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A N N UA L R E P O R T 2 0 1 7
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WE BELIEVE OUR DECISIONS AND ACTIONS TODAY SHAPE WHO WE ARE TOMORROW

Every person, and every decision we make today, will leave an imprint on this company now and for 100 years to come. Through understanding WHY we do what we do, our teams strive to deliver above and beyond for our customers.

These are the beliefs that guide our decisions and actions every day:

OUR CULTURE WILL ALWAYS BE OUR GREATEST COMPETITIVE ADVANTAGE WE ARE HERE TO MAKE OUR CUSTOMERS’ BUSINESSES BETTER RESPONSIBILITY SITS WITH EACH OF US

‘GOOD ENOUGH’ IS NEVER ENOUGH

WE WILL ALWAYS THINK BIGGER AND FOR THE LONG TERM.

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KEY FINANCIAL ACHIEVEMENTS	6	CHAIRMAN’S REPORT	8	OUR GLOBAL INTENSIFICATION STRATEGY	12
GROUP MANAGING DIRECTOR’S REPORT	14	MAINFREIGHT GROUP	16	NEW ZEALAND	18
AUSTRALIA	22	ASIA	26	THE AMERICAS	30
EUROPE	34	IN SUMMARY	39	OUR PEOPLE	42
OUR GROWING GLOBAL NETWORK	56	MAINFREIGHT TECHNOLOGY	59	ENVIRONMENT	60
MAINFREIGHT IN THE COMMUNITY	63	OUR LEADERSHIP TEAM	64	TARGETS, PROGRESS & ACHIEVEMENTS	72
CAPITAL EXPENDITURE	74	CORPORATE GOVERNANCE	76	TEN YEAR SNAPSOT OF GROWTH	78
DIRECTORS’ REPORT	80	OUR BOARD OF DIRECTORS	82	OPERATING STATISTICS	86
INCOME STATEMENT	89	BALANCE SHEET	90	STATEMENT OF CHANGES IN EQUITY	91
CASH FLOW STATEMENT	92	NOTES TO FINANCIAL STATEMENTS	93	AUDITOR’S REPORT	119
STATUTORY INFORMATION	123	INTERESTS REGISTER	126	FIVE YEAR REVIEW	127
GLOSSARY	128	DIRECTORY	129

17%

GROUP NET PROFIT

NZ$103.2m

PROFIT EXCEEDS NZ$100 MILLION FOR THE FIRST TIME

$1.28b TOTAL ASSETS

41.0cps

TOTAL DIVIDEND PAID AND PROPOSED

102.74cps ADJUSTED EARNINGS PER SHARE

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2017 2016
31.2%
24.8%
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GEARING RATIO IMPROVED

KEY FINANCIAL ACHIEVEMENTS

Mainfreight is in the business of global supply chain logistics. We partner with our customers to provide an end-to-end freight service including warehousing, domestic distribution and international air and ocean services.

GROUP OPERATING REVENUE b $2.33 2.1% 5.1% EXCL FX IMPACT

GROUP EBITDA m $197.5

13.0% 15.3% EXCL FX IMPACT

GROUP NET PROFIT BEFORE ABNORMALS

m $103.2 17.0% 19.0% EXCL FX IMPACT

REVENUE BY REGION

EBITDA BY REGION

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EUROPE NEW ZEALAND
19.4% 26.1%
ASIA
3.8%
AUSTRALIA USA
24.3% 26.4%
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EUROPE NEW ZEALAND
13.5% 46.1%
ASIA
4.5%
AUSTRALIA USA
22.7% 13.3%
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REVENUE BY DIVISION
NZ$000
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945,898
AIR & OCEAN
1,387,693
DOMESTIC
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EBITDA BY DIVISION
NZ$000
55,745
AIR & OCEAN
141,797
DOMESTIC
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“ To our Mainfreight team around the world, thank you all for your efforts and belief over 39 years.” BRUCE PLESTED, Chairman

CHAIRMAN’S REPORT

Through constantly measuring our performance we demonstrate to our customers and society that we are absolutely committed to ever-increasing service, quality and reliability.

Mainfreight’s 39th year – a record profit up 17% on the previous year, a satisfactory share price, two exceptional new directors – Sue Tindal and Kate Parsons, our CEO winning the “Leadership Award” from INFINZ, the Chairman inducted into the “Business Hall of Fame” and his 75th birthday spent walking the Milford Track with daughter Georgia. We also lifted our discretionary profit bonus – shared equally on a branch by branch basis between all team members – by 1% (from 10% to 11%). For the first time, our discretionary bonus was introduced into our European business at 10% of profits.

As is the way with business and life, there are always challenges. On November 14[th] 2016, Wellington and the South Island were rocked by a 7.8 magnitude earthquake, centred on Kaikoura – resulting in two deaths, and over 50 injured. At the time of writing, there have been 15,000 aftershocks. This earthquake cut the main road and rail links between Picton and Christchurch, leaving no rail options, and the only road link available through Spring Creek, on a road not designed to carry lots of trucks.

Like most challenges, some good things usually arise. In this case it has been the Government’s and the business community’s acceptance of

the absolute necessity of an efficient rail service (freight, passenger and tourist) which operates the length of the country on a daily basis.

The second benefit has been the rejuvenation of regular coastal shipping between Auckland and Christchurch and, to a lesser extent, Dunedin. Parts of the market are adjusting to a less frequent interisland service but one with some competitive price pressures, in comparison with the madness of total long-distance trucking.

A third potential lesson has been the ability to import directly from overseas into a Christchurch warehouse, allowing businesses to assess the benefits of distribution locally, rather than previously from a city in the North Island.

In years past, I had a variety of bosses, most whom I respected because they were the boss. In seeking to recognise a good boss from one not so good, I asked this question:

“Would they make a good foreman?”

Could they ask the workers to do a difficult or unpleasant job and expect them to do it?
Could they do the job themselves?
Could they take their people with them?
Did they get the job done every day, week and year?

With 2017 being an election year in New Zealand and in some European countries, it is worth asking these questions of our politicians. Too many of them fail the test and are lost in platitudes, jokes, jibes, foxy words and sheer procrastination.

Housing

Our normal housing, through most parts of New Zealand, costs some ten times the net annual income of the family seeking to buy them.

These high prices (three times annual income was the price paid by buyers for many years prior to the early 2000’s) have been progressively increasing for the past 15 years, and all governments have been aware of the problem. No government or local government has taken any meaningful action against this rising tide.

As The New Zealand Initiative has preached, “There are not enough homes being built to meet the demand.”

Why?

Planning restrictions make it difficult to increase population directly within the city boundaries.
Cities are prevented from growing outwards because of rural and urban boundaries.
New developments require infrastructure investment from local councils, which can only pay for such investment by rates increases.

The politicians, both local and national, must take action on this very fixable social disgrace. “The market” cannot sort out this problem. Real leadership and intestinal fortitude is needed now.

Education

By some standards our education is at satisfactory levels on a global average scale. However, only 30% of children from lower decile school areas are reaching the New Zealand average for level 3 NCEA.

This low level of success continues the establishment of a permanent socio-economic group of underachievers in education, and it is our Maori and Pacific Island people who make up most of this group.

This group of under-achievers are more displaced than ever by our rising housing and rent prices. Without educational success they will continue to make a lesser contribution to society.

Business can play a bigger role in attempting to sustain and assist educational development. If the businesses and schools, particularly in lower decile areas, get together in a meaningful way, benefits will evolve. If the children understand more of how a business (from a farm, to a fruit shop, to an engineering factory, to a quarry) works and interacts, understanding

of possibilities will take place. Business people may be able to inspire children and parents to strive for success, and may be able to contribute to financing school wish lists, from computers to sports equipment, books to bus trips.

Can electorate and local politicians help make this happen?

Environment

Pollution and degradation of our environment is another area requiring strong political will.

Most cities provide bins for rubbish and bins for recycling. There is however no education, or ongoing exhortation, on how to recycle, why to recycle and whether it works. Is an unwashed bottle or can recyclable, or does it go into landfill? Should we recycle bottles with the lid left on? Should wine bottles have the lead seal removed? What happens to polystyrene, what happens to plastic bottles with pumps attached, what about empty aerosol cans? Much of this stuff is going to landfill because our local authorities don’t tell us what is required. If recycling is just a myth, let us know, otherwise teach us to recycle for the benefit of the planet.

Our lack of respect for water and water quality is an indictment of governments going back decades. Various businesses and pressure groups have been allowed to pour chemical waste, animal entrails, milk, and human and animal effluent into our streams, rivers and sea. Fresh water rights for irrigation have been given, to the extent that some rivers run dry most years, and now we are giving water rights to export fresh water in plastic bottles.

Regulators could have stood against many of these past and present excesses, but chose to do nothing and leave the problems to our children and grandchildren.

A couple of years ago I heard a European billionaire being interviewed. When the slightly irritable reporter asked “well, how much money do you want” the billionaire answered “just a wee bit more.”

And it is the “wee bit more” that has done so much to damage our environment – just a few more cows per acre, just a wee bit more water for irrigation, just another water bore in case it doesn’t rain, just a wee bit more sewerage mixed with a wee bit more storm water, just a few more years raping our already depleted fish stocks.

The problems mentioned here are not fixed by the market. They are like law and order, the local and national politicians should be dealing with them and committing to solutions before the next elections.

Our thanks go to the Mainfreight team around the world for your effort and success and loyalty. Keep faith with our measuring of load efficiency, claim statistics, deliveries on time, timely payment of creditors, timely payment from customers, sales calls and success. These statistical measurements grow through to job satisfaction, promotion, new opportunities, the taxation we pay, and finally – demonstrate to our customers and society that we are absolutely committed and intense about ever-increasing service, quality and reliability.

It takes all this and more to reflect in our bottom line profit.

Thank you all for your efforts and belief over 39 years.

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BRUCE PLESTED JUNE 2017

WE BELIEVE GROWTH WILL COME THROUGH PROVIDING: MORE OF OUR SERVICES TO MORE OF OUR CUSTOMERS IN MORE OF OUR LOCATIONS.

OUR GLOBAL NETWORK INTENSIFICATION STRATEGY

How can we be more valuable to our customers? By strategically locating our new facilities and services where they need us most. The ongoing expansion of our network, combined with the dedication of our people will fuel our long-term global growth.

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GEOGRAPHICAL SERVICE
INTENSIFICATION INTENSIFICATION
Not only are we opening up in Being located down the road
more countries; we’re developing instead of across the country means
new services and locations within we’re locals. This physical closeness
each region and each country. also means we can understand
By being as close as possible to our customers’ businesses better,
our customers we can deliver make fast decisions and recognise
sooner, more efficiently and opportunities which simply aren’t
more often. apparent when doing business
at a distance.
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“ It is our ambition to provide every service to all of our customers across each geographical region.”

“ Regardless of the conditions or external events, our New Zealand team epitomised what our culture means to our customers. ” DON BRAID, Group Managing Director

GROUP MANAGING DIRECTOR’S REPORT

Just after midnight on Monday, 14[th] November 2016, New Zealand was shaken awake by a magnitude 7.8 earthquake centred around Kaikoura on the east coast of the South Island. Damage was substantial and stretched as far north as the capital city of Wellington.

Apart from the devastation wreaked upon the homes, farms, and work places of thousands, the main road and the main trunk line for rail were severed by massive slips, meaning the primary transport route between the North and South Islands was drastically disrupted.

To further exacerbate the precarious freight situation, the Port of Wellington, which is the connection point for inter-Island ferry services for road and rail between the Islands, was damaged and inoperable.

Timing could not have been any worse; pre-Christmas retail freight volume was at its peak.

The transport industry would need to find an alternative route, to ensure not only Kaikoura and surrounds could receive supplies, but also all points south, including the major cities of Christchurch, Dunedin and Invercargill.

Our team in Wellington shrugged off personal considerations and, supported by the rest of our New Zealand network, all reported for duty and operated our facility in Wellington 24 hours a day, despatching and delivering freight for the Wellington area and coordinating the freight volumes for the South Island.

With KiwiRail reinstating ferry and rail services from Wellington Port through to Spring Creek in Blenheim at the top of the South Island, team members from around New Zealand took up the challenge, and we established a pop-up branch

at Spring Creek – all within a week of the initial quake. The team at the Spring Creek branch moved hundreds of tonnes of freight every day from rail wagons and containers onto road vehicles for the journey south, via the treacherous Lewis Pass; a highway not designed for trucks, suddenly having to cope with an increase from 40 trucks per day, to 700 per day, and eventually 1,100 trucks per day leading into Christmas.

In conjunction with this, coastal shipping and re-routing imports from off-shore markets direct to Christchurch’s Lyttelton Port, provided alternative freight routes for the large volumes of freight required by the South Island community.

What is important about these events, is the way our Mainfreight people organised themselves and continued delivery of essential freight services to the thousands of customers that rely on us every day for their logistics needs.

Our strong culture, beating any fancy strategy, was reflected in the decisions and efforts of our people: decision making “as close to our customers as possible”, responsibility for our quality and service a priority for all. Regardless of the conditions or external events, our New Zealand team epitomised what our culture means to our customers; the reasons why our customers choose to entrust us with their supply chain requirements.

The earthquake was an event that tested our resolve, our systems and

our communications – and our team responded to every challenge with resource and commitment, finding the answers to maintain our customer service levels.

It is our culture that we work hard at developing every day in every one of our locations around the world. Do we have that level of customer responsibility right in every branch in every one of our 21 country locations? No, we don’t. We do however have a great deal of progress across our network, and ongoing customer growth is a reflection that we have good momentum for the future.

Alongside a strong belief that our unique cultural values provide differentiation and benefits to our customers, we are working to intensify our network, both globally (opening up in more countries) and internally (developing new services and locations within each region).

We desire to be as close to our customers as possible, to provide efficient, time-certain pick-up and delivery services. Our three core products of Domestic Transportation, Logistics (warehousing) and Air & Ocean international freight services, give us the ability to provide our customers with a full supply chain offering, supported by our Technology. Where possible it is our intention to provide every service to all our customers across each geographical region. As we develop these close relationships with a focus on creating trust, the opportunities continue to materialise for us.

MAINFREIGHT GROUP

We are delighted to have exceeded the $100 million mark for Net Profit for the first time in our history. Our financial results for this past year give us confidence that our effort to develop a global supply chain logistics company is on track, and that our goal of growing a business of significant scale is achievable.

EBITDA [13.0%]

MAINFREIGHT GROUP OPERATING RESULTS NZ$000

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GROUP GROUP NET
REVENUE PROFIT BEFORE
ABNORMALS
2017 2016 2017 2016
2,333,591
2,284,807
103,164
88,176
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Our sales revenues improved markedly in New Zealand, Asia, and Australia and found good progress in Europe. Unfortunately, similar levels of growth were not achieved in the Americas, where we struggle to make an impression on the transport landscape. Total Group sales revenues, before foreign exchange effects, improved 2.1% to $2.33 billion (up 5.1% excluding foreign exchange impact).

EBITDA and net profit figures (before abnormals) both reflect our ongoing ability to improve on the prior year’s performance, at $197.54 million and $103.16 million respectively.

A satisfactory result, built on excellent performance from our New Zealand businesses, and improving results from our Australian and European operations. Whilst our Asian business saw much improved performance during the first half of the financial year, a slowing in air freight tonnage and difficulties with a warehousing project have seen the full year result fall below expectations.

Our American interests also performed below expectations, with both our Mainfreight Domestic and CaroTrans business units failing to find sales growth and associated profitability.

This year’s result is a good indication of the potential available to us. Our long-term view for our business strategy affords us the time to develop our network and build longterm customer relationships, but by no means diminishes the need to

seek greater growth and profitability in each geographical region as quickly as we are able.

Our strategic objective of creating a strong global network with three key products of Air & Ocean, Logistics (warehousing) and Domestic freight is progressing well. No matter which country we are operating in, it is our intention to continue to strengthen our network, investing in facilities to ensure our quality of service delivery is world class.

Net capital expenditure during the year was limited to $61.44 million as a number of large property projects from the prior year were completed. Our expectation is that capital expenditure will return to normalised levels of $100 million plus for the foreseeable future as we continue our investment in strategically located land and high quality facilities that allow our people the opportunity to operate in the best possible environment.

Our capital investment in technology continues with the May 2017 New Zealand implementation of Mainstreet, our updated domestic freight software program. This upgrade replaces our previous system, which served the business very well over the past 18 years, and provides the business with a technology platform that will allow a greater degree of customisation for customers, and more in-depth management of our own performance.

Once the New Zealand implementation is complete, our Australian business will also introduce Mainstreet to their operations.

NEW ZEALAND

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An extraordinary year for our New Zealand team. Our strong brand awareness and a high level of quality continues to provide growth opportunities for the New Zealand business units. Freight and warehousing volumes were much increased over the year prior, despite the difficulties our people faced in the aftermath of the Kaikoura earthquake.

EBITDA [17.2%]

NEW ZEALAND TOTAL NZ$000 Transport, Logistics and Air & Ocean

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REVENUE EBITDA
2017 2016 2017 2016
609,238
563,245
91,021
77,642
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An extra 180,000+ freight consignments were handled by our team in 2017, reflecting an increase in the number of customers we serve and a lift in business confidence in New Zealand, with high net migration and burgeoning tourism numbers assisting.

New Zealand revenue improved by 8.2% to $609.24 million. Improving margins and well-controlled overhead costs assisted EBITDA, up 17.2 % to $91.02 million. These results are our best ever.

With growth comes the need for further investment in our infrastructure. Facility improvements and replacements are a necessity in the next three years. Land is being sought for Auckland, Tauranga, Taupo, Wellington, Nelson and Dunedin for our Transport unit’s needs. New warehousing is planned for Christchurch, Auckland and Tauranga, and in Christchurch we have

completed the construction of a new Air & Ocean facility to accommodate the increased export and import demands of our customer base.

It is our expectation that the earthquake repairs to the main trunk railway line between Picton and Christchurch will be completed by calendar year end, opening valuable rail capacity for inter-Island freight. It is hoped that an intermediate solution may well be available earlier. This will reduce the need for high cost road services currently being utilised.

Nowhere else in our global network do we manage such complicated, high-quality supply chain services than in New Zealand. Our team here sets the standard for our business elsewhere and will only be beaten in future growth by the sheer lack of scale that larger economies provide.

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Country Manager New Zealand, CRAIG EVANS | 31 YEARS WITH MAINFREIGHT

AUSTRALIA

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The dogged determination of our Australian team has seen more customers gained across all three key areas of service. The Australians have a healthy ambition to outstrip the performance of their New Zealand colleagues.

EBITDA [23.7%]

AUSTRALIA TOTAL AU$000 Transport, Logistics and Air & Ocean

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REVENUE EBITDA
2017 2016 2017 2016
534,995
503,256
42,315
34,199
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It is abundantly clear that the combination of investment in high quality facilities over the past five years, and the increasing focus of our people on our quality of service together with acceptance of our culture as non-negotiable, is having a profound effect on our presence in Australia.

Our Transport facilities and road line-hauls are well utilised, our warehouses are full and our presence in the Air & Ocean sector continues to gain in prominence. All of which has been reflected in sales revenue growth of 6.3% to $535.00 million, and whilst overhead costs could have been managed better, the improved margins and warehouse utilisation has seen EBITDA up 23.7% to $42.32 million. As with New Zealand, the best ever result for our Australian business.

As we continue to find growth, it is evident that here also we must invest in our infrastructure to give our team the best opportunity to provide excellence in all they do for us. Thus we intend investing in more land and buildings for Transport and Logistics in Melbourne, Adelaide, Sydney and Brisbane. Further regional development will be a focus with new branches in the pipeline for

Bendigo and Toowoomba continuing our strategy of wanting to control the delivery quality and to intensify our network in-country.

Our Air & Ocean business will concentrate on pursuing our network trade lanes to bolster our effectiveness in both imports and exports for our Australian customer base. Developing our perishable freight competency remains high on the agenda, and the investment in world class air freight perishable facilities in New South Wales, Queensland and Victoria is already providing competitive advantage for our team.

Our Logistics warehousing initiatives and service quality has been second to none, and in particular for the DIY (do-it-yourself), and food and beverage sectors. This level of expertise is attracting new customers from both sectors, necessitating the need for further warehouse development in all three Eastern Seaboard States.

Our Australian team is determined to find exceptional growth and to outstrip the performance of their New Zealand colleagues. Such is this determination that they expect to achieve the goal of beating New Zealand profits by the year 2021.

AUSTRALIA

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ACROSS AUSTRALIA, WE ARE STEADILY BUILDING A DEEP POOL OF SMART PEOPLE WHO ARE AMBITIOUS AND EASY TO DEAL WITH.

Country Manager Australia RODD MORGAN | 14 YEARS WITH MAINFREIGHT

STRATEGIES TO DELIVER:

REGIONAL FOCUS:

Continuing to spread our deeply embedded culture is at the heart of our strategy. This includes service quality, growth, presentation and profitability. As our future leaders rise through our business to fill leadership positions, they will help fuel our growth for many years to come.

We are committed to returning our business to growth rates that will see us double in size within five years. Only through ambition, great quality and superior performance from our team will this be possible. This is where much of our energy is directed.

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ASIA

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Our Asian interests can best be described as “potential in waiting”. Our primary focus is to provide Air & Ocean services in and out of the Asia region, through trade lanes served by Mainfreight’s network in Europe, the United States, Australia and New Zealand.

EBITDA [1.6%]

ASIA TOTAL US$000 Air & Ocean

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REVENUE EBITDA
2017 2016 2017 2016
63,351
47,058
6,245 6,349
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Through the first half of the year, airfreight demand into the USA provided significantly improved sales growth and profitability. As the seasonal airfreight volumes ebbed, our inability to counter the decline led to the reduction of earlier profit gains.

Disappointingly, while our sales growth improved 34.6% to $63.35 million, EBITDA finished in line with the year prior at $6.25 million (down 1.6%).

Our venture into our own leased warehouse operation in Hong Kong

has been unsuccessful, and has necessitated a withdrawal from this sector as the new financial year progresses.

Our focus remains on developing our core Air & Ocean product across the Asian region. Strength currently lies in our China business, with strong emphasis being placed on improving our capability and profitability in our Southeast Asian locations.

Growing imports into the region, and the volume of intra-Asian freight remains of high interest.

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Simon Song and HY Goh – Singapore.
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ASIA

WE ARE TARGETING CUSTOMERS WHO HAVE FREIGHT NEEDS WHICH FIT OUR NETWORK MODEL ACROSS MULTIPLE REGIONS. Regional Manager Asia MICHAEL LOFARO | 19 YEARS WITH MAINFREIGHT

REGIONAL FOCUS:

The focus of our Asian business is on further expanding our brand presence and recognition across the greater Asia region. While we have increased our share of freight bound for other parts of the world, we are now pursuing the growing number of customers who import into the region.

STRATEGIES TO DELIVER:

Working closely with the rest of Mainfreight’s global Air & Ocean network, we are targeting customers who have freight needs which fit our network model across multiple regions. By leveraging the network to grow imports into the region and secure a larger share of Asian exports, we will reduce our reliance on third party agents. This will give us greater control over both the intra-Asia flow of freight and the quality of service.

THE AMERICAS

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We remain committed and excited as to what the Americas market can provide the Mainfreight Group, and the region remains an integral part of our trade lane development globally.

EBITDA [0.6%]

AMERICAS TOTAL: MAINFREIGHT USA, CANADA AND MEXICO AND CAROTRANS USA AND CHILE US$000 Transport, Logistics and Air & Ocean

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REVENUE EBITDA
2017 2016 2017 2016
457,760
436,357
18,585 18,688
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Our two operations in the region, are Mainfreight (our supply chain logistics business) and CaroTrans (our wholesale sea freight operator).

Both business units disappointed with their financial performance over the past year. Sales revenue declined 4.7% across the Americas, particularly impacted by falling revenues in CaroTrans. The Mainfreight Air & Ocean and Domestic Transportation businesses saw revenues at similar levels to those of the year prior. Our reliance on too few customers who often have trading peaks and troughs, contributed to our sales growth issues.

The EBITDA contribution is in line with the year prior, falling just 0.6% to $18.59 million, and provides some confidence that we have the network and infrastructure to find growth over time.

Mainfreight

In our Mainfreight operations we continue to develop our Domestic freight network, targeting every day LCL freight, that requires high quality service levels, and predominantly in the FMCG sector.

Our Air & Ocean operations continue to develop within the global trade

lanes of our international network for both import and export trade. Again our focus remains on increasing the number of our trading customers, rather than a reliance on too few, to allow for steady long-term growth.

It is our expectation that our Logistics warehouses will extend their footprint to other major US cities to complement the supply chain requirements of our customers.

CaroTrans

The wholesale sea-freight business of CaroTrans has had another disappointing year, as ocean freight rates and loading trends continue to hinder profit generation.

Senior management changes and a renewed focus on our core capabilities will address performance issues. CaroTrans remains an important part of our US presence, providing a largely complementary business to the Mainfreight retail operations.

Despite the lack of growth apparent in this year’s financial results, we remain committed and excited as to what the Americas market can provide the Mainfreight Group, and the region remains an integral part of our trade lane development globally.

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31
Ferrina Ally and Mirza Ally, New York, USA.
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Regional Manager Americas JOHN HEPWORTH | 19 YEARS WITH MAINFREIGHT

EUROPE

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Such is our confidence in our European operations, we expect to have invested in eight new facilities by the end of the 2018 financial year.

EBITDA [20.8%]

EUROPE TOTAL EU¤000 Transport, Logistics, Air & Ocean

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REVENUE EBITDA
2017 2016 2017 2016
291,927
264,585
17,179
14,223
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The ability of our European team to find growth in all three of our business segments is a highlight alongside the improved profitability of this region. Of note is the team’s preference to migrate to Mainfreight branding in all divisions of the European business, which also assists our presence and commerciality across the global network.

Sales revenue grew 10.3% to ¤291.93 million after a slow start to the financial year, with EBITDA improving 20.8% to ¤17.18 million. These sales and profit improvements are expected to continue into our new financial year delivering a level of confidence in our European development.

As with Australia and New Zealand, investment in our network and infrastructure is a high priority. Construction of Forwarding facilities in Ghent/Zwijnaarde and Genk in Belgium are underway; new warehousing facilities for ‘s-Heerenberg and Geleen (The Netherlands) and Ghent/Zwijnaarde are also under construction, and our Air & Ocean business has opened new facilities in Germany and the United Kingdom, extending its network to facilitate better trade for our global customers. It is expected that we will also open an Air & Ocean location in Italy during the 2018 financial year.

Our Logistics (warehousing) operations have performed particularly well, with utilisation in current facilities at optimal levels. This has necessitated the construction of a further 22,600m[2] of available space at the European headquarters at ‘s-Heerenberg. Completion is expected by midyear, with all 30,000 available pallet spaces filled by current and new customers, such is the demand for our services.

Our European Transport branches have also improved quality and gained new customers. As we do elsewhere in the world, we prefer to locate our facilities as close to our customers as possible. Currently we service The Netherlands, in total, via the one cross-dock operation located in ‘s-Heerenberg. Planning is underway to provide three further cross-docks in Belgium and The Netherlands, ignoring country borders, rather focusing on efficient utilisation of our distribution services.

Such is our confidence in our European operations, we expect to have invested in eight new facilities (Logistics warehouses, Transport cross-docks and Air & Ocean offices) by the end of the 2018 financial year; dramatically increasing our footprint, network intensity and supply chain service capability within the European region. A significant step forward to further expansion into the new decade.

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Regional Manager Europe, BEN FITTS | 10 YEARS WITH MAINFREIGHT

IN SUMMARY

We continue to attract the attention of significant customers looking for high-quality freight services from an emerging global supply-chain provider. It is clear Mainfreight has the scale, culture and energy to fulfil this role.

We are proud of our overall financial performance of this past year. To break through $100 million net profit is a milestone for the business.

Of more importance is our increasing logistics capability and the ongoing development of our network. We continue to attract the attention of significant customers looking for high-quality freight services from an emerging global supply-chain provider. It is clear Mainfreight is capable of fulfilling this role.

Mainfreight’s approach to providing visibility across the supply chain and the focus on building long-term partnerships are key reasons for customers to entrust their logistics to us.

We are well aware of the changing dynamics of global logistics; the emergence of online trading, with these operators involving themselves in warehousing and distribution. There is no doubt that these threats to the “normal” logistics supply chain will continue to evolve.

Our flexibility and motivation brings added value to long-term customer relationships, providing personalised high-quality freight services combined with high-visibility inventory and freight management. This cooperative approach has ensured an ongoing market for Mainfreight to occupy and develop.

We have much to do to improve the sales growth of our business, particularly in the larger markets of Asia, America and Europe, and we will maintain the focus on our network growth and development of key trade lanes.

It is our strong belief that the momentum we have will continue, and will develop at a faster pace than we have experienced in the past, thanks to our people, our network and our culture.

It remains a very exciting journey.

HIGHLIGHTS OF OUR 100 YEAR JOURNEY

$100m NET PROFIT

a strong contribution from NZ and marked improvement from Australia and Europe

DON BRAID JUNE 2017

WE BELIEVE THE RESPONSIBILITY FOR QUALITY SITS WITH EACH OF US

This is a high intensity business and every one of us plays a part in delivering care, accuracy and quality for our customers. Behind the scenes our kitchen teams keep us fuelled up and focused with balanced, nutritious meal options. It takes real mental and physical stamina to perform at this level and thanks to our kitchens, we’re running on high octane.

Mainfreight has strong family roots and like any family, the kitchen is at our heart. For 39 years our people have gathered together at mealtimes to share stories and solve the problems of the world.

“ The health and wellness of our people directly affects how well we perform for our customers. TRUDY BURT, ” Auckland, New Zealand

OUR PEOPLE

Our people strategy is simple: hire the right people, promote from within and always have the ability to grow with a talented, passionate and intelligent team.

HIGHLIGHTS OF OUR 100 YEAR JOURNEY

$19.3m SHARED

Discretionary bonus increased by 18.7% and was also paid to our European team for the first time.

Our 7,006 people are the life blood of Mainfreight. Our depth of talent is strong, and our strategy for fostering that talent is very straightforward: hire the right people, promote from within, and always have the ability to grow with talented, passionate and intelligent people.

The right people come from a range of backgrounds, but all of these people identify Mainfreight as a place to build their careers. For many it is after completing tertiary study, but for others it is the decision to start work at Mainfreight as an alternative to study.

The past year has seen our development programmes receive formal recognition and awards in Europe and Australia. Across the world, the calibre of individuals approaching us to discuss career opportunities is extremely high and many of these are women who identify a career with Mainfreight as no longer one just for the boys.

Discretionary Bonus

It is with an enormous sense of pride that this year we are able to pay an increased bonus of $19.26 million to our team members from around the world. This is an 18.7% increase from the year prior, and now also includes our team in Europe.

Training

Collaboration has been a highlight in the design and delivery of Mainstreet training across New Zealand. The IT and Training teams have worked extremely closely for over a year to ensure the training and simulations are realistic and effective.

The New Zealand and Australian training teams have also worked

together to assist with the Mainstreet rollout. This will be reciprocated in 2018 when the Australian business rolls out Mainstreet across their network.

Health & Safety

The responsibility for creating and maintaining a safe working environment rests with us all. This is illustrated through our commitment to quality facilities and equipment; to quality people and processes; and by our culture which facilitates input and ownership from every team member at every level.

Around the world our approach towards the health and safety of our team has been to educate and identify risks – and to rely on each and every team member to act in a safe and responsible manner. Incidents and accidents are recorded and reported, and through our Positive Action Team (PAT) meetings our team are given both the forum and the tools to improve their work environment. It is this engagement with our team worldwide that helps in addressing health and safety concerns and allows for hazards to be identified and, where possible, mitigated.

The investment in our team is a strategic imperative. As a company we will be reshaped and redefined in coming years as we harness the new perspectives and skills of those joining our family. Our challenge is to ensure our minds remain receptive to their ideas, which may well lead to a new approach or process. Our ability to look objectively at ourselves and to challenge the way we do things is fundamental, as is our ability to develop global mind-sets in our current leaders, and our leaders of the future.

Brad Russell – London, United Kingdom.

WE BELIEVE OUR UNIQUE TEAM OF PEOPLE IS OUR GREATEST ASSET

One hundred years from now our network, facilities, and even modes of transport will look dramatically different. Our culture and what we stand for however, will remain largely unchanged.

Around the world, we invite like-minded people to join the Mainfreight family and encourage them to find their place.

These people are the essence of who we are; it is their passion, energy and belief in our Mainfreight culture and our global aspirations that power this Company.

Year after year, decade to decade, our global family will evolve and grow our unique culture and purpose.

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NZ

NEW ZEALAND CAROTRANS AUCKLAND Joshmitha Amin, Lisa Bardon, Joshua Chellatamby, Cameron Couper, Nidheesh Gangadharan, Jamie Henderson, Steve Hendry, Ara Jeong, Emilie Kallala, Jonathan Lee, Katrina Nathan, Colette Smith, Nicky Smith. CAROTRANS CFS AUCKLAND Dale Abernethy, Joseph Bell, Mike Dunn, Jaedon Gasgoigne, Norm Gasgoigne, Zoryne Homann, Bjorn Kelly, Michael Keresoma, Robert Leaupepe, Brent Marks, Wiremu Rice, Ren Sayer, Leslie Smith, Serge Thomas, Christopher Vaiangina, Raewyn Vela, Brett Whitehead, Roland Williams. CAROTRANS CFS CHRISTCHURCH Simon Cowper, Darren Jerard, Kitt Taylor. CHEMCOURIERS AUCKLAND Kevin Aldridge, Ivan Alofa, Mark Brown, Dale Cameron, Anthony Castle, Nikesh Chhana, Mari Cooper, Emily Cox, Kat Fatamaka, Rayguss Fatamaka, Safo Fatamaka, Roydon George-Thomas, Kohine Henare, Luke Matthew Hiroa, Noel Hughes, Hans Huisman, Isi Kaliopasi, Mele Kaliopasi, Conway Keilman, Michael Keith, Nagendra Kumar, Iulieta Leafa, Michael Long, Chris McKenzie, Trevor Mitai, Jason Mouat, Nigel Mouat, Allan Murray, Michael Neale, Russell Newlyn, Ashley O’Connor, Mark Pakuru, Kishor Patel, Unnati Patel, Jonathan Paul, Edwin Prakash, Harpreet Singh, Paramveer Singh, Campbell Smith, Clinton Smith, Gail Street, Greg Stringer, Mark Takawe, Metera Te Aonui, Brenton Te Rehu, Michael Thomas, Barry Thompson, Noa Tohi, Kini Toloa, Sosaia Nomani Tupou, George Ulutaufonua, Francois Williams, Phoebe Williams, Andrew Woolliams, Sylvia Xie. CHEMCOURIERS CHRISTCHURCH Chris Dawson, Rey Dela Cruz, Chris Donaldson, Richard Harris, Alex Hubers, Graham Jackson, Chelsea Kay, Grant Kilty, Jason Knauf, Shane Kupfer, Jack O’Hara, Robin Wilson. CHEMCOURIERS WELLINGTON Tama Coker, Shane McDougal, Deborah Paul, Rodney Warsnop. DAILY FREIGHT AUCKLAND Kalapu Alaelua, Fazeel Ali, Josiah Alofa, Arthur Atoaga, Allan Aufai, Tolua Aufai, Altaf Baba, George Backhouse, Taimur Badhniwalla, Russell Barry, Matt Cagimaivuna, Martin Cannon, Ashutesh Chand, Raghu Chinchalker, ZhenTao Chung, Ian Cox, Jim Cullen, Tracey Curtis, Khushroo Daruwalla, Chetan Desai, Sangeeta Devi, Saurabh Dhamija, Sidney Ene, Clinton Faamausili, Ryan Faliu, Inoke Fifita, Lydia Fohe, Filipo Fuamatu, Timothy Gage, Joshua Gibbs, Rakesh Goundar, Rynal Goundar, Surya Gounder, Tevita (David) Hala, Martin Hamilton, Aimee Harding, Gavin Holm, Malcolm Holm, Nathan Humphreys, Efaraima Ieti, Lenny Jones, Ivan Josephs, Harjeet Kahlon, Max Kaleopa, Tevita Kaliopasi, Anaru Karena, Watson Kauvalu, Murray Kendall, Raymond Kendall, Lionel Knox, Jashneel Kumar, Yasbeen Kumar, Katalina Latana, Roger Leckner, Osvaldo Letelier, William Mahe, Tevita Maile, Boston Manuel, Rita Marsh, Corey Marshall, Eddie Marshall, Hanna Matthews, Shasta Mishra, Petty Mistry, Asif Mohammed, Dana Mokalei, Christie Oliveti, James Orton, Talau Paila, Jayshree Patel, Manoj Patel, Saurabh Patel, Phillip Payne, Meshach Petelo, Anroth Pratap, Shane Pullen-Burry, Jasbir Raina, Kumar Rajan, Vijay Rajan, Zidane Rajan, Daniel Riddell, Lloyd Rivers-Smith, Jayde Robson, Tua Ropati, Vincent Saulo, Roy Savage, Jatin Shah, Anith Sharma, Wesley Siakumi, Bali Singh, Gurdev Singh, Gurpreet Singh, Harneet Singh, Himmatveer Singh, Jai Singh, Jaswant Singh, Jatinder Singh, Kawaljeet Singh, Lakhbir Singh, Lesley Smith, Michaela Smith, Mike Smith,

