STATEMENT OF PERFORMANCE EXPECTATIONS 2021/2022
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G45 SPE (2021)
STATEMENT OF
PERFORMANCE
EXPECTATIONS
2021/2022
ISSN 2382-0519
nzte.govt.nz
Disclaimer: This document only contains general information and is not formal advice. The New Zealand Government and its associated agencies (‘the
New Zealand Government’) do not endorse or warrant the accuracy, reliability or fitness for any purpose of any information provided. It is recommended
that you seek independent advice on any matter related to the use of the information. In no event will the New Zealand Government be liable for any loss
or damage whatsoever arising from the use of the information. While every effort is made to ensure the accuracy of the information contained herein, the
New Zealand Government, its officers, employees and agents accept no liability for any errors or omissions or any opinion expressed, and no responsibility
is accepted with respect to the standing of any firms, companies or individuals mentioned. JUNE 2021
CONTENTS NZTE AT A GLANCE
01 NZTE at a glance Who are we? NZTE’s network
04 Setting the scene New Zealand Trade and Enterprise (NZTE) is the We have almost 800 people in 54 locations
Government’s trade and investment agency. Our across New Zealand and around the world.
06 Our fundamental setup Māori name is Te Taurapa Tūhono: te taurapa is the More than half of our people are based outside
12 The first year of this strategy in 2021-22 stern post of a traditional Māori waka, which records New Zealand. We also draw on the expertise of
valuable knowledge, stabilises, and guides the craft more than 200 private-sector advisors.
14 Measuring our performance forward; tūhono represents connections to people
16 Statement of Performance Expectations and an ability to build relationships. Our partners: NZ Inc
Collaboration is critical to our success. NZTE works
21 Consultation and reporting Our purpose closely with government agencies, collectively
22 Prospective Financial Statements for the Year ending 30 June 2022 To grow companies internationally — bigger, better, known as NZ Inc, to achieve system-wide outcomes
faster — for the good of New Zealand. to help grow New Zealand’s economy. Our key
25 Accounting policies NZ Inc partners include: the Ministry of Business,
28 Glossary What we do Innovation and Employment; Ministry of Foreign
NZTE supports individual or groups of companies to Affairs and Trade; Ministry for Primary Industries;
30 NZTE’s international network enhance their global reach and grow in international Tourism New Zealand; Te Puni Kōkiri; Ministry for
markets. We do this by improving their capability and the Environment; Treasury’s Export Credit; and
readiness, helping them to identify and pursue market Callaghan Innovation.
opportunities, overcome internationalisation barriers,
and enable access to international business networks. Our structure and governance
The Minister for Trade and Export Growth and
The second part of our work is to help potential
the Minister for Economic and Regional Development
recipients of investment funds, and investors looking
have delegated responsibility for NZTE.
to invest in New Zealand business opportunities. We
do this by identifying and connecting with investors Our Board provides governance over our
domestically and internationally, and developing and strategy and future operating intentions,
then matching quality investment with New Zealand and monitors organisational performance. The Board
opportunities in target sectors. makes decisions in accordance with the New Zealand
Trade and Enterprise Act 2003 and the Crown
Our customer managers and international teams
Entities Act 2004.
provide tailored support, advice and linkages for our
internationalising customers. Around this, we wrap
services to build capability, connect with global How we are funded
opportunities, access capital and develop effective We are funded by the Government under a
strategies for growth. Vote Business, Science and Innovation non-
departmental multi-category appropriation (MCA).
In 2021/22, this will be $190.5 million for operating
Our strategic alignment
expenses and a second MCA of $60 million for co-
As we go about this work we shape our activity to
investment (grants).
deliver the Volume to Value strategy, which is part
Our purpose is to grow of the Government’s Economic Plan, and the Trade
Recovery Strategy, which is part of the Government’s
We also receive funding of $7.8 million under Vote
Foreign Affairs and Trade to support the delivery
companies internationally
response to Covid-19. of New Zealand’s participation at Expo 2020 Dubai
(a multi-year appropriation).
Our customers
— bigger, better, faster — We have two sets of customers: export customers
and investment customers
How we measure success
NZTE’s performance measures are set out in our
for the good of New Zealand. • Export customers are companies growing from
New Zealand; and
Measurement Framework. We report our results in
our Annual Report.
• Investment customers are the companies,
iwi, sectors and regions we work with to
develop investment opportunities, and the
investors with whom we match these opportunities.
01
Nā te whakaaro, ka rapu
Nā te rapu, ka kite
Nā te kite, ka mōhio
Nā te mōhio, ka mārama
Nā te mārama, ka mātau
Nā te mātau, ka ora!
From thought, inquiry is born
From inquiry, discovery is born
From discovery, realisation is born
From realisation, comprehension is born
From comprehension, knowledge is born
From knowledge, prosperity is born!
02 NZTE Statement of Performance Expectations 2021/22 03
SETTING THE SCENE
As we move through the second year of the COVID-19 pandemic, the resulting
economic conditions have made doing business internationally even more
challenging than usual for New Zealand’s exporters. Maintaining supply chains,
developing new markets, managing cashflow, raising capital, and engaging
with a number of customers are just some of the areas of business that have
profoundly changed.
We believe these challenges will not be short-lived. In simple terms, businesses have not been able Within the Trade Recovery Strategy, NZTE was NZTE’s investment team, based in New Zealand
Economic uncertainty continues to be elevated, to survive by standing still. The need to consider allocated an additional $216m over four years to and in its offshore offices, originates and develops
and divergences in economic growth both within shifting business models, transform processes deliver three key programmes: investment proposals and connects these with
and between countries will remain significant. and, in many cases, identify new markets or sub- domestic and international investors. Specifically,
1. Intensity – significantly increasing the number of
There is a range of geo-political tensions, markets has accelerated. NZTE focusses on growth-stage companies and
companies that receive intensive ‘Focus’ support
which directly impact on trade, that will not be large-scale greenfield projects, including supporting
Fortunately, the business community does not from NZTE;
resolved swiftly, and health-related restrictions offshore multinationals to establish their business in
have to tackle these issues alone. Just as all
on movement will continue to depress business 2. Reach – increasing the number of new export New Zealand.
