Criteria

NZ Management magazine’s listing of New Zealand’s largest organisations includes  publicly listed companies and larger unlisted companies required to disclose audited financial statements, including New Zealand subsidiaries and branches of overseas companies. It also includes producer boards, cooperatives, local authority trading enterprises and state-owned enterprises.
To be included in the Top 200, organisations must operate for commercially determined profit and be liable for tax on earnings. Companies fully owned by another New Zealand company are excluded.
All figures are the latest available, verified and audited.
•Revenue: as disclosed in the entity’s Statement of Income or equivalent. Includes sales (excluding gross commission sales), rent, dividends, share of income from associated companies and interest received.
•Profit After Tax: includes equity accounted profit and profit attributable to non controlling (minority) interests.
•EBITDA: earnings before interest, tax, depreciation and amortisation and impairments of property plant or equipment or intangible assets.
•EBIT: earnings before interest and tax, includes unusual income and expense items. Not shown for the financial institutions.
•Return On Revenue: calculated by profit before interest and tax divided by revenue. Where no profit figures are shown, this calculation is not applicable as indicated by N/A.
•Total Assets: as disclosed in the entity’s financial statements. Includes current and non-current assets, investments, tangible and intangible assets, deferred tax assets and goodwill.
•Total Equity: as disclosed in the entity’s financial statements including non controlling (minority) interests. For New Zealand branches of overseas companies, the amount shown as owing to head office is taken as deemed equity.
•Return on Total Equity/Total Assets: calculated by profit after-tax divided by average total equity/total assets over the past two years. Where an entity is in its first year of operation the current year total equity/total assets figure has been used as an approximate.
•Proprietorship Ratio: Total Equity (see above) divided by average total assets over the past two years expressed as percentage.
•Total Employees: New Zealand staff who work more than 30 hours week. Includes staff of wholly owned subsidiaries.

General
•Companies that have operated less than six months are not included in this listing.
•Majority shareholdings greater than 50 percent by other New Zealand entities are indicated in brackets. key to these abbreviations follows the listing.
•A * indicates companies that are more than 50 percent overseas-controlled.
•Not disclosed (N/D) is used where figures were not disclosed by the company or disclosed but not able to be verified.
•An (-) indicates the company was not ranked last year.

Financial institutions
Includes banks, finance companies, insurance companies (life/ fire and general/superannuation). These organisations are ranked on total assets and appear separately.
The financial institution results are based on the entity’s legal set of accounts and not those accounts which include funds under administration (ie, accounts which include assets that are not legally owned by that institution, but administered by it).
•Revenue: as disclosed in the entity’s Statement of Income or equivalent but not reinsurance revenue (insurance companies).
•Profit After Tax: is shown for information purposes only and no ranking is given.
•Total Equity: as disclosed in the entity’s financial statements including non controlling (minority) interests. For New Zealand branches of overseas companies, the amount shown as owing to head office is taken as deemed equity.
•Pre-tax Return on Revenue: calculated by profit before tax (and after interest) divided by revenue. Where no profit figures are shown, this calculation is not applicable as indicated by N/A.
•Proprietorship Ratio: Total Equity (see above) divided by average total assets over the past two years expressed as percentage. M

TAXATION CHANGES
The Government announced in the Budget in May 2010 change in corporate tax rate from 30c to 28c from the 2012 tax year. In addition, tax depreciation on buildings was disallowed from the 2012 income year. These changes have resulted in one-off impact on the tax expense due to recalculation of deferred tax by companies in their annual financial statements for the year ended on or after 31 May 2010. This has been reflected in the Top 200 figures for the 2010 year for companies with balance dates on or before 30th June and the 2011 year for the remainder.

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