Moa Targets Global Craft Beer Market - ManufacturingNZ

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Vol 3 Issue 5October 2012‘The Hobbit’stampsits markpage 4BLIS seekingfurtherfundingpage 6Kiwi firmshading thecompetitionpage 8Moa targets globalcraft beer marketMarlborough brewery owner Moa Group Ltd is issuingshares to institutions and the public to raise 15m in anInitial Public Offering to help fund a new breweryneeded to drive exports of its craft beer.Moa is expected to have a market capitalisation ofapproximately 38m (including oversubscriptions) following conclusion of the IPO.The share offer received strong support from brokersand a range of institutional investors together with further investment from the existing major shareholders theBusiness Bakery, Pioneer Capital and Allan Scott Wines,a leading wine exporter.Moa CEO Geoff Ross, who was the 42 Below founderand is Ecoya Ltd’s chairman, said the response fromretail brokers and a range of New Zealand institutionshad been extremely positive with the 15m offer oversubscribed by 103% (just over twice the amount sought)at the bookbuild clearing price. Ross stated “this showsNew Zealand investors believe in growing New Zealandbusinesses on the world stage. This is a vital componentof growing greater export earnings.”The Investment Statement is described by Ross asbeing very ‘on brand’. It is also believed to be the firstInvestment Statement ever to contain paid third partyadvertisements with companies including Aston Martin,Working Style and Beretta taking advertising space.Overall the document portrayed the way the company will be conducting its international marketing.Moa’s business objective is to build ‘New Zealand’sBeer, Globally.” The company’s key point of difference isits traditional brewing technique. Estate and Reserveranges of beer are bottle conditioned to give a natural“more consistent carbonation and flavour profile, and anextended shelf life. This technique, together with Ma’spremium price point, enhances Moa’s product range asan export proposition.”The company was established in 2004 by Josh Scott tomake super-premium quality, bottle conditioned craftbeer. The early success has come by creating an internationally exportable brand and by establishing a range ofdistribution channels to distribute beer and cider to restaurants, bars and liquor outlets worldwide. Moa beersand ciders are sold in New Zealand and overseas, notably in the US and Australia.The current brewery is situated alongside vineyardsin the winemaking region of Marlborough, adding to thestrength of the brand story.In the last two years sales have grown significantlyNZ exceedsexpectations atFrankfurt fairNew Zealand’s Trade Commissioner in Hamburg,Marcus Scoliege, explains the significance of theFrankfurt book fair for New ZealandMoa Group has developed packaging to meetinternational marketing standards.and in the 12 month periods ended March 2011 andMarch 2012 sales volume grew by 37% and 88% p.a.respectively off the then base. Sales volume is expectedto grow by 97% and 100% p.a. for FY13 and FY14.A lot of effort and investment has gone into repackaging and rebranding the product range to exceed the highstandards of international markets.Distributorship relationships have been built in NewZealand, the US and Australia with agents in Singapore,Vietnam and China.Moa says its bottle conditioned range can travel theworld with a significantly reduced risk of wastage. Thewinemaking approach includes techniques such as theutilisation of Sauvignon Blanc yeast and barrel ageing toprovide a point of difference to the marketing and salesefforts and relevance to origin.Moa says this fits well with the growing sophistication in beer demand and the movement in beer-foodmatching. Continued on page 7In 1916 Katherine Mansfield wrote: “I want for onemoment to make our undiscovered country leap into theeyes of the old world. It must be mysterious, as thoughfloating — it must take the breath.”New Zealand achieved this with a range of events celebrating New Zealand’s status as Guest of Honour 2012 atthe Frankfurt book Fair.Europe is an important market for New Zealand (representing around 5bn of our export value). Germany isour second biggest export destination in the EU (after theUK), and our 13th largest destination for exports ( 775m)overall. Exports to Germany grew