New Zealanders embraced the need to keep its
and consumer confidence. In addition, COVID has customers and boosting NZTE’s reach across
people safe and well at the start of the pandemic, These investment opportunities offer significant
accelerated the intent of our trade partners to New Zealand’s broader export sector through
today the Government’s Trade Recovery Strategy benefits shared across New Zealand and contribute
become more independent, and to protect their increased delivery of extended and enhanced export
is focussed on supporting its exporters, to ensure to the Government’s goal of a diversified, value-
local markets and supply chains. In a sense, the growth services and practical digital services and
they can survive and thrive. NZTE, together add economy.
world has just become further away. tools; and
with the Ministry of Business, Innovation and
Interwoven through this strategy is our commitment
All this has exacerbated the long-term structural Employment, the Ministry of Foreign Affairs and 3. Scale – scaling up NZTE’s operations to deliver
to Māori. We embrace our responsibilities as a
constraints that result from New Zealand’s Trade, the Ministry for Primary Industries, Callaghan on the intensity and reach objectives, including
Te Tiriti o Waitangi partner, and have built both
distance from international markets, along with the Innovation, regional business partners and other increasing NZTE’s team of in-market experts to
internal capacity and specific strategies to deliver
comparatively small scale of our businesses. With key government departments and agencies, are be “boots on the ground” in international markets,
on this commitment.
our international borders largely closed for people part of a comprehensive, determined NZ Inc effort. alongside doubling the International Growth
movement for the foreseeable future, albeit with Fund appropriation annually and strengthening There is much to be done, given the difficult
As the Government’s international business
significant but limited exceptions, there are risks New Zealand’s brand in international markets. The business conditions we face across the world.
development agency, NZTE’s purpose is to
that New Zealand businesses will lose in-market pandemic has triggered a heightened reliance on But to build a thriving, diverse and capable
grow companies internationally – bigger, better,
representatives and with them market share, to NZTE’s in-market expertise across market validation, export sector is vital to rebuilding a productive,
faster – for the good of New Zealand. We do this
either domestic competitors in those markets, or customer empathy, digital transformation, channel sustainable, and inclusive economy. NZTE is strongly
to promote a productive, sustainable, inclusive
exporters from other countries. feasibility and trade-access related activities. positioned to play a significant role in supporting
economy. We aim to increase New Zealand
New Zealand’s economic recovery, alongside the
There is an ironic element to this: New Zealand’s companies’ international success by helping them High-quality investment provides the financial
exporter and investment communities, and partner
reputation has never been stronger around the boost their global reach and build their capability, capital to establish or expand operations into
NZ Inc agencies. In essence, NZTE is building from
world, yet our personal physical absence from as well as attracting capital investment that new markets for all of New Zealand’s exporters.
a strong base to now deliver more impact, for
key markets, allied with a global push for ‘buy enables our companies and regions to thrive. We Additionally, investment can develop new
more companies.
local’, means our exporters have to be innovative. do this by using our collective knowledge and the productive assets, skills and capabilities to
And they are, whether it is embracing digital connections of our global team. accelerate economic growth in the regions.
opportunities, adapting their products or spotting
new opportunities.
Andrew Ferrier Charlotte Walshe Peter Chrisp
Chair, NZTE Board Chair, Audit & Risk Chief Executive, NZTE
04 NZTE Statement of Performance Expectations 2021/22 05
OUR FUNDAMENTAL SET UP Our purpose
The Government’s economic vision is to grow a
differing growth stages, capability and aspirations,
so it is important to provide knowledge and
productive, sustainable and inclusive New Zealand, services that can meet all these variations.
driven by exports and supported by quality The most common support activities include
investment. Diversifying our economic activity and building brands, finding the right in-market channel
moving from high-volume to high-value outputs is a partners and networks, market research into
key pillar of this strategy – and where NZTE focuses consumption and competition, and assisting with
its attention. pricing, margin and product strategy.
Our clear intent and effective operating model By scaling up our value to more export customers
have never been more important to the success of than ever before, NZTE can make the broadest
New Zealand’s export sector, given the challenging possible difference to New Zealand.
business conditions we face around the world.
Every export company in New Zealand now has
We begin by embracing our responsibility under access to a core offering, which includes: myNZTE
Te Tiriti o Waitangi, with a commitment to enhance – a digital hub of events, learning, guides and
our partnership with Māori and through that enable insights; our customer advisors; Export Essentials
significant growth in the Māori economy. workshops; Investment services; and a clear
A PRODUCTIVE,
WHY… FOR NEW ZEALAND SUSTAINABLE,
To achieve our goal of growing companies understanding of what is offered to exporters right
INCLUSIVE
NEW ZEALAND internationally for the good of New Zealand, across NZ Inc.
we concentrate on two areas: growing export For our Focus customers, the approach is to
To grow companies internationally companies from New Zealand and attracting double the number within this cohort to deliver
WHAT’S IN IT FOR NEW ZEALAND – BIGGER, BETTER, FASTER –
investment into New Zealand companies. While our the biggest possible difference for New Zealand.
for the good of New Zealand
overall goal remains the same, over the next year The Focus 1400 customers receive: a Customer
it will take into account the particular challenges Manager; in-market support; funding and providers;
TURN YOUR GLOBAL
WHAT’S IN IT FOR CUSTOMERS caused by the pandemic and how they can be access to the International Growth Fund and
AMBITIONS INTO REALITY
mitigated to support the economic recovery of Springboard services; external advisory support;
New Zealand businesses. and market research.
FOR FOR
EXPORT CUSTOMERS INVESTMENT CUSTOMERS For investment customers
“Discover, Plan, Perform” “Originate, Prepare, Connect” Our value
HOW WE DO IT Preparing and enabling Originating and preparing NZTE’s approach for these customers is Originate,
NZTE’s domestic and international teams provide
companies to succeed in market investment opportunities that Prepare, Connect – to discover and prepare
tailored support, advice and linkages for our
and sustain international growth we connect to investors investment opportunities within New Zealand,
internationalising customers. Around this, we wrap
and then connect these to investors, both
services to build capability, connect with global
OUR CUSTOMER Understand me, Accelerate me, domestic and international. The Investment team
opportunities, access capital and develop effective
EXPERIENCE Empower me, Make it easy for me focuses on productive, sustainable and inclusive
strategies for growth.
opportunities that grow New Zealand, not sell
New Zealand. This investment matching model
WHO WE ARE AMBITION DRIVES US
ADVENTURE TEACHES US
Our customers has an in-built preference for New Zealand
We have two sets of customers: export customers investors, and exercises both criteria and metrics to
HONESTY FREES US
and investment customers. They are at the heart of ensure that international investment is, indeed, in
TRUST BINDS US
MANAAKI IS US
everything we do and our mission is to turn their New Zealand’s long-term interests. As our purpose
global ambitions into reality. Within both these sets statement says, “for the good of New Zealand”.
of customers we have a specific focus on Māori.
