1,522)(1,319)
Property, plant & equipment
(1,978)(1,324)—(3,302)
Leases
22764—291
Share options
85(85)——
Tax losses offset against
deferred tax liability
1,3822,527—3,909
(86)1,608(1,522)—
9.3 Deferred tax
Annual Report 20256134569127802We7'r r69c
9.4 Imputation credits
2025
NZ$000
2024
NZ$000
Imputation credits available for use in subsequent periods
153235
2025
NZ$
2024
NZ$
Basic and diluted (loss) per share
(0.011)(0.005)
2025 2024
Loss from continuing operations
NZ$000
(9,854)(4 ,135)
Weighted average number of ordinary shares used in the
calculation of basic and diluted loss per share
’000
913,172800,946
Earnings/(loss) per share
10
The loss and weighted average number of ordinary shares used in the calculation of earnings
per share are as follows:
The 29.6 million share options on issue (refer note 21) and the $18 million convertible notes on issue
(refer note 18.4) at the reporting date were not considered to be dilutive due to the Group’s net loss
for the year (2024: 20.8 million share options and $3 million convertible notes on issue were not
considered to be dilutive).
Annual Report 20256234569127802We7'r r69c
Trade receivables and other current assets
11
2025
NZ$000
2024
NZ$000
Trade receivables from contracts with customers
7,7 1 96,760
Other receivables2238
Prepayments937824
8,6787,622
2025
NZ$000
2024
NZ$000
Reconcilliation for allowance for expected credit losses
Balance at the beginning of the year
6234
Impairment losses recognised on receivables6756
Amounts written off as uncollectable(61)(28)
Balance at the end of the year6862
The standard credit terms on sales are 30 days. No interest is charged on outstanding trade
receivables. Due to the short-term nature of current receivables, their carrying amount is considered
to be the same as their fair value.
The Group has assessed expected loss rates for trade receivables based on its judgement of the
impact of current economic conditions and its experiences with customers to date. There has been no
significant change in the estimation techniques used for assessing the expected loss rates during the
current reporting period.
11.1 Allowance for expected credit loss
Annual Report 20256334569127802We7'r r69c
2025Current
NZ$000
Less than
30 days
past due
NZ$000
30 to
60 days
past due
NZ$000
More than
60 days
past due
NZ$000
Total
NZ$000
Trade receivables
5,7361,0365544617,7 8 7
Loss allowance
(11)(3)(9)(4 5)(68)
7,719
2024Current
NZ$000
Less than
30 days
past due
NZ$000
30 to
60 days
past due
NZ$000
More than
60 days
past due
NZ$000
Total
NZ$000
Trade receivables
3,6491,6031,0025066,760
Loss allowance
(4)(1)(1)(56)(62)
6,698
Inventories
12
2025
NZ$000
2024
NZ$000
Finished goods
72273
72273
$200,467 of inventory was included as an expense in the net loss for the year (2024: $182,793).
The Group’s receivables aging is as follows:
Annual Report 20256434569127802We7'r r69c
Assets held for sale
13
2025
NZ$000
2024
NZ$000
Property, plant & equipment
199—
Total assets held for sale199—
Note2025
NZ$000
2024
NZ$000
Balance at 1 April
Reclassified from property, plant & equipment:14
— cost
294—
— accumulated depreciation(29)—
Write down of assets held for sale(66)—
Balance at 31 March199—
Assets held for sale relate to a mowing business that was acquired as part of the acquisition of the
Cleanways in 2024. The Group decided to sell this mowing business as it is not part of the Group’s core
strategy. The sale of the business went unconditional on 23 May 2025 with settlement to take place
on 1 June 2025. The assets held for sale have been written down to their recoverable value.
This business was part of the Industrial cleaning segment.
Annual Report 20256534569127802We7'r r69c
Property, plant and equipment
14
Plant and
equipment
NZ$000
Vehicles
NZ$000
Office
equipment
NZ$000
Leasehold
improvements
NZ$000
Assets under
construction
NZ$000
Total
NZ$000
Cost
At 1 April 2023
17,41920,707361177—38,664
Additions
1,6551,2272141403243,560
Transfers
21——114(135)—
Business acquisiton
78310,74 510——11,538
Disposals
(4 49)(4 60)———(909)
At 31 March 2024
19,42932,21958543118952,853
Additions
390276180108841,038
Transfers
—189——(189)—
Business acquisition
(Note 24)
9294,2152041—5,205
Reclassified to assets
held for sale (Note 13)
(5)(289)———(294)
Disposals
(193)(1,231)(20)——(1,444)
At 31 March 2025
20,55035,3797655808457,358
Annual Report 20256634569127802We7'r r69c
Plant and
equipment
NZ$000
Vehicles
NZ$000
Office
equipment
NZ$000
Leasehold
improvements
NZ$000
Assets under
construction
NZ$000
Total
NZ$000
Accumulated depreciation and impairments
At 1 April 2023
(3,548)(4,005)(217)(41)—(7,811)
Depreciation expense
(1,642)(2,039)(179)(4 2)—(3,902)
Disposals
10732———139
At 31 March 2024
(5,083)(6,012)(396)(83)—(11,574)
Depreciation expense
(1,920)(2,317)(143)(4 3)—(4 ,4 23)
Reclassified to assets
held for sale (Note 13)
227———29
Disposals
7529116——382
Impairments
(378)————(378)
At 31 March 2025
(7,304)(8,011)(523)(126)—(15,964)
Carrying amount
At 31 March 2025
13,24627,3682424548441,394
At 31 March 2024
14,34626,20718934818941,279
At 1 April 2023
13,87116,702144136—30,853
Annual Report 20256734569127802We7'r r69c
15.1 Right-of-use asset
Equipment
NZ$000
Vehicles
NZ$000
Premises
NZ$000
Total
NZ$000
Cost
At 1 April 2023
—1,5266,3027,828
Additions
—2,5001,3763,876
Lease modifications
—(322)72(250)
Business acquisition
——2,0892,089
At 31 March 2024
—3,7049,83913,543
Additions
200901—1,101
Lease modifications
—120123243
Disposals
—(618)—(618)
Business acquisition (Note 24)
—3,1921,5594,751
At 31 March 2025
2007,29911,52119,020
Accumulated depreciation
At 1 April 2023
—(483)(1,482)(1,965)
Depreciation expense
—( 74 1)(809)(1,550)
Lease modifications
—517—517
At 31 March 2024
—(707)(2,291)(2,998)
Depreciation expense
(30)(1,009)(980)(2,019)
Disposals
—617—617
At 31 March 2025
(30)(1,099)(3,271)(4,400)
Leases
15
The Group leases vehicles, and premises for waste sorting, vehicle storage and administration.
Annual Report 20256834569127802We7'r r69c
Equipment
NZ$000
Vehicles
NZ$000
Premises
NZ$000
Total
NZ$000
Carrying amount
At 31 March 2025
1706,2008,25014,620
At 31 March 2024
—2,9977,54810,545
At 1 April 2023
—1,0434,8205,863
The average lease term is 8.06 years (2024: 7.77 years). The average IBR rate is 8.07% (2024: 8.81%).