nearly 18% in valuefrom 2010 to 2011. Wine grew 25% by value and 26% byvolume.The Fair is the world’s largest book fair attracting300,000 visitors (up 5% on last year) and 10,000 journalists to its 7500 exhibitors over four days. 65 NZ authorstravelled to Frankfurt to take part in New Zealand’s cultural programme at the Book Fair.The 2500m² New Zealand pavilion, designed by MikeMizrahi of Inside Out and Andrew Patterson of PattersonArchitects, with its use of water and reflections, a Maorinarrator and a showreel on giant screens showcasingNew Zealand’s literary and cultural heritage set under astarry Southern Hemisphere sky, attracted 67,000 visitorsover the five day event.It was complemented by live interviews with Kiwiauthors and demonstrations from NZ chefs such asAnnabel Langbein who was launching her German language cookbook at the show. The pavilion opening alsofeatured Pacific Island and Maori performances whichdelighted the international crowd.Deputy Prime Minister Bill English compared NewZealand’s role as Guest of Honour at the Frankfurt BookFair in 2012 to that of hosting the Rugby World Cup lastyear.Prior to the Fair NZTE worked with the Ministry ofForeign Affairs and Trade (MFAT) on the reopening event Continued on page 7NZ-India aviation relationshipCollaboration and trade between New Zealandand India in the aviation sector is set to grow following the signing of the India New ZealandAviation Arrangement in New Delhi, EconomicDevelopment Minister Steven Joyce says.The agreement was signed by the NewZealand High Commissioner Jan Henderson andthe Indian Secretary of Civil Aviation Shri KNSrivastava and was witnessed by Mr Joyce andIndia’s Minister of Civil Aviation, Sri Ajit Singh.“India is predicted to jump from the ninth largest civil aviation market in the world to the thirdby 2020,” Mr Joyce said. “Domestic traffic inIndia is expected to grow from 46 million to 90million passengers per year, with internationaltraffic soaring from 34 million to 90 million in thesame period.TRADE NEWS October 2012 “This rapidly growing market provides massive opportunities for New Zealand companiesinvolved in aviation and the signing of the aviation agreement with India will strengthen thebusiness relationship between our two countries.“It will encourage greater training and technical cooperation in aviation, including in thedesign and building of airports in India and flighttraining for Indian students in New Zealand.”Mr Joyce was accompanied on his visit toNew Delhi by nine New Zealand aviation companies. He is also in India leading a delegation tolift New Zealand’s profile as a destination forinternational students and to support our tertiaryinstitutions and companies seeking to grow theirbusiness in the Indian market. — NZTENew Zealand features at the Frankfurt Book Fair.Photo: Ministry Culture and Heritage.Page 1

spotlightInflation falls to 13-year lowNew Zealand’s third quarter Consumer Price Indexrose 0.35%, softer than market expectations and theReserve Bank of New Zealand’s forecast of a 0.5%rise. Annual inflation eased to 0.8%, a 13-year low.ANZ Banking senior economist Mark Smith said“Core readings were benign. Non-tradable prices rose0.5% in the September quarter, consistent with thedirectional signal provided by our Monthly InflationGauge.“While the general picture remains benign, compositional (firming construction costs) and regionalaspects (Canterbury) are testament to inherent tensions within the inflation portrait. Our (and theRBNZ’s) focus is on the medium-term outlook.“With much of the undershooting in inflation overthe past year coming from tradable inflation, and theNZD likely to remain elevated given structural challenges for the US dollar, we are closely watchingtransmission channels into non-tradable pockets ofthe economy.“Key here are inflation expectations and the labourmarket. If both show weakness the case for a rate cutwill grow.“For now we remain comfortable articulating a“lower for longer” interest rate theme, with our coreview centred around the Official Cash Rate not liftinguntil 2014.