In the next 12 months we will again lift the quality
We place our customers’ experience at the and volume of investment opportunities and
centrepiece of our support. We know from broaden NZTE’s engagement with investors.
detailed feedback that they have four core needs:
Understand me; Accelerate me; Empower me; and Our investment work is focused on two
Make it easy for me. distinct areas:
Helping New Zealand growth stage companies
For export customers expand internationally via investment,
NZTE’s approach is to prepare and enable accelerating their ability to scale and compete
companies to succeed in-market and sustain their
international growth. We do this with a process Our work with growth stage companies is
of Discover, Plan, Perform. Our customers have closely associated with NZTE’s export work.
06 NZTE Statement of Performance Expectations 2021/22 07If New Zealand companies are well capitalised and have
investors on board that can contribute more than funds, they OUR CULTURE
are better equipped to achieve their export milestones and
grow into international markets.
We’ll maintain our current focus on high-growth technology
Working together
companies, but we’ll also support companies in the more
as One Global Team:
traditional food and beverage and manufacturing sectors to
recover from the COVID-19 pandemic.
Helping set up greenfield operations and new initiatives Ambition Drives Us:
in New Zealand to create new jobs, grow our regions and Our ambition for our
drive innovation customers is high, and
we always rise to the
Greenfield initiatives can be originated from within New Zealand occasion. We help
meet their business
or by international businesses establishing a new presence in expectations by
New Zealand. We concentrate on initiatives that create new jobs expecting greatness
and stimulate innovation. of ourselves.
We prioritise sectors where the Government has a specific focus
(through the Industry Transformation Plans) and we can have
Adventure Teaches Us:
the greatest impact: where there is investor demand, where
Experimentation is more
New Zealand has a clear competitive advantage and where there powerful than perfection
is strong economic benefit to New Zealand. We also look for as only through learning
greenfield projects that emphasise sustainable land use, boost from our missteps can we
truly succeed. That’s why
economic development throughout regional New Zealand, and ‘giving it a go’ is the best
deliver outcomes for the Māori economy. way to learn.
One Global Team
We know that NZTE provides the most value to its customers
Honesty Frees Us:
when its global team is aligned. We share five values or We explore challenges
‘characters’, which guide our actions and behaviour. They are: with an open mind.
Ambition Drives Us, Adventure Teaches Us, Honesty Frees Us, Only when we ask
questions and truly listen
Trust Binds Us and Manaaki Is Us.
can we discover the right
Sitting alongside these characters is the concept of way forward.
kaitiakitanga – putting care of our people and our planet at the
heart of all that we do.
We embody these characters every day across continents and
time zones. We believe that together, as One Global Team, we Trust Binds Us:
Our people may be worlds
can show that New Zealand is good for the world.
apart, but it’s trust that
holds us together. Growing
a nation is only possible
when we keep promises
and honour commitments.
Manaaki Is Us:
We celebrate the mana
(strength and dignity)
of each other as being
equal to or greater
than our own. We strive
Raukura Hoerara-Smith (left), to enhance mana in
Hinemihiata Lardelli and Colleen
Faleafaga are part of NZTE’s everything we do through
Te Pora Māori, our internal Māori our hospitality, generosity
team who work directly with Māori and mutual respect.
customers, and help lift the Māori
capability of all within NZTE
08 NZTE Statement of Performance Expectations 2021/22 09Our strategy for the next three years
Throughout the 2020-21 financial year, NZTE reviewed its processes and allocation of resources to derive
the greatest benefit for the export sector from its core funding and the additional funds allocated under the
Trade Recovery Strategy.
This transformational review, titled Kōrako, is now NZTE’s formal strategy for the next three years.
The key pillars of this strategy are:
• Deliver a consistent customer experience
• Deliver value to all exporters (Reach)
• More value to Focus export customers (Focus)
• Increase volume and impact of investment (Investment)
• Have greater impact beyond the enterprise (sectors/ITP’s)
• Have greater impact for Māori (Mātau)
• Smarter Ways of working to improve internal productivity (Smarter)
• Care for people and place (Kaitiakitanga)
The details of the work programmes within the next year are set out below.
Lance Paora, Joseph Harawira,
Wayne Atkins – Three Māori Boys Ltd
“NZTE bring tikanga around the way
that they engage with us.”
10 NZTE Statement of Performance Expectations 2021/22 11THE FIRST YEAR OF THIS STRATEGY
IN 2021-22
Over the next 12 months we will continue to focus on delivering the eight pillars
of our Kōrako strategy. These are enabled by the second year of our additional
funding under the Government’s Trade Recovery Strategy.
The specific work programmes are: Smarter working: Our commitment to
Customer experience: Investment:
• Productise repetitive customer offerings and sustainability:
knowledge for easier faster customer access; There are two dimensions to this commitment. First,
• Intentionally designing and continuously • Lift the volume and the impact of investment;
• Automate and digitise business processes to the Government’s strategy of increasing sustainability
improving the customer experience, across • Lift the ecosystem awareness and engagement increase efficiency and allow employees to deliver and moving from volume to value are inextricably
the entire global NZTE; of our Customer Value Proposition to drive higher value work. linked. As companies strive to find more high-value
• Engaging our One Global Team to apply our increased deal activity; customer niches, they will need to improve their
customer experience principles at the heart • Drive increased accuracy, speed and depth in Kaitiakitanga: sustainability methods, approach and credentials.
of every interaction; and deal execution; • Put care of our people and our planet at the heart
To this end, NZTE will provide a range of services,
• A consistent approach to discovery and • Leverage digital platforms to create scalability of of all that we do;
incentives and capability building to help customers
needs assessment. our operating model; • Reduce our impact on the planet, including on this journey.
• Unlock the power of the Māori economy with striding towards carbon neutrality;
Reach: Secondly, NZTE has made its own internal set of
early investment engagement; and
• Deliver our knowledge and experience to more • Deeply commit to the Diversity & Inclusion of sustainability commitments regarding the reduction
export customers so we can make the broadest • Deeper engagement with a broader investor set. our people; of both carbon and waste, and has received a Toitū
possible difference for New Zealand; certification in order that this can be benchmarked.