2025
NZ$000
2024
NZ$000
Maturity analysis—contractual undiscounted cash flows
Up to one year
3,4792,021
One to two years3,3541,901
Two to five years8,5695,615
More than five years5,2286,349
Total undisclosed lease liabilities at reporting date20,63015,886
Less: future finance charges(4 ,650)(4 ,4 52)
Total discounted lease liabilities at reporting date15,98011,584
Lease liabilities included in the Consolidated Statement of Financial Position at reporting date
Current
2,2761,162
Non-current13,70410,422
15,98011,584
15.2 Lease liabilities
Annual Report 20256934569127802We7'r r69c
Intangible assets
16
Goodwill
NZ$000
Customer
contracts
NZ$000
Brand names
NZ$000
Computer
software
NZ$000
Total
NZ$000
Cost
At 1 April 2023
137——96233
Additions
———3535
Business acquisition
1,2765,435——6,711
At 31 March 2024
1,4135,435—1316,979
Additions
———1212
Business acquisition
(Note 24)
2,2932,554212475,106
Disposals
———(112)(112)
At 31 March 2025
3,7067,9892127811,985
Accumulated amortisation/impairment
At 1 April 2023
———(76)(76)
Amortisation expense
—(725)—(15)( 74 0)
At 31 March 2024
—(725)—(91)(816)
Amortisation expense
—(1,711)—(16)(1,727)
Impairment expense
——(212)—(212)
Disposals
———8989
At 31 March 2025
—(2,436)(212)(18)(2,666)
Carrying amount
At 31 March 2025
3,7065,553—609,319
At 31 March 2024
1,4134,710—406,163
At 1 April 2023
137——20157
Annual Report 20257034569127802We7'r r69c
The brand names acquired on the acquisition of Civic Waste Limited have been fully impaired as the
Group has decided to not continue with these brand names.
The carrying amount of goodwill has been allocated to CGUs as follows:
The Directors have assessed the goodwill for impairment at the reporting date and have concluded
that no impairment has occurred. The following provides a summary of the analysis performed.
The recoverable amount of each CGU was determined on a ‘value in use’ basis. Value in use was
determined by discounting the future cash flows generated from the continuing use of each CGU
based on the key assumptions set out below. Cash flows were projected on actual operating results,
the 12-month budget reviewed and approved by the Board of Directors, and multi-year forecasts.
The value in use calculation for the ‘Industrial services’ CGU used cash flow projections based on
the 2026 budget and financial projections covering a five-year period (2024: five-year period).
The calculation used a weighted average cost of capital rate of 9.5% per annum (2024: 14.83% per
annum). A terminal value of the CGU was then determined after the forecast period and applied to the
calculated value in use.
Solely for the purposes of this assessment, anticipated annual revenue growth of the CGU has been
projected at 37% in 2026 which includes 12 months of Civic revenue’s compared to 4 months in FY25,
with ongoing 5% per annum increase in free cash flows which is reflective of the model being used in
the current year (2024: anticipated revenue growth of 10% in 2025 with no further growth assumed
for the remaining forecast years as a conservative estimate. Gross margin percentages projected to
remain consistent and other operating costs to increase by 6% per annum).
16.1 Impairment testing for cash-generating units (‘CGUs’) containing goodwill
2025
NZ$000
2024
NZ$000
Industrial services
1,5501,276
Waste collection1,330137
Sweeping826—
Balance at reporting date3,7061,413
Industrial services
Annual Report 20257134569127802We7'r r69c
The value in use calculation for the ‘Waste collection’ CGU used cash flow projections based on
the 2026 budget and financial projections covering a five-year period (2024: five-year period).
The calculation used a weighted average cost of capital rate of 9.5% per annum (2024: 14.83% per
annum). A terminal value of the CGU was then determined after forecast period and applied to
the calculated value in use.
Solely for the purposes of this assessment, anticipated annual revenue growth of the CGU has been
projected at 31% in 2026 which includes 12 months of Civic revenue’s compared to 4 months in FY25
with ongoing 5% per annum growth in free cash flows which is reflective of the model being used in the
current year (2024: anticipated revenue growth of 20% in 2025 with no further growth assumed for the
remaining forecast years as a conservative estimate. Gross margin percentages projected to remain
consistent and other operating costs to increase by 6% per annum).
The following adjustment to the key assumptions would individually reduce the Waste Collection
services CGU’s recoverable value to the level of its carrying value:
The value in use calculation for the ‘Sweeping’ CGU used cash flow projections based on the 2026
budget and financial projections covering a five-year period. The calculation used a weighted average
cost of capital rate of 9.5% per annum. A terminal value of the CGU was then determined after forecast
period and applied to the calculated value in use.
Solely for the purposes of this assessment, anticipated annual revenue growth of the CGU has been
projected at 25% in 2026 which includes 12 months of Civic revenue’s compared to 4 months in FY25
with ongoing 5% per annum growth in free cash flows which is reflective of the model being used in the
current year.
The following adjustment to the key assumptions would individually reduce the Sweeping services
CGU’s recoverable value to the level of its carrying value:
Waste collection
Sweeping
• an increase in the discount rate by 15.8 percentage points; and
• a reduction in free cash flow by 68%.
• an increase in the discount rate by 18.2 percentage points; and
• a reduction in free cashflow by 71%.
The following adjustment to the key assumptions would individually reduce the Industrial services
CGU’s recoverable value to the level of its carrying value:
• an increase in the discount rate by 1.9 percentage points;
• a reduction in the terminal growth rate by 2.6 percentage points; and
• a reduction in free cash flows by 21%.
Annual Report 20257234569127802We7'r r69c
Trade payables and other current liabilities
17
Note2025
NZ$000
2024
NZ$000
Trade payables
3,1312,812
Accrued expenses2,4831,959
Contingent consideration24880—
PAYE payable582511
GST payable512338
Revenue received in advance127183
Other payables5156
7,7665,859
The carrying amount of trade payables and other current liabilities are assumed to be the same as fair
value due to the short-term nature of these amounts.
Annual Report 20257334569127802We7'r r69c
Borrowings
18
Note2025
NZ$000
2024
NZ$000
Secured borrowings at amortised cost
Bank overdraft18.1
—2,340
Asset finance18.225,93028,177
Convertible notes18.410,581—
Unsecured borrowings at amortised cost
Convertible notes18.4
2,8392,657
Other loans18.51,600655
Total borrowings40,95033,829
Current8,65210,640
Non-current32,29823,189
40,95033,829
2025
NZ$000
2024
NZ$000
Balance at 1 April
2,340—
Net drawdown on overdraft facility—2,340
Repayment of overdraft(2,340)—
Balance at 31 March—2,340
All borrowings are denominated in NZD.
18.1 Bank overdraft
Annual Report 20257434569127802We7'r r69c
At 31 March 2025 the Group had a total available overdraft facility of $3 million (31 March 2024: $3
million). Interest is payable at a rate of 10.6% per annum (2024: 12.1%). The bank overdraft is secured
under the General Security Agreement detailed in note 18.2.
Asset finance is used to fund the purchase of assets and business acquisitions.
On 6 May 2024 WasteCo NZ Limited entered into a new funding arrangement with Kiwibank Limited
(‘Kiwibank’) replacing previous asset finance arrangements. The Kiwibank facilities comprise:
The weighted average interest rates on asset finance loans during the period was 8.65% (2024: 8.27%).