Peter Smith, Anneluisa Tanoai, Michael Tapper, Tauaese Tauaese, Andy Taunga, Kowhai Te-Pairi, Jonevan Togiamana, Manulua Toilalo, Richard Tovia, Jennifer Tuhi, Kena Tuhua, John Tui, Tauiliili Tui, Piutau Tuitupou, Mosese Tupa, Joseph Tuputala, Ivan Turangakino, Jourdan Turner, Joseph Tutuila, Fred Ulberg, Faka’anaua Ulutaufonua, Voas Vaihu, Sheryl Waite, Alfred Williams, Logan Williams, Alexander Witteveen, Hayden Young, Ubaid Zahidani. DAILY FREIGHT CHRISTCHURCH Sheik Ali, Rebecca Baxter, Henry Boon, Isobel Bowman, Phillip Brosnahan, Beverley Canovan, Daryl Carter, Paul Chatterton, Harry Clinton-Baker, Craig Cuff, Robin Davids, Susan Davies, Sharmagne Dela Cruz, Craig Dixon, Craig Dunphy, Samuel Edmonds, Will Gillespie, Ross Hawken, Iain Henderson, Thomas Hira, Porto (Vaughan) Keefe, Abbey Kirk, Shane Kupfer, Angus Lowe, Lachlan McGhie, Harry Morris, Sam Morton, Steve Moule, Jayne Munslow, Kurtis Murdoch, Alessandra Oliver, Nikki Oliver, Tahi Poasa, Tara Price, Tony Ringdahl, Brendon Scarth, Kulveer Singh, Navneet Singh, Mandeep Singh Gill, Steve Smith, Craig Stewart, Carl Stringer, Kim Tallott, Kiel Tamihere-Bowman, Jacob Taurua, Ngarui Taurua, Tamas Taurua, Tamati Thomson, Mark Tomlinson. DAILY FREIGHT / CHEMCOURIERS HAMILTON Joe Brickland, Jenny Cliffe, Neil Douch, Edward Hemara, Kawana Hemara, Tom Kumitau, Manase Lavemai, Andre Paladin, Ernest Tauai, Jodi Vaughan. DAILY FREIGHT WELLINGTON Peter Ansell, Barry Bellamy, Sam Ede, Seila Fiso, Rukua Kavakura, Adriano Lucena de mello, Andrew MacCormack, Paul MacCormack, Steve Marsh, Adriano Mello, Michelle Mikara, Ahu Moeahu, David Priestley, Graham Ralston, Richard Rutten, John Salanoa, Ron Satherley, Lynette Sinden, Melanie Sinden, Phil Tamatea, Gordon Tobin, Alex Walters. MAINFREIGHT ASHBURTON Ross Butler, Christopher Frost, Barry Linwood, Glenda Donaldson, Yvonne Kirdy, Trevor Irving, George Taylor. MAINFREIGHT AUCKLAND Hannah Abraham, Wiki Abraham, Jon Absolum, Maree Adams, Nicholas Aiga, Mahamed Ali, Tansy Austin, James Avery, Craig Baird, Fazeel Basha, Shameem Basha, Prakash Bechan, Hayden Bell, Shailesh Bhuthadia, Michael Bing, Wayne Birch, Beau Birtwistle, Don Braid, Jugsir Brar, Kym Brett, David Brown, Hohepa Brown, Trudy Burt, Alex Campbell, Rex Campbell, Vania Chalmers, Guido Chambers, Junior Charan, Shamal Charan, Jeremy Chin, Yvonne Chissell, Milan (Jnr) Cihak, Milan (Snr) Cihak, Renata Cihak, Bryan Clark, Paul Cole, Scott Collings, Catherine Collins, Martin Cook, Nikki Cooper, Tahau Cooper, Simon Cotter, Larry Coulter, Edward Creedy, Kerry Crocker, Rob Croft, Robert Croft, Connor Deadman, Martin Devereux, Kevin Drinkwater, Cory Duggan, Alan Edwards, Hayden Elwarth, Katarina Ene, Craig Evans, Christina Ewe, David Fainu’u, Samuel Falakiseni, William Falakiseni, Robbie Foggin, Paul Freeman, Vaughn Futter, Kevin Geard, Kevin Gee, Carl George, Josh Gillespie, Neil Graham (in memoriam), Mitch Gregor, Helen Harden, Mohammed Hassan, Joshua Haunga, Yi He, Mona Hellens, Alfred Hetaraka, Boris Hirawani, Emmet Hobbs, Charlotte Hoeft, Brett Horgan, Carl Howard-Smith, Quinnton Hubbard, Lesley Huia, Graeme Illing, Matt Irvine, Chris Isaia, Tom Jane, Ramandeep Jawanda, Fred Kalman, Emma Katavich, Nic Kay, Clinton Kewene, Abdul Khan, Mohammed Khan, Michael Kokaua, Chandre Koole, Shalini Kumar, Lowrance Lal, Omeksh Lal, Shawn Lam Sam, Mark Lane, Wilson Li, Migle Mackay, William Mackie, Kris Maddaford, Samrat Main, Melefatai Manako, Sarah Mann, Corina Mareela, Robert Mareela, Shane Mason, Glenn Matthews, Vaughn McDonald, Andrew McKenzie, Rachel McKenzie, Junior Meatuai, Melissa Milton,

Bryan Mogridge, Dennis Morar, James Morgan, Max Muaulu, Dionn Munro, Lui Naoupu, Henry Nathan, Alesana Nati, Alan Neithe, Zedekiah Nuku, Cody Oughton, Lucy Owen, Luke Paine, Maureen Paine, Nicole Paris, Chris Park, Tom Parker, William Parkinson, Kate Parsons, Tom Paul, Maurie Phillips, Bruce Plested, Tipi Poa, Queleah Pompey, Adrianne Pongi, Shayne Porter, Bimal Prakash, Avikash Prasad, Richard Prebble, Rowan Preston, Brock Radich, Craig Radich, Na Raihania, Cameron Reibel, Keith Robb, Robert Robertson, Jason Rogers, Sir Don Rowlands (in memoriam), Mohammed Saheem, Mohammed Saleem, Anil Sami, Georgina Sanders, Tarlochan Sarai, Glenn Searle, Carol Selwyn, Geoff Sharman, Vavega Siliga, Carolyn Sim, Donna Sim, Harry Sima, Michelle Simmons, Anmol Singh, Armanpreet Singh, Arpandeep Singh, Gurpreet Singh, Gurpreet (Sunny) Singh, Harinder Singh, Jagmeet Singh, Jaspreet Singh, Manjit Singh, Narinder Singh, Shareen Singh, Navi Singh Sidhu, Severe Sipeli, Dansey Smith, Regan Somers, Danielle Soper, Suzy Spear, Amandeep Sran, Kendal Stratford, Jason Street, Hassanjit Sumra, Sheena Symons, Jah-Milla Taitin, Jamane Tarau, Tuaine Tarau, Bert Tarry, Blair Tarry, Meleana Taufa, Mike Taufa, Suzanne Taunton, Noreen Taurua, Moana Te Whetu, Norm Teio, Sue Tindal, Anthony Tipene, David Tolson, Paul Tolson, Taylor Tolson, Kevin Tram, Joe Tuala, Eddie Tuhakaraina, Matangi Tukiuha, Stanley Vaka, Akash Varma, Alex Vatau, Ana Vuetibau, Stuart Wallace, Hayden Walls, Steve Ward, Mellissa Wearing, Pietra Webb, Matt Wedding, Daniel Wells, Helen Widjaja, Debbie Williams, Rob Williams, Tim Williams, Scott Wilson, Jareth Wong, Jordan Yates. MAINFREIGHT BLENHEIM Ken Anderson, Murray Batchelor, John Falconer, Kendra Gill, Lily Graham, Allan Harper, Peter Jones, Janet Landon-Lane, Christopher Mealings, Andrew Pillans, Rhonda Pillans, Amanda Sanft, Shane Smythe, Murray Snowden, Ainsley Speak, Murray Wallis. MAINFREIGHT CHRISTCHURCH Natalie Armstrong, Nicolas Aubrey, Sam Baker, Madeleine Bateman, Philip Black, Debbie Blackburn, Blair Bradbury, Dean Buick, Craig Burberry, Donald Chamberlain, Rhys Chamberlain, Egon Chmiel, Dennis Christmas, Rhyl Cole, Sara Cole, Alicia Coles, Robin Cook, Sue Cook, Campbell Craig, Anja Crawford, Michael Crawford, Lorryn Dalzell, Ross Dalzell, Sally Dalzell, Kelly Dean, Megan Delaney, Owen Donald, Jessie Eastmond, Harry Ewing, Grant Forbes, Abbey Garriock, Sarah Garriock, Finn Gilbertson, Steven Grace, Mike Griffiths, Elijah Hapi, Georgia Harwood, Eddie Hiku, Daniel Ireland, Russell Jackson, Desiree Jones-Jackson, Wiona Lawson, Flynn Leckie, Carolyn Lee, Jordan McGillivray, Patrick McGillivray, Robert McGillivray, Laurie McMahon, Neil McRobbie, Colin McTurk, Jacob Middlemiss, Bob Murdock, Guy Murgatroyd, Shawn Murphy, Mark Nicol, Ashton O’Neil Morel, Isaac Parore, Chris Radford, Geoff Radford, Brodie Reid, Darryl Reid, Ian Reid, Julianna Rickard, Tracey Rickard, Jacob Rivet, Hannah Robertson, Paul Robertson, Liam Robinson, Brett Rogers, Kieran Rowe, Scott Schoormans, Ben Sharp, James Sheehan, Amrinder Singh, Jagbir Singh, Kawalbir Singh, Wendy Smith, Robin Suhag, Lindsay Thomas, Sridhar Thutkuri, Russell Waters, Desirae Watkins, Jason Woods, Jimmy Woods. MAINFREIGHT CROMWELL Paul Arras, Levi Bain, Polly Black, Megan Bradley, Hayley Bruhns, Celia Cowien, Josephine Cranston, Ashleigh Dalton, Peter Dickson, Tessa Drummond, Brad Forscutt, Stewart Hare, Darryl Hughes, Cassandra Hunt, Janal Johnston, Neville May, Jaydon McDougall, Nathan McEldowney, Paula Perkins, Sindy Shanks, Rajinder Singh, Trevor Smith, Beth Spargo, Jack Taylor, Rosslyn Todd, Billy Tumai, Hamish Wilkinson, Connor Williamson.

MAINFREIGHT DUNEDIN Alf Bell, Janine Blanc, Jeff Blanc, Kristofer Blanc, Nerrissa Blanc, Tim Brasier, Lenny Brisbane, Jeff Bryant, Barry Clark, Cullen Clark, Graeme Clark, Brendan Clyne, Greg Colston, Richard Cowan, Wayne Day, Melanie Duggan, Rex Edwards, Jason Eyles, Bruce Ferguson, Patrick Folimatama, Carl Gardner, Joseph George-Alleyne, Stephen Gibb, Kyle Grayston, Fiona Guildford, Trevor Gutsell, Barry Hanson, David Hoatten, Ross Hunter, Brett Johnston, Paul Johnston, Kamm Kawau, Melissa Kawau, Matt Keane, Yvonne King, Jared Kwiat, Andrew Laurie, Stephanie Laurie, Jermey Lee, Simon Lewin, Chris Marsden, Grant Matthews, Leah Maxwell, Doug McElhinney, Mark McElhinney, Ryan McLean, Doug Melrose, Simon Mowat, Alana Mutch, Corey Patterson, Cameron Power, Lenny Rankin, Lillie Rohan, Vaughan Rohan, Tony Russell, Derek Saville, John Scott, John Scott, Pat Smith, Steven Smith, Robert Stout, Brendon Todd, Warren Turner, Ryan Van Der Lem, Frank Watson, Jade Whalan, Robert Whalan, Kelly Wilson, Lindsay Wilson, Rick Winklemann, Heath Woollett. MAINFREIGHT GISBORNE Trevor Avery, Haylie Baker, Eru Campbell, James Goldsmith, Clark Groom, Alan Hall, Marie Hawira, Rangi Kahu, David Kahui, Louise Laulau, Wayne Lee, Robyn Lomas, Erina Mako-Kingi, Brent McIntosh, Dave McLauchlan, Elaine McLauchlan, Judith Miller, Anthony Ngaronoa, Sheree Nield, Wayne Poingdestre, Mike Rutherford, Mark Simon, Sally Taylor, Jon-Paul Tremain, David Walker, Ben Williams, Paul Zachan. MAINFREIGHT GREYMOUTH Simeon Clarke, Paul Cleland, John Crampton, Wayne Dalzell, Troy Gerrard, Jozef Grimes, Andrew Havill, Russell Hines, Moana Johnsen, Michael Knipe, Keith Lavery, Scott Lemon, Jamie McGeady. MAINFREIGHT HAMILTON Gregory Alheit, Ashley Andersen, Gordon Baker, Jimmy Baker, Luke Barlow, Patrick Barton, Ashleigh Blair, Zachary Boldero, Robert Bryers, Bianca Burge, Kirwan Carter, Steve Carter, Patrick Chong, Darren Clark, Ricky Clark, Barry Clifford, Phillip Coleman, Jordan Cox, Krystella Crawford, Thalia Crawford, Christina Dalgety, Scott Davis, Nathan de Lautour, Randall Dennis, Ray Dixon, Allan Duncan, Gavin Duncan, Vicky Eccles, Donna Everaarts, Nikolette Fahey, Mele Fonua, Phil Frost, Ryan Gadsby, Jamie Garden, Wayne Goodwin, Jocelyn Gordon, Justin Gower, Arthur Green, Melanie Greenbank, Jhudge Gregory, Hayden Grocott, Hauke Hackmann, Andrew Hall, Jaimee Hall, Tracey Hayes, Charles Heremia, Aubrey Hicks, Tony Holes, Mary-Jane Hona, Hamish Hyde, Anna Irwin, John Irwin, Maurice Jarrett, Murray Johns, Kayla Joseph, Kevin Judge, Andrew Kaan, Kiran Kaur, Denise Kearns, Karyle Kenny, Vicky Kerapa, Harjinder Khatkar, Haami Kingi, Rusden Klenner, Phillip Koopu, Dayna Krippner, Brandon Kumitau, Murray Lasenby, Denis Laws, Brian Lawson, Joshua Lewis, Angus Macdonald, Julie-Anne Madden, Darrell Madsen, Richard Manuatu, Peter Manutai-Esau, Francis Maxwell, James McBride, Colin McEldowney, Toby McLean, Karen McLeod, Luke Metekingi, Simon Mills, Whetu-Moses Miringa, Amittai Mita, Nathan Morton, Matt Mountney, Richard Mountney, Vakesh Nadan, Azzan Ngaruhe, Douglas Norton, Marie Oliver, Charles Pearson, Mark Poata, Charles Potterton, Anne Marie Pratt, Joline Pratt, Shane Pratt, Fabian Purcell, Lawrence Purchase, Bonty Ranapiri, James Rangionehi, Sanjay Reedy, Tannyin Reeves, Colin Richardson, Darren Richardson, Jeanna Richardson, Robb Ridle, Vaughn Sargent, John Scandlyn, Debbie Schollum, Bredon Scott, Peter Simeon, Bhupinder Singh, Daljit Singh, Gagandeep Singh, Gurdip Singh, Hardeep Singh, Rajpreet Singh, Gulpreet Singh Pooni, Shaun Smith, Darrel Stevens, Samuel Sullivan-Laws,

Reagan Swindells, Beau Taipari, Trudy Te Aho, Frank Te Wani, Kainoa Thomas, Andrew Thoreson, Jackson Tito, Grant Toms, Joanna Troughton, Raymond Tucker-Hoogstraten, Marcus Tumai, Dave Underhill, John Van Der Hulst, Kristie Wade, Jono Walker, Antony Walsh, Bridget Walsh, Paula Watts, Tyne Watts, Brendon Webster, Jacob Weherua, Daniel White, Robert Wichman, Steven Wildbore, Craig Wilson, Martin Wilson, Piko Wineera-Hemara, William Zhong. MAINFREIGHT INVERCARGILL Roy Algar, Jackie Buckley Gray, Ally Burns, Ricky Cockburn, Dean Cribb, Hori Elers, Frith Elias, Ian Garrick, Jason Gray, Lisa McGilvray, Nathan McKay, Stephen Monaghan, Annette North, Debbie Palfrey, Dean Reynolds, Harry Reynolds, Nathan Reynolds, David Searle, John Searle, Kelly Thorburn, Ross Wells, Jeanette Williams, April Woods. MAINFREIGHT KAITAIA Steven Holloway, Simiona Matakino, Kurt Tahu, Tunney Thrupp. MAINFREIGHT MASTERTON Bruce Adam, Issac Carswell, Jeff Corlett, Bob Dougherty, Nicholas Garner, Glenn Murphy, Charles Simpson, Gary Strang. MAINFREIGHT MOUNT MAUNGANUI Hannah Abbott, Alan Allport, Eric Ashe, Colin Belk, Richard Benseman, Carl Bergersen, Adrian Betterton, Troy Bidois, Todd Boyle, Morgan Brinfeild, Brent Brosnan, Rob Bull, Greg Camenzind, Anthony Chadwick, Lance Chadwick, Stu Clarke, Gregg Conning, April Corbett, Sarah Cruse, Richard Currie, Caitlin Darby, Adrian Daunoco, Dipak Dayal, Frazer Edwards, Wayne Ellis, Neville Emery, Jayemi Emery, Kylie Foreman, Paul Grimes, Kayla Hansen, Yana Heath, Rhonda Hemming, Ray Hewlett, Katelyn Hill, Craig Hine, Hirini Houia, Mark Jones, Troy Krom, Debbie Martin, Geoghia McFetridge, James Mcgrath, Marcel Milner, Bryce Murdoch, David Nicol, Delcie Oliphant, Wayne Powell, Chris Reti, Mark Robinson, Jerry Robinson, Jessica Rolleston, Luke Rowe, Lindsey Rund, Bickram Sangha, Bevan Scott, Ranjit Singh, Prince Singh, Charanjit Singh, Gurdeep Singh, Leroy Smith, Troy Stanners, Melissa Stevenson, Courtney Stevenson, Kelvin Teasdale, Lee Tuhura, Chris Webb, Maurice Webb, Jarden West, Schirelle Wildbore, Clive Wilson, Tracey Wright. MAINFREIGHT NAPIER Mark Balhorn, Kelly Barnett, Jeff Chapman, Kaylene Corin, Clayton Cuttriss, Jordan Dougan, Trevor Drager, Samuel Gallagher, Fraser Garnett, Shane Gilmour, Tui Haami, Daniel Hodson, Jason Kennedy, John Mackay, Maree McKeay, Andrea Mill, John Montgomery, Neil Moore, Henare Morton, Wayne Mullins, Kaye Ngapera, Kerryn O’Neill, Sean O’Neill, Oscar Palmer, Jenny Pedersen, Gerard Phillips, Brent Redington, Scott Russell, Glen Scott, Darryn Scurr, Emile Siers-Jamieson, Noel Stubbs, James Tyler, Deepak Verma, Craig Walker, Shannon Wano, Julian Ward, Bill Whyte, Chad Whyte, Ethan Whyte, Andrew Wickham. MAINFREIGHT NELSON Kwaid Ah-Hoi, Jake Amlehn, Tui Ball, Craig Barron, Paul Brown, Jeremy Carston, Manu Crosbie, Chris Edwards, Dan Edwards, Darryl Farmer, Corey Gower, Ray Gregory, Hinder Grewall, Aimee Groome, Craig Groome, Rochelle Holland, William Holland, Mark Hughes, Tracey Hughes, Wesley King, Glen Markland, Nick Max, Stuart Mckenzie, Ruby Morrison, Ronald Pawson, Kate Roach, Michael Savage, Bill Simmiss, Gagandeep Singh, Graeme Towns, Pam Waddington, Neil Watson, John Wright, Brett Yates. MAINFREIGHT NEW PLYMOUTH Jess Burkhart, Paul Cottrell, John Davidson, Jonothan Davies, Cori Delves, Shannon Emmerson, Aaron Farley, Peter Graystone, Simon Harris, Cody Heu, Benjamin Leaf, Steve Longstaff, Cody Mason, Reuben Mason, John McKenna, Kayne Newman, Rick Payne, Scott Peters, Lane Powell, Daniel Rona, Marcus Russ, Tracey Schroeder, Steven Short, Tony Smith, Jamie Stockwell, Caeton Streat, Josh Treneary,

Michael Tunnicliffe, Kellie Whale, Cara Young. MAINFREIGHT PALMERSTON NORTH Angela Batt, Neil Bryant, Michaela Caulton-McNabb, Trevor Chambers, Brett Cuttle, Peter Darroch, Sara Devonshire, Bryan Douglas, Reece Felton, John Fraser, Marsh Graham, Nicole Graham, Suzan Graham, Reon Greeves, Jordan Henare, Vanessa Johnson, Trevor Jurgeleit, Archie Kauri, Tuhi Kimura, Mitchell Kuiti, Rex Lambert, Craig Lowe, Stacey Luke, Tipu Luke, Michael Mackley, Zeke Mako, Pita Marshall, Rebecca McBride, Pierre McDonald, Ross McDonald, Kevin McDougal, Justyn McQuade, John Mitchell, Tracey Mitchell, Keri Monk, Keith Mudgway, Isaac O’Reilly, Scott Payne, Ray Prideaux, Etu Rongotaua, Elvis Rowlands, Libbie Rowlands, Jamie Sanson, Monique Sanson, Matthew Sherlock, Wendy Stewart, Josh Stimpson, Bryan Taiaroa, Jaxson Taylor, Albert Tovio, Jason Waho, Peter Waho, Temau Waho, Wayne Wildbore, Nicole, Will, Jackie Williams, Andrew Young. MAINFREIGHT PARAPARAUMU Greg Howard, Craig Quinlan, Andrew Rankin. MAINFREIGHT ROTORUA Louise Day, Jatinder Dhaliwal, Gary Dunseath, Dave Farrell, Ross Fitz-John, Mike Flavell, Carl Gage, Tony Gallagher, Leonie Gardiner, Chris Hall, Barbara Harrison, Amaru Hutchins, Benjamin Jenkins, Anthony Jull, Raena Lacey, Rhys Leeke, Jordan Lilley, Talya Macredie, Kerry Maxwell, Aaron McMahon, Ben Mohi, Darien Patterson, Mark Print, Anthony Roper, Luke Skipwith, Jackson Smith, Phil Smith, Jamey Stephens, Travel Taura, Matthew Thompson, Jomar Timog, Ted Torrey, Jack Ward. MAINFREIGHT TAUPO Nev & Janna Haumaha, Nick Hyde, Jenny Payne, Brendan Smith, Johnny & Bossy Wanoa. MAINFREIGHT THAMES Christina Castle, Lisa Dickey, James Goodin, Ryan Kennedy, Ken Lowe, Dhenby Muller, Kiu Muller, Lance Paul, Robbie Paul, Nicholas Powell, John Reynolds, Marcus Taipari, Ash Wearing, Chris Wearing, Mark Wearing, Vern Wright. MAINFREIGHT TIMARU Greg Anderson, Michael Armstrong, Nigel Blackler, Sandra Breen, Simone Brett, Kelly Cabrel, Jarrid Cooper, Hollie Duncombe, Dave Ennis, James Hay, Michael Heremia, Lisa Howey, Shelley Johnston, Geoff Kerr, Murray & Juliet Kippenberger, Nathan Kippenberger, Renee LeLievre, Andrew Liversey, John Lyon, Kevin McElhinney, Melissa Nolan, Nicholas O’Keefe, Ryk Ormsby, Nerita Pearce, Drew Richmond-Guile, Neil Schaab, Matt Smith, Craig Wilson. MAINFREIGHT WELLINGTON George Albert, Anton Aliashkevich, Tyrone Andersen, Craig Armstrong, Jonah Aumua, Lee Bailey, Sarah Bennison, Matthew Best, Paul Biddle, Ian Black, Navneet Brar, Dempsey Broad, Daniel Bullimore, Annabelle Carpenter, Brad Carson, Scott Carson, Alan Chorton, Paul Connolly, Matt Dalton, Harry Davey, Raana Dennis, Richard Devine, Carter Fincham, Keenan Fincham, Paul Fincham, Pouevalu Fiso, Tatjiana Fiso, Steffan Fry, Luciano Giacon, Kate Godley, John Graham, Jonathan Guilford, Mark Hales, Anna Hastie, Pat Henderson, Scott Hilder, John Holton, Melissa Horn, Daryl Hutchinson, Gauge Hutchinson, Douglas Jones, Chris Jordan, Mayana Joseph, Daniel Jupp, Jayden Kennedy, Maresa Kilepoa, Josh Kinvig, Kevin Lambert, Michael Logan, Sean Love, Richard Maxwell, Mike McAlister, Andrea McCafferty, Robert McGrath, JD McMeekin, Leslie Mendoza, Liam Menheere, Stephen Miles, Herini Moeahu, Lorna Moeahu, William Murray, Hanipale Nouata, Clifford Penny, Dean Piper, Greg Piper, Paula Piper, Kristy Powell, Lee Puepuemai, Tai-Paul Rerekura-Tamaiva, Dennis Reynolds, Paul Roberts, Scott Roberts, Michelle Romaine, Kendra Rowe, Andrew Schofield, Alastair Scott, Tracey Scurrah, Pisa Seala, David Sherborne, Daniel Smith, Shane Smith, Felise So, Jade Soliga, Charlie Spitzenberg, Maree Stephen, Paul Stewart,

Timothy Stewart, Gordon Tanis, Nicholas Jeff Larsen, Robert Little, Sean Paterson, Tanner, Sola Tanoi, Rios Taramai, Louise Scott Rice, Trevor Rice, Julie Robert. Taylor, Stuart Thorn, Carla Vega Barrientos, MAINFREIGHT AIR & OCEAN Barbara Vincent, Bob Vincent, Caroline WHANGAREI Chris Carmichael. Ward, Ross Ward, Aimee Wicht, Haedyn MAINFREIGHT FTL NORTH ISLAND Ken Wicks, Erin Wood, Eddie Yako, Teryle Yates. Brown, Marc Collins, Gavin Collins, Chris MAINFREIGHT WHANGANUI Jared Collins, Lyle Cook, Paddy Didovich, Peter Barrow, Innes Campbell, Daryl Edmonds, Flett, Phil Green, Ricky Ireland, John Katu, Darren Ellwood, Macey Hart, Lyn Johnston, Ray Lutherus, Ian Mayne, Kyla McGregorBass Kane, Ricky Katene, Jason Kurth, Warren McKee, John Mitchell, Karen Kibblewhite, Mathew McMillan, Ratana Powell, Bryan Rankin, Mike Swindells, Tane. MAINFREIGHT WHANGAREI Sandy Teddy, Chris Tunnell. MAINFREIGHT Kasandra Albert, Manon Austin, Todd FTL SOUTH ISLAND Nathan Anderson, Beehre, Jim & Heather Bond, Brendon Blair Bennett, AJ Bradley, Pete Bradley, Boyte, Victor Campbell, Calvin Deboer, Brett Bramley, Trevor Bray, Tony Bremner, Chris Francis, Owen Gilchrist, Brendon Matt Cave, Rob Hayes, Tim Hitchings, Terry Harris, Levi Harris, Tim Hayward, Pieter Hucklebridge, Tony Kerr, Paul King, Glen Lambrechts, Tepa Littin, Ross Macdonald, Lloyd-Jones, Lindsay Miller, Abdul Gavin McCleary, Shane Mchale, Allan Mohammed, Tom Morgan, Jamie Newall, McQuinn, Jason Morgan, Ngakau Paul, Gavin Nichols, Rene Niovara’Dave, James Vinney Paul, William Paul, James Poulson, Price, Rob Renwick, Hoani Rewha, Taylor Daniel Pure, José Restrepo, Kevin Roberts, Scott, Neville Williams, Andrew Zyskowski. Clifford Ryan, Dave Tarawa, Kylie Tulloch, MAINFREIGHT IT NEW ZEALAND Gus Phillip Tulloch, Jayde Wall, Melissa Wendt, Ah-Chong, Tyrone Ah-Chong, Nilesh Jamie Williams, Joseph Yearbury. Bhuthadia, Joshua Burrow, Amelia Camp, MAINFREIGHT AIR & OCEAN AUCKLAND Alice Colenbrander, Jennine Cosgrave, Imitaz Ali, Kevin Ann, Behnaz Bahmani, Richard Daldy, Fraser Dawson, Kishan Darren Barboza, Mark Belfiore, Matthew Dhanji, Lawrence Dunn, John Eshuis, Mark Beveridge, Corban Borrie, Kirsty Bristol, Hales, David Hall, Gary Harrington, Alistair Mike Brough, Sonya Buckle, Don Campbell, Hughes, Bharat Kesry, Logan Lim, Rhoda Kenny Cao, Liz Castillo, Todd Chandler, Malveda, Lisa Martin, Vanessa Maxwell, Jonathan Chang, Wilsyn Chang, Dianne John McStay, Shaun Morrow, Dineshan Clemens, Tracy Cleven, Christine Cullen, Naidoo, Ankit Narotam, Arun Paul, Jamie Flavia Derbyshire, Sean Dillon, Shane Ross, Raagni Sahay, Dennis Shikhu, Douglas, Mei-Ling Faitau, Seth Freeman, Dannielle Steffany, Pateriki Te Pou, Glen James Gatley, Victoria Gelmi, Mark Glover, Thompson, Rachael Timmo, Maree Toa, Canoe Halagigie, Manu Halagigie, Henry Roger van Dorsten, Peter Webster, Hawkins, Shannon Hegan, Stefanie Henry, Campbell Wu. MAINFREIGHT LOGISTICS Lucy Hunter, Daniel Huo, Jan Hustler, AUCKLAND, HIGHBROOK Stephen Richard Ioane, Morris Jee, Leo Kim, Kura Bucheler, Paul Claydon, Patisolo Feo, Ben Kiria, Catherine Le Vert, Emily Liang, Jin Hadley, Gladys Iehu, Emma Jackson, Daniel Lock, Anu Manga, Paul McNeill, Kane Kang, Lonnie Ruka, Jonathan Sellar, Kim Michalick, Lisa Mitchell, Christian Moral, Sour Soy, Khodie Tagoai, Lisa Tagoai, Ryan Simona Nelisi, Phillip Nelson, Sarah Olo, Lex Wong. MAINFREIGHT LOGISTICS Paulo, Jared Peck, Joel Pereira, Amanda AUCKLAND, LANDING DRIVE Clarence Pritchard, Rachael Richardson, Paul Fuimaono, Nicholas Gray, Arthur Hoeft, Riethmaier, Karen Roberts, Sonny Sarwara, Erica Kim, Clement Latulipe, Satish Moniuqe Satherley, Harmandeep Singh, Ramaswamy, Sikha Santawirya, Adrian Rashni Singh, Charlie Sionetuato, Karen Tohovaka, Cody Watts. MAINFREIGHT Smith, Georgia Staddon, Elle Stewart, LOGISTICS AUCKLAND, MAINFREIGHT Giovana Tabarini, Cathy Takiwa, Laner LANE Keegan Anderson, Paulo De Souza, Tarryn, Patrice Temanu, Celia Tepania, Alunga (Max) Finau, Charlotte Fraser, Paul Andrew Thomson, Steven Tooley, Robert Jackson, William Katu, Brandon Lemalu, Tucker, Iki Vaka, Raju Vegesna, Ye Wang, Kyle London, Allan Lowe, Cristina Lumby, Antoinette Ward, Jessica Williamson, Daniel Mason, Albert Miratana, Patrick Joanne Wright, David Zhao. MAINFREIGHT Patau, Tangapiri Pokoina, Satish Prasad, AIR & OCEAN CHRISTCHURCH Nicole Roshlene Raj, Tammy Rivers, Hansell Andrews, Andrew Atkinson, Derek Black, Semeu, Hardeep Singh, Theresa Tahi, Eddie Anna-Clare Bright, Stuart Bryson, Kevin Tuafafo, John Valu, Maria Van Der Nagel, Coman-Wright, Hayden Cook, Oliver Hafe Vilitama, Dean Walters, Leslie White, Dimmick, Alana Evans, Cameron Godfrey, Faisal Zafiri. MAINFREIGHT LOGISTICS Paul Hale, Teigan Harvey, Lauren Hiku, AUCKLAND, MANU STREET Tusi Alao, Zac Michael Louth, Jason McFadden, Julie Brocklehurst, Stephen Day, Varghese McIlroy, Jason Newton, Jacinda Potts, Devassy, Michael Durkin, Joseph Fulu, Michell Riley, Sarah Robb, Hamish Patrick Iese, Dennis Ikenasio, Swapnil Jose, Robertson, Dennis Rowe, Emily Smith, Mo Khan, Sangeeta Lal, Rezin Leaunoa, Karen Waltham, Helen Watson, Elaine Francis Lee, Hosea Maloni, Liz Patea, Gary Wong. MAINFREIGHT AIR & OCEAN Potatau, Jake Ropati, Daniel Sharma, DUNEDIN Tracey Burrell, Jeffery Foster, Harpreet Singh, Pardeep Singh, Kim Sipeli, Nicky Jackson, James Morrissey, Teresa Krystal Solomono, Thomas Steel, Piesi O’Connell, Richard Will, Mark Willis, Paul Tama, Andy Tongia, Tua Tuaatu, Suitulaga Wilson. MAINFREIGHT AIR & OCEAN Tupuiliu, Aaron Vijay-Kumar. MAINFREIGHT HAMILTON Charles Day, Tamie Gardner, LOGISTICS AUCKLAND, NEALES ROAD Carmen Hadfield, Greg Waylen, Amber Jodie Jackson, Samuel Joe, Tuputau Kaho, Woodward. MAINFREIGHT AIR & OCEAN Tony Lafoga, Esmond Lum, David Moevao, MOUNT MAUNGANUI Margie Brunton, Dan Petersen, Tony Sagaga, Dave Singh, Duncan Byron, Cheryl Chye, Nada Harmanpreet Singh, Jarmanjit Singh, Gvozdenovic, Carol Kennedy, Robyn Kulwinder Singh, Nirmal Singh, Rhys Stunell, McCarthy, Linda Mitchell, Andrew Mole, Tangaroa Taara, Sjarn Tagoai, Arshdeep Jenna Novosel, Kyran Pierce, Julie Scott, Jo Thind, Dilsher Thind. MAINFREIGHT Smart, Annette Webb, Shane Williamson. LOGISTICS AUCKLAND, O’RORKE ROAD MAINFREIGHT AIR & OCEAN NAPIER Levi Kim Curtis, Ben Ioasa, Talia Ioasa, Gitesh Kroot, Monique Peary, Michelle Stevenson, Kishore, Fotu Mau, Caitlin Neal, Patrick Melinda Thomson. MAINFREIGHT AIR & Patalesio, Sarah Rodgers, Lyn Rogers, OCEAN NELSON Jessica Hitchman, Megan Corbin Taylor, Amasaia Valu, Hamish Lockie. MAINFREIGHT AIR & OCEAN NEW Woods. MAINFREIGHT LOGISTICS PLYMOUTH Ed Gafney, Brendon Wylde. AUCKLAND, WESTNEY ROAD Dave & Kay MAINFREIGHT AIR & OCEAN Batchelor, Stephen Beck, Jackie Bester, PALMERSTON NORTH Tim Bray. Zach Butler, Joshua De Thierry, Ankur MAINFREIGHT AIR & OCEAN Ghuliani, Ronnie Halagigie, Warren Hall, Neil WELLINGTON Caitlin Bannan, Erle Betty, Harding, Travis Hari, Nathan Hesketh, Natalie Curley, Chrissy Douglas, Paul Salmaan Hussein, Ioasa Ioasa, Deborah Fredrickson, Natasha Jacobs, Briony Larsen, Jackson, Jonty Judge, Samuel Kalauta,

Stephan Keshwan, Salesh Kishore, Levi Kite, Denis Kovalev, Sonal Kumar, Abhinash Lal, Tim Logan, Ashwin Mohan, Jessica Moody, Tangi Pekepo, Graham PoChing, Jai Prasad, Kelvin Prasad, Trent Pullen-Burry, Roneel Raj, Dallas Rawiri, Lawton Reebeck, Luke Rudolph, Zane Sharp, Roy Singh, Abraham Suryantyo, Sio Taliauli, Gino Tapuina, Mulivai Televave, Kathryn Wilson, Mladan Yagmich. MAINFREIGHT LOGISTICS CHRISTCHURCH, ISLINGTON Ash Ryder. MAINFREIGHT LOGISTICS CHRISTCHURCH, MCALPINE Ben Anderson, Olly Bosworth, Wayne Busson, Joel Cowper, Richard Cowper, Caitlin Dunne, Hana Ferguson, Diane Franks, Tanisha Haumu, Jack Henshaw, Sean Henshaw, Tayla Jackson, Bernard Jagers, Akshay Jindal, Strijbis Joel, Andrew Kay, Geoff Lulham, Hugh Lynch, Guy McMenamin, Jared Orme, Tyler Pakau-Narayan, Aslyn Pennington, Yu Ren, Brynley Riches, Sue Riches, Mark Ritchie, Sandra Ritchie, Jessica Rowe, Kristin Sadd-Peawini, Anthony Sialeipata, Brayden Simkin, Kirk Simpson, Charanjeet Singh, Lovepreet Singh, Sarabpal Singh, Garth Sutton, John Wolfrey, Robert Woods. MAINFREIGHT LOGISTICS DUNEDIN Geoff Baird, Martin Swann, Bruce Wilson. MAINFREIGHT LOGISTICS WELLINGTON Martyn Bryant, Doug Davis, Te Rangi Hata, Jacob McDowell, Katarina Slade, Jonathan Zwart. MAINFREIGHT METRO AUCKLAND Chrissy Adams, David Afu, Afraz Ali, Asar Arif Ali, Mustaq Ali, Abdul Asheem, Zubin Bhathena, Shenaye Campbell, Ritesh Chand, Vish Chandel, Patrick Chong-Nee, Etesa Cordtz, Thomas Curtis, Jaspreet Dhami, Aoese Fruean, James Fuamatu, Rupinder Gill, Karunesh Gounder, Nicole Harris, Naushad Hussein, Tevesi Inukihaangana, Inderjit Jaswal, Lashman Jhim, Ashwin Karan, Ashaf Khan, Faiyaz Khan, Imtiyaz Khan, Nazim Khan, Zeyn Khan, Pravinesh Kissun, Alvin Kumar, Nishant Kumar, Rahul Kumar, Ravneeth Rinesh Kumar, Hirdeshwar Lal, Timothy Love, Kirsty Michell, Mahendra (Bobby) Naicker, Davendra Naiker, Perry Nicoll, Malay Patel, John Paul, Krishneel Varun Prasad, Vishneel Prasad, Chaenala Price, Devesh Ram, Saud Ramadhan, Munendra Reddy, Vimal Reddy, Harpreet Saddal, Rakesh Sen, Mez Sethna, Quentin Sinclair, Ajit Singh, Chamkaur Singh, Davinder Singh, Deepen Singh, Dushkar Singh, Gagandeep Singh, Hardeep Singh, Hardeep Singh, Harry Singh, Parnam Singh, Rajdeep Singh Powar, Amanda Smith, Anmol Sodhi, Thomas Tetai, Ropisone Toma, Darren Turner, Juliet Whitham, Sam Wilkinson. MAINFREIGHT METRO CHRISTCHURCH Trish Allan, Malcolm Baird, Kelly Brooks, John Cowlin, Craig Cowper, Tarvinder Deol, Sam Goraya, Shawn Hanson, Rob Hayes, Tim Hitchings, Andrew Hua, Ian Johnson, Brian Lewis, Ricky Liangliang, Jarad Maioha, Feroze Mohammed, Karl Murdoch, Armit Rai, Shantel Robertson, Wayne Robertson, James Sansom, Grant Sherlock, Aaita Singh, Manpreet Singh, Amrinder Sran, Doug Warren, Tony Wright, Li Zheng, George Zuo. MAINFREIGHT METRO WELLINGTON Tama-Rangi Awatere, George ChapmanReynolds, Errol Davids, Clinton Garrity, Ben Harris, Marama Riddell, Graham Strang, Tecye Tevita, Segaula Va, Julie Ward. MAINFREIGHT MOBILE Clayton Tito. MAINFREIGHT PORT OPERATIONS, AUCKLAND Carol Avard, Ryan Cox, John Dash, Rob Dickinson, Alexander Fedorov, Gerald Goff, Muni Gounder, Michael Heera, Adam Hohepa, Jubbar Koya, Salendra Kumar, Oriana Laumea, Shakeel Mohammed, Shane Mohammed, Ravi Naidu, Sarwan Padayachi, Harry Petersen, Karl Pomare, Ronald Prakash, Michael Prasad, Simon Sahim, Karamdeep Singh, Tiffany Sio, Aaron Somerset, George Taiapo, Andrew Tautari, Dennis Tautari, Trudy Timmo, Stallard Tupu. MAINFREIGHT PORT OPERATIONS, CHRISTCHURCH Sameh Awadalla, Renee Barnes, Dean Coates, David Dickson, Adrian Ferguson, Vaughan France, Tony Green, Eddie Hiku, Michelle Hodgkinson, Carolyn Kirby, Merv Lewis, Gary Sellars, Joe Weng, John Williamson. MAINFREIGHT PORT OPERATIONS, WELLINGTON Ken Harris, Wayne Kilgour, John King, Tony Roberts, Chris Sirota. MAINFREIGHT 2HOME AUCKLAND Sam Anson, Danny Borges, Ray Brown,