Mātau: • Support our people’s holistic wellbeing by
• Evolve and scale our core digital offering, with following the Te Whare Tapa Wha model,
• Reach more Māori customers earlier, to deliver
a focus on myNZTE;
greater impact; including embracing flexible working; Our commitment to have impact
• Implement a new, proactive customer human
• Intensify our mahi with more Māori • Tell our Kaitiakitanga story through an NZTE
across sectors:
advisory model, augmented by our One Over the past decade, NZTE has built an operating
Focus customers; sustainability report, to demonstrate transparency,
Global Team; model that is demonstrably able to have impact
• Accelerate the growth of Māori business accountability, and the focus of our commitment.
• Enhance the customer experience through for the exporter and the investee/investor, at the
through investment; Within this strategy it is worth highlighting that level of the enterprise. However, as pointed out by
greater integration with our eco-system partners.
• Lift the capability of all within NZTE to grow we have dialled up three specific areas for even the recent Productivity Commission report into
Focus: Māori customers, as part of our responsibility greater attention: Frontier Firms, the NZ Inc collection of agencies,
• More impact for more Focus customers, to under Te Tiriti o Waitangi; including NZTE, has much room to improve, to
deliver the biggest possible difference for • Drive alignment and effective collaboration Our commitment to Māori: have greater impact beyond the enterprise. This
New Zealand’s export sector; across NZ Inc. for Maori economic development. Our commitment to Māori begins with our own can be the type of impact that can shape sectors
people, where we continue to grow and develop and transform the competitive advantages of the
• Enhance our expertise and impact by adopting a
sector approach to customer portfolios; Sector focus: our internal Māori Team, Te Pora Māori, and lift the nation over the long term.
• NZTE will stay closely aligned to and capability of all within NZTE to meet the needs and
• Intentionally build and mobilise a much larger For this reason, in this iteration of NZTE’s strategy,
support the emerging ‘beyond the enterprise’ ambition of Māori companies and investors.
network of specialist solutions and experts; we will commit more time and resource to those
sector strategies (Industry Transformation
Our Mātau strategy includes reaching more Māori activities that have impact across whole sectors,
• Introduce new Focus segmentation criteria and Plans) led by the Ministry of Business,
customers earlier, to deliver greater impact; or parts of the ecosystem. We will also shape our
initiatives to incentivise ‘Good for New Zealand’ Innovation and Employment, and the Ministry
intensifying our mahi with more Māori Focus Business as Usual activities for this outcome. The
businesses (including Māori, sustainable and of Primary Industries;
customers; and accelerating the growth of Māori primary vehicle for this support, within the term of
women-founded businesses).
• To that end, NZTE will reorganise its operations business through investment. this Statement of Performance Expectations, will be
into Food and Beverage, Manufacturing and the Industry Transformation Plans, as owned by the
Tech/Service operations, with clear plans for Minister for Economic and Regional Development.
each sector and leaders accountable for working
across NZ Inc.
12 NZTE Statement of Performance Expectations 2021/22 13MEASURING OUR PERFORMANCE
Throughout the second half of 2020 and into 2021, NZTE underwent a External External External External
Strategic Target Result Target Target
significant review of its operational model and structure. This was largely to objective Metric 2019/20 2019/20 2020/21 2021/22
ensure that the Government’s additional funding allocation, delivered as part 4,000 4,0002
Total # of export customers
of its Trade Recovery Strategy, would be utilised effectively, and have the in the NZTE portfolio1
Not previously measured (demand (demand
Deliver driven) driven)
greatest impact. value to all
exporters NPS for NZTE services +60 +74 +65 +65
(Reach) NPS for Reach customers Not previously measured +65
As a result, our core Measurement framework has Taken as a whole, the new Measurement
also been restructured to reflect the agency’s structure will enable a clear understanding of myNZTE return rate Not previously measured Baseline
main priorities, which encompass all the Kōrako NZTE’s priorities, and how the success of these
# Focus customers 650-750 732 1,400 1,400
work programmes. can be determined.
$ trade deals $1.6b $2.2b $1-1.5b $1.5-2.0b
NZTE is also developing six new measures to track
progress under the new Kōrako strategy. They # International Growth
800 1,011 600-800 1,200
Outcomes achieved
require further data analysis to determine a target,
More value
so in 2021-22 we will establish a baseline. 3% points 6.1% points 3% points 3% points
to Focus
Portfolio growth rate3 above above above above
customers
benchmark benchmark benchmark benchmark
(Focus)
Target market
Not previously measured Baseline
revenue growth
IGF approvals $ Achieved $50m $60m $60m
NPS for Focus Baseline F700 +71 +40 +65
$ pDEI for
$2.0b $2.6b $1-1.5b $1.5-2.0b
investment deals
Increase
volume and Ratio pDEI for
2.5:1 3.5:1 2.5:1 2.5:1
impact of investment deals
investment
NPS for completed
Baseline +79 +60 +65
Investment deals
Notes on the table: Total CO2/NZTE FTE
1) Measuring our Commitment to Māori: Internally, 2) The Good for NZ Section is new and reflects the
Export contribution
NZTE will also implement a dedicated Māori idea that our role is broader than simply driving
to GDP (%)
scorecard, to enable us to track how we are short-term foreign exchange earnings. To this
building that partnership and delivering a positive end we see new measures for sustainability, Focus customer revenue Baseline
Good for
impact for our Māori customers. The scorecard productivity and jobs growth. per FTE All items not previously measured for all
New Zealand
will track progress for Māori against NZTE measures
3) NZTE also has a range of additional measures to Focus customer FTE
measures, and therefore will identify progress on jobs growth
reflect our internal Kaitiakitanga commitments
outcomes that include: the number of Reach and
which are not reported as part of this Proportion of NZTE customers with
Focus customers; customer growth; the number
Statement. These include our 40/40/20 gender sustainability credentials
and size of investment deals; the number of new
representation across Board and senior leadership
jobs created; the internal Māori capacity; and the
roles; an employee engagement
percentage of our people who are building their
score; and the exposure of staff to potential
Māori capability.
serious harm incidents.
1 Export customers includes both Focus and non-Focus customers.
2 The strategy in 2021/2022 will be on customer acquisition balanced with optimising the current portfolio including rationalising
struck-off or disengaged customers (customers who have not engaged with NZTE for 2 or more years).
