Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
The farmer-owned company puts the solid result down to increased sales, the ongoing expansion of Zespri SunGold Kiwifruit production and great quality fruit underpinned by strong international demand.
The company’s financial results how total global revenue generated by fruit sales reached $3.58 billion, up 14% on the previous year, while total global operating revenue increased by 16% to $3.89 billion. Global sales volumes were up 10% on the previous year to 181.5 million trays.
Direct returns to the New Zealand industry increased 15% to $2.25 billion, overcoming uncertainty generated by the COVID-19 pandemic.
Earnings are spread through many regional communities including the Bay of Plenty, Northland, Nelson, Gisborne, and the Waikato, providing support to people, communities and businesses across the country.
There were strong returns on both a per tray and per hectare basis:
- The average return for Zespri Green per tray increased to $7.51, with the average return per hectare reaching $76,722.
- Zespri Organic Green reached an average return per tray of $10.53, and an average per hectare return of $66,453.
- The average return for Zespri SunGold Kiwifruit increased to $12.46 per tray, and the average return per hectare was also a record $177,846.
- Zespri Organic SunGold Kiwifruit saw a per tray return of $15.36, with the average per hectare return reaching $158,599.
- Zespri Sweet Green achieved an average return per tray of $10.14 and an average return per hectare of $56,853.
Zespri chairman Bruce Cameron says the results reflect the continued strong demand for Zespri Kiwifruit around the world, boosted by the industry’s hard work and investment to increase demand and supply.
“After a season where we were forced to make such significant changes to our operations with a focus on keeping our people safe, getting our fruit to the world, and continuing to invest for the future, it’s pleasing to see such encouraging results for the industry,” says Cameron.
“Demand for both Zespri Green and Zespri SunGold Kiwifruit increased and we’re pleased to see growing interest in our newest variety, Zespri Red, which is a testament to our industry’s ongoing investment in innovation and finding new ways to add value for New Zealand and our international production bases.”
Zespri’s chief executive officer Dan Mathieson says the 2020-21 season again showcased the strength of the Zespri brand in delivering value, attracting new consumers and supporting communities.
“The unity of our industry allowed us to respond effectively to incredibly difficult conditions around the world. That response was underpinned by our investment in the Zespri brand, the trust we have built up with our customers and consumers globally and the resilience and adaptability of our supply chain and sales and marketing teams.