“The September 2012 quarter CPI increase of 0.3%Quarter-on-Quarter/0.8% Year-on-Year was belowboth RBNZ and median market expectations of a riseof 0.5% QoQ/1.0% YoY. This was the smallest annualAuckland BusinessAwards FinalistsTwenty one local businesses are in award contention in thisyear’s Westpac Auckland North Business Awards.The finalists include a broad mix of businesses stretchingfrom Warkworth to Takapuna and incorporating companiesfrom construction, IT, health, and food industries.Auckland Tourism, Events and Economic Developmentmanager business growth, Ngaio Merrick, is impressed bywith the strong showing of construction sector and exportbusinesses amongst the finalist group. “It is interesting thatthese two groups are so prominent. The number of construction and property business shows a reassuring returnto strength in the domestic market, and the number of businesses that are exporting overseas is great for growing theinternational market.”The awards attracted 143 entries across nine categoriesin a revitalised format showcasing new categories and ajudging system based on an internationally recognised criteria.ATEED’s chief executive Brett O’Riley believes the annualawards are an important growth programme for Auckland.“Businesses looking for long term growth and sustainabilityshould regularly review their performance and look foropportunities for improvement. ATEED’s local businessawards are the perfect vehicle to help businesses take timeto reflect, assess their position, increase their capability andcelebrate their success.”Ian Blair, General Manager Business Banking forWestpac, the awards’ major sponsor, is impressed with thecalibre of finalists. “This year’s finalists are a reflection of thisoutstanding local business hub, and we’re looking forwardto unveiling the winners later this year.” Winners will beannounced at a black-tie gala dinner on 26 October 2012.increase in CPI inflation since the 0.5% YoY increaserecorded for the December 1999 quarter and movesheadline inflation to below the bottom of the RBNZ’s1-3% target range.”Relative to the RBNZ’s September 2012 MPS projection, a weaker annual tradables inflation outturn(-1.2% YoY versus -0.7% YoY expected), together witha smaller annual increase in non-tradables inflation(2.3% YoY versus 2.5% YoY projected) has resulted inthe lower-than-forecast aggregate September 2012quarter CPI figure.The most significant positive contribution to thequarterly increase came from the food subgroup (up1.1% QoQ, largely reflecting higher seasonal vegetable prices). Housing and household utilities providedthe second largest positive contribution (up 0.8%QoQ) on the back of higher local authority rates andrentals for housing. In contrast, the most significantnegative quarterly contribution came from the transport subgroup (down -1.1% QoQ), primarily reflecting lower prices for second-hand cars, domestic airfares and petrol.The weaker-than-forecasts inflation outturn,together with a backdrop of subdued inflation expectations and moderate recovery profile is thoughtlikely to reinforce the RBNZ’s comfort with the maintenance of stimulatory interest rate settings andincreases the prospect of the RBNZ lowering rates,were the global growth backdrop to deteriorate.Recent market pricing now suggests around 32 basispoints of cuts over the year ahead.nThe Waikato Innovation Park board said that its CEO, DerekFairweather, has stepped down to take on the CEO role ofDairy SolutioNZ. Stuart Gordon has been appointed to therole of interim Waikato Innovation Park CEO.Gordon has worked forWaikato Innovation Park subsidiary, Dairy SolutioNZ, in therole of Global DevelopmentDirector.Dairy SolutioNZ was established four years ago as a subsidiary of the WaikatoInnovation Park. The businessis focused on taking theworld’s best farming practices— many of them from NewZealand — to regions experiStuart Gordonencing food crises.In his role as Global Development Director, Gordon workedwith large land owners and Governments globally to introducethem to New Zealand’s low cost, high quality dairy and beeffarming solutions.Prior to joining Dairy SolutioNZ, Gordon was CEO ofLivestock Improvement Corporation from 1998-2006. He ledLivestock Improvement Corporation for eight years during aperiod of strategic change, increased profitability and innovation.He is a qualified Chartered Accountant with advancedexperience in marketing, strategy and farm advisory. Hehas previously worked for the Fonterra as FinancialController.Currently, he is the owner and operator of a 430-cowdairy farm outside Hamilton.nnIndonesia ForumINDONESIA FORUM: Asean New Zealand