The facilities are secured by:
2025
NZ$000
2024
NZ$000
Balance at 1 April
28,17721,176
Proceeds from asset finance29,87514,433
Repayment of loans(32 ,122)( 7,4 3 2)
Balance at 31 March25,93028,177
18.2 Asset finance
• a $17 million Kiwi Asset Finance KiwiPlus facility with principal and interest payable over a
term of 48 months. Interest is charged at a rate calculated as Kiwibank’s cost of funds plus a
cost of funds margin of 2.80% per annum;
• a $15.45 million Kiwi Asset Finance KiwiPlus facility with interest only payable over an
initial term of 24 months. The term was subsequently extended to 30 May 2027. Interest is
charged at a rate calculated as Kiwibank’s cost of funds plus a cost of funds margin of 2.80%
per annum; and
• a $3 million Kiwibank Overdraft facility to fund working capital.
• a first ranking and exclusive General Security Agreement over WasteCo NZ Limited
and the entities within the Group, including WasteCo Group Limited;
• an unlimited cross guarantee between each Group entity; and
• a specific Security Agreement over each individual asset of Wasteco NZ Limited with
a value greater than $50,000.
Annual Report 20257534569127802We7'r r69c
At 31 March 2024 the Group borrowed from a range of lenders. Each finance drawdown was
secured by the respective assets acquired through the transaction and by guarantees from
James Redmayne and Carl Storm (refer note 26.5). The terms of the asset finance arrangements
were between 2 to 5 years.
The Group had the following financing facilities with Kiwibank Limited:
Asset finance facilities at 31 March 2024
Both facilities were secured by a first ranking General Security Agreement (GSA) and second ranking
financing agreement with Kiwi Asset Finance Limited. The GSA was secured by all present and after
acquired personal property, together with all proceeds arising from that property, including goods,
money, accounts receivable, chattel paper, intangibles, negotiable instruments, documents of title
and investment securities.
In the 3-month period to 30 June 2024, the Group breached its quarterly interest cover ratio and
leverage ratio covenants with Kiwibank. The covenant breaches occurred as a result of weaker
quarterly trading, with revenue down against budget, particularly from some of the Group’s larger
customers.
Following review, Kiwibank agreed to waive the covenant requirements through to 31 March 2025.
Instead, the Group agreed to provided regular reporting of performance against budget. All other
essential terms of the facilities remained unchanged.
The funding arrangements, including covenant requirements are currently being renegotiated.
• a $12.1 million KiwiPlus Facility dated 13 April 2022. The facility has a variable interest rate
which was 9.25% per annum at the reporting date. The Group had $10.5 million in borrowings
under this facility at the reporting date; and
• a $2.25 million fixed term Facility dated 27 September 2021 which is to be repaid over
5 years. The interest rate on this facility at the reporting date was 9.19% per annum.
The Group had $584,621 in borrowings under this facility at the reporting date.
18.3 Bank covenants
Annual Report 20257634569127802We7'r r69c
2025
NZ$000
2024
NZ$000
Balance at 1 April
2,657—
Value of convertible notes issued15,0003,000
Equity component recognised in convertible notes reserve(4 , 270)(343)
Interest expense917—
Interest paid(547)—
Transaction costs allocated to the debt component
of the convertible notes
(366)—
Amortisation of transaction costs29—
Balance at 31 March13,4202,657
Secured convertible notes (issued December 2024)10,581—
Unsecured convertible notes (issued March 2024)2,8392,657
13,4202,657
18.4 Convertible notes
On 19 December 2024 the Company issued $15 million convertible notes. The funds from the issue
of the notes were applied to the completion payment for the Civic Waste Limited acquisition (note
24) and provide working capital for the Group to fund further acquisitions and strengthen its balance
sheet. The notes have a five-year term, pay the holder interest of 6% per annum, and provide the holder
with the option to convert the notes into equity at $0.02 per share at any time during the term. The
notes are secured by a second ranking general security deed over the present and after acquired
property of the Company. The interest expense on the liability component of these convertible notes
is calculated by applying an effective annual interest rate of 14%.
On 27 March 2024 the Group issued $3 million unsecured convertible notes to two wholesale
investors. The notes mature on 15 October 2025. They offer the holders the right to redeem for cash
on the maturity date, or convert to fully paid ordinary shares at $0.05 each prior to maturity. The
notes pay the holders interest of 10% per annum, paid quarterly, up until the date of conversion or
redemption. The interest expense on the liability component of these convertible notes is calculated
by applying an effective annual interest rate of 18%.
Annual Report 20257734569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Balance at 1 April
655—
Proceeds from loans2,2561,425
Loans acquired on business acquisition242,596—
Overdraft acquired on business acquisition24458—
Repayment of loans(4 ,365)(770)
Balance at 31 March1,600655
18.5 Other loans
$702,000 of other loans fund insurance premiums and are secured against the funded policies.
The loans are repayable within eight months of the commencement of the relevant insurance policies.
Interest is fixed with a weighted average rate of 7.26% at the reporting date (2024: $655,000 with
a weighted average interest rate of 7.76%).
The $898,000 remaining balance of other loans is unsecured and is repayable over 3.5 years
to 31 March 2028. Variable interest is charged. The interest rate at the reporting date was 10.91%
(2024: nil).
Share capital
19
Note2025
NZ$000
2024
NZ$000
At 1 April
19,9319,871
Shares issued during the year5,0008,322
Share issue costs(298)(507)
Shares issued on acquisition of business—2,205
Share options exercised20, 21—40
At 31 March24,63319,931
Annual Report 20257834569127802We7'r r69c
The table below details the movement in ordinary shares issued by the Company.
On 23 December 2024 the Company issued 250,000,000 ordinary shares at $0.02 per share under a
share purchase plan to existing shareholders.
All ordinary shares on issue are fully paid, have equal voting rights, and share equally in dividends and
any surplus on winding up.
2025
’000
2024
’000
Ordinary shares as at 1 April
848,373688,000
Shares issued during the year250,000160,373
Ordinary shares as at 31 March1,098,373848,373
Share based payments reserve
20
Note2025
NZ$000
2024
NZ$000
Balance at 1 April
564304
Share options issued21144321
Share options forfeited21(297)(4 6)
Share options exercised21—(15)
Balance at 31 March411564
Share based payments are included in:
Directors’ remuneration
1243
Employees’ remuneration (reversal of expense)(72)232
(60)275
Annual Report 20257934569127802We7'r r69c
Share options
21
The Company has a share option scheme for directors and selected employees of the Company and
its subsidiaries to purchase ordinary shares in the Company.
Each share options converts into one ordinary share of the Company on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The options carry no rights to dividends and no
voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
The options vest in 3 equal tranches: one third on the grant date, one third on the first anniversary
of the grant date and the final third on second anniversary of the grant date. Each tranche can be
exercised at any time within 3 years from the vesting date.
At 31 March 2025, 13.3 million of the share options granted had not yet vested to option holders
(31 March 2024: 9.6 million).
The weighted average contractual life of the share options outstanding at 31 March 2025 was
3.15 years (31 March 2024: 2.8 years).
20252024
Number
of options
Weighted average
exercise price
Number
of options
Weighted average
exercise price
Balance at 1 April20,800,000$0.05021,300,000$0.050
Granted during the year18,500,000$0.0236,000,000$0.050
Exercised during the year——(500,000)$0.050
Forfeited during the year(9,700,000)$0.050(6,000,000)$0.050
Balance at 31 March29,600,000$0.03220,800,000$0.050
Exercisable at 31 March16,266,667$0.04011,200,000$0.050
Annual Report 20258034569127802We7'r r69c
Vesting date Fair value per option
NZ$
Tranche 111 March 2025
0.0071
Tranche 211 March 20260.0082
Tranche 311 March 20270.0091
21.1 Fair value of share options granted in the year
The fair values of the share options granted during the year were:
Options were valued using the Black-Scholes option pricing model. The key inputs used in valuing the
options are detailed in the table below.