Ratish Chand, Ella-Lee Cihak, Joseph Collins, Jameson Comin, Reid Cooke, Darren Cummins, Jonathan Davison, Mark De Hoog, Cindy Estreich, Tama Fasavalu, Popo’ai Fimau, Edward Freeman, Jonathan Gravatt, Theresa Herbert, Sophia Hunt, Tapu Iese, Tony Inia, Zain James, James Jenkins, Joe Kawau, Joshua Kewene, Mohammed Khan, Zarik Khan, Jordan Lau’ese, Yvette MacLennan, Jared Martinovich, Siosifa Ma’u, Sabbir Mohammed, Zain Mohammed, Ben Monro, Reuben Munday, Michael Munns, Jared Nuku, Jacqui O’Connor, Peter Park, Jade Pearce, Deben Raut, Abdul Rehman, Des Roberts, Andre Russ-Kite, Rikki Russ-Kite, Jason Sagatea, Justin Scrivener, Tupu Seumanu, Gurpreet Singh, Grant Smith, Dion Solomona, Glen Symons, Milasa Tamapeau, Allan Tango, Sep Tereva, Lee Tuimauga, Arthur Tusa, Joe Veve, Peter Wallis, Jeremy Wells, Sheree Whitehead, Greg Wong, Kai Yao. MAINFREIGHT 2HOME CHRISTCHURCH Ryan Berry, Ray Bradcock, Chris Bramley, Grant Brinsdon, RJ Brown-Rapana, Timothy Challis, Greg Cooper, Tony Cummings, Tom Dawson, Daniel Diamond, Mansell Diamond, Tracy Hapi, Elijah Hosking, Jordan Howey-Beattie, Jaysin Hurrell, Daniel Lidgett, Katie Newsome, Ben Northe, Wayne Pahl, Luke Percasky, Rob Poasa, Morgan Rangi, Richie Richmond, Earl Ritani, Nicky Scott, Khamus Sisikefu, Ryan Steadman, Cody Williams, Kamen Withington. MAINFREIGHT 2HOME WELLINGTON Terrence Bell, Deon Bowles, Deepak Dadrah, Frank De Jong, Nathan De Jong, Clarke Hegan. OWENS AUCKLAND Aldre Aborro, Mohammad Ahmed, Frank Aholelei, Ilaeiseh Aumau, Manjinder Bhathal, Sheik Bobby Dean, Godfrey Wynyard Brown, Michael Brown, Emily Cardwell, Sam Cecil, Nitesh Chand, Sami Chand, Aisea Cokula, Daiana Cokula, Murray Craig, Kumar Daniel, Alvin Datt, Arron Davis, Jeremy Davis, Michael Davis, Bobby Dean, Leanne Drube, George Francis, Dylan Gallagher, Sefulu Gaugau, Andrew Gibson, David Heka, Nathaniel Hill, Layne Howearth, Mason Howearth, Pryce Howearth, Eun Sik Joo, Elaine Kaliopasi, Telea Kasipale, Melanie Katu, Robert Kealey, Anshu Kissun, Ram Krishna, Ashika Kumar, Daniel Kumar, Nitesh Kumar, Ravin Kumar, Salesh Kumar, Anit Prashika Lal, Marshneel Lal, Neelam Lata, Tino Liufau Pio, Rebekah Lopau, Iupita Lotoaso, Emma Lowry, Samuel Lythe, Eroni Madanawa, Lloyd Mahara, Pravin Maharaj, Savi Maharaj, Joylene Malofie, Christian Marsters, Mike Masters, Macayla Masters-Clarke, Jackie Mein, Riaz Mohammed, Gabriel Moore, Ali Mumtaz, Damien Murray, David Murray, Joseph Nand, Kartick Narayan, Junior Nathan, Tarryn Neal, Nathan Ngametua-Smith, Wendy Nisbett, Tim Ottenhof, Rayneil Pal, John Palelei, Timo Palemene, Kim Peacock, Lisa Pearce, Braedon Phillips-Davis, Leon Pirake, Brooke Pope, Shavneel Prakash, Vinal Prasad, Kelevi Qalilawa, Vinit Raj, Nileshni Rattan, Jason Reynolds, Toby Reynolds, Gerrard Robinson, Christopher Rodrigues, Muhibb Safaraz, Sukhi Samra, Samil Sanesh Sewak, Aklesh Sharma, Ronesh Sharma, Salendra Sharma, Vinnie Sharma, Arnee Singh, Baljinder Singh, Dalbir Singh, Davinder Singh, Dinesh Singh, Gurdev Singh, Gurjant Singh, Jagjit Singh, Jatinder Singh, Manpreet Singh, Nawal Nischal Singh, Niraj Singh, Raj Singh, Terry Slattery, Andrew Smith, Greg Smith, William Smith, Michael Stanley, Archie Stephens, Robert Stevens, Nate Swney, Nathaniel Swney, Shayne Tall, Joseph Tatafu, Tuaileva Tatafu, Andrew Tautari, Adam Tieng, Bryan Tohi, Dibley Tokimua, Nelisi Tokimua, Peter Topia, Siaosi Tuanai, Eddie Tuhakaraina, Donald Tusani, Mark Upokomanu, Tevita Vea’ila, Billy Vesth, Jason Vijaykumar, Gurjant Virk, Kody Watts, Henry Whyte, Candy Worden. OWENS CHRISTCHURCH Naomi Abraham, Pitone Ah Kuoi, Jason Carey, Wietske De Groot, Callum Field, James Foster, Janine Gordon, Kris Hickey, Ross Hodson, Kevin Huang, Deane Hunt, Keith Kenyon, John Kerr, Robert King, Jason Lapsley, Ricky Liang, Tony Martin, Graham McHarg, Joseph McKay, Rachael McKelvie, Lindsay McKewen, Lucy Mitchell, Brigid Moorhouse, Alan Morgan, McGee Nimmo, James Rickard, Graham Ryan, Karan Sandhu, Freya Schroeder, Jimmy Shearman, Jennifer Sheppard,

Manpreet Singh, Narender Singh, Christopher Smith, Kareena Sullivan, Le Tan, Tiana Taueki, Allen Tian, Rowan Traue, Holly Turnbull, Jarrod Turner-McMillan, Talosia Vanilau, James Whittle, Hayden Williams, John Wynyard, Haobo Xu. OWENS HAMILTON Wayne Bryant, Lindsay Meredith. OWENS WELLINGTON Ala Aiono, Sally Bryant, Mereana Gray, John-Paul Harriston, Kate Hoar, Tracey Hoare, Albie Mahuika, Allen Marchant, Cambridge Moore, Toi Morehu, Jeffery Saunders, Harminder Singh, Johan Soeteman. OWENS LOGISTICS AUCKLAND Jason Byun, Antonio Collings, Angela Diaz, Finn Kearns, Hannay Lapana, Konelio Leone, Rupi Leota, Anthony Levao, Colin McPherson, Mateo Tino, Jeremy Williams. OWENS LOGISTICS CHRISTCHURCH Grant Breach, Isaac Breach, Emily Fowler, Lara Gray, Victoria Harwood, Rebecca Hayward, Chunguang Hu, Andrew Maxwell, Gareth McKay, Thomas Meyrick, Jayden Mita, Richard Owen, Ivan Peak, Andrew Sesani, Cara Smith, Nikita Swarts, Marlene Villemure. OWENS TANKERS Mike Abbott, Andrew Calvert, Maurice Clarke, Joe Curtis, Tom Davis, Jock Dixon, Brian Keogh, Shalendra Lal, Reza Motadeli, Guy Small, Marilyn Syms. TRAINING TEAM NEW ZEALAND Donna Barrett, Charlotte Carpenter, Charlotte Colson, Rochelle Coster, Erica Dash, Trace Donaghey, Gary Dyason, Debi Fitzpatrick, Stella Hobbs, Rachel Hustler, Lizzie Judd, Ange Quedley, Alexia van der Zanden.

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AUS

AUSTRALIA CAROTRANS BRISBANE Jade Fogwell, Jacinta Gremond, Melanie Hill, Naia Morais, Quinn Sherriff, Anna Slater, Grace Stewart, Chantelle Stiege. CAROTRANS MELBOURNE Sindy Jade Bartlett, Christopher Brown, Rebekah Burgoyne, Debra Carr, Jade Carter, Paula DiBella, Renee Pace, Andrew Petersen, Clive Silcock. CAROTRANS SYDNEY Adam Bajek, Hamish Brown, Alana McCarten, James McGloin, Tony Naumoff, Diana Scott, James Warren, Kate Winterburn. CHEMCOURIERS BRISBANE Haris Akram, Troy Blacklock, Cameron Bulfin, Connor Harper, Kevin James, Amanda Johnston, Benjamin Keane, Chris Powell, Scott Pratt, Tere Webb. CHEMCOURIERS MELBOURNE Brian Aspinall, Melike Atesel, David Carswell, Michael Davy, Kevin Dicker, Scott Jones, Jason Kennedy, Christopher Lao, Monique Elaine Latorre, Caleb Lewis, Marcel Maunsell, Callum Maxwell, Julia McNamee, Katrina Miller, Vedrana Mrdic, Shertim Muratovski, Vanja Radulovic, Terry Rawiri, Dillon Trew, Isaac Tufuga, Aled Wills-John. CHEMCOURIERS SYDNEY Liam Bainbridge, Benjamin Bano, Hayley Brown, Naman Chand, Blake Curran, Liam Hastings, Timothy Meredith, Tangaroa Ohlson, Eva-Lynn Patai, Natasha Perese, Motiana Candice Pisu, Gary Ritchie, Daniel Ross, Elvis Sehovic, Terry Tallar, T-Jar Tallar, Antoinette Te Runa, Matthew Van Schaik, Bruno Vidigal, Jamila Zaiter. MAINFREIGHT ADELAIDE Hayley Barnes, Steven Blackmoore, Alfredo Cammarano, Christopher Cammarano, Pauline Cammarano, Jae Cook, Peter Fanning, Luke Farrugia, Terry Forst, Arthur Gentle, Michael Goldfinch, Patrice Hall, Michelle Hanson, Melissa Holden, Robert Jones, Jody Knight, Liam Miller, Deborah Moore, Lauren Neldner, Andrew Pawsey, Stephen Phillips, Brett Pocock, Mikaela Purdie, Joanne Reimann, Lynne Rooney, Tim Sankey, Garry Semmler, Raymond Smith, Jarrod Soutar, Jack Star, David Walker, Aaron Ward, Madeline Wilsdon. MAINFREIGHT ALBURY Gordon Brooks, Jason Ellingham, Michelle Foye, Tori Graham, Joshua Green, Troy Harris, Kym Hullick, Matthew King, Craig Perry, William Phanith, Navtej Singh, Riki Tipene, Tinika Tipene. MAINFREIGHT BALLARAT Desiree Moenoa, Luke O’Shannassy, Bradley Thacker. MAINFREIGHT BRISBANE Indira Abrahams, Amanda Aplin, Natalie Armstrong, Sorcho Barnes, Rajnesh Chand, Erika Chee, Marlene Clements, Jennifer Colditz,

Courtney Collier, Cassandra Collins, Jessica Cuming, Mitchell Day, Timothy De Beer, Greg De Lautour, Roy Faifai, Meagan Flynn, Taine Foley, Deanne Gage, Georgia Gamble, Stephanie Goldsack, Daniel Goodwin, Shari Groves, Angelina Harper, Stacey Heard, Samuel Hudson, Yvonne Ili, Chase Inia, Steve Jovanovic, Dallas Keevers, Andrew Kelly, Jayson King, Joseph King, Linda King, Maddison King, Bradley Lahey, Daniel Lahey, Joel Leonard, Nikki Lindsay, Reece Little, Jamie Lovell, Natu Manao, Brittany Martin, Harrison Martin, Tina Martin, Samuel Massey, Joshua Meads, Brandon Metai, Shelby Moselen, Michael Murray, Khalid Naved, Michael Niesler, Callum Patterson, Sarah Patterson, Nicholas Pell, Timothy Rand, Ashleigh Santoso, Amber Scott, Ashleigh Scullion-Gilpin, Hannah Shaw, Jonathon Silver, Brent Smith, Josephine Smith, Sebastian Smith, Todd Smith, Liesel Stevens, Jayde Tarbuck, Rebecca Taylor, Katie Thompson, Kirrin Tilbury, Jay Tuautu, Vesi Tuautu, Steve Turner, Terence Utai, Uhila Vakameilalo. MAINFREIGHT CANBERRA Jahmal Batchelor, Leonie Blundell, Lily Davis, Sean Felix, Zachariah Jenkins, Liam Thompson, Michael Zhou. MAINFREIGHT GOLD COAST Steven Beaumont, Joel Nikeller, Crystal Obst, Chris Were, Judith Were, Maraea Wharemate. MAINFREIGHT MELBOURNE (CLAYTON) Buddhika Ambaruppa, Jenny-Maree Armel, Mali Barber, Craig Britto, Jyee Byrne, Aaron Campbell, Neilson Campbell, Vince Cecil-Daniel, Ervis Celo, Sonani Cramer, Peter John Daly, Andrea D’Cruz, Kim Devine, Loukas Drosos, Albert Edwards, Chithrinee Ekanayake, Mirjana Fifita, Zack Gligurovski, Semi Godinet, Ross Grace, Callum Greig, Luke Grimes, Chloe Guillemain, Brayden Hackling, Douglas David Hartwick, Jamie Haysom, Faye Henderson, Jake Howell, Sadaat Hussain, Jesse Jansz, Jack Kanakaris, Cory Kapetanakos, Balwinder Kaur, Gregory Kennedy, Nerida Last, Thomas Lennon, Kevin Lloyd, Madeleine Lynch, Curtis MacGregor, Lewis Marco, Andrew Mase, Peter Mayes, Wesley Mayne, Scott McGill, Grace Mead, Kelsey Mitchell, Benny Moser, Muamer Muratovski, Shenol Muratovski, Surender Nagulapally, Lainie Nash, Ainsley Newson, Tien Nguyen, Bill Nikopoulos, Dylan Osman, Osman Osman, Michael Pryor, Presley Purcell, Christopher Raditsis, Lauren Ross, Max Rundle, Elmedina Sadinlija, Jerome Sallai, Trevor Scharenguivel, John Seaver, Chloe Smith, Xavier Smith, James Strong, Ashley Taylor, Rima Tipene, Turoa Tipene, Duc Truong, Chanel Utupo, Estelita Vincent, Sander Vreeburg, Srdan Vukovic, Jennifer Wanigasekera, Kelly-Jo Wells, Stacey Leigh Wells, Andrew Weymouth, Willie Wharewera, Helen Williams. MAINFREIGHT MELBOURNE (EPPING) George Abernethy, Linfield Anitipa, Louis Arnott, Claude Ayrton, Rajvinder Bains, Corey Braid, Karen Cattapan, Amiee Chambers, David Ciardullo, Stephanie Conduit, Megan Cooper, Druvinda De Silva, Kevin Dick, Grant Draper, Danielle Edwards, Faafetai Etuale, Vincent Falvo, Josephine Fava, Kathleen Hill, Shengdong Huang, Dean Ignatidis, Leah Jones, Tarun Kumar, Violeta Kuzmanoski, Dianne La Velle, Jenny Lee, Julie Ann Lee, Warren Logan, Paul Mahfoud, Brok Maihi-Taniora, Jason Masoka, Mercedesz Matskassy, Nicholas Matthews, Stuart McKell, Kevin Mendez, Nicole Merrigan, Luke Mifsud, Nicholas Milevski, Rodney Morgan, Edward Mulvenna, Jacob Nardino, Tosko Nastevski, Cody Newsome, Dimitra Paterakis, Joanne Polley, Luisa Pouono, Ashleigh Rae, Matthew Rak, Christina Rebesco, Brendan Ryan, James Ryan, David Scott, Funda Sener, Maryann Stellini, Paula Suwart, Janaya Symons, John Tapuala-Unasa, Samantha Taylor, Andrew Thompson, Rawiri James Douglas Thompson, Lidia Tonkin, Natalie Trajkovski, Sioeli Uasike, Aline Van Buiten, Jake Van Meel, Justin Velevski, Anthony Viney, Leigh Vlasblom, Richard Vlasblom, Joyce Wain, Ford Watene, Mai Yang. MAINFREIGHT NEWCASTLE Beau Baglin, Luke Dalton, Jessica Govan, Shardey Hancy, Dean James, Natalie James, Tanya Milne, Robert Morrow, Brett Mulheron, Jared Murch, Alyssa Pilgrim, Byron Price, Matthew Pring, Douglas Williamson, Jason Willoughby.

MAINFREIGHT PERTH Muchsin Alaydrus, Sarah Battaglia, Shaun Birmingham, Chris Bowyer, Stephen Bull, Rau Cooper, Jean De Robillard, Michael DiMaggio, Raquel DiMaggio, Damien Faass, Lauren Faass, Sinan Can Fazlilar, Jeffrey Field, Jesse Galende, Jesse Gray-Morgan, Robert Hawksworth, Graham Herd, Valerie Jeisman, David Kake, Nikki Maru, Todd McCabe, Susanne Meechan, George Moore, Malcolm Papa, Simon Tasker, Scott Taumata, Graeme Tilley, Paul Van Dam, Peter Webb, Hamish Williams, Daria Yuldasheva. MAINFREIGHT SUNSHINE COAST Shaun Martin. MAINFREIGHT SYDNEY Renos Ackeil, Mitchell Ahrens, Sharon Ama, Kevin Babbington, Jackson Bartlett, Zachariah Beltran, James Brown, Laisenia Burewe, Stephanie Cala, Ashleigh Cameron, Kristen Cameron, Thomas Cash, Raelene Codd, Stacey Collier, Amy Connelly, Kim Corpin, Renee Coulon, Daniel Curtis, Samantha Daley, Pamela Dilucchio, Kire Doskov, Mathew Edwards, Amelia Fifita, Kristen Sheree Flood, Asipeli Fotofili, Jason Gerondis, Tayfun Gezer, Geoffrey Heard, Rosario Herbereau De La Chaise, Kingi Hoskin, Tony Howard, Declan Jackson-Harris, Samuel Jenkins, Sarah Kimmings, Lyly Lai, Van Phuoc Le, Holly Licciardo, Loseli Manu, Mark Mariano, Beverley McHugh, Daneile Moana, Susan Morrow, Magele Muaulu, Solomone Naa, Tai Ngaau, Ashley Norris, Vanessa O’Neill, Suza Paceskoski, Cindy Page, Junior Papalii, Bill Perese, Siprachanch Phanoraj, Christopher Phelan, Scott Phillips, Mark Posa, Denielle Pozzi, Lisa Profilio, Iosefa Pule, Michelle Purvis, Reti Reed, Joshua Revell, Ashleigh Richards, James Robertson, Adam Robey, Ezekiel Rookledge, Rafael Rueda, Daniel Salelesi, Saipele Salelesi, Jody Savage, Strantz Schaumkel, Jessica Schuck, Amy Schumann, Kyle Shales, William Shea, Ismael Silvera, Randhir Singh, Hayden Smith, Phillip Spinks, Stefano Tahi, Rangimarie Takiari, Jade Towle, Taane Junior Tupola, Filipine Vave, Sione Vave, Mark Vincent, Denise Vitellaro, Danielle Wade, Vikrant Wadhwa, Mary Wall, Tershel Watene, Shyami Wickramarachchi, Peter Wilson, Reginald Woonton. MAINFREIGHT TOWNSVILLE Kaitlynne Clisdell, James Lovett, Cheryl Moore, Melissa Pryor, Andrew Rigney, Ryan Saunders, Matthew Zerbe. MAINFREIGHT AIR & OCEAN ADELAIDE Gary Birmingham, Hayley Collins, Jaimie Collyer, Joseph Peter Covino, Jodie Dirksen, Jessica Hautop, Brooke Jones, Bianca Newbery, Sophia Nikolakopoulos, Lucy Nixon, Lee-Anne Phillips, Caroline Pitman, Lisa Raimondo, Kanesh Sivashankar, Mitchell Stint. MAINFREIGHT AIR & OCEAN BRISBANE Stephen Anderson, Gabrielle Arena, Elizabeth Arguello, Kathryn Bailey, Christopher Bamford, Monicque Bamford, Rosalie Bennett, Drew Bowler, Callum Bruce, Gregor Buchanan, Grant Carlson, Erin Carmock, Joseph Castellana, Luke Chance, Damien Cridland, Camila Del Passo Brandao, Abbi Dilena, Mitchell Fontalvo, Catherine Gillick, Bailey Gooding, David Matthew Hall, Adam Horne, Karen King, Deanne Kramer, Jacinta Marriott, Craig Anthony McNaughton, Chris Meacham, Sara Payne, Jessica Pursey, Melanie Sheppard, Stephen Simpson, Monty Sullivan, Ian Thomas, Peter Tombling, Emily Vardy, Ogi Vuksanovic, Rebecca Vuksanovic, Laureen White-Cain, KaMing Wong, Peng Zhou. MAINFREIGHT AIR & OCEAN MELBOURNE (MELROSE) Gary Atkins, Daisy Attard, Melissa Bartlett, Christopher Brack, Jacky Brailsford, William Brown, Laura Burns, Monica Cahill, Tony Capuano, Ksenia Chudak, Darren Ciantar, Jessica Clayton, Kerry Cogan, Lisa Colombo, Rebecca Conte, Adam Coote, Dave Coughlin, Craig Daly, Kirsty Davis, Susi Dombrzalski, Ellie Fellows, Damien Ferris, Shania Finnigan, Dale Foote, Louise Gallardo, Fiona Goodwin, Rachel Grover, Susan Halkidis, Clancy Hall, Nicole Hegeman, Matthew Henderson, Hamish Hill, Bronte Houston, Sean Hutchinson, Janberk Ilhan, Aneta Jankovski, Svetlana Kasyanov, Melissa Kelly, Carolyn King, Troy Kirwan, Bojan Kljajic, Damien Kozelj, Franciscus Kranen, Rajini Mala Kumari, Henry Lay, Mandy Lazaridis, Jing Liao, Jason Lister, Lee Lin Liu, Sarah Martin, Julia McMillan, Roslyn Meli, Amanda Millington, Shane Moroney, Pam Moussiades, Matthew Mudge, Janine Nemeth, Luise Ockardt,

Charissa Ong, Sasa Opacic, Kristian Phillips, Grace Polgar, Natalie Poloni, Jacinta Polzella, Tahlia Prestia, Leasa Rowley, Karli Ruhle, James Saunders, Melanie Savona, Anthony Schembri, Luke Tauese Sekoa, Shara Shanahan, Andrew Spence, Jason Spiteri, Georgia Strada, Xiaoxia Sun, Brittany Thorogood, Travis Thorogood, Winnie Tong, Paolina Tortora, Daniella Verlaque, Connie Vinci, Kendal Walsh, Joanne Warway, Paige Woodhouse, Stephanie Zenonos, Oxana Zherebtsova. MAINFREIGHT AIR & OCEAN MELBOURNE (SPRINGBANK) Emad Abbas, Khled Abbas, Kemal Annear, Imad Beyrouthi, Jonathan Caruso, Vincent Caruso, Ryan Darmanin, Houssein Dekmak, Travis Dellar, Adam Downing, Mykhaylo Dyachkov, Daniel Farrugia, Mario Farrugia, Angelina Fernandopulle, Ben Green, David Grossman, Julie-Anne Jordan, Lisa Jordan, PingPing Liang, Jordyn Luke, Beau O’Connell, James Riego. MAINFREIGHT AIR & OCEAN NEWCASTLE Belinda Bremner, Rowan Cooke, William Pooley. MAINFREIGHT AIR & OCEAN PERISHABLES BRISBANE Taylor Dibbs, Raymond English, Milton Gonzalez, Zillah Hall, Penelope Kearton, Justin Keir, Scott Maiden, Michelle Pene, Mehau Phillip, Peter Underwood, Malaki Williams. MAINFREIGHT AIR & OCEAN PERISHABLES SYDNEY Theodore Billing, Darren Bird, Michael Blackburn, Mirjana Bridge, Matthew Canturi, Sheldon Cofie, Michelle Diven, Craig Dunphy, Liam Edwards, Lisa Harrison, Zara Harrison, Sophie Hill, Kristian Jensen, Mathew Kyriakopoulos, Debra May, Damien McNamara, Michael Neoklis, Kate Pryor, Imran Shaikh, Hayley Smith, Lee Symons. MAINFREIGHT AIR & OCEAN PERTH Frazer Dickson, Loganayagie Govender, Melissa Lowe, Olivia Marrett, Jocelyn McCagh, James McCrone, David Moo, Jennifer Nardi, Jueyu Peng, Kate Robertson, Stefanie Schroeder, Joel Ward, Bronwyn Wassell. MAINFREIGHT AIR & OCEAN SYDNEY Melissa Ahilleos, Lee Amour, Luke Andreatta, Joshua Brading, Juan-Diego Cabada-DeSouza, Vanessa Carangelo, Kerrie Coombes, Julie Costopoulos, Julie Deang, Annelien Deceuninck, Erika Dudley, Paul Enriquez, Alla Ermoliev, Rex Farrell, Salvatore Forzisi, Natalee Fox, Paula Gomez, Tyne Green, Ella-Maree Harrison, James Hartigan, Kathleen Hoglund, Seok Jae Hong, Yuan Hu, Vanessa Jaconelli, Blake Kelly, Benjamin Lenzo, Marika Lenzo, Kin Wai Li, Shaoji Liu, Chanise Lumby, Carol Ma, Jimmy Ma, Joanne Mani, Conor McClelland, Kylie Miller, Jessica Molyneux, Grant Morrison, Joumana Nasr, Natalie Nikolovski, Declan O’Neill, Steven Pavitt, James Perkins, Liong Purna, Jordan Quintal, Margaret Reynolds, Sofia Rida, Syed Sohail Sarwar, Rebecca Sears, Sam Simpson, Michael Smith, Melissa Stanley, Robert Swinton, Elizabeth Tadic, Samuel Taylor, Samantha Toy, Lisa Ann Turner, Denise Wainwright, Jiamin Wang, Jiaqi Wang, Riwa Wiki, Philip Wilson, Kit Ying Woo, Hua Yu, Karam Zebib, Jie Zhen. MAINFREIGHT AIR & OCEAN TOWNSVILLE Christopher Barnes, Melyssa Hobbs. MAINFREIGHT FTL ADELAIDE Brian Cook. MAINFREIGHT FTL BRISBANE Amanda Nugent, Angela Topp. MAINFREIGHT FTL MELBOURNE Brandon Lawler. MAINFREIGHT FTL PERTH Paul Read. MAINFREIGHT FTL SYDNEY Rodney Steel. MAINFREIGHT IT MELBOURNE Darrel Byrnes, Sheetal Gounder, Jonathan Holmes, Michael Hood, Bruno Marra, Ian Mavric, Andrew McLeod, Dennis Mink, Kate Oakley, Darryn Petricevich, Pagona Petricevich, Benjamin Renehan, Suman Shaganti, Marija Vukovic. MAINFREIGHT IT SYDNEY Belinda Bright, David Coen, Rachael Moore, Debbie Rawiri. MAINFREIGHT LOGISTICS ADELAIDE Shaun Hurrell, Scott Knight, Aaryn Minerds. MAINFREIGHT LOGISTICS BRISBANE (COOPERS PLAINS) Timothy Craig, Madison Pfuhl, Simon Wishart. MAINFREIGHT LOGISTICS BRISBANE (LARAPINTA) Cameron Barber, Lindsay Brookes, Liam Fraser, Paul Fraser, Nicholas Gardner, Petrus Grobler, Gordon Hay, Emma Hemmings, Dylan Kay, Barry Keleher, David Kidston, Matthew Little, Brandon McCorkindale, Charles McDermott, Christine Meekings, Jason Moroney, Angus Morrissy, Jarred Moss, Daniel Mullins, Jessa Pinili, William Swatton, Eric Taylor, Damon Taylor-Grainger, Fiona Trebilcock, Alastair Tymon,

Benjamin Walton, Tracey Anne Young. MAINFREIGHT LOGISTICS MELBOURNE (EPPING) Emre Aldemir, John Anitipa, Aladin Basic, Vanessa Bogdanovic, Aaron Bond, Clement Boydell, Kevin Francis Bradley, Mitch Bryan, Jeremy Collins, Kimberley Davis, Joshua Devine, Nicholas Dinneen, Brendan Egan, Abdinasir Hagi, Simon Hart, Jake Hedley, David Herrod, Katherine Hicks, Nick Hodges, Erin Icbudak, Allan Jewell, Liam Jilla, Antony Johns, Aleksandra Jovanovski, Benjamin Kidd, Anastasios Kourkoulis, Bradley Lightburn, Esekia Manuele-Malagaoma, Rhonda Marroun, Stephanie Marroun, Riordan McCarthy, Peter Robert McNally, Shaun Mizza, Loganaden Nagalingum, Ghi-Ng Nguyen, Michal Oczek, Paul Oularis, Joseph Padua, Dominica Poutini, Donald Quartermain, Jacob Regester, James Reilly, Sian Rogers, Andrew Seiuli, Brendan Shergill, Gabriel Simonetti, Clive Smith, Lyndah Tua, Matthew Unali, Jason Vacirca, Luke Van Meel, Ger Vang, Dietmar Venkort, Martin Wierzbicki. MAINFREIGHT LOGISTICS MELBOURNE (NOBLE PARK) Joshua Aberdour, Molly Boswell, Hamish Bradley, Olivia Bradley, Sam Bradley, Senad Dosic, Mafutaga Galuvao, Brice Giacomantonio, Milka Ilijanic, Andrew Journeaux, Patrick Kerr, Shane Kinnear, Ryan Knipe, Jake Kostrzewa, Shannon Lomas, Daniel Martin, Angelo Michael, Cyanna Negrea, Ha Nguyen, Erana Palmer, Siobhan Riordan, Sayed Shahi, Lachlan Steele, Valentin Teles, Jason Thea, Joel Winder. MAINFREIGHT LOGISTICS PERTH Kendall Anderson, Helen Brookshaw, Jake Bungert, Craig Ellis, Tracey Ironui, Nicholas Marshall, Cameron Moore, Sasa Pelemis, Pauline Poi, William Tuhebe-Wade, Ryan Vagg, Todd Vallerine, Jeremiah Wordsworth. MAINFREIGHT LOGISTICS SYDNEY Brett Babbage, Dylan Ball, Haydn Barret, Emilija Benderovska, Marissa Berioso, Oliver Black, Krystal Blackadder, Laura Blazic, Dylan Burgess, Raymond Burgess, Christopher Buxton, Charlie Camilleri, Phillip Camilleri, Catherine Catania, Deepa Chandra, Virginia Cheong, Shepherd Chigiya, Pik San Choy, Andrew Christiansen, Charles Cradock, Pramendra Datt, Antonia David, Jarrad Day, Ryan Denmeade, Sejla Dizdaric, Linda Do, Jackson Elliot, Desmond Esera, Kisona Feni, Futakihaagana Solomon Fepale, Florita Forrester, Scott Forsyth, Rui Geng, Sok Ghoy, Matthew Gowman, Scott Green, Tannia Gujanto, Joe Harris, Larissa Harris, Makalio Hehea, Jane Henry, James Hollingsworth, Lisa Huy, Susila Ika, Aris Izmirlian, Michael Jackson, Yu Zhang (Darren) Jing, Riyaz Jordan, Daniel Kamalaneson, Sinapati Keleni, Matt Kennedy, Haisam Khanat, Dylan Leicester, Paul Loveridge, Xian Qi Lugan Low, Akanesi Magele, Denny Mankin, Glenn McDonald, Wallid Mohamad, Mitchell Montgomery, Peter Moodley, Eoin Moran, Brooke Moretti, Thi Khang Nguyen, Pohorambage Nilantha, Toakase Nuku, Swee Fun Ong, Shaun O’Reilly, Doris Pace, Melanie Pace, Vitda Pangnanouvong, Faye Pating, Antonio Pavez, Tanya Pavez, Daniel Payne, Keith Penman, Sopha Phimmasone, Randil Pohorambage, Peter Prandalos, Ronald Prasad, Fernando Puglia, Lee Purvis, Hamish Raj, Jessica Anne Rao, Alex Rivera, Benjamin Robins, Andrew Robinson, Channa Rodrigo, Aaron Rossiter, James Rullo, Karl Rutherford, Melona Sabellano, Premal Shah, Nilakshan Sharvanandha, Renae Stewart, Olomaene Tago, Potifara Tago, Harshad Tamta, Andrew Taylor, Suhandy Tengara, Fredrick Tevaga, Klara Thwaite, Tracey Tihema, Kiec Fui Tran, Tin-Shing Tse, Dolores Upton, Aaron Vallely, Alexander Warton, Christopher Webb, Brett Webster, Jarred Wetere, Shane Zielonka. MAINFREIGHT METRO BRISBANE Damien Denning, Dragan Ivesic, Paris Knight, Michael Walker, Frances Whittaker. MAINFREIGHT METRO MELBOURNE Meron Ashebire, Fadia Barkho, Nicholas Cerchiara, Rifet Gorovic, Lanelle Pitrus, Andrew Plonsker. MAINFREIGHT METRO SYDNEY Mohammed Ashifdar, Dallas Blitvic, Kylie Jones, Paul Jones, Kerin Mamo, Sunti Ouk, Craig Smith, Joshua Taylor. OWENS BRISBANE Shareen Ali, Paul Bellamy, Des Bertram, Darren Copland, Jamie Davis, Nathan Flynn, Daniel Jory, Fereniki Londy, Lisa Mahy, Kristie McKenna, Adam Real, Brit Reynish,

Kelly Shortall, Timothy Stewart. OWENS MELBOURNE James Bennett, Mathew Coles, Blair Cooper, Roderick Douglas, Kolio Falealii, Krystal Fox, Jonathon Galluzzo, Tony Henderson, Melanie Hynd, Tom Redmond, Mark Sammut, Nathan Zahra. OWENS PERTH Francis Booth, Samantha Cox, Aa ron Fuery, Nigel Leggett, Matt Lowney, Trist ~~an~~ ~~M c~~ ~~F ar~~ ~~l ane,~~ Gemma Philpott, Cameron Smith. OWENS SYDNEY Jordan Andersen, Hugh Blaxland, Mark Andrew Boyd, Stephen Butler, Hirdesh Chand, Nicholas Francis, Benjamin Gilks, Jobelle Guibani, Lolomanaia Kakala, Paul McCracken, Tristram McKay, Vale McKenzie, Cristian Montoya Brohoquis, Christina Papoulia, Mike Reid, Pasqua Riservato, Oliver Rozario, Karyn Seed, Emily Tuitufu. TRAINING TEAM AUSTRALIA Katherine Becker, Troy Bennett, Marla Costabeber, Dale Cranston, Katrina DeKoning, Gabrielle Fage, Natalina Fisher, Rachel Hilton, Stephen Kay, Aaron Louws, Colleen Moore, Antony Papalia, Shona Taylor, Samantha Ward.