CombinedBusiness Council (ANZCBC) and Export New Zealand heldIndonesia Forum 2012, with the support of the IndonesianEmbassy in New Zealand. This was a high level forumintended to identify opportunities for NZ businesses inIndonesia and to discuss the issues and challenges whicharise out of engaging with this important bilateral tradingpartner.Interim CEO at WaikatoSucceeding in EuropeNZTE has launched a new video series ‘Succeeding inEurope’ developed by the Europe Beachhead Programme tohighlight key considerations for New Zealand companies tosucceed in Europe. The third video, ‘Distribution intoEurope’ outlines the distribution models available in theEuropean market. The video features Europe BeachheadAdvisors Erik Dijsktra and Crosbie Burns discussing theimportance of knowing who you want to sell to, focussing ona particular market place and having a go-to market strategythat addresses that market place.Editor: Warren Head, Headliner Business Unit, MG Publications, 8 Sheffield Crescent, Burnside. P.O. Box 3762 Christchurch,New Zealand. Editorial: 64-3-357 0442. Fax 64-3-357 0426. Mobile 021 340 650. Email: headliner@xtra.co,nz.Advertising: Heather Driver, 09 360 1026, heather@mgpublications.co.nz. Subscriptions: Freephone 0800 64 96 96, Email:subscriptions@mgpublications.co.nz. Printer: Guardian Print, Ashburton. (c) Copyright 2012. All rights reserved. No part ofTrade News may be reproduced without the written permission of the publisher. Views expressed are not necessarily thoseheld by the publisher. ISSN 1179-5077 (online), ISSN 1179-5069 (print).Page 2 Firming construction costs creating a tension.“Set against the current backdrop of muted inflation pressures, a moderate paced recovery profile, anelevated New Zealand dollar, together with the prospect of even easier global interest rate settings, weretain our expectation that the RBNZ is likely to waituntil the second half of 2013 — at the earliest —before raising the OCR by 25 basis points to 2.75%.However, reflecting recent signs of some softening inthe surveyed pace of domestic economic activity overthe September quarter, the prospect of unchangedrates for the whole of 2013 has now clearlyincreased.”Trade Commissionerto IndonesiaWellington lawyer Tim Anderson has been appointed asTrade Commissioner to Indonesia.“This appointment will assist in taking New Zealand’srelationship with Indonesia to the next level,” said TradeMinister Tim Groser. “With 240 million people, Indonesiahas the world’s fourth largest population and is the largest economy in the region, accounting for over one thirdof ASEAN’s GDP.It is expected to be one of the world’s top 10 economies by 2030,” Groser says.“Tim will play a pivotal role in developing and expanding our business relations with Indonesia. A significantaspect of his role will be to support New Zealand business as Indonesia moves from a commodity-basedeconomy to one that is based on more value-addedindustries.”Anderson joins New Zealand Trade and Enterprisefrom Wellington commercial law firm, Gibson Sheat,where he was a partner.Fluent in Bahasa Indonesia, Anderson has beenactively involved in Indonesia since 1993 having workedthere as a business adviser and also through his rolewith Gibson Sheat. He is a member of the ASEAN-NZBusiness Council and the NZ Indonesia Association andis on the steering committee of the NZ-IndonesiaFriendship Council.Anderson, who will be based in Jakarta, will commence his posting in January 2013. This appointmentbrings the number of Trade Commissioners in theASEAN region to six: Indonesia, Malaysia and Brunei,Singapore, Thailand, the Philippines and Vietnam.Previously one Trade Commissioner covered Malaysia,Indonesia and Brunei.nChina Business TrainingNew Zealand Trade and Enterprise is offering ChinaBusiness Training includinmg both Scheduled Training —delivered in a two day programme consisting of four half daymodules — and Custom Training — delivered according tocompany specific sector or issue.This format allows participants to select the scheduledmodule(s) most appropriate to their needs and the customtraining options mean this programme provides access tothe specific training you or your organisation requires to besuccessful in China.Companies are eligible to participate in ScheduledTraining at the cost of only 50 per person per day. As classsize is limited, priority will be given to NZTE clients.Occam Consulting Ltd has been contracted by NZTE todeliver this China Business Training programme.TRADE NEWS October 2012