The expected volatility in the measurement of fair value at grant date has been based on the
volatility of the Company’s share price from 5 December 2022 up to 11 March 2025 and for overseas
comparable companies, as a proxy of the Company’s future volatility.
The Black-Scholes formula assumes that the options being valued can be sold on a secondary market.
The terms of the options forbid their trading. Accordingly, a 20% discount to the values derived from
the Black-Scholes formula was applied to reflect the restrictive terms.
Grant date11 March 2025
Options granted18,500,000
Grant date one month VWAP$0.0246
Exercise price$0.0233
Expected volatility0.4—0.5
Option life (from vesting date)36 months
Dividend yield0%
Average risk free interest rate3.77%—4.06%
Annual Report 20258134569127802We7'r r69c
Subsidiaries
Financial instruments
22
23
Ownership interest
held by Group
Name of subsidiaryPrincipal activity20252024
Civic Waste LimitedWaste collection, recycling & disposal
100%—
Safeco Training NZ LimitedSafety management training
100%100%
Sortco NZ LimitedWaste sorting and recycling
100%100%
WasteCo Finance NZ LimitedCredit card merchant account holder for group
100%100%
WasteCo Holdings NZ LimitedHolding company
100%100%
WasteCo NZ LimitedWaste collection, recycling & disposal
100%100%
WasteCo NZ (Southern) LimitedWaste collection, recycling & disposal
100%100%
WasteCo Port Services NZ LimitedIndustrial cleaning
100%100%
All subsidiaries are domiciled in New Zealand and have a balance date of 31 March.
23.1 Classes and categories of financial instruments
The Group has entered into a number of non-derivative financial instruments all of which are classified
as financial assets and liabilities at amortised cost. The carrying values of these items approximate
their fair value and represent the maximum exposures for each type of financial instrument. They are
listed as follows:
Annual Report 20258234569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Financial assets at amortised rate
Cash at bank
5,8541,751
Trade receivables and other current assets117,74 16,798
Total financial assets13,5958,549
Financial liabilities at amortised rate
Trade payables and other current liabilities17
6,5454,827
Borrowings—current188,65210,640
Borrowings—non-current1832,29823,189
Lease liabilities—current15.22,2761,162
Lease liabilities—non-current15.213,70410,422
Total financial liabilities63,47550,240
The Group does not have any derivative financial instruments (2024: nil).
23.2 Financial risk management objectives
23.3 Market risk
The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk
and currency risk), credit and liquidity risk. The Group’s overall risk management programme focuses
on the unpredictability of financial markets and seeks to minimise potential adverse effects on its
financial performance.
Risk management is carried out under policies approved by the Board of Directors.
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates will affect the Group’s income or the value of its holdings of financial instruments. The objective
of market risk management is to manage and control the market risk exposures within acceptable
parameters, while optimising the return on risk.
The Group’s main market risk relates to interest rate risk. Interest rate risk is the risk that the fair
value of the financial instrument or cash flows associated with the instrument will fluctuate due to
changes in market interest rates.
Annual Report 20258334569127802We7'r r69c
The Group’s interest rate risk exposure primarily relates to its exposure to variable interest rates on
borrowings. The Group has managed this risk exposure through:
A 1% increase in the interest rates of variable rate borrowings, taking into account scheduled
repayments, would increase the annual interest expense on the borrowings from these facilities by
$97,674. A decrease in the variable interest rates of 1%, taking into account scheduled repayments,
would decrease the annual interest expense on the borrowings from these facilities by $96,701.
• refinancing through Kiwibank during the year after going to the market for the best
funding solutions. This delivered significant savings in interest costs and preferential
repayment terms;
• the issue of convertible notes which require no repayment until the end of the term of
the notes, and even then repayment is only required if the notes are not settled through
the issue of shares. This has enabled the Group to focus on the repayment of Kiwibank
borrowings. The convertible notes have a fixed interest rate payable that is significantly
lower than the bank borrowings interest rate; and
• a focus on debt repayment.
23.4 Credit risk
23.5 Liquidity risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations and arises from cash and cash equivalents, and
the Group’s receivables from customers. The Group’s maximum credit risk is represented by the
carrying value of these financial assets.
The credit risk associated with cash transactions and deposits is managed through the Group’s
policies that limit the use of counterparties to high credit quality financial institutions.
The Group minimises concentrations of credit risk in receivables by undertaking transactions with
a large number of customers. In addition, receivable balances are monitored on an ongoing basis
with the objective that the Group’s exposure to expected credit losses is minimised. The Group
considers information developed internally or obtained from external sources to determine whether
a debtor is unlikely to pay the balances due in full. The Group writes off a trade receivable when there
is information indicating that the debtor is in severe financial difficulty and there is no realistic
prospect of recovery.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when
they fall due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to
meet future commitments.
Annual Report 20258434569127802We7'r r69c
The following table provides a maturity analysis of the Group’s remaining contractual cash
flows relating to non-derivative financial liabilities. Contractual cash flows include contractual
undiscounted principal and interest payments.
The liquidity table assumes convertible noteholders request repayment of the notes at the end of
their respective terms and do not choose to convert the notes to shares.
Carrying
amount
NZ$000
Contractual
cash flows
NZ$000
Payable
0–6
months
NZ$000
Payable
6–12
months
NZ$000
Payable
1–2 years
NZ$000
Payable
2–5 years
NZ$000
Payable
5+ years
NZ$000
As at 31 March 2025
Trade payables
and other current
liabilities
7,76 67,76 67,76 6————
Borrowings
40,95055,9334,5686,78221,63022,953—
Lease liability
15,98020,6301 ,74 91,7303,3548,5695,228
64,69684,32914,0838,51224,98431,5225,228
As at 31 March 2024
Trade payables
and other current
liabilities
5,8595,8595,859————
Borrowings
33,82936,2685,5295,13111,81713,791—
Lease liability
11,58415,8861,0489731,9015,6156,349
51,27258,01312,4366,10413,71819,4066,349
23.6 Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going
concern while maximising the return to shareholders through the optimisation of debt and equity.
The capital structure of the Group consists of equity, comprising issued capital and retained earnings,
and debt. The Group reviews the capital structure on a regular basis including assessing equity
ratios and ensuring compliance with bank covenants, to ensure that entities in the Group are able to
continue as going concerns and to fund its acquisition strategy.
Annual Report 20258534569127802We7'r r69c
Acquisition of Civic Waste Limited
24
WasteCo entered into a sale and purchase agreement for the purchase of 100% of the shares of Civic
Waste Limited (‘CWL’) on 22 November 2024. The purchase was completed on 19 December 2024
with an effective date of 30 November 2024.
CWL is a leading North Island based waste management company providing collection of waste and
recycling services, sweeping services and industrial cleaning services. The acquisition expands
WasteCo’s geographic footprint and provides additional operational scale.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as
set out in the table below.