3 Annual growth in international revenue of NZTE Focus customers with international revenue under $500m.
14 NZTE Statement of Performance Expectations 2021/22 15STATEMENT OF
PERFORMANCE EXPECTATIONS
Our core performance measures represent the majority of NZTE’s spend and reflect International Business Growth Services
the most important aspects of our business and performance. We support individual or groups of companies to enhance their global reach and
Our key organisational measures are shown in the table on the previous page, and our core group of performance measures are grow in international markets, and support the development of quality investment
set out in the following pages. NZTE is funded under two Multi-Category Appropriations through Vote, Business Science opportunities and then match them with domestic or international investors.
and Innovation.
This output is our greatest area of focus.
MBIE’s Multi-category appropriations 2021/22 $000 We help individual or groups of companies to internationalise by:
• Improving their capability and readiness;
International Business Growth Services 182,454
• Identifying and pursuing market opportunities;
Collaborative Activity and Special Events 6,469
Total Output expenses 188,923 • Overcoming internationalisation barriers and enabling access to international business networks.
International Growth Fund 60,027 We help potential recipients of investment funds, and investors looking to invest in NewāZealand business opportunities, by:
Sector Strategies and Facilitation 1,204 • Identifying and connecting with investors domestically and internationally;
Total Other expenses 61,231 • Developing and then matching quality investment with NewāZealand opportunities in target sectors.
Total MBIE appropriations 250,154
Our customer managers and international teams provide tailored support, advice and linkages for our internationalising
customers. Around this, we wrap services to build capability, connect with global opportunities, access capital and develop
In addition, NZTE is supporting the delivery of New Zealand’s participation at Expo 2020 Dubai. e ective strategies for growth.
This expenditure s incurred against Vote Foreign Affairs and Trade: Expo 2020 Dubai 2017-2021.
MFAT’S Multi-year appropriations 2021/22 $000 Actual Forecast Forecast
2019/20 2020/21 2021/22
Expo 2020 Dubai 7,473 Statement of cost of services $000 $000 $000
Total 7,473
Revenue Crown 159,559 181,743 182,454
Revenue Other 7,531 6,540 5,175
Total Revenue 167,090 188,283 187,629
Expenses 160,954 196,498 187,629
Net Result 6,136 (8,215) 0
16 NZTE Statement of Performance Expectations 2021/22 17STATEMENTS OF PERFORMANCE EXPECTATIONS
Collaborative activity and special events Expo 2020 Dubai
We collaborate with other New Zealand agency partners to leverage New Zealand’s
profile in international markets, and secure and capitalise on special events or Actual Forecast Forecast
2019/20 2020/21 2021/22
opportunities that support New Zealand’s export growth. Statement of cost of services $000 $000 $000
Activities within this output include: Revenue Crown 18,194 27,176 7,473
• New Zealand G2G – established with MFAT to internationalise our public sector skills, systems and know-how; Revenue Other 530 1,603 279
Total Revenue 18,724 28,779 7,752
• The New Zealand Story – a free business toolkit, delivered with NZ Inc partners, to help New Zealand businesses
promote themselves internationally; Expenses 4,106 24,004 34,752
Net Result* 14,618 4,775 (27,000)
• Leveraging special events, like Dubai Expo 2020, which has been delayed until October 2021 due to the effects of
COVID-19.
Cumulative Appropriation expenditure** to 30 June 28,537 55,713 63,186
Remaining Appropriation 26,034 7,973 500
Actual Forecast Forecast Total Appropriation 54,571 63,686 63,686
2019/20 2020/21 2021/22
Statement of cost of services $000 $000 $000 *Net result is a surplus due to expenditure relating to the Expo pavilion build in 2020 and 2021 being transferred to work in
progress during the build phase. Full depreciation of the pavilion will occur in year of use, 2022.
Revenue Crown 6,469 6,469 6,469
**This is expenditure incurred against Vote Foreign Affairs and Trade: Expo 2020 Dubai 2017-2021 MYA.
Revenue Other 425 400 400
NZTE is supporting the delivery of New Zealand’s participation in Expo 2020 Dubai. This expenditure is incurred against
Total Revenue 6,894 6,869 6,869
Vote Foreign Affairs and Trade, Expo 2020 Dubai 2017-21. Attendance at Expo 2020 aligns with a range of New Zealand’s
Expenses 6,128 6,869 6,869 strategic objectives. Fundamentally it supports the previous government’s economic agenda, as well as the new government’s
Net Result 766 0 0 emerging economic agenda through the progression of stronger export market growth, pursuance of innovation outcomes
and alignment of investment strategic objectives.
Expo 2020 benefits will be evaluated by the Ministry of Foreign Affairs and Trade in line with the benefits and KPIs outlined in
Performance Target Actual Target Target the original MFAT cabinet paper
Measure 2019/20 2019/20 2020/21 2021/22 • Benefit 1: Economic benefits derived from increased inbound investment
Value of contracts secured $16m $23.7m $36m $36m • Benefit 2: Economic benefits derived from increased inbound international students.
through New Zealand G2G Cumulative (Cumulative Cumulative Cumulative • Benefit 3: Economic benefits derived from increased inbound tourism
target for for period target for target for • Benefit 4: Economic benefits derived from increased exports of existing products to existing markets.
the period Jul 17 – the period the period
• Benefit 5: Economic benefits derived from increased exports of products to new markets.
Jul 17 – Jun 19) Jul 19 – Jul 19 –
Jun 19 Jun 22 Jun 22 • Benefit 6: Securitisation of additional international flights into New Zealand.
• Benefit 7: Improved international relations with the UAE and other Gulf countries.
Total Net Promoter Score for +60 +67 +60 +65
the New Zealand Story • Benefit 8: Improve opportunities to tell the New Zealand Story
• Benefit 9: Improved business connections
Total number of organisations working 361 386 Meets or Re-baseline4
with Callaghan Innovation and NZTE as exceeds • Benefits 10: Innovation Fund
a Focus customer 2019/20
NZTE is responsible to MFAT for the delivery of the programme of works required for New Zealand to effectively participate
result
in Expo 2020, including managing the design, build and operation of the New Zealand Pavilion, seeking sponsors and
participants, coordinating activities across New Zealand Inc. and creating a platform for NZTE customers to grow
internationally. As delivery partner, NZTE’s role in delivering Expo 2020 will be measured in line with standard project
management KPIs including:
Measurement Measured by
Adherence to project scope Stakeholder feedback
On time delivery of project milestones As per project plan timing and milestones
Adherence to project budget Planned budget vs actual
Pavilion attendee experience Attendee survey measuring NZ perception shift towards ingenuity, innovation.