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ASIA

ASIA CAROTRANS GUANGZHOU Lance

Feng, Frank Jiang, Kidd Li, Louise Zheng. CAROTRANS HONG KONG Meki Chan, Ray Chan, Coey Cheuk, Abe Cheung, Kiki Ko, Carol Lam, Shing Lam, Ivan Lau, Perry Lau, Sharon Lee, Judy Leung, Elton Poon, Pearl Szeto, Suki Wai, Daffy Wong. CAROTRANS NINGBO Rain Shan, Michelle Wu, Carl Xu, Cindy Yang. CAROTRANS SHANGHAI Jeff Bian, Yuki Dong, Joanna Fan, Joan Ji, Riyo Jiang, Lawrence Qin, Helen Sun, Benny Tang, Evoone Tang, Sarah Yuan, Gary Zhang. CAROTRANS SHENZHEN Danny Lan, Susan Su, Crystal Wang, Cathy Zou. CAROTRANS TAIPEI Mei Chen, Jimmy Chien, Carol Huang, Nico Kuo, Lily Shen, Chloe Wu, Egbert Yu. CAROTRANS KAOHSIUNG Annie Chou, Jean Liu, Sam Tu. MAINFREIGHT BEIJING Dora Han, Eddy Ma, Grace Mu, Catherine Xie, Johnny Zhang, Kevin Zhang. MAINFREIGHT CHENGDU Zoe Cao, Paul Chen, Ada Dai, Share Du, Joy Guo, Abby Han, Julia Jia, James Li, Benny Liu, Summer Luo, Enid Shi, Connie Sun, Jojo Tong, Summer Wang, Lumi Xiao, Ariel Xie, Afra Yang, Joyce Yuan, Vivid Zhang, Canace Zhou. MAINFREIGHT GUANGZHOU Ben Chen, Ivan Chen, Yoyo Chen, Lin Cheng, Dick Deng, Annie Gao, Vincent Lee, Lina Lin, Jane Liu, Judy Liu, Natalie Liu, Ray Liu, Cecilia Luo, Wendy Niu, Angela Wang, Castie Wu. MAINFREIGHT HONG KONG Andrew Chan, Edwin Chan, Jerry Chan, Ricky Chan, Stanley Chan, Wilson Chen, Alan Cheng, Edmond Cheng, Cecilia Cheung, Keith Cheung, Connie Cho, Clement Chong, Queenie Chong, Alex Chung, Elly Fung, Sam Fung, Vincent Fung, Susan He, Janet Ho, Joe Hsieh, Winnie Huen, Franklin Hui, Kathy Hui, Chi To Kong, Timothy Kong, Kurt Kwan, Patrick Kwok, Steve Lai, Tim Lai, Ivan Lam, Ivy Lam, Jacky Lam, Gary Lau, Joyce Lau, Kittie Lau, Joe Lee, Jouann Lee, Matthew Lee, Sherene Lee, Jason Leung, Kathy Leung, Raymond Lo, Michael Lofaro, Franky Lui, Keith Mak, MC Man, Rai Ng, Chloe Ngai, Jaimei Nip, Melinda She, Ambrose So, Burt So, Yvonne Sung, Yung Tam, Duncan Tang, Ricky Tong, Fannie Tsang, Magic Tsang, Janly Wai, Crystal Wong, Dennis Wong, Gigi Wong, Michelle Wong, Nicky Wong, Rose Wong, Wayne Wong, Nam Wu, Dominic Yeung, Terry Yim, Judy Yip, Michelle Yip, Kris Yu, CK Yuen, Sherman Yuen, Nichi Zhui. MAINFREIGHT NINGBO Bobo Cai, Vicky Chen, Vivi Chen Chen, Charlie He, Jane Ke, Leo Li, Lisa Li, Speed Si, Andy Sun, Sunny Sun, Emily Wu, Joice Xu, Linda Yang, Paul Ye. MAINFREIGHT QINGDAO Rex Gao, Gary Gu, Gary Hu, Eva Jiang, Monica Jiao, Helena Li, Neil Li, Tiger Li, Vincent Lu, Steven Sun, Daniel Xue, Miki Yuan, Max Zhao, Vicky Zhao. MAINFREIGHT SHANGHAI Joy Cai, Leo Cai, Squall Cai, Ella Chen, Lucy Chen, Cary Chung, Kevin Dai, Tweety Ding, Kenny Dong, Nancy Fan, Roney Fang, Frank Fei,

Kevin Fu, Tim Gong, Jane Gu, Alex Guo, Bella He, Patrick He, Peter Huang, Elaine Hui, Lan Ji, Mary Jiang, Daisy Li, Andy Liu, Anny Liu, Andy Lling, Olivia Lu, Rody Luo, Echo Mao, Cindy Qi, John Qin, Miko Ren, Jenny Shui, Eric Sun, Lillian Sun, Joki Tan, Penny Tang, Sugar Tang, Cherry Wang, Cici Wang, Wing Wang, Becky Wu, William Wu, Matt Xu, Michael Xu, Una Xu, Yuki Xu, Wintour Yan, Jerry Yang, Lily Yang, Eddy Yao, Doris Yuan, Billy Zhang, Jessie Zhang, Suki Zhang, Vivien Zhang, Zues Zhang, Ada Zhao, Minnie Zhao, Jessica Zheng, Zoey Zhou, Apple Zhu, Juana Zhu, Wind Zhu. MAINFREIGHT SHENZHEN Cloris Chen, Shirley Chen, Jane Huang, Lily Huang, Steafan Lei, Cara Li, Sasa Liang, Sunny Lin, Jemma Liu, Letina Liu, Celia Sun, Vincent Sun, Soy Wu, Lucy Xiong, Sindy Yang, Paul Yuan, Xuan Zeng, Cindy Zhang, Seven Zhang, Shayne Zhang, Symia Zhang, Yukey Zhang, Jenny Zhong, Canni Zou. MAINFREIGHT TIANJIN Carol Chen, Amanda Du, Cassie Ge, Rita Liu, Cindy Ran, Wendy Tian, Kitty Wang, Max Wang, Fred Zhu. MAINFREIGHT XIAMEN Renny Chen, Roy Chen, Sally Chen, Tina Chen, Colin Cheng, Jessica Chou, Will Li, Johnson Lin, Bressanone Zhu. MAINFREIGHT KAOHSIUNG Joanna Bao, Angie Chen, Mia Cheng, Joyce Huang, Queenie Lee, Saprina Lin, Stanley Su. MAINFREIGHT TAIPEI Jenny Chen, Josephine Chen, Sandy Chen, Vivian Chen, Nick Chiang, George Chiu, Andy Hsu, Andy Lee, Sindy Lee, Angelic Lin, Eric Peng, Yvonne Peng, Hank She, Allen Tseng. MAINFREIGHT THAILAND Sakuntala Asirawan, Withanya Ceetantivech, Saowanee Chaiparinya, Nawarat Chalitapanukul, Chatchawan Channim, Pairin Chuenchairiam, Wuttichai Intarasil, Patcharin Jakarathorn, Narirat Koksanthia, Panatda Parnsakul, Peeyaporn Puangkheaw, Jidapa Saeyab, Virongrong Sangkaew, Kasidit Sarapanwong, Supang Somboonkusolsil. MAINFREIGHT VIETNAM Chau Cao, Khang Ha, Leo Lam, Daisy Luong, Anna Nguyen, Helen Nguyen, Phuong Nguyen, Thuong Nguyen, Timi Ong, Luan Pham, Lucas Phu. MAINLINE SINGAPORE Ching Kwee Shyan Ching, Chua Bee Eng Chua, Huang Yong Goh, Stephanie Goh, Hii Pee Hui Hii, Carina Ng, Simon Song, Don Wu.

AMERICAS

AMERICAS CANADA MAINFREIGHT TORONTO Dean Baran, Sean McGrattan. MAINFREIGHT AIR & OCEAN TORONTO Brendon Belesky, Andrew Hall, Sarshar Kutty, Stacey Mitchell, Paul Ody, Shawn Roach, Erin Smith, Rene Van Houtum. CHILE CAROTRANS SANTIAGO Diego Burgos, Miguel Cuevas, Marcelo Hermosilla, Hector Lara, Barbara Macias, Francisco Melo, Beatriz Osorio, Marcelo Reydet. MEXICO MAINFREIGHT MEXICO CITY Juan Carlos Aguilar Aguilar, Rogelio Orlando Avilés Stoffen, Ana Cristina Cornejo, Karenina Luna, Francezco Lutikov, Argenis Rodrigo Ortiz Mendez, Alejandro Parra Berlanga, Kennia Analaura Perez, Guido Fernando Ruiz, Angelica Sais Insunza, Jesslyn Patricia Sandoval, Azucena de Jesús Toledo, Brenda Vázquez Martinez. MAINFREIGHT QUERETARO Ivan Garcia, Enrique Navarro. USA CAROTRANS ATLANTA Kellyanne Dix, Alice Macgregor, Wayne Pierre, Veronica Schock, William Young. CAROTRANS BALTIMORE Michelle Allison, Marcos Cazares, Steve Greenfield, Christopher Hamilton, Susan Kahl, Lisa Tryon. CAROTRANS BOSTON Kerrianne Doneghey, Lauren Gannon, Hiwot Kebede, Joe Kleinmann, Brian Moorhead, Kayla Nee, Ede Salvadore, Thomas Swain (in memoriam), Qing Zhou.

CAROTRANS CHARLESTON Patricia Anderson, Milos Baric, Renee Basnett, James Bayne, Lisa Crabbe, Kelly Creson, Wicks Dickson, Beth Embry, Clay Jones, Graham Lambdin, Jessica May, Colin O’Donnel, Sarah Rosal, Mark Stowell, Shannon Thompkins, Tress Tipton, Cady West. CAROTRANS CHARLOTTE Misty Bachman, Shelly Bisanar, Jamie Gunnells, Michael Haywood, Abdul Mirza, Christopher Montgomery, Tyrone Neville, April Pride, Craig Stukey. CAROTRANS CHICAGO Nicole Bobor, Lisa Brach, Jasmyne Brown Roberts, Janice Brunning, Olga Cazares, Elisabeth Conboy, Kristine Connolly, Nadiyah Dabney, Dagmara Derlaga, Araceli Dominguez, Sara Faddah, Elzbieta Filipek, Gladys Garza, Susan Hicks, Jamie Houlihan, Takehito Kashiwabara, Debbie Klodzinski, Rita Kollias, Peter Kowalski, Taras Maksymovych, Carol Malak, Annalisa Marchiafava, Timothy Merchut, Fiorella Meza, Samantha Miceli, Mark Milan, Patricia Moran, Nicole Muschong, Anna Naughton, Lynn Ocasio, Catherine Petersen, Grace Sarsfield, Christopher Stearns, James Stutzman, David Valadez, Virginia Valentine, Ana Vietoris, Anna Villafane, Andrew Weisse, Ana Zarco, Dana Zeno, Joseph Zeno. CAROTRANS CLEVELAND Diana Beaman, Krystle Bouchahine, Sophia Ciaravino, Annamaria George, April June, Abigail Malson, Magdalena Piktel, Lori Radca, Christopher Wilson, Andrew Zapinski. CAROTRANS DALLAS Lata Hitcha, Stephanie Murphree, Tyler Nichols. CAROTRANS HOUSTON Matthew Britton, Mariajanette Espinoza, Criselda Garza, Ashley Gray, Shiela Grouleff, Sharon Jay, Norman Johnson, Justin Martin, John McWhirter, Alissa Prestridge, Mylinda Winton. CAROTRANS LOS ANGELES Maria Aldana, Maria Bitong Noche, Lueder Bitter, Janice Catamisan, Kari Christopher, Andrew Dickie, David Duyao, Elsa Gomez, Oscar Gudino, Lorenzo Cometa, Miguel Hernandez, Siamack Heshmati, Cristina Higa Meier, Norihiro Hisanaga, Theresa Iamaleava, Darren Justice, Derek King, Claudette Kwiat, Eduardo Lemus, Patricia Maahs, Melina Martinez, Jazmine Medina, Lucia Paragulla, Rodnina Pese, Carol Rebullar, Diana Sepulveda, Nancy Silva, Mark Taitingfong, Rowina Tauanuu, Gilbert Tolentino, Christina Towne. CAROTRANS MIAMI Deuris Aguiar Naranjo, Brian Allcorn, Roberto Ayala, Bruno Barbi, Rocio Diaz, Roger Estrada, Gregory Meier, Susana Melara, Juan Melendez, Bryan Meza, Daniel Orihuela, Jeniffer Possebon, Cindy Rafart, Jacqueline Ramos, Hugo Sequeira, Katiuska Sequeira, Christian Supplice, Maria Veiga. CAROTRANS NEW JERSEY Christopher Ablanedo, Stephanie Adago, Blanca Aguirre, Jessica Almonte, Catarina Alves, Maria Amorim, Takahiro Arima, Yisel Barrett, Erik Berger, Ana Bermeo, Rhesma Budhu, Kai Campbell, Michelle Chan, Janae Chandler, Kerry Conn, Gary Dreuer, Christina Egan, Natalie Espino, Misa Hernandez, Ken Hogan, Antanina Imbriaco, Christopher Johnson, Latonia Kornegay, Aleksandr Kosachev, Janet Lanni, Laura Litchholt, Ishani Lokuliyana, Oluseun Makinde, Samuel Martinez-Arias, Theresa Maxie, Debra McCarty, Michelle McGrath, Kevin Meza, Kenneth Millroy, Jessica Murphy, Camise Normil, Don Peramuna, Diane Pirozzi, Kelly Preziosa, Andrea Quito, Lauren Rainey, Kelly Rodriguez, Nicole Salcedo-Twaddle, Julianne Santiago, Ellen Shindle, Nancy Silva, Dillon Smith, Matthew Spartz, Philip Szumanski, Samantha Troxell, Zamary Vargas, Yenny Villafuerte, Jeryck Villahermosa, Mary White, Austin Worst, Heidi Zhao. CAROTRANS SEATTLE Milton Carballo, Andrea Cherry, Andrew Garrido, Ryan Ritchie, Adam Whelpley. MAINFREIGHT ALBANY Scott Avery, C olin Bunce, Jeffrey Burke, Michael Byrnes, Eileen Ceccucci, Frances Fairall, Lisa Gaetano, Brian Gallagher, Kristen Henderson, Bryce Hicks, Cole Hopper,

Rebecca Lahart, Agnes Maciorowski, Desiree Martinez, Laila Martinez, Barry Michael Morrissey, Robert Narcavage, McLemore, Victor Mendoza, Thomas Elinor Seeley, Tracy Zayac. MAINFREIGHT Merriman, Maree Michalick, Shane ATLANTA Michael Benjamin, Bryan Burton, Michalick, William Minard, Justin Boglarka Compton-Balla, Patrick Edd, Monteleone, Marissa Monteroso, Alba Gye Griffin, Lanora Harmon, Kevin Isenberg, Montes, Elizabeth Moore, Rigoberto Mora, Michael Johnson, Brian Martin, Matthew Ulices Mora Valdovinos, Marie Morales, Mayville, Lavon McCord, Timothy Patterson, Michael Moval, Silvia Mueller-Thompson, Raymonde Piverger, Ashley Render, Michelle Jeffrey Nallick, Mark Neumann, Kimberly Smith, Austin Tyler. MAINFREIGHT Nguyen, Christina Nielsen, Nicholas O’Brian, CHARLOTTE Christopher Bisanar, Johnny Erik Ohler, Maria Ortiz, Michael Paynter, Collins, Brandy Harvey, Karen Hensley, Scott Sandra Phillips, Geovany Quevedo, Victor Hopkins, Matthew Mays, Robert Ramirez Yui, Craig Robb, Stephanie Nsonwu-Farmer, Julie Power, John Renner, Rodrigues, Olivia Rodriguez, Karen Rogers, Michael Rosenbrock, Amy Walker, Robert Alma Rosa, Samson Safotu, Juan Sagrero, West. MAINFREIGHT CHICAGO Eric Bell, Homayoun Sahafi, Myrna Salazar, Kulmohit Suzanne Berner, Emma Byall, Edward Sandhu, Anthony Schoepfer, James Seifert, Chamberlain, David Davis, Brandon Fischer, Paul Sharpe, Daniel Smeltzer, Anita Smith, Adrian Gallardo, Matthew Gustafson, Lori Yung Sun, Matthew Taggart, Jaime Tapia Jr., Hageline, Elizabeth Hickey, Mark Hines, Nathan Thomas, Mieko Thompson, Cesar Marco Iannessa, Christene Jovanovic, Kevin Torres, Everardo Torres, Holman Tovar, Kirby, Mark Kral, Thomas Kurtzer, Alexander Susan Tziboy, Benjamin Ushkow, Thomas Lasota, Mary Mumper, Kiley Ogden, Valentine, Carl Vangorden, Isela Vazquez, Nathaniel Page, George Petrov, Khareen Nicholas Vernald, Lilia Villanera, Jimmy Raiz, Michael Redden, David Rogalski, Wallace, Susan Weiher, Dallas Wymes, Christopher Ruiz, Desiree Santos, Donald Anthony Zepeda. MAINFREIGHT MCALLEN Sender, Matthew Shatswell, Jon Shaw, Pedro Davalos, Rafael Garcia, Jose Gurrola, Colten Siedlarczyk, Riley Tryhorn, Erik Christian Magana, Cruz Polanco Lara, Weidner, Justin Yonkelowitz. MAINFREIGHT Benito Salinas, Giovanna Zanetti. COLUMBUS Jeffrey Infield, Christopher MAINFREIGHT MIAMI Lina Amaya, Juan Khan, Jason Meyer, Steven Rea, Tonia Arteaga, Stephanie Del Valle, Cynthia Uhrig. MAINFREIGHT DALLAS Lane Espinal, Yoelis Estevez, Doris Gomez, David Adamson, Richard Aitken, Shelley Aldaco, Martinez, Fernanda Moraes, Jennifer Misae Amemiya, Basil Brockles, Mary Buck, Pedreira, Eduardo Rivera, Ervin Vasquez, Ashley Burns, Ana Calderon Copado, Guilherme Villar. MAINFREIGHT Kathryn Campbell, Nathan Chaney, Brandon MINNEAPOLIS Scott Brunclik, Jaclyn Confer, Diane Cox, Marty Cryer, Bharat Collins, Justin Ellingson, Heather Zoccoli. Dambal, Richard Dean, John Dunn, Scott MAINFREIGHT NEWARK Carol Bausch, Eranger, Kyle Evans, Antonio Garza, Ronny Timothy Bourke, David Bubb, Jonas Busse, Garza, Thomas Goodfallow, Ian Graham, Stephen Cacnio, Rosaura Candelario, Elsa Guzman, Karina Guzman, Deborah Carmen Caroleo, Svend Christensen, Hendrix, Shelby Hill, Wesley Hutchings, Christine Correia, Andrew Coulton, Curry Phillip James, Peter Joyce, Heather Fetcher, Aden Gelmi, Luis Gonzalez, Daniel Kosowski, Erin Lewis, Quincy Lewis, Valerie Hansen, Rodney Harris, Emmaline Lewis, Edwin Lopez, Todd Luney, Eduardo Howard-Smith, Mary Kish, Peter Marenco, David B Martinez, Michelle Kruszewski, Freddy Landaverde, Kevin McClanahan, Jada McCoy, Stefanie Landaverde, Bryan Landin, Terry Lindell, McGaughy, Alan Nadeau, Elsi Pacheco, Vincent Marciano, Anthony Mazza, Jose Elizabeth Plaster, Victoria Rex, Nicholas Melendez, Jake Moller, Ellen Mullery, Maritza Rochowski, Thomas Sofranec, Jeffrey Patricio, Dries Pinoy, Stephanie Quinonez, Solbrack, Scott Sprick, Amy Strong, John Ronald Rhodes Jr., Julia Riker, Moises Taylor, Nadia Watson, Kristofer Wilson. Rodriguez, Beth Rosenbrock, Oscar MAINFREIGHT DETROIT Edward Rossini, Deborah Rumore, Richard Smith, Richardson, Jacob Varcie. MAINFREIGHT Danielle Torsiello, Vanity Velazquez, HOUSTON Carol Beilman, Linda Callahan, Hobyung Yi. MAINFREIGHT NORFOLK Helen Docherty, Lawrence Drucker, Freddie Trina Elliott, Stephen Harklerode, Nancy Gonzales, Bruce Hickerson, Blanca Holliday, Sanchez. MAINFREIGHT PHILADELPHIA Paula Minor, Daniel Overton, Danielle Robert Coghlan, David Cunningham, Perkins, Cheryl Rogers, Scott Rood, Kristian Timothy Ferrell, Matthew Gummel, David Stone, Jennifer Stooksberry, Terrence Hallinan, William McClay. MAINFREIGHT Wakefield. MAINFREIGHT LAREDO Brenda PORTLAND Caitlin Balderrama, Jacqueline Gloria, Roberto Ortiz, Reynaldo Rodriguez. D’Angelico, Brian Donahue, Luke Hamilton, MAINFREIGHT LOS ANGELES Jose Aguilar, Tareq Hunaidi, Angelica Jaracuaro, Weston Jose Aguirre, Ana Alvarez, Alonzo Alviso, Martin. MAINFREIGHT SAN DIEGO Karen Robert Andrews, Javier Angulo, Manuel Amador, David Enriquez, Jessica Hayes, Arceo, Dorcas Armstrong, Rui Bai, Linda Erika Heguy, Jorge Lucio, Annabel Mahnke, Bettencourt, Edward Blancarte, Melissa Amber Scheevel. MAINFREIGHT USA Bowder, Darnelle Briant, Peter Burke, SUPPORT CENTER PHOENIX Joseph Rodney Buskeness, Matthew Cable, Raquel Brouillard, Sergio Chavez, Danielle Frady, Canas-Thompson, Alexis Castro, Cynthia Edson Garcia Alcocer, Michelle Grabek, Castro, Jhovanny Castro, Nelson Cheung, Aaron Grewal, Daniel Hutcheson, Marcus Janet Clark, Kenny Cobos, Richard Cohuo, Rodriguez, Coral Schultz, Gregory Sutton, Robert Comfort, Stephen Curle, Maryjane Jeremy Thomas, Ami Todd. Dauis, Mary Dawkins, Analisa Dennis, Harshvardhan Dharamshi, Elizabeth Duran, Peter Dyeremose, George Ehrreich, Jessica Emonin, Taschana Epps, Jacqueline Estrada, Jacob Fallon, Michael Forkenbrock, Ronald Frady, Byron Franks, Veronica EU Friedland, Matthew Friedman, Jacqueline Ganther, Luciano Ganzon, Raewyn Glamuzina, Jeremiah Gregersen, Ernie Griego, Joyce Guillen-Cox, Matthew Halpin, EUROPE BELGIUM MAINFREIGHT Laurie Hamid, Brian Heidrich, John BRUSSELS Mats Algoet, Katrien Baes, Hepworth, Luis Hernandez, Judy Hua, Lori Kelly Bastiaensen, Glen De Snijder, Wannes Hull Garcia, Nicholas Ireland, Patricia Jansen, Samira Labraymi, Ellen Michiels, Jimenez, Roxana Jimenez, Debra Johnson, Maria Catalina Munteanu, Rita Rassalle, Jeffery Johnson, Seife Kidane, Michelle Marie Tisson, Patrick Van Der Hoek, Ines King, Jonathan Kirwan, Talia Lamiano, Waegemans, Laura Zenebergh. Abraham Leandro, Esperanza Leanos, Sung MAINFREIGHT OOSTENDE Hamid Abbou, Lee, Jeffrey LeMaster, John Lewczyk, Kara Yannick Adriaensen, Qais Al-Dulaimi, Jos Lewczyk, Daniel Lund, Elisa Lupian, Devita Allemeersch, Sandro Arena, Yuliya Arkina, Magdalena-Ralston, Matthew Mahoney, Ignace Arnou, Kurt Bakker, Assaad Banjak,

Barbara Bartorelli, Anneleen Bentein, Osman Biberoglu, Tanja Biets, Roger Blanckaert, Kim Boelen, Koen Bogaerts, Marc Bogaerts, Carine Bovy, Annick Brokken, Johnny Brouns, Arkido Bushi, Neil Calingaert, Gino Callewaert, Liselotte Camps, Mario Carette, Annemie Casier, Naida Claes, Griet Cloet, Geert Colling, Wouter Conings, Kristof Cool, Jimmy Cooleman, Alex Corbisier, Bart Cornille, Danny Craeye, Filip Cremer, Eddy Cuylle, Philippe David, Christophe De Backer, Charlotte De Blauwe, Bruno De Bruyn, Alain De Corte, Thomas De Gols, Dirk De Maeseneer, Alex De Nijs, Romina De Smul, Tom De Walsche, Didier De Wannemacker, Pascal Debrabandere, Jean-Pierre Declercq, Peter Decock, Peter Deconijnck, Maxim Defer, Franky Delanghe, Mario Demey, Marc Denecker, Nicolas Deputter, Steven Depuydt, William Dereeper, Aude Derycke, Jan Desmet, Celine Devloo, Karel Devogeleer, Lili Devriendt, Kimberley Dewilde, Erwin Dieusaert, Birgen Dumarey, Toufik El Khiari, Udo Engels, Cengiz Fani, Farid Farchich, Henk Feys, Jan Fijol, Griet Fleerackers, Sander Flore, Eline Floryn, Miguel Focke, Wim Foulon, Kevin Gailliaert, Francois Gesquiere, Fatih Gezginci, Christophe Goossens, Glenn Grunewald, Hannes Gunst, Sabrina Haeghebaert, Davy Haers, Jessy Hardy, Daniel Helsen, Mario Holemans, Catherine Houtteman, Wilfried Hullebus, Cedric Immesoete, Joris Indeherberg, Valerie Jalet, Roland Janssen, Francois Janssens, Pascal Janssens, Yves Janssens, Gregor Jouret, Yves Knockaert, Sylwia Kuczynska, Jozef Kujawa, Glenn Labens, Filip Laga, Delphine Lefere, Filip Legiest, Jochen Lemmens, Marie Christine Lesage, Oleg Logounovitch, Veronique Lootens, Marc Maerten, Romain Maes, Jean Manoula, Marc Marey, Bram Merlevede, Thijs Mertens, Benny Mestdagh, Leo Meuris, Dennis Moelans, Monaam Moknassi, Philemon Moyersoon, Gianni Myny, Steven Naessens, Steve Noteboom, Fidele Nzuzi Kindanda, Tom Oosterwaal, Chris Osstyn, Walter Parmentier, Marinus Pastoor, Anthony Pauchet, Liesbeth Pierloot, Katrien Portier, Glenn Quintijn, Dirk Ragaert, Freddy Ragaert, Jamshid Rezaie, Peter Sabbe, Marleen Saeren, Khalifa Salek, Marcela Sandu, Katie Schaepdrijver, Yves Scherpereel, Marlies Sevenhant, Alessio Singh, Manga Singh, Piotr Sitko, Farid Souaddi, Marc Speliers, Guido Staels, Jimmy Stubbe, Jerry Synaeve, Jorit Sys, Wesley Teck, Julie Tolpe, Dimitri Torreele, David Trotteyn, Stefaan Van Aken, Astrid Van Cauwelaert, Gunther Van De Vreken, Franck Van Der Heyde, Antoon Van Herck, Martine Van Hyfte, David Van Sandt, Yves Van Vooren, Pascal Vancoetsem, Miguel Vande Walle, Ingmar Vandebroek, Katrien Vanden Eeckhoute, Tom Vandeurzen, Rudy Vandewalle, Sofie Vanhee, Ariane Vanhooren, Frederic Vanmeenen, Jos Vanmullem, Maarten Vannoppen, Dimitri Vennekens, Koen Verbeke, Andy Verbrugghe, Stefaan Vercruysse, Vincent Verduyn, Carl Verhulst, Joke Verkempinck, Carol Verkempynck, Maikel Verlee, Serge Vermander, Wim Verpoort, Ingeborg Verschorre, Melissa Verstraete, Kevin Verstraeten, Lies Viaene, Patrick Volbrecht, Arno Wackerghom, Parcifal Wackerghom, Nick Wyns, Sander Xhajaj, Daniel Zonnekein. MAINFREIGHT LOGISTICS OOSTENDE Fadi Abdulghani, Salvadi Adilsoultanov, Johan Baudewyn, Stephanie Baudot, Johnny Beddeleem, Quentin Bentein, Jonathan Bernabe-Santana, Anzor Beshiev, Natalie Blomme, Nancy Bober, Riad Boumaza, Jeffrey Broucke, Walter Callewaert, Daniel Capriotti, Ivan Casier, Alain Cauwenbergh, Alex Cazzato, Wesley Cicou, Bruno Clybouw, Carl Criem, Miguel Crombez, Jorge Da Rocha Azevedo, Stijn David, Aris De Fijter, Jordy De Gheselle, Tessa De Groote, Robin De Kock, Dennis De Meester, Hannelore De Muynck, Joaquim De Oliveira Gomes,

Ingrid De Rechter, Tatjana De Vogelaere, Johan Debruyne, Robert Deman, Caroline Depuydt, Kim Desmet, Christine D’Hont, Steve Dumalin, Jean Dumon, Jimmy Duriez, Steven Duyck, Frank Ediale, Frederik Eeckloo, Nizar El Ali, Karol Flak, Krzystof Flak, Iris Geselle, Frederik Gielis, Redgy Goethals, Thun-Hohenstei Graefin Von, Dieter Hamers, Abdelsattar Hassan, Miguel Hollevoet, Claudine Houkx, Sylvie Hullebus, Dave Huwel, Glenn Huwel, Edward Itomo Oluwashefunmi, Yury Jolnerevitch, Eddy Jonckheere, Fabrice Junion, Gari Justianz, Samuel Kamdem, Burim Kastrati, Arne Keirens, Joanna Kujawa, Abdelaziz Labane, Peter Laseure, Katja Lebeuf, Joke Lepeire, Massivi Lubaki, Jason Lussaert, Didier Martinat, Danny Merchie, Kevin Mestdagh, Luc Meulemeester, Shana Mylle, Ireneusz Niedzwiedz, Peter Onyekwere Chukwunyere, Dicky Oppong, Gilles Peere, Zsolt Petrak, Filipe Pinto Ribeiro Hugo, Bjorn Plas, Damian Plata, Mischa Polutnik, Raissa Polutnik, Andrew Popelier, Michael Poupart, Gregory Prevot, Veerle Ramon, Adam Rogatzky, Glenn Rogiers, Adam Romejko, Didier Rosseel, Maxim Rosseel, Nick Rouzere, Pol Sabbe, Mathias Schetz, Bram Schoutteten, Sinclare Scott, Andrzej Seibert, Khurram Shahzad, Issa Sherzad Mohammed, Redgy Simons, Tom Slight, Jose Soto Nicolas, Tony Stoffels, Rachid Taki, Mohamad Theibich, Sebastien T’Jonck, Lukasz Tymkiewicz, Kevin Van De Voorde, Cedric Van Huffel, Kenneth Van Nieuwenborgh, Frederick Van Rapenbusch, Philip Vanacker, Sylvie Vancoppenolle, Andy Vandekerckhove, Christiaan Vandenberghe, Isabelle Vandenberghe, Frederik Vandenbrande, Kenneth Vandeputte, Patrick Vandeputte, Iselinde Vandergunst, Katrien Vandewalle, Jay Vanhou, Rudi Vankerckhove, Rik Vanneste, Pascal Vanroose, Steven Vansteenkiste, Ronny Vanwelsenaers, Elisama Verheecke, Fabienne Verhelst, Jacky Verlee, Marc Vermeire, Bart Verschelde, Manu Volckaert, Linda Vyvey, Jenny Weemaels, Arnold Weidler, Kevin Windelinckx, Ines Wouters, Nico Wuyts, Alain Zeebroek. MAINFREIGHT/SYSTEMPLUS GENK Steven Bleys, Daniel Di Pardo, Kevin Fourrier, Ivo Leurs, Ann Loos, Daniel Mathot, Debby Missfeldt, Peter Olaerts, Karolien Orlandini, Eddy Stals, Brent Sybers, Ronny Van Cauter, Ann Vanhaeren, Tom Verlinden, Joseph Willems. FRANCE MAINFREIGHT AIR & OCEAN LE HAVRE Méharajounissa Abdoul, Gaël Devin, Marie Fohet, Carlos Daniel Guedes Dos Santos, Laoura Khassouev, Sophie Le Garrec. MAINFREIGHT AIR & OCEAN LYON Philippe Thomassin. MAINFREIGHT AIR & OCEAN PARIS Thomas Brieudes, Thibault Fressard, Camille Laroche, Alain Navarron, Cécile Rodier, Véronique Sabatier. MAINFREIGHT LYON Mathilde Gairard, Deborah Prefot, Erick Saes. MAINFREIGHT PARIS Martial Aberlen, Teresa Aubert, Gregory Aucouturier, Alinour Aydid Jama, Paolo Bakouma, Sonia Basraoui, Nicolas Bertrand, Marie Bissey, Martine Blandin, Stéphane Bobu, Amel Causevic, Léa Collin, Caroline Cordier, Sylvie Costa Neves, Steeve Dalaize, Damien De L’Espinay, René Claude Deblond, Kévin Delaitre, Vincent Delpech, Isabelle Denon, Jérémy Despote, Thibault Detrouselle, Cédric Diarra, Nadir Dramsy, Florian Durand, Jérémy Engelmann, Philippe Fortin, Claude Grele, Said Hannaoui, Laurent Janniaud, Stéphanie Jasmin, Youssef Jdaini, Mélodie Julien, Samuel Cedric Justine, Jérome Kerhel, Moustapha Korch, Thierry Lacoudray, Rodolphe Lenhart, Precilia Lenogue, Muriel Loube, Dylan Maaroufi, Charles-Henry Maingard, Abdoulaye Marega, Antoine Maslyczyk, Faten Meite Essid, Vanessa Miet, Thierry Moisan, Thibault Moreau, Jacques Niati, Aleksandar Nikolic, Clothilde Ollivier, Franck Pardo, Emmanuel Peccatte, Coralie Pecho, Soda Ponn, Clémence Privé, Éric Puyet, Yann Quenard, Yannick Rodrigues Ribeiro,

Arthur Roulier, Jacky Rupaire, Julien Vieville. GERMANY MAINFREIGHT AIR & OCEAN FRANKFURT Stefan Barten, Patricia Cuppari, Viktoria Donst, Marcel Frank, Niklas Gust, Oliver Heck, Johanna Jurasec, Hümeyra Karayaman, Stefan Kickler, Stev Klein, Nicole Körner, Leny Leinich, Sebastian Maslowski, Sören David Rück, Matthias Sartor, Torsten Sommer, Maria Teichmann. NETHERLANDS MAINFREIGHT AIR & OCEAN ROTTERDAM Ricardo Bello, Jason Braid, Alex Brokx, René Brosius, Dermot Clark, Patrick de Jonge, Ronald den Held, Harrold Dost, Björn Febus, Rodney Fister, Jeroen Geerdink, Cora Greven, Bert Hoepel, Monique Kleijburg-Streefland, Laura Kuijpers, Mitchell Lagendijk, Kevin Maasbach, Maarten Mol, Lucy Partridge, Jake Pascoe, Jasper Plugge, Rhea Post, Niels Stadthouders, Arthur van Amen, Gert van Dalen, Astrid van Dam, Veronique van den Berge-Peerboom, Yvonne van den Berg-van der Hout, Sera van der Graaf, Patrick van der Hoek, Daniel van Hoeve,

Mariska van Schaik, Stijn Vliegen, Jacco Wijker. MAINFREIGHT AIR & OCEAN SCHIPHOL Rob Duijnmayer, Ian Graham, Samuel Grootjes, Emre Koycu, Gideon Lioe-A-Tjam, Georgina Shelton-Agar, Mels van Egmond, Arie van Saarloos, Wim Verwer, Robert Waasdorp. MAINFREIGHT CLEARANCE ‘S-HEERENBERG Angelo Daamen, Gerrie Heering, Jacqueline Hendriks-Ras, Fred Martens, Peggy Reinders-van Koot, Rieky te GrootenhuisHebbink, Bram Tromp, Judyta Wieczorek. MAINFREIGHT CROSS DOCK ‘S-HEERENBERG Bodo Apmann, Chantal Arts, Gert Beernink, Lucas Berendsen, Bastiaan Besselink, René Bisselink, Harold Bosch, Daniël Bouwman, Jeroen Bouwman, Tonny Buijl, Thorsten Claassen, Bahri Coroz, Ramon de Bakker, Theo Engelen, Gert Essink, Derk Geersing, Bart Giesen, Hans Hageman, Patrick Helmink, Wilco Hendriks, Gerben Heymen, Bennie Jansen, Kai Jansen, Poldien Keurntjes, Erol Kilicdere, William Kniest, Stefan Koolmees, Harald Kuhfuss, Levent Kumurcu, Mehmet Kurum, Jeroen Lakwijk, Uwe Lamm, Henk Lammers, Peter Langenheim, Pascal Lieon, Ronald Luikink, Dennis Marschall, Björn Meunders, André Miguel, Luis Miguel, Michael Neils, Mohamed Osman, Eric Raaijman, Meriam Rengelink-Bongers, Guido Roes, Jeffrey Roes, Rik Ruikes, Richard Ruthers, Dorie Rutjes-Janssen, Geert Steltjes, Cor Straub, Karl Heinz Tabatt, Richie Tatoglu, Hein te Winkel, Dewi Tebeest, Sevket Temir, Raymond ten Haaf, Annette Thiele, Ralf Timmer, Ercan Tuku, Jan Ursinus, Sebastiaan van Aken, Jeroen van Broeckhuijsen, Ruud van Buuren, Peter van de Kamp, Nico van den Heuvel, Pascal van der Meer, Rowan van Emden, Francis van Zelst, Lucas Veenhof, Remo Verschueren, Willem Visser, Pascal Wevers, Marc Wijnsema, Hennie Willemsen, Henri Winters, Jurgen Wolke, Haci Yildirim. MAINFREIGHT FORWARDING ‘S-HEERENBERG Rob Aalders, Tonnie Abbenhuis, Mick Arendsen, Leon Bakker, Salih Bal, Stefan Banning, Sylvia Bavelaar-Cowan, Ina Beekhuizen-Roes, Pieternel Beekvelt, Tom Benning, Jordy Bergman, Marco Berndsen, Harriëtte Berndsen-te Dorsthorst, Edith BijenhofWevers, Rianne Bisseling, Yvonne Bleekman, Robin Boeijink, Tanja Bondarchuk, Erik Bongaerts, Stefan Bongers, Hans Bruggeman, Jeroen Bruil, Robert-Jan Bruil, Randy Bruns, Iuliia Bruns-Klepikova, Gerda Buffinga-Feddes, Rifat Bugdayci, Ilke Bultink, Dora Ciza, Maikel de Graaf, Jeroen de Lange, Luc de Mooij, Bob de Ruijter, Bart Decnop, Jordy Dellemann, Menno Diepenbroek, Tania Donis Psarou, Mirjan Donkers-Liebrand, Ivo du Plessis, Muhammed Durucan, Marcel Duvigneau, Max Ebbers, Corrie Ederveen, Jordi Eijgelsheim, Margo Eijpe-Stoverinck, Ron Enzerink, Clemens Farwick, Mark Feukkink, Anton Frauenfelder, Danja Frauenfelder,