NZ$000
Net assets acquired at fair value:
Cash
(4 58)
Accounts receivable2,173
Inventory2
Other current assets157
Property, plant and equipment5,205
ROU asset4,751
Computer software47
Customer relationship asset2,554
Brand212
Accounts payable and accruals(1,844)
Income tax payable(149)
Term loans(2,596)
Lease liabilities(4 ,751)
Deferred tax liability(1,135)
Net assets acquired4,168
Goodwill2,293
6,461
Annual Report 20258634569127802We7'r r69c
The total purchase price for the acquisition was $9.5 million. $8.6 million of the purchase price was
paid in cash to the vendors and to the repayment of debt. In addition, contingent consideration
is payable to the vendors based upon CWL’s actual EBITDA results during the 12 months to 30
November 2025. Contingent consideration of $500,000 up to $1 million is payable if CWL achieves
EBITDA of $2.5 million to $3.0 million respectively. For EBITDA exceeding $3.0 million the contingent
consideration payable is equal to $1.0 million plus 20% of the amount of EBITDA exceeding $3.0
million. Management consider EBITDA of $3.0 million will be achieved. The fair value of the contingent
consideration is calculated as $880k, which is the $1 million forecast payment discounted to present
value using the CWL weighted average cost of capital of 13.6%.
The cash paid for the acquisition was funded by the issue of convertible notes (refer note 18.4) and the
issue of shares to existing shareholders under a share purchase plan (refer note 19).
CWL contributed $6.0 million and $0.2 million to the Group’s revenue and profit before tax for the
period between the date of acquisition and the reporting date. If CWL had been acquired on 1 April
2024 the Group estimates the new business would have contributed $20.9 million and $0.6 million to
the Group’s revenue and net profit before tax for the 2025 year.
The goodwill arising from the acquisition relates to expected synergies, and the capability and
expertise developed within the acquired business.
The fair value of acquired receivables is their gross contractual amount.
NZ$000
Satisfied by:
Cash
8,635
Contingent consideration880
Less: acquisition date bank overdraft(4 58)
Less: acquisition date loan(2,596)
Total consideration6,461
The fair value of assets and liabilities acquired has been determined by an independent valuer.
Annual Report 20258734569127802We7'r r69c
Notes to the cash flow statement
25
Note2025
NZ$000
2024
NZ$000
Cash at bank
5,8541,751
Bank overdraft18.1—(2,340)
5,854(589)
25.1 Cash and cash equivalents
Annual Report 20258834569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Net loss after taxation
(9,854)(4,135)
Adjustments for:
Depreciation of property, plant and equipment14
4,4233,902
Depreciation of right of use assets152,0191,550
Amortisation of intangible assets161,72774 0
Impairment of plant and equipment14378—
Impairment of intangible assets16212—
Loss on disposal of of property, plant and equipment553199
Share based payments20(60)275
Interest paid on borrowings3,1602,279
Interest paid on lease liabilities1,037799
Interest on convertible notes18.4917—
Amortisation of convertible note issue costs18.429—
Write down of assets held for sale1366—
Acquisition related costs includes in investing activities393—
Contribution towards acquisition costs6(75)—
Income tax benefit9(1,135)(1,608)
Gain on bargain purchase—(762)
Other non-cash adjustments—272
25.2 Reconciliation of profit or loss after taxation with cash flow from operating activities
Annual Report 20258934569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Movements in working capital
(Increase)/decrease in trade receivables
and other current assets
(1,056)(2,584)
(Increase)/decrease in inventory
201(4 3)
Increase/(decrease) in trade payables
and other current liabilities
1,907656
Increase/(decrease) in income tax payable
16874
Movement in working capital due to business acquisition
(541)(4 17)
Net cash received from operating activities
4,4691,197
Annual Report 20259034569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Borrowings
At 1 April
33,82921,176
Cash:
Proceeds from borrowings
32,13218,858
Principal repayment of borrowings(36,488)(8,202)
Interest paid on borrowings(3,160)(2,264)
Net repayment of bank overdraft(2,340)—
Net proceeds from bank overdraft—2,340
Proceeds from convertible notes15,000—
Convertible note issue costs paid(366)—
Interest paid on convertible notes(547)—
Non-cash:
Interest accrued on borrowings
3,1602,264
Equity component recognised in convertible notes reserve(4 , 270)(343)
Interest accrued on convertible notes917—
Amortisation of convertible note issue costs29—
Loan acquired on business acquisition242,596—
Overdraft acquired on business acquisition24458—
As 31 March40,95033,829
25.3 Reconciliation of liabilities arising from financing activities
Annual Report 20259134569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Lease liabilities
At 1 April
11,5846,675
Cash:
Principal repayments of lease liabilities
(1,700)(1,323)
Interest paid on lease liabilities(1,037)(799)
Non-cash:
Lease liabilities recognised
1,1013,876
Lease liabilities from business acquisitions4,7512,089
Interest on lease liabilities1,037799
Lease modifications243589
Lease disposals—(322)
As 31 March15,98011,584
Related parties
26
26.1 Directors
26.2 Key management personnel compensation
The directors of the Company during the year were Shane Edmond, Roger Gower, Simon Herbert
(appointed 19 December 2024), Sean Joyce (appointed 19 December 2024), Rodney Malam
(appointed 19 December 2024 as an alternate to Simon Herbert) James Redmayne, Angus Cooper
(resigned 31 October 2024), and Carl Storm (resigned 16 August 2024).
Key management personnel are the Directors, the Chief Executive Officer and members of the
executive leadership team (2024: key management personnel were the directors, including two
executive directors).
Key management personnel compensation paid to personnel not being directors is set out below.
Annual Report 20259234569127802We7'r r69c
Note2025
NZ$000
2024
NZ$000
Short term benefits—directors fees
236269
Share based payments—directors fees201243
Short-term benefits—employee benefits1,396527
Share based payments—employee benefits8046
Termination benefits80—
Short-term benefits—consulting services429—
2,233885
26.3 Empire Waste Technology Limited
26.4 Bastre Properties NZ Limited
26.5 Other transactions with related parties
Empire Waste Technology Limited (‘EWTL’) is the holder of the $15 million of convertible notes issued
by the Company on 19 December 2024 (refer note 18.4). Simon Herbert is a director of EWTL.
Simon Herbert, Sean Joyce and Rodney Malam (as an alternate to Simon Herbert) were nominated
to the WasteCo board by EWTL under the terms of the convertible notes agreement.
Bastre Properties NZ Limited (‘Bastre Properties’) owns premises that are leased by the Group.
The initial term of the lease is five years from November 2020 and the Group hold rights of renewal
for two further five-year terms. $127,664 was paid in rent to Bastre Properties in the reporting period
ended 31 March 2025 (2024: $130,095). As at 31 March 2025 the Group recognised $1,023,961 of
lease liabilities due to Bastre Properties (2024: $979,824). Subsequent to the reporting date the
Group renegotiated the terms of the lease with Bastre Properties (refer note 29).
44% of the share capital of Bastre Properties is owned by the Storm Commercial Trust, of which
Carl Storm and his wife Dawn are trustees, and 44% by the James & Sam Family Trust, of which
James Redmayne and his wife Samantha are trustees.
Carl Storm’s wife, Dawn Storm, received total remuneration of $83,345 as an employee of the Group
(2024: $67,511).
During 2024 James Redmayne’s wife, Samantha Redmayne, received remuneration of $70,836 as an
employee of the Group.
Annual Report 20259334569127802We7'r r69c
At 31 March 2024 selected asset finance loans were secured by personal guarantees from Carl Storm
and James Redmayne (note 18.2).
Contingencies
Commitments
Events subsequent to reporting date
27
28
29
There were no contingent liabilities at 31 March 2025 (2024: nil).