4 Will rebaseline in 2021/22 to include both Focus and non-Focus customers.
18 NZTE Statement of Performance Expectations 2021/22 19STATEMENTS OF PERFORMANCE EXPECTATIONS
CONSULTATION AND REPORTING
Grants As a Crown Agency, our agenda and direction is set by the Government.
NZTE administers two grants: Therefore, we consult with and report to Ministers regularly. The Board and/or the
International Growth Fund (IGF) Chief Executive provide the Minister for Trade and Export Growth and the Minister
The IGF supports high-growth businesses to carry out additional market development and business capability activities for Economic and Regional Development with regular reports.
required for internationalising and growth in new markets. This delivers benefits for both the businesses concerned and the
wider New Zealand economy. Two progress reports will be provided in 2021/22 for the periods July-December and January-June. These will be provided
shortly after the end of each period. These reports will cover:
Actual Forecast Forecast
2019/20 2020/21 2021/22 • Progress against key performance indicators;
Statement of cost of services $000 $000 $000 • Key organisational risks;
Revenue Crown 30,820 58,000 60,027 • Financial management;
Expenses 30,820 58,000 60,027
• Organisational change;
Net Result 0 0 0
• Areas of ministerial priority.
NZTE consults Ministers and relevant government agencies before making decisions regarding:
Sector Strategies and Facilitation (Strategic Investment Fund) • Any material change in the capability and functionality of NZTE’s network (in New Zealand and internationally);
The Strategic Investment Fund co-funds feasibility studies. These studies are used to develop and present the business case
for investment in New Zealand. • Any activities that are potentially outside of the scope of appropriations made by Parliament or relevant legislation
applying to NZTE;
Actual Forecast Forecast
2019/20 2020/21 2021/22 • Any significant organisational decisions that will give rise to Parliamentary interest or public debate.
Statement of cost of services $000 $000 $000 The Board reports to joint Ministers annually on full-year performance against the SPE. This report also includes Board
updates regarding fees and allowances paid, and attendance levels.
Revenue Crown 467 1,204 1,204
Expenses 467 1,204 1,204 NZTE is also committed to sharing information with our NZ Inc partners. We undertake to provide regular updates, insights
and analysis on areas of mutual interest.
Net Result 0 0 0
Lastly, we will be working with MBIE to share knowledge and practices so that we can better understand and
demonstrate our impact on companies and the economy.
Performance Target Actual Target Target
Measure 2019/20 2019/20 2020/21 2021/22
Potential Direct Economic Impact ratio 4 to 1 5.7 to 1 4 to 1 4 to 1
for approved IGF grants5
Realised Direct Economic Impact ratio 4 to 1 7.6 to 1 4 to 1 4 to 1
for completed IGF projects6
Activity Target Actual Target Target
Indicator 2019/20 2019/20 2020/21 2021/22
Number of IGF grants awarded 80 140 160 230
(demand (demand (demand
driven) driven) driven)
Number of SIF grants awarded 6 13 7 7
(demand (demand (demand
driven) driven) driven)
5 Potential DEI is the forecast return to the economy through increased profits, wages and supplier spend. The target is $4 for every
dollar invested (by both business and government). The potential DEI return of 4x is measured after adjusting each application and
the portfolio by a risk factor of 35%. Potential DEI does not apply to market validation and coalition projects.
6 Results are based on completed IGF projects for IGF grants approved in the preceding five years.
20 NZTE Statement of Performance Expectations 2021/22 21PROSPECTIVE FINANCIAL STATEMENTS
For the year ending 30 June 2022
Statement of comprehensive revenue and expense Statement of ānancial position
Actual Forecast Forecast Actual Forecast Forecast
2019/20 2020/21 2021/22 2019/20 2020/21 2021/22
$000 $000 $000 $000 $000 $000
Income Current assets
Funding from Crown – operating 214,376 294,095 196,396 Cash and cash equivalents 31,447 30,031 30,481
Receivables – operating 11,559 1,500 1,500
Funding from Crown – grants 31,287 59,204 61,231
Other revenue 8,039 7,108 5,734 Receivables – Crown grants 12,975 22,435 25,600
Interest revenue 1,660 1,435 120 Prepayments 4,054 4,000 4,000
Total revenue 255,362 361,842 263,481 Inventories 129 – –
Investments – deposits 536 520 520
Expenditure Total current assets 60,700 58,486 62,101
Personnel expense 106,581 120,807 126,081 Non current assets
Depreciation and amortisation* 5,313 5,700 32,700 Investments – deposits 1,891 1,880 1,880
Finance expense – 5,000 – Property, plant and equipment 33,195 37,094 9,194
Grant expense 31,287 59,204 61,231 Intangible assets 5,747 6,423 7,323
Other operating expense** 89,996 174,571 70,469 Total non current assets 40,833 45,397 18,397
Total expenses 233,177 365,282 290,481 Total assets 101,533 103,883 80,498
Surplus/ (deācit) 22,185 (3,440) (27,000)
Current liabilities
**Depreciation of $27m relates to the ‘one-o ’ build of the Expo 2020 pavilion. Depreciation will occur in the year of use. Payables – operating 17,827 8,562 9,461
**Other operating expenses include the following major categories: development and implementation of iPlans, Payables – Crown grants 12,975 22,435 25,600
business capability services (including Regional Business Partner (RBP) network), rental expense on operating leases, and
Employee entitlements 7,649 8,199 8,849
promotional activities. In 2021/22 the RBP programme will be transferred to MBIE.
Finance and other liabilities 139 147 147
Note: The deficit forecast for 2021 relates to the prior year surplus being utilised in response to one-o COVID-19 recovery
Derivative nancial liabilities 471 5,000 5,000
initiatives including International Springboard.