Ceriel Frensen, Leander Geelen, Michael Gersjes, John Giezenaar, Thijs Graat, Hans Groothuis, Tamara Hakfoort, Ylaine Hansen-Böhmer, Dennis Heersink, Wessel Heezen, Patricia Heijnst, Marieke Heinen, Eddy Heister, Gerry Helmink-Steinvoort, Anouck Hesseling, Wilco Hogenkamp, Sonja Holstein-Reumer, Ramon Hueskes, René Inkenhaag, Amar Jaggan, Cindy Jansen, Lars Jansen, Femke Janssen, Koen Janssen, Douwe Kaastra, Pargol Kashani Nejad-Azarbad, Hans Kloosterboer, Miranda Kock-Augustijn, Marleen Kolkman, Wim Konings, Linda Korteweg, Rut Koster, Marcel Kramp, Rien Kranen, Sierra Krawiec, Fabian Krus, Pascal Kuiper, Ellen Küppers-Kolkman, Susan KustersKeurentjes, Wouter Langenbach, Nikky Langkamp-van Veluwen, Ivan Larsen, Erik Leijgrave, Bas Lentink, Mirjam Lieven, Cilia Lorx, Tanja Loskamp-Verstegen, Angelique Lovink, Berni Luimes, Jurgen Lukassen, Joep Marissink, Jos Marissink, Monica Marissink-Jansen, Ferdinand Massop, Hashima Mekic-Jasarevic, Henny Meurs-Goorman, Lex Miechels, Antonie Moonen, Gerben Müller, Peter Nagel, Rosie Neervoort, Nathaniël Nguyen, Chris Nijland, Kim Notten, Frank Overgoor, Thijs Papenborg, Cilia Peters-Boerboom, Kees Plantinga, Claudia Plucker, Esther Pol-Bolwerk, Marijn Pothoff, Thijs Pothoff, Ronald Putman, Reinoud Reesink, Bryan Roelofsen, Bas Romein, Pepijn Rosendaal, Margo Rottger-Goorman, Tamme Sanders, Tim Schenning, Jeroen Schuurman, Jack Schweckhorst, Anita Seegers, Ronnie Sessink, Michael Siebenheller, Silvia Siemes-Aalders, Rob Silvius, Anneke Slotboom-Meulenbelt, Martin Sluyter, Mike Sommers, Yvonne Sommers-Böhmer, Angelique Stefas-Vinkenvleugel, Aydé Sterk, Frederike Stubbé, Rob ten Bhömer, Karin Timmerman, Giovanni Tornabene, Ruud Tousain, Nick Trentelman, Marga van Brandenburg, Rob van Bueren, Suzanne van Dam, Sjoerd van den Bos, Luc van der Horst, Guus van der Stelt, Rob van der Zee, Joost van Gaalen, Henriette Van Haaren-te Dorsthorst, Helga van Manen, Coco van Megen, Danny van Oostveen, Harald van Schooten, Chanine van Straten-Loef, Winfried van Vessem, Sebastiaan van Wageningen, Joost Verdouw, Kristel Verheul, Fred Verholen, Roy Verploegen, Nick Verweij, Erwin Wanders, Lammert Wanders, Martine Wegenhousen, Natalie Weijenbarg-Bos, Annemieke WesterhofAalders, Mark Wevers, Kay Wijkamp, Erwin Willemsen, Cissy Wingelaar, Elles Winkel, Sander Wolsink, Oktay Yalcin, Frans Zuidgeest. MAINFREIGHT HOLDING ‘S-HEERENBERG Arjan Albers-Weijermars, Danielle Arendsen, Bram Assendorp, Lydia Baars-Kuster, Donna Bekker, Annelies Bijsterbosch-van Leeuwen, Henk Bisselink, Leon Bleumink, Silvia Boerakker-Jansen, Rico Boerboom, Sina Bosch, Marianne Boschker-Boom, Ilona Brugmann, Lars Bruil, Anke Caspers-van den Oord, Chow-Ling Chong, Saskia Daams-Arts, Maarten deGraauw, Steven Depuydt, Dinie Dijkman-Reessink, Nicole Driever-Ruess, Marjo Egging, Leroy Elderman, Sander Elfring, Michel Engel, Niek Essink, Ben Fitts, Jeanette Frauenfelder-Frazer, Mike Freriks, Rosite Frielink-Gerrits, Joost Froeling, Chiel Hesseling, Marian Heuvel-Wissink, Esmee Heuvink, Sebastiaan Holleman, Monique Holleman-Oudhuis, Robin Hoogenraad, Arthur Hoogsteder, Ilse Jansen, Berry Janssen, Robert Jochoms, Doris Jolink-Wosnitza, Ross Kambel, Gera Kersjes-Brouwer, Marion Kloos, Wilma Kloosterboer-Bisselink, Jan Kniest, Wilfrank Knuiman, Evie Koolenbrander-Tinnevelt, Stina Kristiansson, Devlin Krul, Willy Kuiper, Shauny Küppers, Mike Lelivelt, Rene Lippets, Mulugeta Mandefiro, Petra Massop, Lisan Moorman-Wielheesen, Jan Willem Navis, Silvan Obelink, Anette Overgoor, Liane Philipsen, Jonathan Ras, Angelique Remijnse, Rudi Rietman,

Anita Roelofsen-Besselink, Christian Roeterink, Thijs Römer, Nardie Rosendaal-Verweg, Sandra Ruikes, Jürgen Schuimer, Annelies Spaan, André Sprenkeler, Carola te Grotenhuis, Giel ter Beek, Emiel Teunissen, Monique Tuenter-ten Holder, Jelmer van Bergenhenegouwen, Jules van de Pavert, Martijn van Dongen, Joost van Leijen, Nena van Londen, Aart van Silfhout, Marco Veenstra, Astrid Verbeeten, Ilona Verheij-Geerts, Wilma Wesselink-Hertgers, Erwin Willemsen. MAINFREIGHT LOGISTICS GELEEN Wichard Achten, Ingo Bergmans, Sven Bronkhorst, Richard Cords, Jos Cox, Ton Cuijpers, Robin de Kock, Mariëtte Debets, Marcel Destreel, Ton Dewaide, Martin Dobro, Ger Dormans, Geert Eummelen, Anita Everaerts, Jeroen Evers, Ron Frijters, Peter Grammé, Hans Graus, Jos Habets, Eddy Hermans, Philippe Hermans, Thom Heslinga, Joselien Hoen-Adams, Werner Hoofs, Wim Jakobs, Mischa Jansen, Ferno Keesmeekers, Fred Kosack, Arno Kuijpers, Frans Larue, Adri Meesen, Ton Moors, Jan Nijssen, Ger Nuijes, Leo op de Beke, Michel Pierik, Frank Ramakers, Liesbeth Reyskens, Norman Ridderbeekx, Chris Roering, Andre Schmidt, Ger Schröder, Karl Schubert, Frank Senden, Anke Smits, Marlies Soetelmans-Gerits, Rien van de Ree, Martijn van der Helm, Ton van Dorst, Louis Wijnen, Monique Wolffs, Nico Wuyts, Rob Zonneveld. MAINFREIGHT LOGISTICS ’S-HEERENBERG Selda Aalders, Gonzalo Ahumada, Enver Aktaran, Stef Althoff, Wilbert Bach, Wesley Banis, Dawid Baranowski, Sven Baum, Marcel Bax, Marianne BeckerNiersmann, Melvin Beekhuizen, Hans Berendsen, Toon Berntsen, Christiaan Besselink, Dick Betlem, Jeroen Bieleman, Andre Biermann, Thomas Bijl, Hans-Peter Bisseling, Patricia Blanken-Epskamp, Jason Bloemendaal, Denise Boerboom, Eric Boerboom, Sander Bos, Zoltan Botos, Sander Brands, Jules Branswyck, Maurice Brinkman, Lieke Brom, Willem Bronsema, Detlef Brucks, Wim Buijzert, Jermo Buiting, Andrei Burlacu, David Buyl, Roy Campschroer, Joanna Ciurkot, Richard Clappers, Silvano Coco, Martin Coenen, Geert Colenbrander, Kaylee Couzijnse, Hilbrand de Boer, Raymond de Ronde, René Derksen, Gudrun Dirlich, Bernadett Dombai, Nicole Donders, Thomas Driessen, Mark Dunnewind, Hannie Eggink, Michael Eleveld, Toon Elting, Pato Espinoza Vasque, Jean-Gérard Fifis, Danielle Fifis-Oudbier, Rico Franssen, Daniel Fritzsche, Saikhan Gekhayev, Edwin Geurts, Marcella Gielens, Barry Goöle, Patrick Goossen, Ronnie Gotink, Soran Hady Ali, Anouk Harbers, Alexander Harmelink, Robbin Hartemink, Detlef Hawranke, John Hegeman, Edwin Heijnen, Juliane Hein, Leon Heister, Jeanette Hendriks, Sjoerd Hendriks, Anouk Hendriksen-Evers, Nancy Henkens, Peter Hetterscheid, Arjen Heyboer, René Hill, Terry Hoenink, Danny Hoksbergen, Berry Holleboom, Bianca Holtslag, Gyorgyi Hrabecova, Richard Huisman, Laura Hunting, Jeroen Jansen, Michel Jansen, Milo Janssen, Gerrie Jeene, Frederik Jonnaert, Silvia Jozefiková, Lars Kalinski, Hubert Kamphuis, Iryna Kamphuis, Holger Kasimir, Dora Kasper, Christina Keller, Oksana Keller, Rogier Kerner, Anna Kersten, Karen Keuben, Jan Kieft, Edward Kingma, Danielle Kip, Nico Klein Wolterink, Berry Kluitmans, Christian Kniest, Judith Kniest, Niels Kok, Dennis Konstapel, Joanna Korevaar, Alan Kort, Christian Koskamp, José Koster, Arjen Koudijs, Peter Kraps, Simon Krawczyk, Robert Krawiec, Adam Kupczynski, Krzysztof Kurek, Jarst Lammers, Marcel Landzaad, Henk Langeler, Aneta Langer, Astrid Lankreijer, Kim Le, Michel Lenderink, Dariusz Lenz, Corinne Lepine, Pauline Leunen, Christian Leurs, Andy Leuvenink, Michel Ligt, Dariusz Longer, Richard Louwe, Bas Maarse, Arjan Maas, Linda Maquine, Marcel Marencák, Krzysztof Markowski, Lajos Markus, Andreas Martens, Aafke Mateman, Johnny Maurick, Gerbert Medze, Henrik Meelen, Arjen Meijering, Sander Memelink, Roza Menger, Sander Mengerink, Tomasz Mertka, Karel Monasso, Hetty Mulder-Plasschaert, Nadine Muller, Richarda Nap-van der Zee, Mike Neidhöfer, Gabi Niersmann, Martyna Nojfeld, Katarzyna Norek, Jarno Nuijen, Thomas Obermeit, Adam Ociepa, Karolina Ociepa-Zawada, Tjort Peeters, Danny Peters,

Erik Peters, Erwin Peters, Henk Peters, Maik Peters, Andre Piotrowski, Geurt Poel, Marcin Popielak, David Pouwels, Floris Proost, Pascal Ratering, Frauke Reijmer, Joop Reitsma, Miko Rengelink, Bertie Reumer, Maarten Reumer, Ferdie Robben, Franck Roodbeen, Joyce Ruesink, Servet Sahin, Loek Sanders, Iris Saulus, Marco Schaap, Joan Scheltinga, Vincent Schilp, Sandra Schneider, Dominique Schonewille, Jürgen Schöttler, Marc Schwittepper, Krzysztof Sedlak, Dawid Serafin, Boaz Sijbrandij, Krzysztof Skrodzki, Tonny Smeenk, Harrie Smit, Erwin Smitjes, Ruben Snippe, René Spaan, Monika Steil-WitzgerKnautz, Andreas Steinvoort, Tom Steverink, Tonny Stoffels, Christian Striekwold, Maria Strous, Laura te Welscher, Sjoerd Teerink, Hannie Tijken, Barbara Tkocz, Joost Toren, Jennifer Tueck, Jens Tuijten, Meho Usubjan, Rustem Usubjan, Marc van Aalst, Rob van Aken, Herman van Amerongen, Britt van de Weerd-Roenhorst, Martijn van den Berg, Martin van den Berg, Steven van den Ham, Roel van den Hoogen, Bertus van der Pavert, Eric van der Pol, Pascal van der Spek, Reina van der Til, Wouter van der Toorn, Chris van der Veen, Wilfried van Dulmen, Bianca van Dun, Stefan van Gemmern, Roy van Gendt, Frank van Groningen, Adrie van Haaren, Ceryl van Hasselt, Ferdinand van Hilst, Nick van Hummel, Yngwie van Hummel, Paul van Kessel, Melanie van Saase, Stephan van Zuijlen, Roel Veenstra, Matthew Verberk, Daniela Veuger-Ardelean, Sascha Wagner, Rémon Weerwag, Jurrit Weijers, Rick Weikamp, Daniela WerdelmannNöthe, Gerbrand Wesselink, Fiona Westerveld, Wesley Willems, Joyce Willemsen, Kevin Wiltink, Tim Wittenhorst, Mattijn Witteveen, Kasia Woitaschek, Patrycja Wolczyk, Bart Wolkenfelt, Konstantin Yakovlev, Emirhan Yorulmaz, Michal Zurek. MAINFREIGHT TRANSPORT ’S-HEERENBERG Koos Aaldering, Jerry Aarsen, Marc Aarsen, Diana Abbenhuis-Siroen, Theo Alofs, Jhonny Amting, Freddie Anneveld, Sven Arnts, Sven Baars, Wilco Bannink, Torsten Becker, Frans Bekker, Aart Bendeler, Remco Berndsen, Ivo Bod, Toon Bod, Luke Bos, Johan Bötzel, Gerald Braam, Boyan Brethouwer, Joan Brink, Arno Broekhuizen, Ton Broekhuizen, Gerjan Bulten, Herman Bussink, Lutz Carolin, Bülent Cavlun, Arnoud Coenradij, Gerrit Cornelissen, Roy Cornielje, Rinus de Jong, Hemmy de Reus, Rudi de Vries, Theo Deijnen, Bert den Brok, Thijs Derksen, Jeroen Dieker, Paul Dieker, Herben Dimmedal, Wim Driessen, Wim Driessen, Jeffrey Duinmaijer, Jo Duis, Olaf Eenstroom, Marc Elting, Hans Engelen, Ramon Engelen, William Esman, Martin Essink, Corine Evers-Karsten, Tommy Firing, Patrick Fleuren, Koen Geerts, Donny Gerritzen, Jeroen Giezen, Cemil Gönc, Arjan Greven, Niek Hansen, Thomas Heezen, Wessel Heezen, Stefan Heitink, Bas Hermsen, Erik Jan Heykoop, Henk Hijink, Ronny Hoefman, Henk Holtland, Hans Holtslag, Jacques Huiskes, Jurgen Huying, Dennis Jansen, Frank Jansen, Frans Jansen, Gerald Jansen, Wouter Janssen, Herman Jolink, Gepko Jonker, Henk Kamphuis, Danny Karsten, Danny Karsten, Hennie Karsten, Dejan Kastein, Sami Kaya, Fons Keijser, Frank Ketelaar, Aaron Kock, Raymond Kock, Sander Korten, Mischa Koster, Mehmet Kozan, Gerard Kupper, Erik Lammers, Devlin Liebrand, Simeon Liebrand, Wygle Liebrand, Kevin Loef, Harrie Lucassen, René Luijmes, Remco Luijsterburg, Casper Lukassen, Hishem Maksoud, Wim Marissink, Frank Medze, Arjan Meijer, Robert Meijer, Lars Mennink, Niels Merkx, Gerard Morren, Jeroen Morren, Hakija Nekic, Edwin Nienhuis, Harm Nijland, Barry Notten, Henry Oosterdijk, Mike Peelen, Marcel Peppelman, Willem Pietersen, Rob Polman, Thomas Prinsen, Henk Reindsen, Ferry Rikhof, Léon Robbe, Erwin Roelofs, Bryan Roelofsen, Frank Roelofzen, Sven Romp, Sandy Rossel, Henk Rozijn, Erik Ruesink, Mark Ruesink, Maurice Ruesink, Roland Ruesink, Arno Rutten, Rob Rutten, Pascal Sas, Koen Schreur, Luc Schreur, Rob Schürmann, Bennie Schut, Bertus Schuurman, Theo Schuurman, Jimmy Sewalt, Maik Sewalt, Nico Sewalt, Willem Smits, Piet Speet, Ramon Starink, Harry Stevens, Joël te Dorsthorst, Johan te Lindert, Sietse te Mebel, Fred te Wiel, Frank Tempels, Roel ten Hagen,

Rick ten Have, Henri Tenten, Leo Ter Heerdt, Marcel ter Heerdt, Bertil ter Maat, Jeroen terBeest, Mart Terhaerdt, Bjorn Theijssen, Bjorn Theijssen, Herman Tieltjes, Bobby Timmermans, Hans Tomassen, Dirk van Boggelen, Frank van de Kamp, Marcel van de Wetering, Theo van den Berg, Timo van den Bos, René van den Broek, Ewald van den Heuvel, Henk van den Heuvel, Jos van der Zwet, Laura van Driel, Joost van Eerden, Jurgen van Eerden, Kees van Grootveld, Kevin van Halteren, Wouter van Hartskamp, Gerard van Heeswijk, Luc van Marwijk, Hans van Niekerk, Maurice van Ree, Marco van Remmen, Shawn van Remmerden, Erik van Ringelenstein, Sander van Schie, Niko van Uhm, Jacques van Uum, Mark van Wessel, Rutger vanToor, Björn Visser, Edwin Vrogten, Jan Wassink, Joop Wassink, Rien Wassink, Rutger Wassink, Bas Wensink, Henk Wenting, Henk Wentink, Richard Wienen, Jeroen Wierbos, Patrick Willemsen, Patrick Willemsen, Ron Winters, Wilfried Wolbring, Seydi Yanardag, Sakir Yilmaz, Ruben Zegers. POLAND MAINFREIGHT KATOWICE Katarzyna Felska, Monika �� Ratajczak, Magdalena Rzepkowska, Jakub ��MAINFREIGHT PRUSZKÓW �� Ilona Berne, Adrian Bladowski, Izabela Bonderska, Agnieszka Brymerska, Piotr �� Chrustny, Tomasz Czekalski, Aleksander �� Andrii Kudryk, Krzysztof Kula, Dariusz Kusztal, �� Zbigniew Marczuk, Adam Matuszczak, Ryszard Michna, Magdalena Milewska, Karol Miller, �� Piotr Nawrocki, Robert Niewierowski, Marek Olek, Piotr Orzechowski, Yury Pavalanski, Volodymyr Pavlyk, Volodymyr Pavlyk, Zbigniew Pawlak, Franciszek Pichnar, Maciej Piekut, �� Pietrzyk, Patrycja Piotrowska, Daniel Piotrowski, Arkadiusz Pokora, Aleksandr Polanskyi, Kamil Polowczyk, Bohdan Prytula, Krzysztof �� Rakowski, Agnieszka Raunmiagi, Roman �� Tomasz Rudzki, Norbert Rybaczuk, Agata �� Teluk, Wojciech Tokarz, Arkadiusz Tomczak, �� Walkowiak, Jakub Warda, Henryk Weber, Hubert �� Oleksandr Zakharko, Marcin Zamojski, Stefan ��MAINFREIGHT WARSAW Beata ��

ROMANIA MAINFREIGHT CLUJ-NAPOCA Tamas Arpad Both, Alexandru Mihai Bothaza, Gheorghe Ciobanu, Marius Ionut Dinca, Andrei Cosmin Hofer, Maria Claudia Holunga, Alexandrin Macavei, Flviu Emanuel Marian, Alina Moldovan, Silviu Moldovan, Nicoleta Roxana Molnar, Victor Petrindean, Sergiu Vasile Suciu, Robert Vajas. MAINFREIGHT PLOIESTI Marius Albu, Marin Daniel Andrei, Mihai Angelescu, Marin Anghel, Gheorghe Anton, Cristinel Apostol, Florin Apostol, Razvan Apostolescu,

Mihai Constantin Ardeleanu, Constantin Avram, Maria Avram, Ramona Georgiana Avram, Stelian Avram, Florin Baciu, Stefan Baciu, Constantin Badaran, Mugurel Badea, Andrei Bajenaru, Adrian Balalia, Catalin Balalia, Alina Barbu, Nicolae Florentin Barbu, Pandele Barbulescu, Adrian Bocan, Ilie Bolanu, Danut Brasoveanu, Adrian George Bratu, Larissa Ioana Bratu, Razvan Brumarescu, George Bucur, Adi Ionut Calin, Cristian Ionut Calin, Gheorghe Calin, Livius Calinescu, Florin Ionel Carjan, Constantin Catanescu, Mihai Catescu, Aurora Chindris, Teodor Ciobanu, Marian Cioc, Marius Ciurea, Ion Mihail Constantin, Ionut Tiberiu Constantin, Mihai Constantin, Gheorghe Constantinescu, Gabriel Costache, Ana Maria Cretu, Liviu Culea, Ionut Cursaru, Gheorghe David, Laurentiu Deliu, Constantin Diaconescu, Dragos Dinu, Florin Alexandru Dobroiu, Neculai Dogea, Alexandru Doican, Gheorghe Dragu, Constantin Duca, George Dumitru, Nicoleta Duta, Ion Silviu Dutescu, Angela Dutu, Sorin Catalin Enache, Aurelian Ene, Ion Fanica, Marian Fanica, Mihai Feraru, Tudor Florea, Iulian Florescu, Cristina Florian, Ruxandra Frone, Neculai Fronea, Sofia Furtuna, Adrian Gaspar, Marius Madalin Gavrila, Cristian Georgescu, Razvan Georgescu, Viorel Catalin Georgescu, Ionel Gheorghe, Marian Adrian Gheorghe, Nicolae Gheorghe, Constantin Ghita, Paul Ghita, Neacsu Golea, Sergiu Gabriel Grecu, Adrian Grigoras, Razvan Adrian Grigore, Adrian Mihai Hagiu, Dragos Hornaru, Nicolae Aurelian Iancu, Claudiu Ilie, Nadia Mihaela Ilie, Florin Adrian Iliescu, Emil Ion, Eugen Gheorghe Ion, Alexandru Silviu Ionita, Costel Ionita, Daniela Ionita, Cristian Ivan, Ilona Alina Ivan, Iulian Florin Ivan, Lorena Jianu, Gheorghe Lupea, Nicolae Lupu, Petrica Daniel Manaila, Constantin Manu, Daniel Marasescu, Camelia Mares, Irinel Mares, Cristian Maria, Adrian Marin, Alexandra Marinescu, Marian Maslina, Stefan Maslina, Sorin Ion Matei, Lucian Mazare, Ionut Vlad Mihai, Ion Minea, Virginia Minea, Cristinel Mocanu, Mihai Mototolea, Florin Catalin Muscalu, Bogdan Gabriel Neacsu, Adrian Neagu, Constantin Neagu, Petre Neagu, Stefania Neagu, Dialisa Neata, Vasile Nedea, Cristina Nedelcu-Ghinea, Ion Nefliu, Ion Negre, Andrei Nicolae, Adrian Niculescu, Dragos Constantin Niculescu, Dragan Ilie Nituica, Bobi Oprea, Marius Pana, Alexandru Panait, Sorin Panait, Daniela Paun, Gabriela Paun, Dumitru Pertea, Nicolae Petcu, Alin Dragos Petre, Elena Petre, Gigi Bogdan Petre, Ionut Alexandru Petre, Marian Petre, Marian Mircea Petre, Nicolae Viorel Pirvu, Diana Stefana Popa, Giani Popa, Iulian Popa, Mihai Popescu, Titisor Popescu, Constantin Preda, Constantin Radu, Cornel Radu, Costel Iulian Radu, Valentin Radulescu, Romeo Rosu, Iulian Rotaru, Alexandru Lucian Rujoiu, Ionela Sandu, Ion Iulian Scarlat, Nicusor Scarlat, Marian Serban, Mirela Gabriela Sirbu, Petre Solovastru, Adrian Ion Stan, Irina Georgeta Stan, Iulian Stan, Gabriel Stanciu, Vasile Stanciu, Adrian Stanescu, Romulus Stanescu, Adrian Stanila, Justina Stanila, Ion Valentin Stefan, Adrian Stoian, Gabriel Stoian, Elena Stoica, Puiu Stoica, Ionut Strambeanu, Gheorghe Suditu, Alexandru Tache, Dorin Tanase, Mugurel Tilimpea, Catalin Timceag, Constantin Toma, Iulian Andrei Toma, Mihai Tone, Nicolaie Dan Tonita, Alexandru Tudor, Constantin Tudor, Georgiana Tudorache, Marius Tudose, Simona Unger, Cosmin Ungureanu, Alin Vacaru, Anca Vasile, Andrei Bogdan Vasile, Mircea Georgian Visan, Ionel Vlad, Marius Zet. RUSSIA MAINFREIGHT ST. PETERSBURG Lilia Andreeva, Olga Babkina, Pavel Ermoshin, George Fedorov, Igor Frolin, Konstantin Gichin, Julia Grom, Christina Icevert, Andrey Ilyin, Alexander Karamyshev, Eugenia Korkh, Oleg Kruchinin, Lidia Miller, Denis Scherbakov, Suzanna Sherstyankina, Julia Shevkalenko, Rodion Sukhorukov, Galina Svetskaya, Daria Veselova, Margarita Yakubovich, Irina Zhukova. UKRAINE MAINFREIGHT KIEV Valeriia Andreychikova, Andey Borkun, Oksana Dzyubenko, Roman Kyrychok, Sergii Levitan, Olga Marikutsa, Maxim Moshkivsky, Irina Petrenko, Anna Tkachuk. UNITED KINGDOM MAINFREIGHT AIR & OCEAN UK Colin Crowhurst, Nitaan Glentworth, Matt Kibbler, John Lane, Bradley Russell, Mike Wakefield, Matt Ward, Emma West.

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WE BELIEVE THE BEST PEOPLE TO MAKE DECISIONS ARE THOSE CLOSEST TO THE CUSTOMERS

Across Mainfreight’s global network our customer sits at the very centre of our business. To consistently improve our quality and service, we believe the best people to make decisions are those right on the spot.

Every one of us has the autonomy to think like we own the business and make educated decisions quickly. Through

being closer to our customers both geographically and in our decisionmaking, we become a faster and more valuable business.

Autonomous decision-making also creates a generation of decisive future leaders with a hands-on understanding of both our business and those of our customers.

“ Every decision starts with the question: How can we become more valuable to this customer? ” MAARTEN MOL – Rotterdam, The Netherlands.

OUR GROWING GLOBAL NETWORK

The physical expansion of our network not only increases our scale and capability; it also equips us to trade with global businesses which have operations across multiple regions. We believe that, by demonstrating our quality and service in one region, we earn the opportunity to work with global businesses in other parts of the world.

EUROPE

2,267 TEAM MEMBERS

AUSTRALIA

1,495 TEAM MEMBERS

EBITDA: EU¤17.2M REVENUE: EU¤291.9M

EBITDA: AU$42.3M REVENUE: AU$535.0M

31 BRANCHES

51 BRANCHES

BRANCHES:

239

COUNTRIES:

NZ, Australia, USA, Canada, Mexico, Chile, China, Hong Kong, Taiwan, Singapore, Thailand, Vietnam, Netherlands, Belgium, France, Germany, Romania, Poland, Ukraine, Russia, United Kingdom.

THE AMERICAS

ASIA

756 TEAM MEMBERS

352 TEAM MEMBERS EBITDA: US$6.2M REVENUE: US$63.4M

EBITDA: US$18.6M REVENUE: US$436.4M

65 BRANCHES

19 BRANCHES

NEW ZEALAND

2,136 TEAM MEMBERS

EBITDA: NZ$91.0M REVENUE: NZ$609.2M

73 BRANCHES

MAINFREIGHT TECHNOLOGY

We continue to invest in our technology for both operational and administrative improvements, and also to continue to offer our customers the very best in supply chain visibility.

Our investment in the last financial year exceeded $51.1 million on IT spend and we will continue to invest as we upgrade and refresh our systems globally, in particular, our customer-facing technology.

A large part of this investment was dedicated to the upgrading of our New Zealand and European domestic freight software platforms. Our Australian refresh will occur into 2018, with some additional cost to adapt the New Zealand platform to specific Australian conditions.

The implementation of the New Zealand software upgrade (Mainstreet), commenced post year-end during May 2017, and a successful roll-out was completed with only minor adjustments required as the software was introduced to our branch, customer and owner driver networks. This upgrade

provides our team with the latest technology, improving speed, visibility and freight management.

Through this past year, we have successfully implemented in-cab technology with the introduction of new scanners for all our owner drivers in New Zealand and Australia. Scanning technology has also been updated at our depot operations providing greater functionality, and improving efficiency and reliability.

The same technology is being introduced to our American operations during the next 12 months, and will improve the visibility of deliveries for both the business and customers alike.

In our Air & Ocean operations we continue to innovate, initiating new technologies which assist our customers to better navigate the

sometimes complex documentation processes for import and export freight shipments. The Shipment Centre and Order Management portals have been successfully adopted by a number of our customers, improving their efficiency, and will form a key part of our overall Air & Ocean offering.

Preparations for our domestic platform upgrades included a $3 million refresh of our computer hardware/infrastructure during the past year. No business interruptions occurred during the upgrade. A new disaster recovery facility in Hamilton for all our operational systems is in the process of being installed. We would expect this to be completed mid-2017.

ENVIRONMENT

Mainfreight has always attempted to reduce the environmental impact of its operations. Our sustainability initiatives have often resulted in reduced costs; so the bottom line and the environment are both winners.

We measure the carbon emissions we generate across our New Zealand and European operations, and over time will establish measurement across our global operations.

In seeking to reduce our emissions, Mainfreight’s initiatives include:

Moving capacity from road to rail and coastal shipping
Route planning – using GPS in congested international cities, and introducing planning software to bring efficiencies to freight deliveries and pick-ups
Truck size management – using smaller trucks for distribution within cities and larger trucks between cities
Promoting off-peak distribution, particularly between cities and from ports
Efficient driving techniques promulgated through our driver training programmes
Vehicle maintenance guidelines for owner-drivers to promote efficient running of their trucks
The conversion of gas and diesel powered forklifts operating on our docks to electric, and the use of manual pallet trucks to replace forklifts where practicable.

In addition, our European business continues to participate in studies underway in The Netherlands to evaluate the practical application of “Platooning”. Truck Platooning involves a number of trucks equipped with state-of-the-art driving technology – one closely following the other with the vehicles constantly communicating.

With the following trucks braking immediately, with zero reaction time, platooning can improve traffic safety. Other benefits include cost-saving (as the trucks drive close together at a constant speed), and lower CO2 emissions, and it also boosts traffic flows/road efficiency.

It is important to note that through good old-fashioned common sense, we have been recycling office and depot waste for 29 years in New Zealand. We store and use rainwater and recycle greywater for truck washing, ablutions and irrigation. Where possible, our new freight and warehousing facilities in New Zealand and Australia are built with environmental design principles in mind; energy-efficient lighting and heating solutions; and solar power installations where feasible. Rain gardens are installed as a feature of our landscaped grounds.

Our Hamilton facility is equipped with 690 solar panels, making it one of the largest private solar installations in Australasia, with a 170 kwH capacity. Our facility in Epping, Melbourne also includes a solar installation, with 100 kwH capacity. In future new facilities, environmental considerations will influence design and build, as we look to extract maximum ecological benefits.

In Europe, the business has committed to The Netherlands sustainable logistics programme, with the objective of reducing carbon emissions by 30% in 2013 from levels recorded in 2007. For the Dutch fleet, we achieved a carbon reduction of 47% in the 2015 calendar year, compared to baseline 2007, while the Belgium business reported a preliminary result of 31% reduction in 2016 compared to 2010. Fuel consumption also continues to improve for the fleet in Europe.

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Carbon emissions per tonne per kilometre from road freight are seven times more than those from sea freight.
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WE BELIEVE IN TAKING RESPONSIBILITY

As a business we are privileged to work and operate in hundreds of communities around the world. We believe that with this privilege, comes a responsibility to play our part in meaningful ways. In partnership with

The Life Education Trust in New Zealand, we are helping inspire children to learn, respect themselves and others and strive for success. Through offering positive guidance early in life, our communities will all benefit.

Nicole Fonua (Educator) and Jason Street (Mainfreight Owner/Driver) with children from Te Hurihi School, Waiheke Island.

MAINFREIGHT IN THE COMMUNITY

Mainfreight has been part of the “Duffy Books in Homes” programme since its inception in 1994 and currently we support over 85 schools in New Zealand, Australia and the USA. This means over 25,000 children every year are getting new books to read with our support.

The philosophy behind the programme is simple – to break the cycle of ‘booklessness’. Kids who can’t read become adults who can’t communicate and that’s a serious disadvantage in a world that operates on the written word.

In America, Books in Homes has grown to encompass 50 locations including elementary schools, pre-schools and community centres in Pennsylvania, New Jersey and New York. Mainfreight USA and CaroTrans are two of the lead sponsors supporting the programme, which has given away over 500,000 books to more than 170,000 children since 2008.

In New Zealand, since 1994 the Duffy Books in Homes programme has distributed over 12 million books through 500 schools and 288 early childhood education centres participating in the scheme. In 2017, over 70,000 books will go to students at Mainfreight sponsored schools.

Mainfreight’s other significant sponsorship partner is “The Life Education Trust” which was established in New Zealand in 1988. The Trust seeks to help give young people the knowledge and skills to live a fulfilling and healthy life through their positive healthbased education. Each year they take over 225,000 children through their mobile classrooms teaching self-respect, respect for others and providing tools for healthy living. This year marks our tenth year of support to The Life Education Trust.

Mainfreight is proud to support these two exceptional organisations that channel so much to the children who are our future. We encourage you to learn more about how you can help by visiting their websites:

www.booksinhomes.org.nz

www.booksinhomesaustralia.com.au

www.dbihusa.org

www.lifeeducation.org.nz

HIGHLIGHTS OF OUR 100 YEAR JOURNEY

TEN YEAR PARTNERSHIP

with The Life Education Trust helping connect our next generation with life learnings and resilience

GROUP IT MANAGER

CHIEF FINANCIAL OFFICER

GROUP MANAGER TEAM DEVELOPMENT

GENERAL COUNSEL MAINFREIGHT GROUP

NATIONAL MANAGER AIR & OCEAN NEW ZEALAND

NATIONAL SALES MANAGER NEW ZEALAND

NATIONAL MANAGER LOGISTICS NEW ZEALAND

NATIONAL MANAGER

TRANSPORT NEW ZEALAND

NATIONAL MANAGER AIR & OCEAN AUSTRALIA

NATIONAL SALES MANAGER AUSTRALIA

NATIONAL MANAGER LOGISTICS AUSTRALIA

NATIONAL MANAGER TRANSPORT AUSTRALIA

NATIONAL MANAGER/ PRESIDENT OF DOMESTIC DOMESTIC FORWARDING USA

NATIONAL MANAGER/ VP AIR & OCEAN SERVICES AIR & OCEAN USA

NATIONAL MANAGER/ VP LOGISTICS LOGISTICS USA

GENERAL MANAGER CHINA

EUROPEAN MANAGER AIR & OCEAN

EUROPEAN MANAGER FORWARDING & TRANSPORT

EUROPEAN MANAGER LOGISTICS

EUROPEAN SALES DIRECTOR

OUR PROGRESS AS A 100-YEAR COMPANY IS DRIVEN BY EXCELLING IN THESE CORE AREAS:

In creating a 100-year company, our focus goes far beyond this year, next year or any single region or division. As our business matures, we are clearer than ever about where to focus our energies:

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OUR PEOPLE

ATTRACT AND RETAIN INDIVIDUALS WHO ‘GET’ OUR PURPOSE AND ENTRUST THEM TO GROW OUR UNIQUE CULTURE AND VALUES

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OUR CUSTOMERS

MAKE DECISIONS WHICH CONTRIBUTE TO THE OVERALL SUCCESS OF OUR CUSTOMERS’ BUSINESSES

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QUALITY

OVER-DELIVER ON QUALITY AND INITIATIVE. MEASURE AND CONTINUOUSLY IMPROVE THE QUALITY OF OUR PERFORMANCE DAILY

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GROWTH

THINK BIGGER AND BOLDER. IDENTIFY AND SECURE CUSTOMERS WHO TRADE GLOBALLY AND FIT OUR NETWORK

LONGEVITY

100 YEARS

THINK NEXT DECADE, NOT NEXT QUARTER. CULTIVATE A BUSINESS WHICH FUTURE GENERATIONS WILL BE PROUD OF.

TARGETS, PROGRESS & ACHIEVEMENTS

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2017
TARGET STATUS
• Mainfreight has a well-established International network trading • Our Air & Ocean network is developing satisfactorily
between Europe, USA, South America, and Asia/Pacific
• 85% of revenue is earned outside of New Zealand • The team have accepted the challenge! Currently at 74%, or $1.7b
• New Zealand operations are the preeminent supplier of services • We continue to focus on developing our quality. A partnership
for food products across the nation (dry, ambient, chilled and has been entered into for chilled and frozen distribution
frozen)
• Strength built across our Australian business, growing our regional • Our network continues to develop throughout Australia, with
network to complement growth in all five States where we are another two branches to open in Bendigo and Toowoomba
located (six including the ACT)
• Six dedicated 3PL warehouses across the USA • Currently three dedicated Logistics sites; Chicago will be
our fourth
• Dedicated linehaul between all major city locations within the USA • Currently we cover 40 cities in the USA, averaging 90 linehauls
per week (152 legs)
• Strong growth across all European operations extending into • Growth rates continue to increase satisfactorily. New land and
Logistics, Forwarding, and Air & Ocean networks buildings are under way to provide sufficient infrastructure.
• New software (Mainstreet) implemented across New Zealand and • Implemented in May 2017; Australia to follow as planned in 2018
Australian domestic transport networks
• European Forwarding software completed and implemented • Implementation underway; completion due late 2017
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2018
TARGET STATUS
• Additional land purchased for network development in • Land currently identified and under negotiation
New Zealand and Australia
• USA has revenue of US$500 million earning a rate of return of 7% • Current revenue at US$436 million, with ROR target likely
to take more time
• Our American and European interests earn more profit than our • Unlikely before 2020
Australian and New Zealand operations
• Sales revenues exceed $3.0 billion • May well require an acquisition to achieve by 2018
• European revenues exceed ¤500 million • Last year’s revenues at ¤292 million
• Pre-eminent supply chain logistics business for Australasia, • We would humbly suggest that we are well considered
with New Zealand and Australian exporters and importers in this arena
supporting us around the world
• Our Australian network has branches in every major city and town, • We now have 51 branches across the Australian continent
all operating profitably
• Begin to invest capital in the American market to build suitable • Likely from 2020 onwards, once financial and operational
infrastructure to support our growth and quality ambitions performance dictates
• Have at least 50% of volumes in Asia developed in-country • Currently 35%; not likely to be achieved until 2020 onwards
• Asia network well established and positioned in and around ports • Our network continues to expand; now in 6 countries with 19
and airports rather than offices in central city locations branches. Singapore branch has relocated to Changi airport.
Other relocations are under consideration
• European Air & Ocean network extended to Italy • On track
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These targets we set ourselves are our roadmap for the future. Before we commit to and share them they are carefully considered and, at times fiercely debated. Boldly sharing these goals makes us hungry to own, pursue and ultimately deliver on what we promise.