There were $388,000 of commitments for future capital expenditure at 31 March 2025
(2024: $570,000).
WasteCo is in discussions on a potential lease agreement for an industrial vacuum vehicle.
The obligation amount is still to be confirmed and is estimated at $850,000 (2024: nil).
On 19 May 2025 the Group entered into a variation of lease for the premises it leases from Bastre
Properties (refer note 26.4). Under the variation, the rights of renewal were amended to three rights
of renewal for three-year terms each. If all rights of renewal are exercised the final expiry date of the
lease will be 15 July 2034.
There have been no other events subsequent to the reporting date which would materially affect the
financial statements.
29.1 Variation to premises lease with Bastre Properties
Independent Auditor’s Report
To the Shareholders of WasteCo Group Limited
Opinion We have audited the consolidated financial statements of WasteCo Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position as at 31
March 2025, and the consolidated statement of profit or loss and other comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes to
the
consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 36 to 93, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2025,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as issu
ed by the International Accounting
Standards Board.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand)
issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the area of acquisition due diligence
corporate finance services. These services have not impaired our independence as auditor of the
Company and Group. In addition to this, partners and employees of our firm deal with the Company
and its subsidiaries on normal terms within the ordinary course of trading activities of the business
of the Company and its subsidiaries.
The firm has no other relationship with, or interest in, the
Company or any of its subsidiaries.
Audit materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the
Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention dur
ing
the audit would in our judgement change or influence the decisions of such a person (the
‘qualitative’ materiality). We use materiality
both in planning the scope of our audit work and in
evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $600,000.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated fin
ancial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Business Acquisitions
As disclosed in note 24, WasteCo Group Limited acquired the Civic
Waste Limited business in the current year. The Group recognised
goodwill amounting to $2.3m relating to the the acquisition.
The acquisition is significant and complex due to:
• The calculation of contingent consideration included in the
acquisition price;
• The determination of the date of acquisition;
• The acquisition resulting in intangible assets being
recognised; and
• The judgements and estimates involved in identifying and
determining the fair value of the assets acquired and
liabilities assumed.
Given the significance of the acquisition in the current year, this
has increased the level of audit effort required to recognise the
acquisition.
Our procedures included:
- Reviewing and challenging management expert’s
valuations of assets. This included challenging key
assumptions such as:
• Cash flow forecasts;
• Useful life of identified finite life intangibles;
and
• Discount and growth rates
- Obtaining and analysing
the sale and purchase agreement
relating to the acquisition to understand key terms and
conditions of the transactions;
- Assessing the mathematical accuracy of the purchase
price accounting calculation, including recalculating the
goodwill to be recognised on acquisition;
- Considering the completeness of the underlying assets
acquired including the identification of intangible assets;
- Assessing the competence, capabilities, objectivity and
expertise of management’s external valuation and
accounting expert and the appropriateness of their work
as audit evidence;
- Engaging our own internal valuation specialist to assist in
reviewing the valuation methodology, reviewing the
mathematical accuracy of the models and assessing the
reasonableness of the discount and growth rate s used;
and
- Evaluating the adequacy of disclosures relating to the
acquisition in the consolidated financial statements.
Goodwill Impairment Assessment
The Group has $3.7m (including $2.3m relating to the acquisition
above) of goodwill as at 31 March 2025, as detailed in note 16 of
the financial statements.
The carrying amount of goodwill is dependent on future cash flows
expected to be generated by the underlying businesses. T here is a
risk that if these cash flows are not achieved, the cash generating
unit s to which goodwill has been allocated, may be impaired.
The Group tests goodwill annually for impairment by determining
the recoverable amount of the cash generating unit. The
impairment assessment models prepared by the Group contain a
number of key assumptions. Changes in these assumptions may
lead to a change in the carrying amount of goodwill.
The key assumptions in the goodwill models are:
• Forecasted free cash flows;
• Pre tax discount rates; and
• Terminal growth rates
We have included the goodwill impairment assessment as a key
audit matter due to the significance of the balance to the
consolidated financial statements and the level of judgment
applied by the Group in determining the key assumptions used to
determine the recoverable amounts.
We considered whether the Group’s methodology for assessing
impairment is compliant with NZ IAS 36 Impairment of Assets.
We
have tested the appropriateness and suitability of the models and
reasonableness of the assumptions used.
Our procedures included:
- Agreeing a sample of cash flows to the Board approved
budgets and analysing whether they are reasonable and
supportable, given the expected future performance of
the cash generating unit, as well as the current economic
climate;
- Challenging the reasonableness of the growth rates by
comparing to historical forecasts and actual results;
- Assessing and challenging the reasonableness of key
assumptions;
- Obtaining an understanding of the Group’s process for
identifying specific impairment indicators; and
- Evaluating the adequacy and appropriateness of
disclosures relating to impairment of goodwill in the
consolidated financial statements.
Utilising our internal valuation specialists in:
- Evaluating the appropriateness of the valuation
methodology and assumptions used;
- Testing the mathematical accuracy of the models;
- Evaluating the Group’s determination for the pre tax
discount rate; and
- Comparing the terminal growth rate to market data.
Other information
The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit 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.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required
to report that fact. We have nothing to
report in this regard.
Directors’ responsibilities for the
consolidated financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control
as the directors determine is necessary to enable the
preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing 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 inten
d to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Auditor’s responsibilities for the
audit of the consolidated 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 assu
rance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) 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 our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1- 1/
This description forms part of our auditor’s report.
Restriction on use
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’s shareholders as a body, for
our audit work, for this report, or for the opinions we have formed.
Anthony Smith
Partner
for Deloitte Limited
Christchurch, New Zealand
29 May 2025
Annual Report 20259734569127802We7'r r69c
for the year ended 31 March 2025
Shareholder and Statutory Information
The Group’s shares are quoted on the NZX Main Board. As at 11 April 2025, the Company
had 1,098,372,765 ordinary shares on issue (31 March 2025: 1,098,372,765 ordinary shares).
Details of the distribution of ordinary shares amongst shareholders at 11 April 2025
are set out below.
Stock exchange listing
Distribution of security holders
Number of Security HoldersNumber of Securities
NUMBERPERCENTAGENUMBERPERCENTAGE
1–1,000
66245.97%313,1410.03%
1,001—5,00035524.65%809,4120.07%
5,001—10,000664.58%502,4850.05%
10,001—100,0001188.19%3,028,3210.28%
100,001—500,000503.47%3 ,7 74 ,4 6 20.34%
500,001 or more18913.13%1,089,944,94499.23%
1,440100.00%1,098,372,765100.00%
Annual Report 20259834569127802We7'r r69c
The 20 largest shareholdings at 11 April 2025 are provided in the table below.
