03 October 2018
Pāmu releases first Integrated Report – returns to paying a dividend
Pāmu Farms of New Zealand (Landcorp) has released its first truly integrated Annual Report for 2018 today.
Chief Financial Officer Steve McJorrow said the 2018 EBITDAR
of $48.5 million, announced on 31 August, was very pleasing, and reflected good milk and red meat returns, along with
revaluation of carbon holdings (NZUs).
“We are also pleased to be back to paying our shareholders a dividend, which will be $5 million for the 2017/18
“But like every other business Pāmu is being measured against a much broader set of objectives and targets today than in
the past. It is no longer just about our financial performance - we also want to report on our impact on the
environment, the wellbeing of the Pāmu team, the contributions we are making to our local communities, and so on.
“This report reflects a commitment to ongoing reporting of data and issues that are important to our stakeholders. This
report reflects the many areas of New Zealand life that Pāmu contributes to, throughout the country and abroad.”
As the companies first truly integrated Annual Report, the company had asked stakeholders what issues they felt Pāmu
needed to be focused on, Mr McJorrow said.
“What the feedback shows is that the issues of concern to our stakeholders match with our main areas of focus as well.
“While environmental impact, animal welfare and health and safety all featured prominently - there was also a focus on
our impact and input into rural communities, connection with our local and global markets and the ongoing financial
resilience of the company.
“The issues discussion in the report gives Pāmu good marks in many areas but also provides us with valuable insights as
we move forward, focused on the issues that are material for us and out stakeholders and ultimately our owners – the New
Mr McJorrow said the year in review had been an exciting one for the company.
“The standout has to be the crystallisation of three years of work which has seen our ground-breaking deer milk product
reach the market in New Zealand and Australia. Chefs are raving about the unique taste and composition of deer milk and
the future looks very bright for this product. Winning an innovation award atthe 2018 Fieldays was the icing on the
cake,” Mr McJorrow said.
“Pāmu continues to look at how we can enhance shareholder value, by not just being a price taker at the farm gate, but
adding value right along the food chain.
“The integrated report notes activity in this area, including plans to commence sales of organic milk powder to China in
the current financial year, joining exports of Pāmu venison, lamb and wool to global markets.
“We also report on further pleasing progress in areas such as health and safety and people, where we saw reductions in
Lost Time injury (LTI) frequency rates, a decline in staff turnover and a reduction in our gender pay gap to four
percent, compared to a national average of over nine percent.
“We are working hard to become an employer of choice, and the year under review saw us focus on changing rosters on our
dairy farms, to ensure our people get more reliable periods of leave and don’t work too long without a break.
“Pāmu continues to go from strength to strength, and the last few years of intensive refocusing of our business has
ensured we have a financially, socially and environmentally resilient business for the future, which is looking very
exciting,” Mr McJorrow said.
Pāmu is the brand name for Landcorp, a Stated Owned Enterprise, and one of New Zealand’s most innovative farmers and
food businesses. It is also the name given to the quality products created by the company.
Pāmu is the Māori word ‘to farm’ and reflects the deep connection New Zealanders have with the land, born from respect,
and a genuine desire to protect and enhance the environments in which the company works. It’s a proud provenance that
stands behind every product bearing the Pāmu name.
 Earnings before interest, tax, depreciation, amortisation and revaluation