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2019
TARGET STATUS
• Our Australian profit exceeds that of New Zealand • Not likely to be achieved until 2021
• Over 300 branch locations around the world • Currently 239
• 500,000 TEUs moved by sea globally • Currently 280,539 TEUs (up 5% from last year)
• 100 million kg of air freight moved globally • Currently 122 million kg (up 7.5% from last year)
• USA profitability improved and revenue growth back
to satisfactory levels
• Increased number of Air & Ocean branches in Germany
to at least 6
2020 2021
TARGET STATUS TARGET STATUS
• Over 400 branches globally • A stretch – more likely to be • $4 billion of sales revenue
2022
• Our global network further
• Our network extends across • Very likely; currently in 21 extended
30 countries worldwide countries
• Our information technology • Commenced in Europe
• South America locations and • We continue to be contributing profitability
network well developed interested in developing our via the sale of our visibility
South American presence software tools
• Our Asian business is making • Unlikely, providing our • Over 10,000 team members • Currently 7,006
similar profits to that of the USA business meets our around the world
USA expectations
• Warehousing footprint • Currently 6.23 million sqft
• Our supply chain solutions exceeds 10 million square feet (ie.578,724m [2] ) up 8.2% on last
extend across all our year’s footprint of 5.76 million
networks, including Asia sqft (ie 534,795m [2] )
2022
TARGET STATUS
• Established in 50 countries
including on the continents
of Africa, South America and
the Indian sub-continent
• Our coverage extends to all
countries in the European
Union
• Our customer-focused culture
attracts many large multi-
nationals across their full
supply chain requirements
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CAPITAL EXPENDITURE

Capital Expenditure is directed and approved by the Board of Directors from recommendations made by senior management. Expenditure can be classified into three divisions; Property and Buildings, Information Technology and General, including Plant and Equipment.

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HIGHLIGHTS OF OUR
100
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YEAR JOURNEY

24.8% GEARING RATIO

Net debt reduction of $52 million this year has reduced gearing ratio from 31.2%.

During this past financial year, Net Capital Expenditure totalled $61.4 million. Capital required for property development during the 2018 financial year is likely to be approximately $75 million with total capital expenditure estimated at $112 million.

Property and buildings

Of the $61.4 million, $24.9 million was spent on property, primarily across our network in New Zealand and Australia. The major items were:

Christchurch Air & Ocean facility	$12.0m
Sundry New Zealand property	$3.5m
European property	$4.7m
Sundry Australian property	$3.0m

It is our desire to invest in worldclass facilities wherever possible to ensure that our people have the very best of facilities to assist the delivery of high-quality supply chain services.

Land investment decisions continue to be made on an as required basis. In some instances, owned facilities with a limited future due to size and/ or design, will be sold and leased back with funds being invested in land designated for building a new facility.

Whilst land and buildings were inherited in Europe with the acquisition of the business there, we have yet to invest any large amounts of additional capital in this region; a situation that will continue until we find acceptable business improvement and growth.

In the Americas, freight, warehousing and office facilities are 100% leased. Time and growth will determine land and building investment for the future.

Information technology

Our investment in technology continues to strengthen our efficiency and productivity, providing data and statistics that allow us to deliver greater quality while providing transparency for our customers, providing them with an extra layer of intelligence as well as critical supply chain information.

Capital expenditure on Information Technology was $19.5 million in this past year and is likely to be a similar amount over the next two years.

Plant and equipment

The balance of capital spend, $17.0 million, is attributable to plant and equipment purchased across New Zealand, Australia, the Americas and Europe.

Mainfreight Air & Ocean Christchurch, New Zealand.

CORPORATE GOVERNANCE

The role of the Board of Directors

The Board is responsible for the proper direction and control of the Group’s activities. This responsibility includes such areas of stewardship as the identification and control of the Group’s business risks, the integrity of management information systems and reporting to shareholders. While the Board acknowledges that it is responsible for the overall control framework of the Group, it recognises that no cost effective internal control system will preclude all errors and irregularities. Our system is based upon written procedures, policies and guidelines, organisational structures that provide an appropriate division of responsibility, and the careful selection and training of all qualified personnel.

The Board includes in its decision making; dividend payments, the raising of new capital, major borrowings, the approval of annual accounts and the provision of information to shareholders, major capital expenditure and acquisitions. It does however delegate the conduct of day-to-day affairs of the company to the Group Managing Director.

Financial statements are prepared monthly in conjunction with the weekly profit and loss statements generated at branch level. These are reviewed by the Board progressively through the year to monitor management’s performance.

Board membership

The Board comprises eight Directors: a Chairman, a Group Managing Director and six Directors, five of whom are independent. From time to time, key executives are invited to attend full Board Meetings and are encouraged to fully participate in all debate. The Board met on eight occasions in the financial year ended 31 March 2017.

Directors’ meetings

The Directors normally hold five full Board Meetings per year over twoday periods throughout Australia, New Zealand, United States, Asia and Europe in locations of interest and concern. At the close of day one of each meeting, customers and/or our team are invited to meet Directors and management. Additional meetings are held for the purposes of considering interim and final dividends, and approving financial results for release to the market, and as otherwise required.

Director Meetings Held	Meetings Attended
Bruce Plested 8	8
Don Braid 8	8
Simon Cotter 8	8
Carl Howard- Smith 8	8
Bryan Mogridge 8	8
Richard Prebble 8	8
Kate Parsons* 1	1
Sue Tindal* 1	1

Kate Parsons and Sue Tindal joined the Mainfreight Board of Directors on 1 January 2017 and both attended the Board meeting held between that date and 31 March 2017.

During the last year, Board meetings were held in Hamilton, Auckland and Christchurch, New Zealand; Newark, United States; Rotterdam, The Netherlands; and Melbourne, Australia.

Share trading

The Board has set out a procedure which must be followed by Directors and key Executive Management when trading in Mainfreight Limited shares. This procedure assists those persons to ensure they comply with the insider trading provisions in the Financial Markets Conduct Act 2013.

Group management structure

The Group’s organisational structure is focused on its core competencies; domestic distribution, international air and ocean freight forwarding, warehousing and supply chain management. These operations are located in New Zealand, Australia, the Americas, Europe and Asia. A country/region management structure now exists to reflect the size and diversity of our global operations. It is our belief this provides an ideal platform for succession planning.

Diversity

The Board recognises the current requirement placed by NZX Main Board Listing Rules on Issuers to report on diversity, and has included a gender breakdown across its full team in its Annual Reports for many years.

At the level of Directors and Officers, gender composition is set out below. The Company’s management structure was streamlined in early 2013 in a move away from product/discipline leaders in each region, to overall country/regional management:

THIS YEAR LAST YEAR

	Male	Female	Male	Female
Directors	6	2	6	0
Officers	8	0	9	0
All Team Members*	71%	29%	67%	33%

If we remove Owner Drivers and EU Drivers from the calculation, gender ratios are 63% Male and 37% Female (this year and last year).

The supply chain logistics industry is recognised as being dominantly male, however as the Company moves into a broader geographic range, we are discovering areas where there is greater gender balance such as our Logistics

Remuneration committee

business in the Netherlands, our Air & Ocean business in many locations, and our Russian, Polish and Ukrainian operations.

We are pleased that the number of female branch managers across the Group has increased to 31, up from 27 last year. This number of key management roles held by females still falls well below our expectations and we look for improvement.

The Board does not have a Diversity policy, however Mainfreight is firmly committed to diversity and equality in all areas of its operations.

Anti-corruption and competitive practice guideline

With the advent of the global economy, most countries have put in place anticorruption and competition laws, which we at Mainfreight welcome and endorse.

Mainfreight, as a global company, has adopted guidelines and policy to enforce anticorruption and anticompetitive behaviour.

The integrity of our brand and the way we are perceived in the market is of paramount importance to us.

Mainfreight demands from its team members at all times honesty, integrity and a scrupulously “clean” approach to the way we conduct our business.

The role of shareholders

The Board aims to ensure that shareholders are informed of all major developments affecting the Group’s state of affairs. Information is communicated to shareholders in the Annual Report, the Interim Report, and twice-yearly Newsletters. The Board has adopted a continuous disclosure policy to assist Mainfreight to comply with its continuous disclosure obligations under the NZX Main Board Listing Rules.

The Board encourages full participation of shareholders at the Annual Meeting to ensure a high level of accountability and identification with the Group’s strategies and goals.

The Board has constituted the following standing Committees that focus on specified areas of the Board’s responsibility.

Audit committee

The Committee is required to establish a framework of internal control mechanisms to ensure proper management of the Group’s affairs. The Committee is accountable to the Board for the recommendations of the external auditors, EY, directing and monitoring the audit function and reviewing the adequacy and quality of the annual audit process. The Committee provides the Board with additional assurance regarding the accuracy of financial information for inclusion in the Group’s Annual Report, including the Financial Statements. The Committee is also responsible for ensuring that the Group has an effective internal control framework.

These controls include the safeguarding of assets, maintaining proper accounting records, complying with legislation, including resource management and health and safety issues, ensuring the reliability of financial information, and assessing and over viewing business risk. The Committee also deals with Governmental and NZX compliance requirements.

Audit Committee:

Simon Cotter, Chairman
Carl Howard-Smith, Director
Bryan Mogridge, Director

The Committee reviews the remuneration and benefits of senior executives and makes recommendations to the Board. The Committee also monitors and reports on general trends and proposals concerning employment conditions and remuneration.

General remuneration for all team members is reviewed on an annual basis and takes into account CPI and responsibility changes for each individual. This does not include senior executives. Senior executive remuneration is reviewed every two years.

A general increase is applied to all salaries in April, as detailed below. Senior executives’ salaries are reviewed every two years, and were last reviewed in October 2016.

	1 April	1 April
	2017	2016
New Zealand	3.0%	2.0%
Australia	3.0%	2.0%
Americas	2.0%	2.0%
Asia	3.0%	3.0%
Europe	2.05%	1.85%
(% increase where	(weighted	(weighted
applicable, and	average)	average)
guidance where
negotiations are
required)

The discretionary bonus system used in Mainfreight was applied during the financial period. This bonus calculation is applied across all business units and only to those people who have completed 12 months continuous full time service for Mainfreight. The total cost of this discretionary bonus for the 2017 financial year is $19.3 million.

Remuneration Committee:

Bruce Plested, Chairman
Richard Prebble, Director

TEN YEAR SNAPSHOT OF GROWTH

These 10-year key indicators reflect our ability to grow our business and our people globally, leverage the network and more recently, attract and retain customers who value our passion for quality.

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GROUP PROFITS Before Abnormals ($000)
120,000
100,000
80,000
60,000
40,000
20,000
0
08 09 10 11 12 13 14 15 16 2017
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COUNTRIES
20
15
10
05
08 09 10 11 12 13 14 15 16 2017
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GROUP REVENUE

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($000)
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BRANCHES TOTAL

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----- Start of picture text -----

3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
08 09 10 11 12 13 14 15 16 2017
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250
200
150
100
08 09 10 11 12 13 14 15 16 2017
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GROUP EBITDA

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($000)
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TEAM MEMBERS

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----- Start of picture text -----

240,000
210,000
180,000
150,000
120,000
90,000
60,000
30,000
0
08 09 10 11 12 13 14 15 16 2017
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----- Start of picture text -----

8000
7000
6000
5000
4000
3000
2000
1000
0
08 09 10 11 12 13 14 15 16 2017
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79
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Sid Koia – Perth, Australia.
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DIRECTORS’ REPORT

DISTRIBUTION TO SHAREHOLDERS

Dividends - Paid & Proposed {NZ$}

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Per Ordinary Times Covered
Share (Normal) by Net Profit Before
Abnormals
2017 2016 2017 2016
41.0c 2.50 2.39
37.0c
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AVERAGE ANNUAL SHAREHOLDER RETURN ON INVESTMENT

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Since listing Last Last
in 1996 (%) 5 years (%) 10 years (%)
2017 2016 2017 2016 2017 2016
24.6% 23.6%
21.8%
19.5%
17.9%
15.0%
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The Directors are pleased to present this twenty-second published Annual Report of Mainfreight Limited.

Financial result

Consolidated sales for the year were $2,333.59 million, up on the previous year by $48.78 million, or 2.1%. Net profit increased from $87.60 million to $101.52 million. Excluding abnormal gains and losses, net profit for the 2016 financial year increased 17.0% to $103.16 million. Comparisons to the 2016 result are set out in the five year review; page 127 of the Annual Report.

Financial position

The Group has improved its financial position with shareholders’ equity of $645.60 million, funding 50.3% of total assets. Earnings cover interest on debt by 21.32 times. Net cash flow from operations was $131.23 million, up from $130.27 million last year.

Dividend

A dividend of 23.0 cents per share was paid in July 2016, fully imputed. A supplementary dividend of 4.06 cents per share was paid to nonresident shareholders with this dividend. A further dividend of 17.0 cents per share was paid in December 2016, fully imputed. A supplementary dividend of 2.62 cents per share was paid to

non-resident shareholders with this dividend. A fully imputed dividend of 24.0 cents per share, payable on 21 July 2017 is proposed, together with a supplementary dividend of 4.23 cents per share for non-resident shareholders. Books close for this dividend on 14 July 2017.

Statutory information

Additional information is set out on pages 123 to 126 including Directors’ Interests as required by the Companies Act 1993.

Directors

Kate Parsons and Sue Tindal were appointed on 1 January 2017, and stand for election.

Simon Cotter and Bryan Mogridge retire by rotation, and are available for re-election.

Audit

The Company’s Auditors, EY, will continue in office in accordance with the Companies Act 1993. The Company has a formally constituted Audit Committee.

Reporting and communications

Mainfreight continues to support high levels of public company disclosure. The Company provides half yearly reporting on results, with ongoing disclosure as required.

The Company is effective in communicating the Group’s affairs and results to shareholders, NZX, regulatory bodies and the media. The first half year result to 30 September 2017 is scheduled for release on 15 November 2017.

Outlook

The Directors are satisfied with the direction and development of the Group. The next twelve months will continue the developments that Mainfreight has underway with the subsequent benefits to our shareholders and stakeholders.

For and on behalf of the Board 27 June 2017.

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BRUCE PLESTED Chairman SIMON COTTER Director

SEATED (Left to Right): Sue Tindal, Richard Prebble, Bruce Plested, Carl Howard-Smith. STANDING (Left to Right): Simon Cotter, Bryan Mogridge, Don Braid, Kate Parsons.

OUR BOARD OF DIRECTORS

Bruce Plested

CHAIRMAN AND FOUNDING OWNER | AGE 75 39 YEARS WITH MAINFREIGHT APPOINTMENT TO BOARD 1978

As Chairman and Founder, Bruce shares his vision for the Company with the Mainfreight team, bringing a particular focus to quality and our culture. Likewise, his stronglyheld beliefs relating to the importance of education and of recycling/sustainability, continue to positively shape the Company’s behaviours.

Bryan Mogridge

INDEPENDENT DIRECTOR | AGE 71 APPOINTMENT TO BOARD 2003

Bryan has a wealth of experience, both in executive and board roles. He has also lent his considerable support to not-for-profit organisations such as the Starship Foundation. His intellect and pragmatic approach is highly regarded at the Board table.

Other Current Significant Directorships and Trusteeships: Rakon Limited (Chairman), BUPA Australia Pty Limited, Adherium Limited, Clearspan Limited, Starship Foundation, Massey University Foundation.

Don Braid

GROUP MANAGING DIRECTOR | AGE 57 23 YEARS WITH MAINFREIGHT APPOINTMENT TO BOARD 2000

Don has over 39 years’ experience in the freight industry, including 23 with Mainfreight. His leadership is underpinned by a strong belief in Mainfreight’s global competency and capabilities to provide high-quality supply chain solutions for our customers. His visits to our local and overseas operations guide our teams to be sales-focused and always aiming for operational excellence. He is fiercely proud of the Mainfreight culture seeing this as a key reason customers choose Mainfreight over the competition.

Simon Cotter

INDEPENDENT DIRECTOR | AGE 50 APPOINTMENT TO BOARD 2013

Simon has a long association with Mainfreight having served as the Company’s main adviser for acquisitions, debt structure and other matters since 2003 (through Grant Samuel & Associates), prior to joining the Mainfreight Board. He brings strong financial skills and business acumen to the role.

Other Current Directorships: Grant Samuel & Associates Ltd, and a number of private companies.

Carl Howard-Smith

DIRECTOR | AGE 73 39 YEARS WITH MAINFREIGHT APPOINTMENT TO BOARD 1983

Carl has been with the Company since its inception, and serves as Mainfreight’s General Counsel attending to the Company’s legal affairs (including extensive property matters). His advice is greatly valued by the Company’s Board of Directors and Leadership team alike.

Kate Parsons

INDEPENDENT DIRECTOR | AGE 44 APPOINTMENT TO BOARD 2017

Kate joins the Board with broad financial and analytical experience acquired in a range of industries, both in New Zealand and overseas. Her knowledge of high-tech companies is a welcome addition to the Board’s capabilities, as is her familiarity with the complexities of acquisitions, and steering companies through growth and change.

Richard Prebble

INDEPENDENT DIRECTOR | AGE 69 APPOINTMENT TO BOARD 1996

Richard by profession is a lawyer. In his former role as Minister of Transport, Richard reformed the ports, opened up aviation and made Railways a state-owned enterprise. He has been elected a Fellow of the Chartered Institute of Logistics and Transport.

Other Current Directorships: Information and

Sue Tindal

INDEPENDENT DIRECTOR | AGE 55 APPOINTMENT TO BOARD 2017

Sue has a wealth of international experience, having held senior leadership roles in the financial services, energy and IT sectors. Since her return to New Zealand in 2014, she has held consulting and CFO roles in Auckland. Her proficiency in banking, finance and technology is greatly valued, as is the international perspective she brings.

Communication Services Limited (Chairman), Seronic (NZ) Limited, Stellaris Limited, and his family companies.

WE BELIEVE ‘GOOD ENOUGH’ IS NEVER ENOUGH

At Mainfreight we’re big on measuring. Every day, every week and every month, we track our performance by branch, by country and by region.

We know that through understanding our operation at a micro level, we will find opportunities to do things better.

Other businesses call this quality control.

Here, it’s known as culture. Every one of us is charged with finding ways to become more valuable to our customers.

LOUIS ARNOTT, Melbourne, Australia.

OPERATING STATISTICS

CLAIMS NEW ZEALAND

NEW ZEALAND DOMESTIC STATISTICS

LOGISTICS STATISTICS

2013* 676 consignments for 1 claim		This Year Last Year		This Year	Last Year
2014* 677 consignments for 1 claim		Total Tonnes 2,353,180 2,181,655	New Zealand (NZ$)
2015 471 consignments for 1 claim 2016 461 consignments for 1 claim 2017 529 consignments for 1 claim		Total Cubic Metres 7,086,258 5,859,615 Total Consignments 3,961,023 3,774,748	Inventory Record Accuracy (IRA) Facility	97.0% 83.0%	96.5% 79.0%
The way our claims are measured was changed in the 2016 year, to include all small claims settled by direct credit. (*Figures for 2014 and earlier have not	Delivery Performance 93.1% 94.9% Delivery Performance impacted by		Utilisation Warehousing Footprint	140,000m2	130,582m2
been recalculated).		earthquake disruption.	Domestic Consignments	470,069	416,870
~~CLAIMS AUSTRALIA~~ 2016 9,414 consignments for 1 claim 2017 4,725 consignments for 1 claim		~~AUSTRALIAN DOMESTIC STATISTICS~~ This Year Last Year Total Tonnes 929,338 913,632	Generated Value of Domestic Consignments Generated	$36.3 million	$28.5 million
2016 was our first year of calculating		Total Cubic 3,333,008 3,614,194	Percentage	9.1%	7.8%
Claims statistics for Australia with the introduction of our Quality Assurance Programme (QAP). The reduction in the measure for the 2017 year reflects a greater		Metres Total Consignments 1,492,253 1,369,016	of Domestic Freight Australia (AU$)
understanding of the benefits of the QAP by our Australian customers. We expect to see the figure trend down as it becomes more widely accepted, before increasing with ongoing quality improvement initiatives. ~~CLAIMS AMERICAS~~		Delivery Performance 93.7% 92.2% ~~AMERICAS DOMESTIC STATISTICS~~ This Year Last Year Total Tonnes 184,748 167,303	Inventory Record Accuracy (IRA) Facility Utilisation Warehousing Footprint	98.3% 82.0% 108,322m2	98.1% 77.0% 102,231m2
2017 1,000 consignments for 1 claim		Total Cubic Metres - -	Domestic Consignments	231,224	156,616
First year reporting for the Americas.		Total Consignments - -	Generated Value of	$26.4	$23.2
~~LOADING ERRORS NEW ZEALAND~~ 2013 2.10 loading errors per 100 consignments 2014 1.83 loading errors per 100 consignments	Delivery Performance 95.0% 92.7% The need to standardise our Domestic freight quality statistics is a key priority for our American and European business units.		Domestic Consignments Generated Percentage of Domestic Freight	million 11.3%	million 8.2%
2015 2.64 loading errors per 100 consignments		~~INTERNATIONAL STATISTICS~~	Americas (US$) Inventory	87.9%	81.0%
2016 2.41 loading errors per 100 consignments 2017 3.74 loading errors per 100 consignments ~~LOADING ERRORS AUSTRALIA~~ 2013 3.67 loading errors per 100 consignments		This Year Last Year Airfreight Inbound and Outbound (kilos) 121,552,658 113,119,965 Seafreight Inbound and Outbound (TEU’s) 280,539 267,144	Record Accuracy (IRA) Facility Utilisation Warehousing Footprint Domestic Consignments Generated	58.0% 49,146m2 2,433	51.0% 49,146m2 2,073
2014 3.24 loading errors per 100 consignments 2015 2.91 loading errors per 100		Customs Clearances 199,533 168,459 IATA Ranking	Value of Domestic Consignments Generated	$966,403	$873,789
consignments 2016 4.37 loading errors per 100		New Zealand Australia 1st 6th 1st 11th	Percentage of Domestic	0.7%	0.6%
consignments 2017 3.93 loading errors per 100		Americas 30th 29th	Freight
consignments

LOGISTICS STATISTICS

INFORMATION TECHNOLOGY STATISTICS

GENDER RATIOS

	This Year	Last Year		This Year Last Year
Europe (EU¤) Inventory Record	99.95%	99.95%	Information Technology Spend	$51.09 million $46.48 million
Accuracy Facility Utilisation	98.0%	96.0%	As a % of Revenue	2.19% 2.03%

Warehousing Footprint European Consignments Generated Value of	281,256m2 496,615 ¤28.1	242,836m2 293,270 ¤24.9	1. Percentage of consignment notes received electronically This Year Last Year New Zealand 89% 86% Australia 95% 94%
European Consignments Generated	million	million	Americas Europe	45% 45% 85% 84%
Percentage of European Freight	16.6%	15.5%	2. Percentage of Logistics orders received electronically
Outbound	99.95%	99.92%		This Year Last Year
Accuracy			N Zld	98% 98%

	Male	Female
New Zealand	78%	22%
Australia	62%	38%
Americas	58%	42%
Asia	41%	59%
Europe	78%	22%
Total Group	71%	29%

		This Year	This Year	This Year	Last Year	Last Year	Last Year				This Year	This Year	Last Year	Last Year			Male	Female
Europe (EU¤)								Information Technology Spend			$51.09 million		$46.48 million		New Zealand		78%	22%
Inventory Record Accuracy		99.95%			99.95%										Australia		62%	38%
								As a % of			2.19%		2.03%		Americas		58%	42%
Facility Utilisation		98.0%			96.0%			Revenue							Asia		41%	59%
															Europe		78%	22%
								1. Percentage of consignment received electronically					notes
Warehousing Footprint		281,256m2			242,836m2										Total Group		71%	29%
											This Year		Last Year
European Consignments Generated		496,615			293,270
								New Zealand			89%		86%
								Australia			95%		94%
Value of European Consignments Generated		¤28.1 million			¤24.9 million
								Americas			45%		45%
								Europe			85%		84%

Percentage of European Freight		16.6%			15.5%
Outbound Accuracy		99.95%			99.92%						This Year
								New Zealand			98%
Mainfreight’s level of IRA measures location count, inventory condition, systems alignment to inventory count, product integrity, total inventory count. ~~DEBTORS DAYS OUTSTANDING~~ This Year Last Year Debtors Days Outstanding 38.91 39.45
								Australia			99%
								Americas			99%
								Europe			99%
																	This Year	Last Year
								3. International shipments tracked electronically
															Training and HR Spend		$8.46 million	$7.79 million
			This Year			Last Year
											This Year		Last Year
Debtors Days Outstanding			38.91			39.45									As a % of Revenue		0.36%	0.34%
											102,989		76,146

								~~TRAINING STATISTICS~~
	New Zealand							Australia		Americas					Asia		Europe
	This Year			Last Year			This Year		Last Year	This Year		Last Year		This Year		Last Year	This Year	Last Year
Induction	224			239			540		229	193		25		9		22	360	250
Licensing	526			983			60		97	203		99		27		10	841	741
Procedural	979			2,493			3,481		780	1,354		631		231		216	1,278	872
Systems	4,410			915			1,639		727	547		3,595		205		134	517	329
Other	1,841			291			1,576		5,460	455		176		113		35	315	425
Total	7,980			4,921			7,296		7,293	2,752		4,526		585		417	3,311	2,617

FINANCIAL STATEMENTS CONTENTS

INCOME STATEMENT

CASH FLOW STATEMENT

STATUTORY INFORMATION

BALANCE SHEET 90

NOTES TO FINANCIAL 92 STATEMENTS 93 INTERESTS REGISTER 123 126

STATEMENT OF CHANGES IN EQUITY 91

AUDITOR’S REPORT 119 FIVE YEAR REVIEW 127

Income Statement for the Year Ended 31 March 2017

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2017 2016
Note $000 $000
Operating Revenue 2,333,088 2,284,226
Interest Income 503 581
TOTAL REVENUE 2,333,591 2,284,807
Transport Costs (1,432,556) (1,426,847)
Labour Expenses Excluding Share Based Payments (476,256) (460,070)
Occupancy Expenses (65,792) (60,664)
Depreciation and Amortisation Expenses 14, 15 (43,492) (39,320)
Other Expenses (160,942) (161,798)
Finance Costs (7,728) (8,953)
Non-cash Share Based Payment Expense 25 (55) (356)
Profit Before Abnormal Items and Taxation for the Year 146,770 126,799
Income Tax on Profit Before Abnormal Items (43,606) (38,623)
NET PROFIT BEFORE ABNORMAL ITEMS FOR THE YEAR 103,164 88,176
Abnormal Items 27 (2,448) (2,352)
Income Tax on Abnormal Items 27 807 1,780
ABNORMAL ITEMS AFTER TAXATION (1,641) (572)
Profit Before Taxation for the Year 144,322 124,447
Income Tax Expense 7 (42,799) (36,843)
NET PROFIT FOR THE YEAR 101,523 87,604
Earnings per share for profit attributable to the ordinary equity holders of the company are:
Cents Cents
Basic Earnings Per Share: Total Operations 9 101.10 87.98
Diluted Earnings Per Share: Total Operations 9 100.97 87.65
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Statement of Comprehensive Income for the Year Ended 31 March 2017

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2017 2016
$000 $000
Net Profit for the Year 101,523 87,604
OTHER COMPREHENSIVE INCOME
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange Differences on Translation of Foreign Operations (5,260) 16,644
Income Tax Effect (2,155) 3,767
Net Other comprehensive income to be reclassified to profit or loss in subsequent periods (7,415) 20,411
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Revaluation of Land including Foreign Exchange Movements (789) 631
Income Tax Effect - (56)
Net Other comprehensive income not to be reclassified to profit or loss in subsequent periods (789) 575
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Defined Benefit Pension Provision (635) -
Income Tax Effect 215 -
Net Other comprehensive income not to be reclassified to profit or loss in subsequent periods (420) -
Other Comprehensive Income for the Year, Net of Tax (8,624) 20,986
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 92,899 108,590
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The accompanying notes form an integral part of these financial statements.

Balance Sheet as at 31 March 2017

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2017 2016
Note $000 $000
CURRENT ASSETS
Bank 10 75,312 93,829
Trade Debtors 11 314,888 293,194
Income Tax Receivable 1,829 877
Properties Held for Sale 14 - 1,787
Other Receivables 12 48,008 44,498
440,037 434,185
NON-CURRENT ASSETS
Property 14 484,244 482,112
Plant & Equipment 14 86,462 86,901
Software 15 43,086 33,968
Goodwill 15 200,721 207,644
Brand Names 15 10,546 11,310
Other Intangible Assets 15 10,814 13,902
Deferred Tax Asset 7 8,855 8,555
844,728 844,392
TOTAL ASSETS 1,284,765 1,278,577
CURRENT LIABILITIES
Bank 10 947 1,093
Trade Creditors & Accruals 18 261,206 262,640
Employee Entitlements 16 47,907 43,949
Provision for Taxation 14,121 4,933
Finance Lease Liability 20 1,801 2,369
325,982 314,984
NON-CURRENT LIABILITIES
Bank Term Loan 19 283,029 352,299
Employee Entitlements 16 3,800 676
Deferred Tax Liability 7 23,879 26,272
Finance Lease Liability 20 2,473 3,273
313,181 382,520
SHAREHOLDERS’ EQUITY
Share Capital 21 85,821 73,912
Retained Earnings 521,619 459,477
Revaluation Reserve 50,616 52,303
Foreign Currency Translation Reserve (12,034) (4,619)
Defined Benefit Pension Reserve (420) -
TOTAL EQUITY 645,602 581,073
TOTAL LIABILITIES AND EQUITY 1,284,765 1,278,577
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For and on behalf of the Board who authorised the issue of these financial statements on 27 June 2017.

Bruce G. Plested, Chairman

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Simon Cotter, Director

The accompanying notes form an integral part of these financial statements.

Statement of Changes in Equity for the Year Ended 31 March 2017

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Foreign Defined
Asset Currency Benefit
2017 Ordinary Revaluation Translation Pension Retained
$000 Note Shares Reserve Reserve Reserve Earnings Total
Balance at 1 April 2016 73,912 52,303 (4,619) - 459,477 581,073
Profit for the Year - - - - 101,523 101,523
Transfer of Revaluation Reserve
for Land Sold - (898) - - 898 -
Other Comprehensive Income - (789) (7,415) (420) - (8,624)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR - (1,687) (7,415) (420) 102,421 92,899
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Shares Issued 21 11,854 - - - - 11,854
Executive Share Scheme Costs 25 55 - - - - 55
Supplementary Dividends - - - - (1,212) (1,212)
Dividends Paid 8 - - - - (40,279) (40,279)
Foreign Investor Tax Credit - - - - 1,212 1,212
BALANCE AT 31 MARCH 2017 85,821 50,616 (12,034) (420) 521,619 645,602
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Foreign Defined
Asset Currency Benefit
2016 Ordinary Revaluation Translation Pension Retained
$000 Shares Reserve Reserve Reserve Earnings Total
Balance at 1 April 2015 - as
previously reported 73,556 53,834 (25,030) - 406,258 508,618
Restatement on change of
accounting policy 2(g) - - - - (2,636) (2,636)
Balance at 1 April 2015 restated 73,556 53,834 (25,030) - 403,622 505,982
Profit for the Year - - - - 87,604 87,604
Transfer of Revaluation Reserve
for Land Sold - (2,106) - - 2,106 -
Other Comprehensive Income - 575 20,411 - - 20,986
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR - (1,531) 20,411 - 89,710 108,590
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Shares Issued 21 - - - - - -
Executive Share Scheme Costs 25 356 - - - - 356
Supplementary Dividends - - - - (725) (725)
Dividends Paid 8 - - - - (33,855) (33,855)
Foreign Investor Tax Credit - - - - 725 725
BALANCE AT 31 MARCH 2016 73,912 52,303 (4,619) - 459,477 581,073
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The accompanying notes form an integral part of these financial statements.

Cash Flow Statement for the Year Ended 31 March 2017

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2017 2016
Note $000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers 2,307,424 2,275,422
Interest Received 503 581
Payments to Suppliers and Team Members (2,132,227) (2,089,222)
Interest Paid (7,729) (8,952)
Income Taxes Paid (36,745) (47,563)
NET CASH FLOWS FROM OPERATING ACTIVITIES 22 131,226 130,266
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of Property, Plant & Equipment 5,822 11,897
Proceeds from Sale of Software 38 524
Repayments by Team Members 4 17
Purchase of Property, Plant & Equipment (47,696) (91,515)
Purchase of Software (19,603) (14,104)
Advances to Team Members (212) (5)
Establishment of Franchises and Acquisition of Subsidiaries - (200)
NET CASH FLOWS FROM INVESTING ACTIVITIES (61,647) (93,386)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of Long Term Loans - 19,162
Proceeds of Share Issues 11,854 -
Dividend Paid to Shareholders (40,279) (33,855)
Repayment of Loans (57,131) (316)
NET CASH FLOWS FROM FINANCING ACTIVITIES (85,556) (15,009)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (15,977) 21,871
Net Foreign Exchange Differences (2,394) 6,444
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 92,736 64,421
CASH AND CASH EQUIVALENTS AT END OF PERIOD 74,365 92,736
COMPRISED
Bank and Short Term Deposits 10 75,312 93,829
Bank Overdraft (947) (1,093)
74,365 92,736
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The accompanying notes form an integral part of these financial statements.

Notes to the Financial Statements for the Year Ended 31 March 2017

1 CORPORATE INFORMATION

The financial statements of Mainfreight Limited (“the Parent“) and its subsidiaries (“the Group”) for the year ended 31 March 2017 were authorised for issue in accordance with a resolution of the Directors.

Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly traded on the NZX Main Board (New Zealand Stock Exchange).

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand (NZ GAAP) and the requirements of the Companies Act 1993 and the Financial Markets Conduct Act 2013. The financial statements have been prepared:

On a historical cost basis, except for land, and derivative financial instruments which have been measured at fair value through profit and loss.
On a GST exclusive basis, except for receivables and payables that are stated inclusive of GST.

(b) Statement of Compliance

The financial statements have been prepared in accordance with NZ GAAP. They comply with New Zealand equivalents to International Financial Reporting Standards and other applicable Financial Reporting Standards, as appropriate for profitoriented entities. The financial statements comply with International Financial Reporting Standards (IFRS).

(c) Basis of Consolidation

The consolidated financial statements comprise the financial statements of Mainfreight Limited and its subsidiaries (the “Group”) as at 31 March each year (as outlined in note 13).

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.

Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Income and expenses for each subsidiary whose functional currency is not New Zealand dollars are translated at exchange rates which approximate the rates at the actual dates of the transactions. Assets and liabilities of such subsidiaries are translated at exchange rates prevailing at balance date. All resulting exchange differences are recognised in the foreign currency translation reserve which is a separate component of equity.

In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit and losses resulting from intra-group transactions have been eliminated in full.

Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date on which control is transferred out of the Group.

(d) Foreign Currency Translation

(i) Functional and Presentation Currency

The presentation currency of the Group is New Zealand dollars ($) and all values are rounded to the nearest thousand dollars ($000). Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.

(ii) Transactions and Balances

Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.

All exchange differences in the consolidated financial statements are taken to profit or loss with the exception of differences on foreign currency borrowings that provide a hedge against a net investment and differences arising on translation of a foreign operation. These are recognised in other comprehensive income and accumulated in reserves until disposal of the net investment at which time they are recognised in profit or loss. On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular foreign operation is recognised in profit or loss. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in equity.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

(iii) Hedges of a Net Investment

Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for by including the gains or losses on the hedging instrument relating to the effective portion of the hedge directly in equity while any gains or losses relating to the ineffective portion of the hedge are recognised in profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recognised directly in equity is transferred to profit or loss.

(e) New Accounting Standards and Interpretations

The Group has chosen not to early adopt the following standards that have been issued but are not yet effective:

NZ IFRS 9 – Financial Instruments: Classification and Measurement (effective for annual periods beginning on or after 1 January 2018). The Group has initially assessed the impact of this standard and given the nature of the Group’s business and the instruments currently utilised by the Group the adoption of this standard is not expected to have a material impact on the financial statements.
NZ IFRS 15 – Revenue from Contracts with Customers (effective for annual periods beginning on or after 1 January 2018). This standard establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The Group has commenced assessing its revenue streams. Initial assessment suggests that the revenue stream most affected is sea freight due to its duration of transit. Due to relatively consistent freight volumes, the impact to the profit in any particular year is not expected to be significant.
IFRS 16 – Leases (effective for annual periods beginning on or after 1 January 2019). This standard establishes principles for recognition, measurement and disclosure requirements of leases. IFRS 16 requires lessees to account for all leases under a single on-balance sheet model in a similar way to finance leases under IAS 17. The Group has commenced work on assessing the impact of this new standard. Whilst the Group is aware there will be a significant increase in both Total Assets and Total Liabilities and a significant increase in interest and amortisation expenses and a significant reduction in lease expense, these are yet to be quantified. Consideration of which transition option to utilise is still being determined.

(f) Revenue Recognition

Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Rendering of Services

Revenue for all domestic contracted deliveries is recognised when goods have been collected from the customer. Revenues derived from international freight forwarding are recognised for exports on freight departure and for imports on freight arrival. This timing reflects when the vast majority of the relevant business’s input has been performed. Fees for warehousing are recognised as services are provided to the counterparty.

(g) Changes in Accounting Policies

The Group has changed its policy in relation to recognition of deferred tax liabilities on indefinite lived intangible assets acquired in business combinations. Previously deferred tax was not recognised on such assets, but due to recent clarification by IASB it now is. This change in accounting policy has been accounted for retrospectively, and so both equity at 1 April 2015 and the 31 March 2016 balance sheet have been adjusted for this change due to recognition of a deferred tax liability of $2,636,000. This change has impacted the deferred tax liability and retained earnings.

Certain prior year comparatives have been revised where it is considered that the current year treatment or presentation is more appropriate. None of these revisions are considered material.

There were no other changes in Accounting Policies.

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial instruments, other than derivatives, comprise bank loans and overdrafts, cash and short-term deposits, director loans, trade creditors and accruals and trade debtors.

The main purpose of these financial instruments is to raise finance and provide working capital for the Group’s operations.

The Group also enters into derivative transactions, principally interest rate swaps. The purpose is to manage the interest rate risks arising from the Group’s operations and its sources of finance. These are not currently hedge accounted.

The main risks arising from the Group’s financial instruments are cash flow interest rate risk, fair value interest rate risk, liquidity risk, foreign currency risk and credit risk.

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in notes 2 and 4 to the financial statements and other relevant notes.

Cash Flow Interest Rate Risk

The Group’s exposure to cash flow risk through changes in market interest rates relates primarily to the Group’s long-term debt obligations with a floating interest rate. The level of debt is disclosed in note 19.

The Group’s policy is to manage its interest cost using a mix of fixed and variable rate debt. To manage this mix in a cost-efficient manner, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. With the current low interest rate environment, particularly in Europe and the USA, the Board decided not to enter into any swaps at this time. At 31 March 2017 none of the Group’s borrowings are at a fixed rate of interest (2016: nil).