innovationRevolution Fibres scoops2012 Innovation AwardsAn Auckland company that uses nanotechnology tomake super strong fibres has taken out the SupremeNew Zealand Innovator Award at the 2012 NewZealand Innovators Awards.Revolution Fibres also won the Innovation inManufacturing category at the Awards event, held atthe Auckland City Art Gallery in early October.The company was recognised for its groundbreaking work in developing innovative manufacturing processes for nanofibres and nanofibre products.In particular, Revolution Fibres has created threeNanofibre products: air filters for household ventilation systems, high strength fishing rods and fabricto enhance skin healing. More products are in itsdevelopment pipleline.The New Zealand Innovators Awards judgesespecially liked that “Revolution Fibres has shownits ability to conceptualise and commercialise newnanofibre product solutions. It is Revolution Fibressuccess in solving complex technical problems,developing new manufacturing techniques andidentify new market opportunities for nanofibreproducts that gives it the recognition of the SupremeNew Zealand Innovator Award.”Several other awards were presented at theAwards evening covering a wide range of industriesand business sectors.The organisers — Bayer New Zealand, IdealogMagazine and Ideas Accelerator — say the 152entries was a record, which reflects the growingimportance of innovation to the New Zealand economy.“Globally Bayer spends about 8% of turnover or 4.5bn on research and development,” says BayerNew Zealand managing director Patricia Castle.“While New Zealand’s investment levels are not ashigh, I think what the Innovators Awards haverevealed is a thriving innovation culture that runsacross the length and breadth of the country.”The category winners represent the most innovative people and organisations from all over NewZealand, from start-ups like Syrp, to Kiwibank andinternational success of Booktrack and The GibsonGroup.“We were thrilled to have such a range of entriesfrom different industries and organsiations acrossthe country. It’s great to see the innovation that asmall nation can produce, we have every reason tobe proud,” says Louise Webster, owner of IdeasAccelerator and the awards convenor.The Awards Listn Innovation in Design and EngineeringWinner: Syrp, GenieHighly Commended : 3i Innovations with InductivePowered Lightingn Innovation in Environment and AgricultureWinner: Outpost Central, Outpost WaspHighly Commended: Compac Sorting Equipment withCompac Small Fruit Sortern Innovation in Health and ScienceWinner: Canterbury Scientific, Hemoglobin A1cControlsn Innovation in Hospitality, Food and BeverageWinner: Oritain Global Limitedn Innovation in Marketing and CommunicationsWinner: Kiwibank, Online Relationship Managersn Innovation in ManufacturingWinner: Revolution Fibres, the Nanofibre Revolutionn Innovation in Information and CommunicationsTechnologyWinner: The Gibson Group, TouchHistoryn Innovation in Sustainability and Clean-techWinner: Powersmart Solar, Tokelau Renewable EnergyProjectn Innovation in Media, Music and EntertainmentWinner; Booktrackn Most Inspiring IndividualWinner: Alison Stewart, Biopesticides for Healthy Plantsn Emerging InnovatorWinner: PAPERKUT Paperless ReceiptsHighly Commended: Professor B. Robinson, OtagoUniversity, Intelligent Polymer Gelsn Supreme New Zealand InnovatorWinner: Revolution Fibres,the Nanofibre RevolutionInnovation the key to Australia’s growthAustralia’s future economic wellbeing will be determined by the nation’s ability to commercialise innovative products, services and processes, says those associated with new research on the subject.Innovation from concept to successful commercialisation can take 20 years or more and University ofSydney Business School researchers say the time tomake the necessary political and commercial adjustments is now. They warn that the pathway to the globalmarketplace is more complex than commonly realised.With the support of the healthcare firm Merck & Co.Inc., the Business School’s Discipline of InternationalBusiness has just completed three years of groundbreaking research into innovation and its pathway toglobal markets.The findings are to be announced at a roundtableforum titled Innovating to Globalise, Globalising toInnovate.