20 largest shareholdings
Number
of shares held
Percentage
of shares held
Laurence James Redmayne, Samantha Jane Redmayne
& Cullinane Steel Trustees (2003) Limited
168,640,92315.35%
Carl Stephen Storm, Dawn Margaret Storm
& C&F Trustees 35776 Limited
158,004,00014.39%
WFT Finance Limited
156,153,84614.22%
Glendarvie Holdings Limited
75,268,2386.85%
Shane David Edmond
52,667,6924.80%
Forsyth Barr Custodians Limited
42,952,4403.91%
Lloyd George Phillips, Wayne Vincent Phillips
& Craig Bruce Phillips
31,850,3532.90%
Malcolm Guy Bailey
27,516,0002.48%
New Zealand Permanent Trustees Limited
24,756,7152.25%
Ashvegas Limited
2 2 , 8 67,6 9 22.08%
New Zealand Depository Nominee
19,721,1711.80%
Youthlab Limited
17,000,0001.55%
Andrew John Howard
16,841,5131.53%
Barry John Gray & Fiona Margaret Gray
16,149,2051.47%
John Lee, Susan Iris Lee & Paul Johnston
15,841,5131.44%
WFT Investments Limited
15,384,6151.40%
Mounterowen Limited
13,136,0731.20%
WFT Property Limited
13,000,0001.18%
Leveraged Equities Finance Limited
1 2 , 3 8 7, 2 621.13%
Betalert Limited
10,400,0000.95%
Annual Report 20259934569127802We7'r r69c
The following information is given pursuant to Section 293 of the Financial Markets
Conduct Act 2013.
The following are recorded by the Company at 31 March 2025 as Substantial Product Holders
in the Company, and have declared the following relevant interest in quoted financial products
under the Financial Markets Conduct Act 2013:
Substantial security holders
Substantial product holderRelevant interest
Empire Waste Technology LimitedUp to 750,000,000 if the maximum number
of convertible notes issued to Empire are converted
1. Wayne Wright
2. WFT Finance Limited (WFT Finance)
3. Manuka Skin Care Limited (previously called
WFT Investments Limited) (Manuka Skin Care)
4. WFT Property Limited (WFT Property)
Wayne Wright is the sole director and has effective
control of the shareholder in each of:
a. WFT Finance, which holds 156,153,846 shares
in WasteCo;
b. Manuka Skin Care, which holds 15,384,615
shares in WasteCo; and
c. WFT Property, which holds 13,000,000 shares
in WasteCo.
Wayne Wright therefore has the power directly or
indirectly to control the voting rights attached to
184,538,461 WasteCo shares in aggregate.
Laurence James Redmayne, Samantha Redmayne,
Cullinane Steele Trustees (2003) Limited
168,640,923
Carl Storm, Dawn Storm and C&F Trustees 35776 Limited158,004,000
Shane Edmond, Belinda Edmond and Ashvegas Limited85,615,384
Glendarvie Holdings Limited, Robert Baan
and Rowena Baan-Mathias
75,268,238
The total number of quoted financial products issued by the Company at 31 March 2025 were
the 1,098,372,765 ordinary shares.
Annual Report 202510034569127802We7'r r69c
The names of the directors holding office during the year are:
Directors
NameOffice heldDate
Roger Gower (Chair)Independent directorAppointed October 2020
Shane EdmondIndependent directorAppointed December 2022
Simon HerbertNon-independent directorAppointed December 2024
Sean JoyceNon-independent directorAppointed December 2024
James RedmayneNon-independent directorAppointed December 2022
Rodney MalamNon-independent director
(alternate to S Herbert)
Appointed December 2024
Angus CooperIndependent directorResigned October 2024
Carl StormExecutive directorResigned August 2024
Shane Edmond and James Redmayne are directors of each of the Company’s subsidiaries except
for Civic Waste Limited where Roger Gower is the sole director.
Annual Report 202510134569127802We7'r r69c
During the year the following remuneration and other benefits were paid or payable to directors
of the Group. The amounts below reflect the remuneration related expenses included in the
Group’s consolidated financial statements.
Directors’ remuneration
Directors
fees
NZ$000
Employee
remuneration
NZ$000
Consulting
fees
NZ$000
Share based
payments
NZ$000
Total
NZ$000
Roger Gower
(Chair)
70—5623149
Angus Cooper
38—27(11)54
Shane Edmond
80———80
Simon Herbert
16———16
Sean Joyce
16———16
Rodney Malam
(alternate)
—————
James Redmayne
16132140—288
Carl Storm
—233206—439
Annual Report 202510234569127802We7'r r69c
The following entries were made in the interest register during the year ended 31 March 2025.
The directors provided the following disclosure of entities in which, due to the nature of their
relationship, may be related parties to the Group, and transactions in which they have an interest.
Angus Cooper received $27,000 for providing consulting services to the Group.
Shane Edmond receives directors fees of $65,000 per annum.
Interests register
Angus CooperNature of interestShare Allocation (if shareholder)
Agile Projex LimitedDirector & shareholder100% (individually held)
WasteCo Group LimitedDirector—
Shane EdmondNature of interestShare Allocation (if shareholder)
Alvarium (NZ) Wealth
Management Holdings Limited
& related entities
Director—
Safeco Training NZ LimitedDirector—
Sortco NZ LimitedDirector—
WasteCo Finance NZ LimitedDirector—
WasteCo Group LimitedDirector & shareholder7% (individually held)
WasteCo Holdings NZ LimitedDirector—
WasteCo NZ (Southern) LimitedDirector—
WasteCo NZ LimitedDirector—
WasteCo Port Services NZ LimitedDirector—
Annual Report 202510334569127802We7'r r69c
Roger Gower receives directors fees of $85,000 per annum as Chair of the Board. During the year
Roger also received 6,000,000 share options which vest over 2 years and $56,000 for providing
consulting services to the Group.
Empire Waste Technology Limited is the holder of $15 million of convertible notes issued
by the Company on 19 December 2024.
Simon Herbert receives directors fees of $65,000 per annum.
Roger GowerNature of interestShare Allocation (if shareholder)
Being AI LimitedShareholder—
Civic Waste LimitedDirector—
IntoWork Australia LimitedDirector—
IntoWork New Zealand Limited Director—
Me Today LimitedDirector & shareholder—
New Zealand Food Innovation
Auckland Limited
Director—
Primeport Timaru LimitedDirector—
Roger Gower & Associates LimitedDirector & shareholder
<1% (Individually held)
>99% (Jointly held)
WasteCo Group LimitedDirector & shareholder—
Simon HerbertNature of interestShare Allocation (if shareholder)
Empire Waste
Technologies Limited and
its associated companies
Director—
Annual Report 202510434569127802We7'r r69c
During FY2025, but before Mr Joyce was appointed a director of the Company, CM Partners
Limited received remuneration for the provision of capital markets advisory services to the
Company. This is not a material interest by virtue of the fact that Sean Joyce was not a director of
the Company at the time that fees were paid to CM Partners Limited.
During FY 2025, but before Mr Joyce was appointed a director of the Company, Mr Joyce’s law firm
received remuneration for the provision of legal services to the Company. This is not a material
interest by virtue of the fact that Sean Joyce was not a director of the Company at the time that
fees were paid to Mr Joyce for the provision of legal services.
Mounterowen Limited is the legal owner of 13,136,073 ordinary fully paid shares in the Company.
Sean Joyce receives directors fees of $65,000 per annum.
Rodney Malam is an alternate for Simon Herbert. As such he receives no directors fees.
Empire Capital Limited is a company associated with Empire Waste Technology Limited,
which company subscribed for $15 million of convertible notes issued by the Company
on 19 December 2024.
Sean JoyceNature of interestShare Allocation (if shareholder)
CM Partners LimitedDirector & beneficial owner—
Corporate CounselPrincipal—
Empire Capital LimitedDirector—
Mounterowen LimitedDirector & shareholder—
Rodney MalamNature of interestShare Allocation (if shareholder)
Empire Capital Limited and
its associated companies
Chief Financial Offer—
Annual Report 202510534569127802We7'r r69c
During the year James Redmayne received $132,000 remuneration in relation to his role as an
executive director. Following his resignation as an employee James has received $140,000 in
consulting fees and he receives directors fees of $65,000 per annum.