Fair Value Interest Rate Risk

If the Group holds fixed rate debt there is a risk that the economic value of a financial instrument will fluctuate because of changes in market interest rates. The level of fixed rate debt is disclosed in note 19 and it is acknowledged that this risk is a by-product of the Group’s attempt to manage its cash flow interest rate risk. The Group is also exposed to fair value interest rate risk through the use of interest rate swaps. The Group accepts this risk as a by-product of its hedging strategy.

Interest on financial instruments classified as floating have their rates repriced at intervals of less than one year. Fixed rate instruments are fixed until the maturity of the instrument.

The Group constantly analyses its interest rate risk exposure. Within this analysis consideration is given to potential renewals of existing positions, alternative financing and the mix of fixed and variable interest rates.

The following sensitivity analysis is based on the interest rate exposures in existence at the balance sheet date.

At 31 March 2017, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit (including swap fair value movements) would have been affected as follows:

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Post Tax Profit
Higher (Lower)
2017 2016
$000 $000
+ 1.0% (100 Basis Points) (1,491) (1,856)
- 0.5% (50 Basis Points) 745 928
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Foreign Currency Risk

Foreign currency risk is the risk that the value of the Group’s assets, liabilities and financial performance will fluctuate due to changes in foreign currency rates.

The Group is primarily exposed to currency risk as a result of its operations in Australia, America, Europe and Asia.

The risk to the Group is that the value of the overseas subsidiaries’ and associates’ financial positions and financial performances will fluctuate in economic terms and as recorded in the consolidated accounts due to changes in overseas exchange rates.

The Group economically hedges some of the currency risk relating to its Australian operations by holding a portion of its bank borrowings in Australian dollars. Any foreign currency movement in the net assets of the Australian subsidiaries is partly offset by an opposite movement in the Australian dollar loan. In addition the Group has loans in United States (US) dollars to assist in funding its US operations and to offset the variability of future post interest financial performance to foreign exchange rate fluctuations. In addition the Group has loans in Euros to assist in funding its European operations and to offset the variability of future post interest financial performance to foreign exchange rate fluctuations. These foreign currency borrowings are held in Australian, US and New Zealand entities respectively.

Included in bank term loans at 31 March 2017 is a borrowing of EU¤102,700,000 (2016 ¤106,700,000) which has been designated as a hedge of the net investments in the European subsidiaries. It is being used to hedge the Group’s exposure to changes in exchange rates on the value of its net investments in Europe. Gains or losses on the retranslation of this borrowing are recognised in other comprehensive income to offset any gains or losses on translation of the net investments in the subsidiaries. A net after tax profit on the hedge of the net investment of NZ$5,540,661 (2016 net after tax loss $9,686,298) was recognised in other comprehensive income for the period.

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

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2017 2016
AU$000 AU$000
Net Assets Relating to Australian Subsidiaries Exposed to Currency Risk 98,093 89,254
US$000 US$000
Net Assets Relating to American & Asian Subsidiaries Exposed to Currency Risk 78,943 67,416
EU ¤ 000 EU ¤ 000
Net Assets Relating to European Subsidiaries Exposed to Currency Risk 28,298 25,462
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Currency movements in the foreign denominated balances above are reflected in the Foreign Currency Translation Reserve. The movements were comprised of the following:

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2017 2016
NZ$000 NZ$000
Retranslation of Net Assets in Foreign Subsidiaries (5,260) 16,644
Tax on Unrealised Foreign Exchange Gain (2,155) 3,767
MOVEMENT IN FOREIGN CURRENCY TRANSLATION RESERVE (7,415) 20,411
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The Group is exposed to currency risk in relation to trading balances denominated in other than the NZ dollar, principally by the trading of the Group’s overseas businesses.

At 31 March 2017 the Group has the following monetary assets and liabilities denominated in foreign currencies: 76% of trade accounts payable (2016 78%), 73% of trade accounts receivable (2016 75%), 97% of cash assets (2016 86%), and 100% of cash liabilities (2016 100%). These amounts are inclusive of the above balances held in foreign subsidiaries.

The following sensitivity is based on the foreign currency risk exposures in existence at the balance sheet date:

At 31 March 2017, had the New Zealand Dollar moved as illustrated in the table below with all other variables held constant, post tax profit and equity would have been affected as follows:

Judgements of reasonably possible movements:

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Post Tax Profit Equity
Higher / (Lower) Higher / (Lower)
2017 2016 2017 2016
$000 $000 $000 $000
NZD/USD +10% (1,708) (1,747) (10,581) (9,147)
NZD/USD -10% 2,087 2,135 12,933 11,179
NZD/AUD +10% (1,753) (1,716) (12,630) (13,717)
NZD/AUD -10% 2,141 2,096 15,437 16,765
NZD/EURO +10% (668) (427) (8,306) (8,806)
NZD/EURO -10% 816 521 10,152 10,763
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The movement in equity is a combination of movement in post tax profit and the movement in the Foreign Currency Translation Reserve as values of overseas investments in subsidiaries change.

Management believes the balance date risk exposures are representative of the risk exposure inherent in the financial instruments.

Credit Risk

In the normal course of business the Group is exposed to credit risk from financial instruments including cash, trade receivables, loans to team members and derivative financial instruments.

Receivable balances are monitored on an ongoing basis with the result that, in management’s view, the Group’s exposure to bad debts is not significant. The Group does not have concentrations of credit risk by industry but does have concentrations by geographical sectors (refer to Segment Reporting in note 5).

With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, loans to team members and certain derivative instruments, the Group’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has a policy only to deal with registered banks or financial institutions with high quality credit ratings.

It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures including an assessment of their independent credit rating, financial position, past experience and industry reputation. Risk limits are set for each individual customer in accordance with parameters set by the Board. These risk limits are regularly monitored.

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Liquidity Risk

Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans, and finance leases. The Board considers that, in general, the Group has sufficient cash flows from operating activities to meet their obligations. If there are projected shortfalls, management ensures adequate committed finance is available.

At 31 March 2017, none of the Group’s debt will mature in less than one year (2016: nil).

The table below reflects all contractually fixed payments and receivables for settlement, repayments and interest resulting from recognised financial assets and liabilities, including derivative financial instruments as of 31 March 2017. The respective undiscounted cash flows for the respective upcoming fiscal years are presented. Cash flows for financial assets and liabilities without fixed amount or timing are based on the conditions existing at 31 March 2017.

The remaining contractual maturities of the Group’s financial liabilities are:

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2017 Year ($000) 2016 Year ($000)
6-12 1-2 2-5 <6 1-2 2-5
<6 months months years Years Total months 6-12 months years Years Total
Term Loan 2,723 2,723 5,445 288,474 299,365 4,018 4,018 8,037 368,373 384,446
Overdraft 947 - - - 947 1,093 - - - 1,093
Creditors 261,206 - - - 261,206 262,640 - - - 262,640
Others 969 969 1,539 1,153 4,630 1,254 1,253 1,850 1,642 5,999
TOTAL 265,845 3,692 6,984 289,627 566,148 269,005 5,271 9,887 370,015 654,178
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At balance date, the Group has approximately $170 million (2016: $112 million) of unused credit facilities available for its immediate use.

Fair Value

The Group uses various methods in estimating the fair value of a financial instrument. The methods comprise:

Level 1: the fair value is calculated using quoted prices in active markets
Level 2: the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)
Level 3: the fair value is estimated using inputs for the asset or liability that are not based on observable market data

The methods for estimating fair value are outlined in the relevant notes to the financial statements.

4 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

In applying the Group’s accounting policies, management continually evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgements, estimates and assumptions and the differences may be material. Significant judgements, estimates and assumptions made by management in the preparation of these financial statements are discussed within the specific accounting policy or note as shown below:

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AREA OF JUDGEMENT Note
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Allocation of Goodwill	15
Impairment of Goodwill and Intangibles with Indefinite Useful Lives	15
Long Service Leave Provision	16
Allowance for Impairment Loss on Trade Debtors	11
Estimation of Useful Lives of Assets	14 & 15
Estimation of Land Valuation	14

5 SEGMENTAL REPORTING

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.

The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries (i.e. moving freight between countries).

New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both domestic and air and ocean services.

The accounting policies of the operating segments are the same as those described in the notes in note 2 with the exception of deferred tax and the fair value of derivative financial instruments which are not reported on a monthly basis. The segmental results from operations are disclosed below.

Geographical Segments

The following table represents revenue, margin and certain asset information regarding geographical segments for the years ended 31 March 2017 and 31 March 2016. Inter segment transactions are entered into on a fully commercial basis.

New Zealand Australia	The Americas Asia	Europe Inter- Segment	2017 $000
OPERATING REVENUE
- Sales to customers outside the group 609,238 568,056	615,280 89,328	451,689 -	2,333,591
- Inter-segment sales 999 17,379	13,785 73,809	20,182 (126,154)	-
TOTAL REVENUE 610,237 585,435	629,065 163,137	471,871 (126,154)	2,333,591
EBITDA 91,021 44,930	26,205 8,806	26,580 -	197,542
Depreciation & Amortisation 18,943 6,843	5,341 639	11,726 -	43,492
Capital Expenditure 38,627 6,222	6,875 577	14,998 -	67,299
Trade Receivables 85,043 80,743	78,418 14,016	73,746 (17,078)	314,888
Non-current Assets 363,308 178,398	86,536 18,261	198,225 -	844,728
Total Assets 455,008 289,716	186,934 51,637	318,548 (17,078)	1,284,765
Total Liabilities 208,496 143,285	104,208 23,853	176,399 (17,078)	639,163

New Zealand Australia	The Americas Asia	Europe Inter- Segment	2016 $000
OPERATING REVENUE
- Sales to customers outside the group 563,245 546,423	675,162 69,407	430,570 -	2,284,807
- Inter-segment sales 1,537 17,414	18,792 87,455	14,601 (139,799)	-
TOTAL REVENUE 564,782 563,837	693,954 156,862	445,171 (139,799)	2,284,807
EBITDA 77,642 37,132	27,563 9,365	23,145 -	174,847
Depreciation & Amortisation 16,472 5,594	5,192 653	11,409 -	39,320
Capital Expenditure 29,243 55,967	10,316 710	10,071 -	106,307
Trade Receivables 74,639 74,672	83,128 18,141	63,087 (20,473)	293,194
Non-current Assets 348,172 181,005	87,341 18,444	209,430 -	844,392
Total Assets 437,861 291,314	191,736 52,640	325,499 (20,473)	1,278,577
Total Liabilities 216,433 162,086	119,035 29,073	188,714 (20,473)	694,868

5 SEGMENTAL REPORTING (CONTINUED)

Reconciliation between Segment EBITDA and the Income Statement

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2017 2016
$000 $000
Profit from Operations Before Abnormal Items and Taxation for the Year 146,770 126,799
Interest Income (504) (581)
Derivative Fair Value Movement - -
Non-cash Share Based Payment Expense 55 356
Finance Costs 7,729 8,953
Depreciation & Amortisation 43,492 39,320
EBITDA 197,542 174,847
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EBITDA is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal items, royalties, share based payment expense, minority interests and associates.

There are no customers in any segment that comprise more than 10% of that segment’s revenue.

The geographical segments are determined based on the location of the Group’s assets.

6 EXPENSES AND OTHER INCOME

The Profit before Taxation is stated:

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2017 2016
$000 $000
AFTER CHARGING:
Audit Fees - Parent Company Auditors 1,405 1,353
Audit Fees - Other Auditors 82 78
Other Assurance Related Fees Paid to Parent Co Auditors 30 65
Tax Fees Paid to Parent Company Auditors for Tax Advice and Compliance 709 810
IT Security Advisory Fees Paid to Parent Co Auditors 325 -
Employee Benefits Expense
Wages and Salaries 475,748 459,730
Directors’ Fees 508 340
Share-based Payments Expense 55 356
TOTAL EMPLOYEE BENEFITS 476,311 460,426
Interest: Variable Loans 7,575 8,700
Finance Leases 153 253
Derivative Fair Value Movement - -
Donations 907 912
Rental & Operating Lease Costs 71,925 66,626
AFTER CREDITING OTHER INCOME:
Interest Income 503 581
Net Gain / (Loss) on Foreign Exchange 3,409 3,882
Net Gain / (Loss) on Disposal of Property, Plant & Equipment 968 529
Rental Income 1,129 1,158
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100

7 INCOME TAX

Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.

Deferred income tax is generally provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax liabilities are recognised for all taxable temporary differences except:

When the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
When the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, and the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except:

When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
When the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

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2017 2016
$000 $000
Profit Before Taxation for the Year 144,322 124,447
Prima Facie Taxation at 28% NZ, 30% Australia, 41% USA, 16.5% Hong Kong, 25% China, 25% Europe 42,012 36,947
(31 March 2016 28% NZ, 30% Australia, 41% USA, 16.5% Hong Kong, 25% China, 25% Europe)
Adjusted by the Tax Effect of:
Non-assessable Revenue (70) -
Prior Year Tax Adjustments (335) 84
Non-deductible Share Based Payments 15 100
Deferred Tax Writeback on Buildings Sold (248) (1,064)
Non-deductible Expenses 1,425 776
AGGREGATE INCOME TAX EXPENSE 42,799 36,843
Current Tax 45,492 38,859
Deferred Tax (2,693) (2,016)
42,799 36,843
Imputation Credit Account
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Imputation Credit Account
2017 $000	2016 $000
THE AMOUNT OF CREDITS AVAILABLE FOR USE IN SUBSEQUENT REPORTING PERIODS 43,688	41,435

101

7 INCOME TAX (CONTINUED)

Recognised Deferred Tax Assets and Liabilities

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Balance Sheet Income Statement
2017 2016 2017 2016
$000 $000 $000 $000
(i) Deferred Tax Assets
Doubtful Debts 1,265 1,414 133 61
Provisions:
Annual Leave 3,512 3,175 (365) (52)
Long Service Leave 2,368 2,168 (229) (217)
Bonuses 5,259 4,707 (583) (722)
Superannuation 234 - (234) 115
ACC 7 111 104 (4)
Onerous Lease Provision - - - 11
Other 5,662 5,457 (395) (484)
Unrealised FX Gains / Losses - 132 - -
Foreign Exchange Impact - - (506) 546
Gross Deferred Tax Assets 18,307 17,164
Set-off of Deferred Tax Liabilities 9,452 8,609
NET DEFERRED TAX ASSETS PER BALANCE SHEET 8,855 8,555
(ii) Deferred Tax Liabilities
Deferred Tax on Long Lived Buildings 11,556 12,272 (715) (1,514)
Customer Lists 1,558 2,793 (1,052) (126)
Brand Names 2,636 2,636 - -
Accelerated Depreciation: Buildings, Plant & Equipment 16,966 17,180 402 984
Unrealised FX Gains / Losses 615 - 747 (614)
Gross Deferred Tax Liabilities 33,331 34,881
Set-off of Deferred Tax Liabilities Against Assets 9,452 8,609
NET DEFERRED TAX LIABILITIES PER BALANCE SHEET 23,879 26,272
DEFERRED TAX (INCOME) / EXPENSE (2,693) (2,016)
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8 DIVIDENDS PAID AND PROPOSED

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2017 2016
$000 $000
RECOGNISED AMOUNTS
Declared and Paid During the Year to Parent Shareholders
Final Fully Imputed Dividend for 2016: 23.0 cents (2015: 20.0 cents) 23,160 19,915
Interim Fully Imputed Dividend for 2017: 17.0 cents (2016: 14.0 cents) 17,119 13,940
40,279 33,855
UNRECOGNISED AMOUNTS
Final Fully Imputed Dividend for 2017: 24.0 cents (2016: 23.0 cents) 24,168 22,902
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After the balance date, the above unrecognised dividends were approved by directors’ resolution dated 29 May 2017. These amounts have not been recognised as a liability in 2017 but will be brought to account in 2018.

102

9 EARNINGS PER SHARE

Basic earnings per share is calculated as net profit attributable to members of the Parent, adjusted to exclude any costs of servicing equity (other than dividends), divided by the weighted average number of ordinary shares.

Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:

Costs of servicing equity (other than dividends);
The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and
Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares;

divided by the weighted average number of ordinary shares and dilutive potential ordinary shares.

The following reflects the income used in the basic and diluted earnings per share computations:

Net profit from continuing operations attributable to ordinary equity holders of the Parent.

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2017 2016
$000 $000
FOR BASIC AND DILUTED EARNINGS PER SHARE
Net Profit Attributable to Ordinary Equity Holders of the Parent 101,523 87,604
WEIGHTED AVERAGE NUMBER OF SHARES Thousands Thousands
Weighted Number of Ordinary Shares for Basic Earnings Per Share 100,417 99,574
Effect of Dilution; Weighted Number of Partly Paid Shares 130 372
Weighted Number of Ordinary Shares Adjusted for the Effect of Dilution 100,547 99,946
Cents Cents
Earnings Per Share: Total Operations 101.10 87.98
Diluted Earnings Per Share: Total Operations 100.97 87.65
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Partly Paid Redeemable Shares granted to team members as described in note 21 are considered to be potential ordinary shares and have been included in the determination of diluted earnings per share. They have not been included in the determination of basic earnings per share.

10 CURRENT ASSETS – CASH AND CASH EQUIVALENTS

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value.

Reconciliation to Cash Flow Statement

For the purposes of the Cash Flow Statement, cash and cash equivalents comprise the following at 31 March:

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2017 2016
$000 $000
Cash at Bank and in Hand 75,312 93,829
Bank Overdrafts (947) (1,093)
AS PER CASH FLOW STATEMENT 74,365 92,736
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103

11 CURRENT ASSETS – TRADE DEBTORS

Trade debtors are non-interest bearing and are generally on 7-30 day terms. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for impairment.

Collectability of trade debtors is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified. An impairment provision is recognised when there is objective evidence that the Group will not be able to collect the debt. Financial difficulties of the debtor, default payments or debts more than 6 months’ overdue are considered objective evidence of impairment. Trade debtors are written off as bad debts when all avenues of collection have been exhausted. Due to the short term nature of these debtors, their carrying value is assumed to approximate fair value.

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2017 2016
$000 $000
Trade Debtors 319,459 298,588
Allowance for Impairment Loss (4,571) (5,394)
314,888 293,194
Movements in the allowance for impairment were as follows:
Balance at 1 April 5,394 5,011
Charge for the Year 1,755 2,446
Acquired Businesses - -
Amounts Written Off (2,578) (2,063)
BALANCE AT 31 MARCH 4,571 5,394
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At 31 March, the ageing analysis of trade receivables is as follows:
$000 Total 0-30 Days 31-60 Days 61-90 Days PDNI*	61-90 Days CI# +91 Days PDNI*	+91 Days CI#
2017 319,459 227,394 61,425 16,150	499 9,919	4,072
2016 298,588 216,419 57,499 11,621	432 7,655	4,962

Past due not impaired (PDNI)

Considered Impaired (CI)

Credit risk management policy is disclosed in note 3.

The maximum exposure to credit risk is the fair value of receivables. Collateral is not held as security, nor is it the Group’s policy to transfer receivables.

12 CURRENT ASSETS – OTHER RECEIVABLES

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2017 2016
$000 $000
Sundry Prepayments and Other Receivables 48,008 44,498
CARRYING AMOUNT OF OTHER RECEIVABLES 48,008 44,498
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104

13 INVESTMENT IN SUBSIDIARY COMPANIES

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Principal Subsidiary Companies all with Country of 2017 2016
31 March Balance Dates Include: Principal Activity Incorporation Shareholding Shareholding
Daily Freight (1994) Ltd Domestic Freight Forwarding New Zealand 100.0% 100.0%
Owens Transport Ltd Domestic Freight Forwarding New Zealand 100.0% 100.0%
Mainfreight Air & Ocean Ltd Air & Ocean Freight Forwarding New Zealand 100.0% 100.0%
Owens Group Ltd Group Services New Zealand 100.0% 100.0%
Mainfreight Distribution Pty Ltd Domestic Freight Forwarding Australia 100.0% 100.0%
Owens Transport Pty Ltd Domestic Freight Forwarding Australia 100.0% 100.0%
Mainfreight International Pty Ltd Air & Ocean Freight Forwarding Australia 100.0% 100.0%
Mainfreight Holdings Pty Ltd Holding Company Australia 100.0% 100.0%
Mainfreight Finance Australia Holding Partnership Australia 100.0% 100.0%
Carotrans International Inc. Air & Ocean Freight Forwarding United States 100.0% 100.0%
Domestic & Air & Ocean Freight
Mainfreight, Inc. Forwarding United States 100.0% 100.0%
Mainfreight International, Inc. Air & Ocean Freight Forwarding United States 100.0% 100.0%
Mainfreight USA Partnership Holding Partnership United States 100.0% 100.0%
Carotrans (Chile) Limitada Air & Ocean Freight Forwarding Chile 100.0% 100.0%
Mainfreight, Inc. Air & Ocean Freight Forwarding Canada 100.0% 100.0%
Mainline Mexico Air & Ocean Freight Forwarding Mexico 100.0% 100.0%
Mainfreight Hong Kong Ltd Air & Ocean Freight Forwarding Hong Kong 100.0% 100.0%
Mainfreight Express Ltd Air & Ocean Freight Forwarding Hong Kong 100.0% 100.0%
Mainfreight Int.Logistics (Shanghai) Co Ltd Air & Ocean Freight Forwarding China 100.0% 100.0%
Mainline Global Logistics Pte Ltd Air & Ocean Freight Forwarding Singapore 100.0% 100.0%
Mainfreight Global Taiwan Ltd Air & Ocean Freight Forwarding Taiwan 100.0% 100.0%
Mainfreight International Logistics Ltd Air & Ocean Freight Forwarding Thailand 100.0% 100.0%
Mainfreight Vietnam Company Ltd Air & Ocean Freight Forwarding Vietnam 100.0% n/a
Mainfreight Netherlands Coop UA Holding Entity Netherlands 100.0% 100.0%
Mainfreight Netherlands International BV Holding Entity Netherlands 100.0% 100.0%
Wim Bosman Holdings B.V. Holding Entity Netherlands 100.0% 100.0%
Debo Montferland BV Holding Entity Netherlands 100.0% 100.0%
Wim Bosman Inklaringen B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman Expeditie B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman Transport B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman Overslag B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Mainfreight B.V. Air & Ocean Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman C.E.E. B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman Logistic Services B.V. SHB Domestic Freight Forwarding Netherlands 100.0% 100.0%
Wim Bosman Logistic Services Geleen B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
SystemPlus LogisticsServices B.V. Domestic Freight Forwarding Netherlands 100.0% 100.0%
Adika NV Group Services Belgium 100.0% 100.0%
SystemPlus LogisticsServices N.V. Domestic Freight Forwarding Belgium 100.0% 100.0%
Wim Bosman Expeditie N.V. Domestic Freight Forwarding Belgium 100.0% 100.0%
EFS BVBA Domestic Freight Forwarding Belgium 100.0% 100.0%
Wim Bosman Logistics N.V. Domestic Freight Forwarding Belgium 100.0% 100.0%
Mainfreight N.V. Air & Ocean Freight Forwarding Belgium 100.0% 100.0%
Mainfreight France SA Domestic Freight Forwarding France 100.0% 100.0%
Mainfreight SAS Air & Ocean Freight Forwarding France 100.0% 100.0%
Mainfreight Poland Sp ZOO Domestic Freight Forwarding Poland 100.0% 100.0%
Mainfreight Sp ZOO Air & Ocean Freight Forwarding Poland 100.0% 100.0%
Wim Bosman S.R.L. Domestic Freight Forwarding Romania 100.0% 100.0%
Mainfreight Russ LLC Domestic Freight Forwarding Russia 100.0% 100.0%
Mainfreight GmbH Air & Ocean Freight Forwarding Germany 100.0% 100.0%
Mainfreight Ukraine LLC Domestic Freight Forwarding Ukraine 100.0% 100.0%
Mainfreight UK Ltd Air & Ocean Freight Forwarding United Kingdom 100.0% n/a
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105

14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, except land, is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. All other repairs and maintenance are recognised in profit or loss as incurred.

Land is measured at fair value, based on valuations by external independent valuers who apply the International Valuation Standards Committee International Valuation Standards, less any impairment losses recognised after the date of the revaluation. Land is revalued at least every three years with the last valuation done as at 31 March 2016.

Depreciation is calculated on a straight-line basis at rates calculated to allocate the assets’ cost, less estimated residual value, over their estimated useful lives as follows:

	Per annum
Land	not depreciated
Buildings	2% to 3%
Leasehold Improvements	10% or life of lease if shorter
Furniture & Fittings	10% to 20%
Motor Cars	26% to 31%
Plant and Equipment	10% to 25%
Computer Hardware	28% to 36%

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end.

Revaluations of Land

Revaluations increment is credited to other comprehensive income and accumulated in the asset revaluation reserve except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is recognised in profit or loss.

Any revaluation decrement is recognised in profit or loss, except to the extent that it offsets a previous revaluation increase for the same asset, in which case the decrease is debited directly to other comprehensive income to the extent of the credit balance existing in the revaluation reserve for that asset.

Disposal

An item of property, plant and equipment is de-recognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is de-recognised.

(a) Reconciliation of Carrying Amounts at the Beginning and End of the Year

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Leased
Leasehold Plant, Vehicles Plant, Vehicles Work in
Land Buildings Improvements & Equipment & Equipment Progress Total
Year Ended 31 March 2017 $000 $000 $000 $000 $000 $000 $000
At 1 April 2016,
Net of Accumulated
Depreciation 154,819 269,929 13,216 73,943 6,172 50,934 569,013
Additions 4,595 4,443 2,579 20,396 178 15,505 47,696
Disposals (1,394) (1,266) (61) (3,065) (24) (12) (5,822)
Transfer Between Asset
Classifications - 46,145 24 5,743 - (51,912) -
Revaluations (335) - - - - - (335)
Depreciation Charge
for the Year (6) (11,216) (2,247) (15,887) (1,816) - (31,172)
Foreign Exchange
Impact (2,748) (3,688) (115) (1,061) (370) (692) (8,674)
AT 31 MARCH 2017,
NET OF ACCUMULATED
DEPRECIATION 154,931 304,347 13,396 80,069 4,140 13,823 570,706
Cost or Fair Value 155,025 402,025 32,707 201,001 20,357 13,823 824,938
Accumulated
Depreciation (94) (97,678) (19,311) (120,932) (16,217) - (254,232)
NET CARRYING
AMOUNT 154,931 304,347 13,396 80,069 4,140 13,823 570,706
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106

14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

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Leased
Leasehold Plant, Vehicles Plant, Vehicles Work in
Land Buildings Improvements & Equipment & Equipment Progress Total
Year Ended 31 March 2016 $000 $000 $000 $000 $000 $000 $000
At 1 April 2015,
Net of Accumulated
Depreciation 140,251 197,114 12,504 50,938 6,467 89,970 497,244
Additions - 2,369 2,494 24,323 1,143 59,804 90,133
Disposals (18) (1,907) (57) (3,683) (47) - (5,712)
Transfer Between Asset
Classifications 6,803 73,357 1 14,650 74 (99,545) (4,660)
Revaluations 417 - - - - - 417
Depreciation Charge
for the Year (6) (9,857) (2,239) (14,709) (2,268) - (29,079)
Foreign Exchange
Impact 7,372 8,853 513 2,424 803 705 20,670
AT 31 MARCH 2016,
NET OF
ACCUMULATED
DEPRECIATION 154,819 269,929 13,216 73,943 6,172 50,934 569,013
Cost or Fair Value 154,911 362,860 30,606 187,205 24,156 50,934 810,672
Accumulated
Depreciation (92) (92,931) (17,390) (113,262) (17,984) - (241,659)
NET CARRYING
AMOUNT 154,819 269,929 13,216 73,943 6,172 50,934 569,013
*----- End of picture text -----

*** The transfer between asset classification of $4,660,000 comprises transfers out of fixed assets to properties held for sale of $1,787,000 and transfer out to software intangibles of $2,873,000.

At 31 March 2016 independent registered valuers performed a valuation of the Group’s New Zealand and overseas land, buildings and leasehold improvements. In 2017 a small number of valuations were completed across the Group which did not indicate material movements in land valuations. As a result land valuations for 2016 have been retained for 2017. A summary of the 2016 valuations are:

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Weighted Average
Registered Valuer Country Capitalisation Rate Valuation 2016
Extensor Advisory Ltd New Zealand 7.44% NZ$299,230,000
Charter Keck Cramer Australia 7.00% AU$6,050,000
Jones Lang LaSalle Australia 6.46% AU$64,000,000
Cliff Allard Australia 7.06% AU$42,800,000
Centaline Surveyors Ltd Hong Kong n/a HK$37,800,000
DTZ Zadelhoff V.O.F. Netherlands 7.80% EU¤28,055,478
DTZ Zadelhoff BE Belgium 9.11% EU¤29,903,883
Galtier Expertise France 7.30% EU¤5,094,000
Nica Violeta Cornelia Romania 10.20% EU¤6,112,160
GROUP TOTAL NZ$544,750,000
----- End of picture text -----

The element of this valuation related to land has been recorded in the financial statements resulting in the revaluation of land by $50,616,000 (2016 $52,303,000) above cost. The element of this valuation related to buildings has not been recorded in the financial statements. If it had been recorded a revaluation in buildings of $68,275,000 (2016 $67,022,000) would have occurred. In addition a deferred tax liability of $9,632,000 (2016 $10,898,000) would have needed to be recorded resulting in an increase in the Revaluation Reserve of $58,643,000 (2016 $56,124,000). In determining these 2017 numbers it has been assumed the 2016 valuations apply at 31 March 2017.

In determining the fair value of land, the valuers have considered relevant general and economic factors and in particular have investigated recent sales and leasing transactions of comparable properties that have occurred in the relevant locations within which the assets sit. The valuers have used two principal approaches which are a capitalisation analysis and a direct comparison approach. The valuations of land have been determined using some inputs that are not observable in the market, namely capitalisation rate and the cashflows, and as a result these are considered level 3 valuations.

Included in the Group book values above but not in the valuations are Leasehold Improvements of $10,670,000 (2016 10,376,000). No properties held for sale are included in these valuations (2016 $1,787,000).

Leased plant, vehicles and equipment is pledged as security for the related finance lease liabilities.

107

14 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

(b) Carrying Amounts if Land Was Measured at Cost Less Accumulated Impairment

If Land, including properties for sale, was measured using the cost model the carrying amounts would be as follows:

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----- Start of picture text -----

2017 2016
$000 $000
Cost 104,315 102,616
Accumulated Impairment - -
NET CARRYING AMOUNT 104,315 102,616
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15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL

(i) Goodwill

Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of the business combination over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities.

Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.

For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the business acquired are assigned to those units or groups of units. Each unit or group of units to which the goodwill is so allocated:

Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
Is not larger than a segment based on the Group’s operating segments determined in accordance with NZ IFRS 8 Segment Reporting.

Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units), to which the goodwill relates. When the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. When goodwill forms part of a cash-generating unit (group of cash-generating units) and an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this manner is measured based on the relative values of the operation disposed of and the portion of cash-generating unit retained.

Impairment losses recognised for goodwill are not subsequently reversed.

(ii) Intangibles

Intangible assets acquired separately or in a business combination are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is recognised in profit or loss in the year in which the expenditure is incurred.

The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for prospectively by changing the amortisation period or method, as appropriate, which is a change in accounting estimate. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset.

Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit (group of cash-generating units) level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed each reporting period to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for as a change in an accounting estimate and is thus accounted for on a prospective basis.

108

15 NON-CURRENT ASSETS - INTANGIBLE ASSETS AND GOODWILL (CONTINUED)

Customer Lists and Relationships

Amortisation method used:

Amortised over the period of expected future benefit from the acquired customer list on a straight line basis generally from four to ten years.

Internally generated or acquired:

Acquired.

Impairment testing:

Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed. The amortisation method is reviewed at each financial year-end.

Agency Agreements

Amortisation method used:

Amortised over the period of expected future benefit from the acquired agencies on a straight line basis generally from ten to twenty years.

Internally generated or acquired:

Acquired.

Impairment testing:

Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed. The amortisation method is reviewed at each financial year-end.

Brand Names

Amortisation method used:

The Brand Names are considered to have indefinite useful lives as the Group has rights to these names in perpetuity.

Internally generated or acquired:

Acquired.

Impairment testing:

Tested annually for impairment.

(iii) Software

The Group uses both internal and external resources to develop software. An intangible asset arising from expenditure on an internal project is recognised only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. Following the initial recognition of the expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Any expenditure so capitalised is amortised over the period of expected benefit from the related project.

The carrying value of an intangible asset arising from development expenditure is tested for impairment annually when the asset is not yet available for use, or more frequently when an indication of impairment arises during the reporting period.

A summary of the policies applied to the Groups software assets is as follows:

Software

Amortisation method used:

Amortised over the period of expected future benefit from the related project on a straight line basis generally from three to ten years.

Internally generated or acquired:

Both.

Impairment testing:

Reviewed annually for impairment indicators and when an impairment indicator has been identified an impairment test is completed. The amortisation method is reviewed at each financial year-end.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is de-recognised.

109

15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)

(a) Reconciliation of Carrying Amounts at the Beginning and End of the Year

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Customer
Agency Lists / *** Brand
Agreements Rel’ships Software Goodwill Names Total
Year Ended 31 March 2017 $000 $000 $000 $000 $000 $000
At 1 April 2016, Net of Accumulated
Amortisation 3,733 10,169 33,968 207,644 11,310 266,824
Adjustment for Movement in
Exchange Rate (88) (663) (464) (6,923) (764) (8,902)
Additions - - 19,603 - - 19,603
Amortisation (426) (1,911) (9,983) - - (12,320)
Disposals - - (38) - - (38)
Transfer Between Asset Classifications - - - - - -
AT 31 MARCH 2017, NET OF
ACCUMULATED AMORTISATION 3,219 7,595 43,086 200,721 10,546 265,167
Cost (Gross Carrying Amount) 6,824 25,630 98,064 219,925 10,546 360,989
Accumulated Amortisation and
Impairment (3,605) (18,035) (54,978) (19,204) - (95,822)
NET CARRYING AMOUNT 3,219 7,595 43,086 200,721 10,546 265,167
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Customer
Agency Lists / *** Brand
Agreements Rel’ships Software Goodwill Names Total
Year Ended 31 March 2016 $000 $000 $000 $000 $000 $000
At 1 April 2015, Net of Accumulated
Amortisation 3,830 10,753 22,735 190,999 9,974 238,291
Adjustment for Movement in
Exchange Rate 362 1,426 482 16,645 1,336 20,251
Additions - - 16,174 - - 16,174
Amortisation (459) (2,010) (7,772) - - (10,241)
Disposals - - (524) - - (524)
Transfer Between Asset Classifications - - 2,873 - - 2,873
AT 31 MARCH 2016, NET OF
ACCUMULATED AMORTISATION 3,733 10,169 33,968 207,644 11,310 266,824
Cost (Gross Carrying Amount) 6,992 27,074 80,400 226,923 11,310 352,699
Accumulated Amortisation
and Impairment (3,259) (16,905) (46,432) (19,279) - (85,875)
NET CARRYING AMOUNT 3,733 10,169 33,968 207,644 11,310 266,824
----- End of picture text -----

*** Software included work in progress with a book value at 31 March 2017 of $19,015,000 (2016 $14,509,000). $3,955,000 of the total software net carrying amount was internally generated, primarily team member costs for the development of new software systems (2016 $1,720,000).

110

15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)

(b) Impairment Tests for Goodwill and Brand Names

(i) Description of the cash generating units and other relevant information

Goodwill acquired through business combinations have been allocated to 7 groups of cash generating units (CGU’s) for impairment testing as follows:

New Zealand Domestic

The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial forecasts approved by senior management covering a four year period. The pre-tax discount rate applied to cash flow projections is 11.8% (2016 11.8%). The long term growth rate used was 2.26% (2016 2.00%).

New Zealand Air & Ocean

Australian Domestic

Australian Air & Ocean

Americas

The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial forecasts approved by senior management covering a four year period. The pre-tax discount rate applied to cash flow projections is 10.6% (2016 10.6%). The long term growth rate used was 2.06% (2016 2.20%).

Asia

The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial forecasts approved by senior management covering a four year period. The pre-tax discount rate applied to cash flow projections is 13.2% (2016 13.2%). The long term growth rate used was 3.30% (2016 3.00%).

Europe

The recoverable amount has been determined based on a value in use calculation using cash flow projections based on financial forecasts approved by senior management covering a four year period. The pre-tax discount rate applied to cash flow projections is 12.5% (2016 12.5%). The long term growth rate used was 1.73% (2016 1.38%).

(ii) Carrying amount of goodwill and brand names allocated to each group of cash generating units

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2017 2016
$000 $000
New Zealand Domestic 12,215 12,215
New Zealand Air & Ocean 8,549 8,549
Australian Domestic 5,517 5,579
Australian Air & Ocean 16,887 17,104
Americas 65,764 66,489
Asia 10,092 10,092
Europe 92,243 98,926
211,267 218,954
----- End of picture text -----

(iii) Key assumptions used in value in use calculations for cash generating units (CGU’s)

The calculation of value in use for all CGU’s is most sensitive to the following assumptions; EBITDA, discount rates and growth rates used.

EBITDA is based on the average achieved in the last twelve months allowing for expected efficiency, sales and utilisation gains. Discount rates reflect management’s estimate of the time value of money and the risks specific to each unit.

For the purposes of impairment testing a terminal growth rate has been used for all segments based on the long-term industry and country averages.

111

15 NON-CURRENT ASSETS – INTANGIBLE ASSETS AND GOODWILL (CONTINUED)

(iv) Sensitivity to changes in assumptions

With regard to the assessment of the value in use for all CGU’s, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying values of the units to materially exceed its recoverable amount with the exception of Europe.

The European goodwill impairment test is particularly sensitive to assumptions around future earnings/cashflow levels. If each year’s forecasted EBITDA was reduced by 31.2% Europe’s recoverable amount would equal its carrying amount.

16 EMPLOYEE ENTITLEMENTS

(i) Wages, Salaries, Annual Leave and Sick Leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.

(ii) Long Service Leave

The liability for long service leave is recognised and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.

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2017 2016
$000 $000
CURRENT
Long Service Leave 7,189 6,662
Annual Leave 21,625 20,303
Bonus Accrual 19,093 16,984
47,907 43,949
NON-CURRENT
Long Service Leave 834 676
Defined Benefit Pension Scheme 635 -
Other 2,331 -
3,800 676
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112

17 PROVISIONS

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised in finance costs.

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----- Start of picture text -----

Onerous Onerous
Leases Leases
2017 2016
$000 $000
Opening Balance - 40
Adjustment for Movement in Exchange Rate - -
Utilised During Year - (40)
CLOSING BALANCE - -
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18 TRADE CREDITORS AND ACCRUALS

Trade payables and other payables are carried at amortised cost. They represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services.