Total current liabilities 39,061 44,343 49,057
Non-current liabilities
Statement of changes in equity Employee entitlements 2,085 2,305 2,525
Actual Forecast Forecast Finance and other liabilities 2,472 2,760 1,441
2019/20 2020/21 2021/22 Total non-current liabilities 4,557 5,065 3,966
$000 $000 $000 Total liabilities 43,618 49,408 53,023
Net assets 57,915 54,475 27,475
Balance at 1 July 35,730 57,915 54,475
Total comprehensive revenue and expense for the year 22,185 (3,440) (27,000)
Balance at 30 June 57,915 54,475 27,475
22 NZTE Statement of Performance Expectations 2021/22 23PROSPECTIVE FINANCIAL STATEMENTS ACCOUNTING POLICIES
Statement of cash āows Reporting entity revenue at the point of entitlement. NZTE receives funding
NZTE is a Crown Agency as defined by the Crown Entities from the Crown for grants as set out in the Statement of
Actual Forecast Forecast Act 2004 and is domiciled in New Zealand. NZTE’s parent Performance Expectations and of the relevant government
2019/20 2020/21 2021/22 is the New Zealand Crown. The consolidated financial appropriations. Revenue from Crown for grants is recognised
$000 $000 $000 statements of the Group consist of the parent entity NZTE when the revenue conditions have been met, ie grant
and its subsidiaries, NZ G2G Partnerships Ltd and NZTE expenditure is incurred, and a grant receivable is due. Grant
Cash āows from operating activities Limited. Together referred to as New Zealand Trade and expenditure is recognised when the third party recipient
Enterprise. NZTE’s primary objective is to encourage incurs expenditure that meets the grant conditions.
Receipts from Crown – operating 204,80 294,095 196,396
and promote economic development and investment These two revenue streams are considered non-exchange
Receipts from Crown – grants 30,610 9
5 ,204 16 ,231
opportunities in New Zealand, as opposed to making a transactions. In addition NZTE received new funds during
Receipts from other revenue 8,367 8,423 5,3
7 4 2019/20 and 2020/21 as part of the COVID-19 Recovery and
financial return. NZTE has designated itself as a public
Interest received 3
45 120 120 Response Fund. Funds received during 2019/20 included
benefit entity (PBE) for financial reporting purposes. The
Payments to suppliers (82,662) (164,7)65 (62,995) prospective financial statements are prepared in accordance Regional Business Partner Network funding, additional
Payments to employees (106,207) (121,312) (125,381) with generally accepted accounting principles and comply operational and grant funding.
Payments to grant recipients (30,610) (59,204) (61,231) with PBE FRS 42.
Payments for capital charge (2,418) (2,810) (2,724) Capital charge
GST (net) (1,262) – – Changes in accounting policy The capital charge is recognised as an expense in the period
There have been no changes in accounting policies during to which the charge relates.
Net cash āows from operating activities 21,151 13,859 11,150
the period.
Cash and cash equivalents
Cash āows from investing activities
Receipts from sale of property, plant and equipment
Significant accounting policies Cash and cash equivalents include cash on hand, deposits
62 – – The following significant accounting policies, which held on call with both domestic and international banks,
Receipts from sale or maturity of investments – (5,000) (5,000) materially affect the measurement of financial results and and other short-term, highly liquid investments, with original
Purchase of property, plant and equipment (17,610) (7,55)7 (2,600) financial position, have been applied consistently to all maturities of three months or less.
Purchase of intangible assets (2,829) (2,700) (3,100) periods presented in these financial statements.
Net cash āows from investing activities (20,377) (15,275) (10,700) Receivables – operating
Foreign currency transactions Operating receivables are recorded at the amount due, less an
Foreign currency transactions (including those for which allowance for credit losses. NZTE applies the simplified credit
Net increase/(decrease) in cash and cash equivalents 47 (1,416) 450 forward exchange contracts were held) are translated into loss model of recognising lifetime expected credit losses for
Cash and cash equivalents at beginning of the year 30,705 31,47 4 30,031 New Zealand dollars using the exchange rates prevailing at receivables. Short term receivables are written off when there
E ect of exchange rate movements on cash held (32) – – the date of transaction. Foreign exchange gains and losses is no reasonable expectation of recovery. An allowance for
resulting from the settlement of such transactions and from the credit losses is recognised only when there was objective
Cash and cash equivalents at end of the year 31,447 30,031 30,481
translation at year-end exchange rates of monetary assets and evidence that the amount would not be fully collected.
liabilities denominated in foreign currencies are recognised in
the Statement of Comprehensive Revenue and Expense.
Property, plant and equipment
Accounting estimates and judgements Property, plant and equipment asset classes consist of
Application of NZTE’s accounting policies requires the use computer hardware, leasehold improvements, furniture
of estimates and judgements. The estimates are based on and office equipment, and motor vehicles. Property, plant
historical experience and other factors that are believed and equipment are shown at cost, less any accumulated
to be reasonable. Actual results may differ from these depreciation and impairment losses.
estimates. The areas of significant estimation and judgement
are as follows:
Additions
The cost of an item of property, plant or equipment is
• grant accrual recognised as an asset only when it is probable that future
• useful lives of property, plant and equipment economic benefits or service potential associated with
• useful lives of intangible assets the item will flow to NZTE and the cost of the item can be
measured reliably. Where an asset is acquired at no cost, or
for a nominal cost, it is recognised at fair value when control
Revenue crown operating and over the asset is obtained.
crown grants
NZTE receives funding from the Crown for the specific Disposals
purposes of NZTE as set out in the Statement of Gains and losses on disposals are determined by comparing
Performance Expectations and the scope of the relevant the proceeds with the carrying amount of the asset. Gains
government appropriations. NZTE considers there are no and losses on disposals are included in the surplus or deficit.
conditions attached to the funding and it is recognised as
24 NZTE Statement of Performance Expectations 2021/22 25ACCOUNTING POLICIES
Depreciation Intangible assets Financial instruments categories and fair value b) interest rate risk
Depreciation is provided on a straight-line basis on all The carrying amounts represent the fair values of financial NZTE has interest rate risk arising from interest bearing
property, plant and equipment at rates that will write o
Software acquisition and development instruments. The carrying amounts of financial instruments bank accounts. NZTE manages its exposure to interest
Acquired computer software licences capitalised on the
the cost of the assets to their estimated residual values over included in the Statement of Financial Position reflect the rate risk by regularly reviewing placement of funds.
basis of the costs incurred to acquire and bring to use the
their useful lives. The useful lives and associated depreciation fair values of the financial instruments at balance date.
rates of major asset classes have been estimated as follows:
speciōc software. Costs that are directly associated with c) liquidity risk
the development of software for internal use by NZTE, Estimation of fair values analysis NZTE manages liquidity risk by continuously monitoring
are recognised as an intangible asset. Direct costs include Major methods and assumptions used in estimating the fair forecast and actual cash flow requirements.