BASTRE Properties NZ Limited leases premises to the Group.
James RedmayneNature of interestShare Allocation (if shareholder)
BASTRE Properties NZ LimitedDirector & trustee of shareholder—
BEAR Finance NZ LimitedDirector & beneficial owner45% (jointly held)
HAZMIT LimitedDirector & shareholder90% (jointly held)
REDALL NZ LimitedDirector & shareholder100% (individually held)
Redmayne Innovations LimitedDirector & shareholder100% (individually held)
Safeco Training NZ LimitedDirector—
Sortco NZ LimitedDirector—
Staffco NZ LimitedDirector & trustee of shareholder—
Variable Financial Solutions
(NZ) Limited
Director & shareholder50% (jointly held)
WasteCo Group LimitedDirector & shareholder20% (jointly held)
WasteCo Finance NZ LimitedDirector—
WasteCo Holdings NZ LimitedDirector—
WasteCo NZ (Southern) LimitedDirector—
WasteCo NZ LimitedDirector—
WasteCo Port Services NZ LimitedDirector—
Annual Report 202510634569127802We7'r r69c
During the year Carl Storm received remuneration of $233,000 in relation to his role as an
executive director. Following his resignation as an employee Carl has received $206,000 in
consulting fees. Carl resigned as a director of the Company and its subsidiaries in August 2024.
BASTRE Properties NZ Limited leases premises to the Group.
Carl StormNature of interestShare Allocation (if shareholder)
BASTRE Properties NZ LimitedDirector & shareholder44% (jointly held)
Cada Group LimitedDirector—
Staffco NZ LimitedDirector & shareholder32% (jointly held)
WasteCo Group LimitedDirector & shareholder23% (jointly held)
WasteCo Holdings NZ LimitedDirector—
WasteCo NZ (Southern) LimitedDirector—
WasteCo NZ LimitedDirector—
WasteCo Port Services NZ LimitedDirector—
At 31 March 2025 the directors of the Group held the following relevant interests in quoted
financial products and financial products that may convert to quoted financial products.
Directors’ relevant interests
Ordinary sharesConvertible notesShare options granted
VESTEDNOT VESTED
Shane Edmond
85,615,384———
Roger Gower907—3,500,0004,000,000
Simon Herbert—750,000,000——
Sean Joyce13,136,073———
James Redmayne168,640,923———
Rodney Malam————
Annual Report 202510734569127802We7'r r69c
Simon Herbert has a relevant interest in $15 million convertible notes which may be converted
into up to 750,000,000 ordinary shares.
The Group indemnifies all current directors of the Group against all liabilities (other than to a
member of the Group) which arise out of the performance of their normal duties as directors,
unless the liability relates to conduct involving lack of good faith.
The number of employees, not being directors disclosed in the Directors’ remuneration section
above, within the Group receiving annual remuneration and benefits above $100,000 are:
Directors’ indemnification
Employee remuneration
RemunerationNumber
$100,000—$109,99913
$110,000—$119,9997
$120,000—$129,9992
$130,000—$139,9993
$140,000—$149,9991
$150,000—$159,9991
$160,000—$169,9991
$170,000—$179,9991
$180,000—$189,9993
$190,000—$199,9991
$200,000—$209,9991
$210,000—$219,9991
$230,000—$239,9991
$320,000—$329,9991
$340,000—$349,9991
$370,000—$379,9991
$380,000—$389,9991
Annual Report 202510834569127802We7'r r69c
CEO David Peterson remuneration consists of an annual salary of $325,000, a short-term
incentive of up to 20% of his annual salary, a 3% contribution to Kiwisaver and a vehicle allowance
of $24,000 per annum. Payment of the short-term incentive is dependent upon the achievement
of performance targets aligned to the Group’s strategy with a focus on revenue
and EBITDA growth.
No donations were made by the Group during the year.
Deloitte Limited is the auditor for the Group. Audit fees due and payable to the auditor
for the year ended 31 March 2025 were $207,000. The Group paid a further $62,000 to Deloitte
Limited for acquisition due diligence services.
WasteCo Group has not relied on any waivers issued by the NZX in the 12 months
ended 31 March 2025.
The following disclosures are required by Rule 19B(2) of the Takeovers Code about the issue
of convertible notes by WasteCo Group Limited to Empire Waste Technology Limited, under a
convertible note subscription agreement dated 19 December 2024 (the ‘Agreement’), approved
by shareholders on 13 December 2024.
Shareholders approved an allotment to Empire Waste Technology Limited of a $15 million
principal amount of convertible notes (‘Notes’) convertible into 750 million ordinary shares
(voting securities), on the terms described in the Notice of Special Meeting of Shareholders
dated 27 November 2024. The Notes were allotted on 23 December 2024.
Chief Executive Officer’s (‘CEO’s’) remuneration
Donations
Auditor
NZX Waivers
Takeovers Code disclosures
A summary of the terms of the approved allotment package
Particulars, as at 31 March 2025, of:
• the number of voting securities already allotted to the allottee under the approved
allotment package is Nil;
• the number of voting securities on issue that are held or controlled by the allottee, and the
percentage of all voting securities on issue that that number represents is Nil;
Annual Report 202510934569127802We7'r r69c
• the aggregate of the percentages of all voting securities that are held or controlled
by the allottee and the allottee’s associates is Nil;
• the maximum percentage of all voting securities that could be held or controlled
by the allottee on completion of all the allotments is 40.576%;
• the maximum aggregate of the percentages of all voting securities that could be held
or controlled by the allottee and the allottee’s associates on completion of all the allotments
is 40.576%;
• The date used for these calculations is 20 May 2025. These calculations have been made on
the assumptions that:
→the number of voting securities is the number of WasteCo shares on issue on the
calculation date (being, 1,098,372,765);
→the allottee is allotted the maximum number of shares under the allotment;
→that there is no proportionate consolidation or subdivision of shares in WasteCo
during the term (were there to be a consolidation that would proportionately reduce
the number of shares issued on allotment; were there to be a subdivision that would
proportionately increase the number of shares issued on allotment); and
→neither the allottee nor any associate of the allottee currently holds any
shares in WasteCo.
This annual report of WasteCo Group Limited is dated 30 May 2025 and is signed
on behalf of the Board by:
Roger Gower
Director
Shane Edmond
Director
Annual Report 202511034569127802We7'r r69c
Company Directory
3202682
24 November 2010
421 Blenheim Road
Upper Riccarton
Christchurch 8041
421 Blenheim Road
Upper Riccarton
Christchurch 8041
→Roger Gower
→Shane Edmond
→James Redmayne
→Simon Herbert
→Sean Joyce
→Rodney Malam
Kiwibank Limited
Christchurch
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street
West Auckland 1010
Phone 09 375 5998
wasteco.co.nz
Deloitte Limited
151 Cambridge Terrace
Christchuch 8013
Chapman Tripp
Level 34, 14 Customs Street West
Auckland Central 1010
Company number
Incorporated
Registered office
Registered office
Board of Directors
Bankers
Share Register
Website
Auditor
Solicitors
Thank you for reading
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421 Blenheim Road
Upper Riccarton
Christchurch 8041
New Zealand
wasteco.co.nz
0800 341 11 11
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.
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