The amounts are unsecured and are usually paid within 30 days of recognition. Due to their short term nature they are not discounted.

	2017 $000	2016 $000
CURRENT LIABILITIES
Trade Creditors & Accruals	261,206	262,640

19 INTEREST-BEARING LOANS AND BORROWINGS

All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Fees paid on the establishment of loan facilities that are yield related are included as part of the carrying amount of the loans and borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Borrowing Costs

Borrowing costs are recognised as an expense when incurred unless funding costs have been incurred which are directly attributable to the acquisition, construction, or production of a qualifying asset in which case funding costs are included within the cost of the asset. Capitalisation of borrowing costs cease when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Borrowing costs of $410,314 were capitalised in 2017 (2016 $665,714). The capitalisation rate was 3.1% (2016 3.3%).

The Bank Term Loan falls due for repayment in the following period:

	2017 $000	2016 $000
Non-current	283,029	352,299

113

19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)

A long-term revolving facility of NZ$95,000,000 plus US$10,000,000 plus EU¤45,000,000 with the Westpac Banking Corporation (Westpac) was established on 6 June 2014 expiring on 4 April 2020.

A long-term revolving facility of NZ$50,000,000 plus US$10,000,000 plus EU¤35,000,000 with the Commonwealth Bank of Australia (CBA) was established on 6 June 2014 expiring on 4 April 2020.

A long-term revolving facility of NZ$40,000,000 plus US$15,000,000 plus EU¤10,000,000 with the Hongkong and Shanghai Banking Corporation (HSBC) was established on 5 June 2014 expiring on 4 April 2020.

A long-term revolving facility of NZ$55,000,000 plus US$5,000,000 plus EU¤10,000,000 with the Bank of Tokyo-Mitsubishi UFJ (BTMU) was established on 5 June 2014 expiring on 4 April 2020.

All facilities operate under a negative pledge and cross company guarantees.

The facilities allow the borrowing Group to offset deposits against borrowings when calculating indebtedness for covenant compliance.

These loan facilities are at a floating interest rate. Banking covenants remain unchanged. Debt approximates fair value due to floating nature of current drawdowns.

Interest was payable during the year at the average rate of 2.11% per annum (2016 2.34%).

20 LEASES

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.

Group as a Lessee

Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised as an expense in profit or loss.

Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term.

Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term. Operating lease incentives are recognised as a liability when received and subsequently reduced by allocating lease payments between rental expense and reduction of the liability.

At balance date the Group had the following lease commitments:

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2017 2016
$000 $000
FINANCE LEASE LIABILITIES
Payable:
– Not Later than One Year 1,909 2,539
– Later than One Year but not Later than Two Years 1,420 1,736
– Later than Two Years but not Later than Five Years 1,144 1,706
– After Five Years - 1
Minimum Lease Payments 4,473 5,982
Less Future Finance Charges (199) (340)
4,274 5,642
CLASSIFIED IN THE STATEMENT OF FINANCIAL POSITION AS:
Current 1,801 2,369
Non-current 2,473 3,273
4,274 5,642
OPERATING LEASE COMMITMENTS (NON-CANCELLABLE)
– Not Later than One Year 81,307 76,247
– Later than One Year but not Later than Two Years 67,230 63,852
– Later than Two Years but not Later than Five Years 98,590 97,031
– After Five Years 183,851 194,722
430,978 431,852
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114

21 CONTRIBUTED EQUITY

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	2017 $000 2016 $000
Authorised, Issued and Fully Paid Up Capital 100,698,548 ordinary shares (2016 99,573,548)	85,821 73,912
Nil ordinary shares partly paid to 1c (2016 1,200,000)

Neither ordinary shares or partly paid ordinary shares have a par value.

All ordinary shares have equal voting rights and share equally in dividends and any surplus on winding up to the extent that they are paid up.

Movements in Ordinary Shares on Issue

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2017 2016 2017 2016
Shares Shares $000 $000
Opening Balance 99,573,548 99,573,548 73,912 73,556
Employee Share Based Payments Scheme (i) - - 55 356
Exercise of Partly Paid Share Scheme (ii) 1,125,000 - 11,854 -
CLOSING BALANCE 100,698,548 99,573,548 85,821 73,912
(i) Refer note 25.
At 31 March 2017 there were no partly paid shares outstanding.
At 31 March 2016 the following partly paid shares were outstanding:
Quantity Exercise Price Exercise Dates
1,200,000 1056 cents 30/05/16 to 29/07/16
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On 16 May 2013 the Company issued 1,200,000 redeemable ordinary shares (representing 1.21% of the issued capital) to the Mainfreight Share Scheme Trustee Ltd, the Trustee of the Mainfreight Limited Partly Paid Share Scheme (the Scheme). The Scheme was established to enable key team members of the Company to acquire ordinary shares in the Company. Within the Trust all shares are allocated to team members. The Trustee is appointed by the Board of Mainfreight Ltd and is able to exercise any voting rights attached to these shares.

The issue price was $10.56 per share, which was the market price at the time. The shares are partly paid to 1c and were due for payment from 30 May 2016 to 29 July 2016. The shares participated in dividends and voting rights in proportion with the paid up amount.

(ii) Between 30 May and 29 July 2016 a total of 1,125,000 redeemable ordinary shares were fully paid by the participants at an average price of $10.56 per share.

Capital Management

When managing capital, the Board of Directors’ (the “Board”) objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. The Board also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. The capital structure of the Group consists of Shareholders’ Equity and debt.

The Board is periodically reviewing and adjusting the capital structure to take advantage of favourable costs of capital. As the market is constantly changing, the Board may change the amount of dividends to be paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Board has no current plans to issue further shares on the market.

The Board monitors capital through the Group gearing ratio (net debt / net debt and equity).

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2017 2016
$000 $000
Total Borrowings 288,250 359,034
Less Cash and Cash Equivalents (75,312) (93,829)
Net Debt 212,938 265,205
Total Equity 645,602 583,709
NET DEBT AND EQUITY 858,540 848,914
Gearing Ratio 24.8% 31.2%
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115

22 RECONCILIATION OF CASH FLOWS WITH REPORTED NET SURPLUS

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2017 2016
$000 $000
Net Surplus After Taxation 101,523 87,604
Non-cash Items:
Depreciation and Amortisation 43,492 39,320
Share Based Payments 55 356
Earnout Reversal of Accrual (250) -
(Increase) / Decrease in Deferred Tax Asset (300) (1,238)
Increase / (Decrease) in Deferred Tax Liability (2,393) (778)
142,127 125,264
Add / (Less) Movements in Other Working Capital
Items, Net of Effect of Acquisitions:
(Increase) / Decrease in Accounts Receivable (21,694) (32,126)
(Increase) / Decrease in Other Receivables (3,317) 3,705
Increase / (Decrease) in Accounts Payable 7,372 36,696
Increase / (Decrease) in Interest Payable (322) 113
(Increase) / Decrease in Interest Receivable 9 (11)
Increase / (Decrease) in Taxation Payable 8,236 (7,648)
Increase / (Decrease) in Net GST 644 1,575
Adjustment for Movement in Exchange Rate (937) 3,227
Less Items Classified as Investing Activity:
Net (Surplus) / Deficit on Sale of Fixed Assets (892) (529)
NET CASH INFLOW FROM OPERATING ACTIVITIES 131,226 130,266
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23 RELATED PARTIES

In addition to transactions disclosed elsewhere in these financial statements, the Group transacted with the following related parties during the period:

during the period:
Name of Related Party Nature of Relationship Type of Transactions	2017 Value of Transactions $000 2016 Value of Transactions $000
C. Howard-Smith Director & Shareholder Legal Fees	485 467

24 KEY MANAGEMENT PERSONNEL

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2017 2016
$000 $000
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Short-term Employee Benefits 7,830 8,161
Share Based Payments 30 134
Termination Benefits - -
7,860 8,295
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There were no partly paid shares held by key management personnel at balance date.

116

25 SHARE-BASED PAYMENT TRANSACTIONS

Equity Settled Transactions

The Group provides benefits to some of its team members in the form of share-based payments, whereby team members render services in exchange for shares or rights over shares (equity-settled transactions). There is currently one type of plan in place to provide these benefits, being the Mainfreight Limited Partly Paid Share Scheme, which provides benefits to senior executives.

The cost of these equity-settled transactions with team members is measured by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by an external valuer using the Black Scholes and binomial models.

In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of Mainfreight Limited.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period), ending on the date on which the relevant employees become fully entitled to the award (the vesting date).

At each subsequent reporting date until vesting, the cumulative charge to the income statement is the product of; (i) the grant date fair value of the award; (ii) the current best estimate of the number of awards that will vest, taking into account such factors as the likelihood of employee turnover during the vesting period and the likelihood of non-market performance conditions being met; and (iii) the expired portion of the vesting period.

The charge to the income statement for the period is the cumulative amount as calculated above less the amounts already charged in previous periods. There is a corresponding credit to equity.

Equity-settled awards granted by Mainfreight Limited to team members are recognised by the Group as the total expense associated with all such awards.

Until an award has vested, any amounts recorded are contingent and will be adjusted if more or fewer awards vest than were originally anticipated to do so.

Any award subject to a market condition is considered to vest irrespective of whether or not that market condition is fulfilled, provided that all other conditions are satisfied. If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification.

If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect, if any, of outstanding partly-paid shares is reflected as additional share dilution in the computation of diluted earnings per share (see note 9).

(a) Recognised Share-based Payment Expenses

The expense recognised for employee services received during the year from partly paid share scheme is shown in the table below:

	2017 $000 2016 $000
Partly Paid Shares issued May 2013 maturing July 2016	55 356

(b) Summary of Partly Paid Shares Issued

The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, partly paid shares issued during the year:

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2017 2017 2016 2016
No. WAEP No. WAEP
Outstanding at the Beginning of the Year. 1,200,000 10.56 1,200,000 10.56
Issued During the Year - - - -
Lapsed During the Year (75,000) 10.56 - -
Exercised During the Year (1,125,000) 10.56 - -
OUTSTANDING AT THE END OF THE YEAR - - 1,200,000 $10.56
There were no partly paid shares exercisable at the End of the Year - - - -
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117

26 BUSINESS COMBINATIONS

The acquisition method of accounting is used to account for all business combinations regardless of whether equity instruments or other assets are acquired.

Cost is measured as the fair value of the assets given, shares issued or liabilities incurred or assumed at the date of exchange. Where equity instruments are issued in a business combination, the fair value of the instruments is their published market price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published price at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods provide a more reliable measure of fair value. Transaction costs arising on the issue of equity instruments are recognised directly in equity.

Except for non-current assets or disposal groups classified as held for sale (which are measured at fair value less costs to sell), all identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of the business combination over the net fair value of the Group’s share of the identifiable net assets acquired is recognised as goodwill. If the cost of acquisition is less than the Group’s share of the net fair value of the identifiable net assets of the subsidiary, the difference is recognised as a gain in the income statement, but only after a reassessment of the identification and measurement of the net assets acquired.

Where settlement of any part of the consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

There were no new material acquisitions during the financial year ended 31 March 2017 (2016 nil).

27 ABNORMAL ITEMS

During the year the Group had $2,698,000 of abnormal expenses (2016 $2,352,000). The related after tax expense was $1,891,000 (2016 $1,636,000).

In the year the Group had a $250,000 abnormal gain (2016 nil). The related after tax gain was $250,000 (2016 $1,064,000). These items comprised of:

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2017 2016
Pre-Tax Tax After Tax Pre-Tax Tax After Tax
$000 $000 $000 $000 $000 $000
Redundancies (2,698) 807 (1,891) (1,695) 519 (1,176)
Earnout Accrual Written Back 250 - 250 - - -
Customs Agency Receivership - - - (657) 197 (460)
Deferred Tax Writeback on Buildings
Sold - - - - 1,064 1,064
(2,448) 807 (1,641) (2,352) 1,780 (572)
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118

28 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

The Group had the following capital commitments at 31 March 2017 totalling $3,344,528 (2016 $15,854,260).

– Hamilton Freight Facility	151,010
– Rotorua Freight Facility Extension	13,280
– Christchurch Airfreight Facility	190,184
– Christchurch Airfreight Equipment	83,476
– Christchurch Freight Facility	556,355
– Europe Building Improvements	994,213
– Europe Equipment	1,356,010

There are additional bank performance guarantees and bonds totalling $21,831,000 (2016 $19,424,000) undertaken by the Group.

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2017 2016
$000 $000
GUARANTEES COMPRISE:
Rental Guarantee 640 648
Custom Guarantees 11,261 11,480
11,901 12,128
PERFORMANCE BONDS COMPRISE:
NZX (New Zealand Stock Exchange) 75 75
Australian Banking Guarantee - 333
Netherlands IATA Bond 560 618
Netherlands Banking Guarantee 6,947 3,958
Netherlands Other Guarantees 632 367
Belgian Banking Guarantee 917 983
Belgian Government Licencing Guarantees 799 962
Belgian Other Guarantees - -
9,930 7,296
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The Group is party to sub-lease / tenancy agreements where third parties lease excess office / industrial space from the Group. In the event of default by third parties the Group would be exposed to these liabilities.

As a result of the IRD’s programme of routine and regular tax audits, the Group anticipates that IRD audits may occur in the future. The Group is similarly subject to routine tax audits in certain overseas jurisdictions. The ultimate outcome of any future tax audits cannot be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate provision for its taxation liabilities. However, there may be an impact to the Group if any revenue authority investigations result in an adjustment that increases the Group’s taxation liabilities.

The Group can also be subject to legal claims as a result of conducting business. The ultimate outcome of any future legal claims cannot be determined with an acceptable degree of reliability at this time. Nevertheless, the Group believes that it is making adequate provision for its legal liabilities. However there may be an impact to the Group if any legal cases result in an adjustment that increases the Group’s legal liabilities.

29 SUBSEQUENT EVENTS

A dividend of 24.0 cents per share was declared on 29 May 2017 date totalling $24,167,652. Payment date is to be 21 July 2017.

119

Chartered Accountants

Independent Auditor’s Report to the Shareholders of Mainfreight Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Mainfreight Limited (“the company”) and its subsidiaries (together “the group”) on pages 89 to 118, which comprise the consolidated balance sheet of the group as at 31 March 2017, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended of the group, and the notes to the consolidated financial statements including a summary of significant accounting policies.

In our opinion, the consolidated financial statements on pages 89 to 118 present fairly, in all material respects, the consolidated financial position of the group as at 31 March 2017 and its consolidated financial performance and cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting Standards.

This report is made solely to the company’s shareholders, as a body. Our audit has been undertaken so that we might state to the company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the group in accordance with Professional and Ethical Standard 1 (revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Ernst & Young has provided taxation compliance and advice, technology security advice and legal advice to the group and financial statement compilation services to various subsidiaries. We have no other relationship with, or interest in, the group. Partners and employees of our firm may deal with the group on normal terms within the ordinary course of trading activities of the business of the group.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

A member firm of Ernst & Young Global Limited

120

Chartered Accountants

1. Scoping of the audit

Why significant How our audit addressed the key audit matter

Mainfreight is a global business with 74% of the group’s revenue being generated in countries other than New Zealand.

A significant area of focus when conducting the audit was ensuring that sufficient audit evidence was obtained in differing geographic locations and businesses to enable us to reach appropriate conclusions on the consolidated financial statements. This was both with respect to the determination and allocation of materiality as well as the determination of the nature and extent of procedures to be performed in each location.

The EY New Zealand audit team acted as the co-ordinating primary team and determined the required extent and nature of audit procedures required by component teams in all significant locations.

The primary team considered the nature, scale and risks associated with each of the Group’s significant businesses. As a result of this assessment each business was allocated a scope reflecting the scale and nature of audit procedures to be performed. We either performed or instructed component teams to perform the audit work required for group reporting purposes in relation to significant businesses in New Zealand, Australia, USA, Europe and Asia. The remaining businesses were subjected to analytical procedures by the Group audit team.

The Group audit team instructed other audit teams as to the significant risk areas to be covered and the information to be reported back. The Group audit team determined the materiality to be applied by each team having regard to the size and risk profile of the businesses across the Group.

All component teams were required to provide written confirmation to the Group audit team confirming the work performed, the results of that work as well as key documents supporting any significant findings or observations.

Members of the Group audit team visited businesses and audit teams in all significant locations (Australia, USA, Europe and Asia). During these visits, the work performed by each team was discussed as were the findings relevant to the Group audit.

We report to the Audit Committee;

i) The results of audit procedures and testing performed by both the primary and component teams; and
ii) Any misstatements identified that warrant reporting based on quantitative or qualitative grounds.

A member firm of Ernst & Young Global Limited

121

Chartered Accountants

2. Impairment testing of goodwill allocated to the European business

Why significant How our audit addressed the key audit matter

As at 31 March 2017 there was goodwill of $81.7m related to the group’s European business, Wim Bosman. As required by NZ IAS 36 Impairment of Assets (NZ IAS 36) the group performs an annual impairment test for each cash generating unit (CGU), or group of CGUs, that goodwill has been allocated to.

A value in use model was used for this assessment which requires the use of assumptions in estimating and discounting future cash flows.

As disclosed in Note 15 whilst the group’s assessment indicates that the carrying value of goodwill related to the European business does not exceed its recoverable amount, there are reasonably possible changes in key assumptions that could result in an impairment. In particular, the group value in use model assumes that cash flow and profitability will continue to improve from current levels.

In obtaining sufficient audit evidence:

We involved our New Zealand valuation specialists to assess whether the methodology applied in the value in use model for the European business met the requirements of NZ IAS 36.
Our assessment included involvement of our valuation specialists in Europe who are familiar with business valuation factors used in that market, including discount rates and terminal growth rates.
We assessed the reasonableness of the cash flow forecasts taking into account historical cash flows, our knowledge of the business and relevant external information.
We performed sensitivity analyses around key drivers of the impairment model, including the sensitivity of the results to changes in future projected cashflows.

We assessed whether the assumptions which have the most significant effect on the determination of the recoverable amount of goodwill have been disclosed in the consolidated financial statements.

3. Revenue recognition of International Freight

Why significant How our audit addressed the key audit matter

As disclosed in Note 2(f) of the consolidated financial statements, revenues derived from international freight forwarding are recognised for exports on freight departure and for imports on freight arrival.

Revenue derived from international freight forwarding was a key audit matter as, collectively, material revenue transactions can occur close to year end and there is a risk that revenue is recognised in the incorrect period.

In obtaining sufficient audit evidence:

We evaluated the group policies and practices regarding the timing and nature of services provided.
We tested recognition of revenue transactions pre and post period end to establish whether they were recorded in the correct period. This included agreement to shipping documentation or other documentation indicating the timing of shipment.
We completed analytical procedures considering patterns of reported revenues and margins and analysed credit notes issued after year end to assess whether these related to revenue recognised within the 2017 period.

A member firm of Ernst & Young Global Limited

122

Chartered Accountants

Information Other than the Financial Statements and Auditor’s Report

The directors of the company are responsible for the Annual Report, which includes information other than the consolidated financial statements and auditor’s report.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Directors’ Responsibilities for the Financial Statements

The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of the auditor’s responsibilities for the audit of the financial statements is located at External Reporting Board’s website https://xrb.govt.nz/Site/Auditing_Assurance_Standards/Current_Standards/Page1.aspx.

The engagement partner on the audit resulting in this independent auditor’s report is Simon Brotherton.

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Auckland

27 June 2017

A member firm of Ernst & Young Global Limited

123

Statutory Information

DIRECTORS

The following people held office or ceased to hold office as Director during the year and received the following remuneration including benefits during the year:

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Remuneration Remuneration Current Director or Date Appointed
Name 2017 2016 or Resigned
Bruce Plested 1 - $35,910 Current
Don Braid 2 $2,216,120 $1,940,605 Current
Simon Cotter $113,000 $85,000 Current
Carl Howard-Smith 3 $113,000 $85,000 Current
Bryan Mogridge $113,000 $85,000 Current
Richard Prebble $113,000 $85,000 Current
Sue Tindal $28,250 n/a Appointed 1 January 2017
Kate Parsons $28,250 n/a Appointed 1 January 2017
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Elected not to receive director fees in 2016 and 2017 years.
The remuneration consisted:

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2017 2016
Base Salary 1,800,000 1,600,000
Discretionary Performance Bonus *** 401,119 310,605
Vehicle and Other Non-cash 15,000 30,000
$2,216,119 $1,940,605
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*** The discretionary performance bonus relates to the previous financial year based on that year’s revenue and profit growth as well as other quality KPI's. A maximum of 33.3% of base salary is payable. There were no share based payments.

Excludes legal fees (refer to note 23 to the Financial Statements).

EMPLOYEES’ REMUNERATION

The Mainfreight Group paid remuneration including benefits during the year in excess of $100,000 in the following bands (excluding directors):

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New Zealand Overseas New Zealand Overseas
Based Based Based Based
Number of Number of Number of Number of
Remuneration Employees Employees Remuneration Employees Employees
$100,000 - $110,000 35 103 $330,000 - $340,000 1 4
$110,000 - $120,000 17 73 $340,000 - $350,000 2
$120,000 - $130,000 17 63 $350,000 - $360,000 1
$130,000 - $140,000 12 49 $360,000 - $370,000 1
$140,000 - $150,000 5 35 $370,000 - $380,000 2
$150,000 - $160,000 9 22 $380,000 - $390,000 1 1
$160,000 - $170,000 6 16 $400,000 - $410,000 1
$170,000 - $180,000 3 10 $420,000 - $430,000 1
$180,000 - $190,000 3 9 $440,000 - $450,000 1
$190,000 - $200,000 3 11 $460,000 - $470,000 1
$200,000 - $210,000 2 11 $470,000 - $480,000 2
$210,000 - $220,000 4 10 $490,000 - $500,000 1
$220,000 - $230,000 6 $500,000 - $510,000 2
$230,000 - $240,000 3 11 $510,000 - $520,000 1 1
$240,000 - $250,000 7 $530,000 - $540,000 1 1
$250,000 - $260,000 1 5 $540,000 - $550,000 1
$260,000 - $270,000 2 5 $560,000 - $570,000 1
$270,000 - $280,000 2 $610,000 - $620,000 1
$280,000 - $290,000 1 3 $890,000 - $900,000 1
$290,000 - $300,000 4 TOTAL NUMBER OF
EMPLOYEES 133 487
$300,000 - $310,000 3 5
$310,000 - $320,000 1 1 LAST YEAR COMPARISONS 127 520
$320,000 - $330,000 2
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Overseas based remuneration is converted to New Zealand dollars.

124

DONATIONS AND AUDITORS’ FEES

Donations and auditors’ fees are set out in note 6 of the Financial Statements.

DIRECTORS’ SHAREHOLDINGS AT BALANCE DATE

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2017 2016
BG Plested
- shares held with beneficial interest 16,020,562 16,205,562
- held by associated persons 1,306,450 1,312,750
DR Braid
- shares held with beneficial interest 2,807,890 2,807,890
- held by associated persons 13,830 13,530
SR Cotter
- shares held with beneficial interest 75,000 65,000
- held by associated persons 7,570 7,570
CG Howard-Smith
- held as trustee of staff share purchase scheme 35,350 35,350
- shares held with beneficial interest 100,000 150,000
BW Mogridge
- shares held with beneficial interest 200,000 200,000
RW Prebble
- shares held with beneficial interest 88,274 88,274
SM Tindal
- shares held with beneficial interest - n/a
CL Parsons
- shares held with beneficial interest - n/a
TOTAL DIRECTORS 20,654,926 20,885,926
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Directors’ shareholdings at balance date were 20.51% of total shares issued.

SUBSTANTIAL PRODUCT HOLDERS

The following information is given pursuant to Section 293 of the Financial Markets Conduct Act 2013.

The following are recorded by the Company as at 31 March 2017 as Substantial Product Holders in the Company, and have declared the following relevant interest in quoted financial products under the Financial Markets Product Act 2013:

B Plested, C Howard-Smith & D Braid as trustees of Rorohara No.2 Trust	16,217,562
Fisher Funds Management Ltd	6,020,675

The total number of quoted financial products issued by the Company as at 31 March 2017 was 100,698,548.

125

LARGEST PRODUCT HOLDERS AS AT 2 MAY 2017

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Total Number
Held %
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Total Number Held	%
B Plested, C Howard-Smith & D Braid as trustees of Rorohara No.2 Trust 16,017,766	15.91%
TEA Custodians Ltd 7,304,052	7.25%
Citibank Nominees (New Zealand) Ltd 4,076,995	4.05%
Accident Compensation Corporation 3,679,617	3.65%
HSBC Nominees (New Zealand) Ltd A/c State Street 3,527,339	3.50%
Custodial Services Ltd A/c 3 3,490,622	3.47%
HSBC Nominees (New Zealand) Ltd - NZCSD 3,314,666	3.29%
Forsyth Barr Custodians Ltd 2,948,961	2.93%
Australian Foundation Investment Company Ltd 2,840,000	2.82%
FNZ Custodians Ltd 2,832,571	2.81%
DR Braid Family Interests 2,807,890	2.79%
ASB Nominees Ltd 2,468,960	2.45%
JP Morgan Chase Bank 2,239,164	2.22%
BNP Paribas Nominees (NZ) Ltd - COGN 40 1,472,771	1.46%
BNP Paribas Nominees (NZ) Ltd 1,341,544	1.33%
JB Were (NZ) Nominees Ltd 1,336,780	1.33%
ANZ Wholesale Australasian Share Fund 1,324,612	1.32%
National Nominees NZ Ltd 1,310,896	1.30%
Custodial Services Ltd A/c 4 1,286,959	1.28%
Guardian Nominees Ltd 952,837	0.95%

SPREAD OF PRODUCT HOLDERS AS AT 2 MAY 2017

SPREAD OF PRODUCT HOLDERS AS AT 2 MAY 2017
Size of Shareholding	Number of Holders	% Total Number Held %
1 - 999	2,927	40.60% 1,350,575 1.34%
1,000 - 4,999	3,336	46.28% 6,846,712 6.80%
5,000 - 9,999	505	7.01% 3,280,915 3.26%
10,000 - 49,999	340	4.72% 5,841,256 5.80%
50,000 - 99,999	38	0.53% 2,406,044 2.39%
100,000 - 999,999	44	0.61% 15,350,881 15.23%
1,000,000 - PLUS	19	0.26% 65,622,165 65.17%
TOTAL	7,209	100.00% 100,698,548 100.00%

126

Interests Register

The following entries were made in the interests register during the year.

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Name of Director or other Date Interest
Person having Interest Details of Interest Disclosed
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Name of Director or other Person having Interest	Details of Interest	Date Interest Disclosed
Simon Cotter	Purchased 10,000 shares off market for $17.00 per share on 1 June 2016	1 June 2016
	from two Mainfreight team members.
Bruce Plested	Purchased 15,000 shares off market for between $17.00 and $17.20 per	1 June 2016
	share on 1 June 2016 from two Mainfreight team members.
Carl Howard-Smith	Sold 50,000 shares on market for $18.95 per share between 11 November	16 November 2016
	and 16 November 2016
Bruce Plested	Sold 100,000 shares on market for $19.00 per share on 18 November 2016	22 November 2016
Bruce Plested	Sold 100,000 shares on market for $19.81 per share on 24 November 2016	24 November 2016
Sue Tindal	Appointed director 1 January 2017	6 January 2017
Kate Parsons	Appointed director 1 January 2017	6 January 2017

127

Five Year Review

The table below provides a summary of key performance and financial statistics.

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----- Start of picture text -----

2017 2016 2015 2014 2013
Notes $000 $000 $000 $000 $000
Net Sales 2,333,088 2,284,226 2,053,716 1,923,526 1,885,672
EBITDA 1 197,542 174,847 162,195 149,187 137,454
EBITA 2 154,050 135,527 128,033 117,228 107,021
Abnormal Items After Taxation 3 1,641 572 1,075 (12,147) 2,068
Net Interest Cost 7,225 8,372 6,638 6,838 8,757
NET PROFIT BEFORE ABNORMAL
ITEMS FOR THE YEAR 103,164 88,176 83,480 77,491 67,979
Net Profit After Abnormal Items for the Year
(NPAT) 4 101,523 87,604 82,405 89,638 65,911
PRO-FORMA CASH FLOW 5 146,711 127,852 117,998 109,752 98,412
Net Tangible Assets 6 423,521 348,217 293,062 225,679 167,560
Net Debt 7 212,938 265,205 244,657 208,594 237,247
Total Assets 1,284,765 1,278,577 1,124,455 975,827 942,960
Total Liabilities 639,163 697,504 615,837 533,607 553,728
EBIT Margin (Before Abnormals) (%) 6.6 5.9 6.2 6.1 5.7
Equity Ratio (%) 8 33.0 27.2 26.1 23.1 17.8
Assets to Liabilities Ratio (%) 201.0 183.3 182.6 182.9 170.3
Return on NTA (%) 9 24.0 25.2 28.1 39.7 39.3
Net Interest Cover (x) 10 21.32 16.19 19.29 17.14 12.22
Dividends covered by Net Profit after
abnormals (x) 2.46 2.38 2.43 2.83 2.47
Dividends covered by Net Profit before
abnormals (x) 2.50 2.39 2.47 2.45 2.54
Earnings Per Share (cps) 11 101.10 87.98 82.87 90.52 66.56
ADJUSTED EARNINGS PER SHARE (CPS) 11,12 102.74 88.55 83.95 78.26 68.65
Pro-forma Cash Flow Per Share (cps) 11 146.10 128.40 118.67 110.83 99.38
NTA Per Share (cps) 11 421.76 349.71 294.72 227.90 169.21
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Notes:

EBITDA is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal Items, royalties, share based payment expense, minority interests and associates.
EBITA is defined as earnings before net interest expense, tax, abnormal Items, royalties, share based payment expense, minority interests and associates.
Abnormal items for the years ended 31 March 2017 and 31 March 2016 please refer note 27.
Net Profit (NPAT) is net profit after tax, abnormal Items and minorities but before dividends.
Pro-forma Cash Flow is defined as NPAT before amortisation of goodwill, depreciation, minorities and associates excluding share based payments and abnormal Items after tax.
Net Tangible Assets includes Software.
Net Debt is long-term plus short-term debt less cash balances.
Equity Ratio is Net Tangible Assets as a percentage of Total Assets.
Return on NTA is NPAT as a percentage of Net Tangible Assets.
Net Interest Cover is Profit before abnormal Items, interest and tax divided by net interest cost.
Per Share calculations are based on the average issued capital in each year – 100,417,298 shares in 2017.
Adjusted Earnings per Share figures are based on Net Profit with tax affected abnormal Items added back.

128

GLOSSARY OF TERMS

AIR & OCEAN	Distinguishes Mainfreight’s traditional international freight from that moved by land across borders in Europe and the Americas
B2B	Business-to-business transactions
B2C	Business-to-consumer transactions
C&F	Cost and Freight; a term utilised by importers and exporters determining the buying and selling criteria (also known as CFR, CNF)
EBITDA	Earnings before net interest expense, tax, depreciation, amortisation, abnormal items, royalties, share based payment expense, minority interest and associates
FCL	Full Container Load
FEU	Forty Foot Equivalent Unit (Container)
FMCG	Fast Moving Consumer Goods; everyday products that sell quickly
FOB	Free On Board; a term utilised by importers and exporters determining the buying and selling criteria
FTL	Full Truck Load
GEARING RATIO	Net debt to net debt and equity
IATA	International Air Transport Association
INTER CITY	The freight transport between cities
INTRA CITY/METRO	The freight transport within a city known as metropolitan cartage or “metro”
IRA	Inventory Record Accuracy; Mainfreight’s level of IRA measures location count, inventory condition, systems alignment to inventory count, product integrity, total inventory count
LCL	Less than Container Load
LINEHAUL	The method and mode used to transport goods between cities and countries
LTL	Less than Truck Load
NPAT	Net Profit After Tax
NVOCC	Non Vessel Operating Common Carrier
NZX	NZX Limited (Mainfreight is listed on the NZX Main Board)
RETAIL FREIGHT	The industry segment that Mainfreight operates in
SUPPLY CHAIN LOGISTICS	The physical movement and management of supplies and finished product from source to end user
TEU	Twenty Foot Equivalent Unit (sea freight container)
WHARF CARTAGE	The transport of full containers on and off the wharf
WHOLESALE FREIGHT	The industry segment that CaroTrans operates in

129

Board of Directors

Bruce G. Plested, CA, Executive Chairman Don R. Braid, Group Managing Director Carl G. O. Howard-Smith, LLB The Hon. Richard W. Prebble, BA, LLB (Hons), CBE

Bryan W. Mogridge, BSc, ONZM, FNZID Simon R. Cotter, BCom, MAppFin, F Fin Kate Parsons, BCom Sue Tindal, FCPA (Aust)

Registered & Administration Office

Mainfreight New Zealand

2 Railway Lane*, Otahuhu Auckland 1062 PO Box 14038, Panmure Auckland 1741 Tel +64 9 259 5500 www.mainfreight.com

“Mainfreight Lane” if the Council were kind enough

Overseas Offices

Mainfreight Australia 107 Gateway Boulevard Epping, Victoria 3076 Australia Tel +61 3 9267 7300

Mainfreight Americas 1400 Glenn Curtiss Street Carson, CA 90746 United States of America

Mainfreight Asia

Units 7-10, 8/F, Tower 1, Millennium City 1 No 388 Kwun Tong Road Kwun Tong, Kowloon Hong Kong Mainfreight Europe Industriestraat 10/12 ‘s-Heerenberg, NL- 7040 Amsterdam Netherlands

Auditors

EY EY Building 2 Takutai Square, Britomart PO Box 2146 Auckland 1140

Lawyers

Howard-Smith & Co Level 7, 36 Kitchener Street PO Box 7066 Auckland 1141

Bell Gully Barristers & Solicitors Vero Centre 48 Shortland Street PO Box 4199 Auckland 1140

Bankers

Westpac Banking Corporation 16 Takutai Square Britomart PO Box 934 Auckland 1140

Commonwealth Bank ASB North Wharf, 12 Jellicoe Street PO Box 35 Auckland 1140

HSBC Bank One Queen Street PO Box 5947 Auckland 1141

Bank of Tokyo-Mitsubishi UFJ Lv 22, 151 Queen Street PO Box 105160 Auckland 1143

Investment Advisors

Grant Samuel and Associates Ltd Vero Centre 48 Shortland Street PO Box 4306 Auckland 1140

Managing Your Shareholding Online:

To change your address, update your payment instructions, elect communication preferences, and to view your investment portfolio including transactions, please visit: www.investorcentre.com/nz and log in. You will need your CSN or Holder Number and FIN to initially register on Investor Centre, or your User ID and password if previously registered.

General enquiries can be directed to; > [email protected]
Private Bag 92119, Auckland 1142
Telephone +64 9 488 8777
Facsimile +64 9 488 8787

Annual Report by

Ripe Creative

www.ripecreative.co.nz

Photography by

Alistair Guthrie, Snapper Limited www.alistairguthrie.com

Please visit our website to learn more about us, and for investor information: www.mainfreight.com

For career opportunities visit: www.teammainfreight.com www.mainfreightgraduates.com

Please visit our website if you wish to obtain an electronic version of this annual report.

Share Registrar

Computershare Investor Services Limited Private Bag 92119 Auckland 1142 Level 2, 159 Hurstmere Road Takapuna, Auckland 0622 New Zealand

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The Mainfreight annual report is printed on environmentally responsible papers, manufactured using Elemental Chlorine Free pulp from Well Managed Forests. It is produced under the environmental management system ISO 14001, which aims to prevent pollution and achieve continual improvement. Printed with vegetable based, mineral oil free inks.

130

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“If we keep up the hard work Braidy, we might just make it onto the wall one day!”

AI assistant

Mainfreight Limited — Annual Report 2017

66230_rns_2017-06-27_930f1365-31f2-4229-80a1-bdfe2bd66686.pdf

WE BELIEVE OUR DECISIONS AND ACTIONS TODAY SHAPE WHO WE ARE TOMORROW

CONTENTS

17%

NZ$103.2m

41.0cps

KEY FINANCIAL ACHIEVEMENTS

CHAIRMAN’S REPORT

Housing

Why?

Education

Environment

OUR GLOBAL NETWORK INTENSIFICATION STRATEGY

GROUP MANAGING DIRECTOR’S REPORT

MAINFREIGHT GROUP

EBITDA [13.0%]

MAINFREIGHT GROUP OPERATING RESULTS NZ$000

NEW ZEALAND

EBITDA [17.2%]

AUSTRALIA

EBITDA [23.7%]

STRATEGIES TO DELIVER:

REGIONAL FOCUS:

ASIA

EBITDA [1.6%]

REGIONAL FOCUS:

STRATEGIES TO DELIVER:

THE AMERICAS

EBITDA [0.6%]

Mainfreight

CaroTrans

EUROPE

EBITDA [20.8%]

IN SUMMARY

WE BELIEVE THE RESPONSIBILITY FOR QUALITY SITS WITH EACH OF US

OUR PEOPLE

$19.3m SHARED

Discretionary Bonus

Training

Health & Safety

WE BELIEVE OUR UNIQUE TEAM OF PEOPLE IS OUR GREATEST ASSET

NZ

AUS

ASIA

AMERICAS

WE BELIEVE THE BEST PEOPLE TO MAKE DECISIONS ARE THOSE CLOSEST TO THE CUSTOMERS

OUR GROWING GLOBAL NETWORK

EUROPE

AUSTRALIA

COUNTRIES:

THE AMERICAS

ASIA

NEW ZEALAND

MAINFREIGHT TECHNOLOGY

ENVIRONMENT

WE BELIEVE IN TAKING RESPONSIBILITY

MAINFREIGHT IN THE COMMUNITY

TEN YEAR PARTNERSHIP

NATIONAL MANAGER AIR & OCEAN NEW ZEALAND

NATIONAL SALES MANAGER NEW ZEALAND

TRANSPORT NEW ZEALAND

GENERAL MANAGER CHINA

OUR PROGRESS AS A 100-YEAR COMPANY IS DRIVEN BY EXCELLING IN THESE CORE AREAS:

OUR PEOPLE

OUR CUSTOMERS

QUALITY

GROWTH

LONGEVITY

TARGETS, PROGRESS & ACHIEVEMENTS

CAPITAL EXPENDITURE

24.8% GEARING RATIO

Property and buildings

Information technology

Plant and equipment

CORPORATE GOVERNANCE

The role of the Board of Directors

Board membership

Directors’ meetings

Mainfreight Limited Annual Report 2017

CLAIMS NEW ZEALAND

NEW ZEALAND DOMESTIC STATISTICS

LOGISTICS STATISTICS

LOGISTICS STATISTICS

INFORMATION TECHNOLOGY STATISTICS

GENDER RATIOS