Computer equipment 3 years 33% software development, employee costs and an appropriate values of financial instruments are summarised below:
Furniture and oāce 4-5 years 20%-25% portion of relevant overheads. Sta training costs, costs d) foreign currency risk
equipment associated with maintaining computer software, and costs Derivatives NZTE has offices overseas and undertakes transactions
Leasehold improvements Up to 12 years 8%-33% associated with the development and maintenance of NZTE The fair value of forward exchange contracts has been denominated in foreign currencies. As a result of these
Motor vehicles 4 years 25% websites are recognised as an expense when incurred. determined using a discounted cash flow valuation activities exposures in foreign currency arise. The
methodology based on quoted forward foreign exchange currencies giving rise to this risk are the United States
Amortisation market rates. dollar, Chinese renminbi, Canadian dollar, Japanese yen,
Leasehold improvements are depreciated over the unexpired The carrying value of an intangible asset a ōnite life is
Where discounted cash flow techniques are used, estimated Euro, Great Britain pound, Hong Kong dollar, Singapore
period of the lease or the estimated remaining useful lives amortised on a straight-line basis over its useful life.
future cash flows are based on management’s best estimates dollar and Australian dollar. It is NZTE policy to hedge
of the improvements, whichever is the shorter. The residual Amortisation begins when the asset is available for use and
and the discount rate is a market related rate for a similar foreign currency risks and use forward and spot foreign
value and useful life of an asset is reviewed, and adjusted if ceases when the asset is derecognised. The amortisation
instrument at balance date. Where other pricing models are exchange contracts to manage this exposure.
applicable, at each ōnancial year end. charge for each period is recognised in the Statement of
used, inputs are based on market-related data at balance date. In accordance with Crown policy, the foreign exchange
Comprehensive Revenue and Expense. The useful lives and
Impairment contracts are completed approximately nine months
Property, plant and equipment and intangible assets
associated amortisation rates of classes of intangible assets Receivables – operating before the financial year begins. The appropriation from
have been estimated as follows: For receivables and payables with a remaining life of less
that have a ōnite useful life are reviewed for impairment the Crown for the financial year is primarily based on the
whenever events or changes in circumstances indicate than one year, the notional amount is deemed to reflect the same foreign exchange contracted rates.
that the carrying amount may not be recoverable. An fair value.
Computer software (developed) 3-5 years 20-30%
impairment loss is recognised for the amount by which the Forecasted transactions
Computer software (acquired) -4 5 years 20-25% Capital management NZTE has not designated its forward exchange contracts
asset’s carrying amount exceeds its recoverable amount.
NZTE’s capital is its equity, which comprises capital as cash flow hedges. Accordingly, fair value movements
The recoverable amount is the higher of an asset’s fair value
injections by the Crown and accumulated funds. Equity is
less costs to sell and value in use. Funding Crown – grant accrual represented by net assets. NZTE is subject to the financial
in outstanding forward exchange contracts are accounted
The grant accrual is calculated on a grant by grant basis by for either as a net gain or loss from derivative financial
Value in use is depreciated replacement cost for an asset management and accountability provisions of the Crown
assessing the probability of a grant recipient having incurred instruments directly in the Statement of Comprehensive
where its future economic beneōts or service potential are not Entities Act 2004, which imposes restrictions in relation to
qualifying expenditure for which a claim has not yet been Revenue and Expense.
primarily dependent on its ability to generate net cash infiows borrowings, acquisition of securities, issuing guarantees and
received and management’s estimation of project progress.
and where NZTE would, if deprived of the asset, replace its
The grant accrual is discounted by the estimated grant
indemnities and use of derivatives. NZTE will comply with Recognised assets and liabilities
remaining future economic beneōts or service potential. these restrictions throughout the period. NZTE manages Changes in the fair value of forward exchange contracts that
drawdown (8)%8 .
If an asset’s carrying amount exceeds its recoverable its equity as a by-product of prudently managing revenue, economically hedge monetary assets and liabilities in foreign
amount, the asset is impaired and the carrying amount expenses, assets, liabilities, investments, and general currencies and for which no hedge accounting is applied
is written down to the recoverable amount. The total Financial risk management financial dealings to ensure that NZTE effectively achieves are recognised in the Statement of Comprehensive Revenue
impairment loss is recognised as an expense in the surplus NZTE’s principal ōnancial instruments (other than its objectives and purpose, while remaining a going concern. and Expense. Both the changes in fair value of the forward
or deōcit. derivatives), comprise cash and short-term deposits. contracts and the foreign exchange gains and losses relating
The main purpose of these ōnancial instruments is to a) credit risk to the monetary items are recognised as part of finance
Expo 2020 pavilion fund NZTE’s operations. NZTE has various other ōnancial In the normal course of business, NZTE is exposed to income and finance expense.
NZTE entered into a memorandum of understanding with instruments such as trade debtors and trade creditors credit risk from cash and term deposits with banks, trade
MFAT to complete NewūZealand’s pavilion at the Dubai Expo which arise directly from its operations. NZTE also enters and other receivables, and derivative financial instrument
2020. Costs incurred in the pavilion design and build have into derivative transactions consisting principally of forward assets. For each of these, the maximum credit exposure
been included in Work in Progress. Following a decision by currency contracts. The purpose of these is to manage the is best represented by the carrying amount in the
the Bureau International des Expositions, the Dubai Expo currency risks arising from NZTE’s operations. Statement of Financial Position.
will now take place from October 2021 to March 2022. The It is NZTE’s policy that no trading in ōnancial instruments NZTE invests surplus funding with registered
pavilion is expected to be depreciated over the period of shall be undertaken. NZTE is exposed to credit risk, interest New Zealand banks that hold a Standard and Poors
use. At the conclusion of Expo 2020, the NewūZealand rate risk, liquidity risk and foreign currency risk. NZTE’s credit rating of AA-.
pavilion will be decommissioned with materials returned, senior management oversees the management of these Concentration of credit risk from accounts receivable are
recycled or redeployed as appropriate, and the site will go risks supported by an Audit and Risk Committee that limited due to the largest receivable relating to funding
back to its original condition. provides assurance to the Board that NZTE’s ōnancial risks from a government organisation.
are identiōed, measured and managed in accordance with
NZTE’s policies and procedures.
26 NZTE Statement of Performance Expectations 2021/22 27You can also read