“Innovation and entrepreneurship are critical togrowth in an economy characterised by a high standard of living, high wages and a highly educated workforce,” says David Anstice, a former Merck SeniorExecutive and a driving force behind the study. “Theresources boom will not sustain Australia forever.”The results will reveal how Australian high-tech startups commercialise products with potentially globalappeal.“The study shows that everyone involved in innovation — from university scientists to company managersand financiers — needs to be actively engaged in global research and industry networks right throughout thepre-commercialisation process,” says Anstice. “In orderTRADE NEWS October 2012 to succeed in selling globally, innovations need to beglobally connected even before they are market ready.”There is evidence to suggest that Australia’s innovation system is comparatively weak when it comes toglobal connectedness. The results of the study willinform government of the policy settings needed toensure the global competitiveness of Australian innovation.Gopher securespartnershipwith GoogleKiwi digital advertising business Gopher is the thirdKiwi business to be granted the highest-level GoogleAdWords Premier SME Partnership in New Zealand,joining Yellow and Localist.Gopher is also the first official Google AdWords Premier SME Partner in Indonesia. Gopher Indonesiais part of the Gopher Group, headquartered in NewZealand. The Indonesian partnership marks the firsttime a New Zealand company has ever gained aninternational PSP (Premier SME Partnership) withGoogle.Gopher offers small to medium-sized businesses acomprehensive range of digital advertising packages,including Online Directories, Social Media and Search,and Google AdWords at low fixed prices.John Campbell, co-founder and CEO of GopherGroup, says, “Google has tough criteria, which includeworking with companies that have equally ambitiousgrowth targets combined with a thirst for true innovation and commitment to excellence. These two newpartnerships are a real vote of confidence in Gopher andwhat we can deliver to our customers in New Zealand,Indonesia and beyond.“We’re focused on using technology to help smallbusinesses get the best return from their GoogleAdWords spend. It’s a key part of our mission todeliver products that are affordable and accessible tosmall businesses that may not have significant marketing budgets or in-house expertise.Google AdWords has been a key growth driver forSMEs globally and we are excited to use this to benefitNew Zealand businesses and drive economic growthand exports,” says Campbell.Google AdWords Premier SME Partners are ahand-picked group of strategic partners that meetGoogle’s highest eligibility and training requirements,including proven expertise and experience deliveringhigh-performing Google AdWords campaigns specifically for small to medium-sized business requirements.Gopher Group works with small businesses lookingto get leads from the internet in New Zealand, Australiaand Indonesia — one of Asia’s most dynamic internetmarkets. Optimisation experts and software engineerscombine local knowledge and proprietary technology toenable small to medium-sized businesses to sell insideand outside their local area, as well as export to offshoremarkets.“While our roots and natural drive to innovate areKiwi, we’re fast becoming a force to be reckoned with inmarkets as diverse as Indonesia. With our Thailandoffice opening soon, we are looking to expand furtherthrough Asia. Like us, Google has recognised that Asiais the emerging powerhouse, and those who are in onthe groundswell of growth will benefit from taking acalculated risk in an exciting and emerging market.”Gopher was recognised in 2010 as part of the DeloitteTechnology Fast 500, listed as the 2nd fastest growingtechnology company in New Zealand, and the 20th fastest growing technology company in Asia-Pacific.Gopher was started in 2007 by two Kiwi entrepreneurs, John Campbell and BJ Sveistrup, who have beenfriends since childhood. The company was ranked the2nd fastest growing technology company in NewZealand, and 20th fastest growing technology companyin Asia-Pacific (Deloitte Technology Fast 500 2010).Page 3

‘The Hobbit’ is now also astamps and coins exportAward-winning actor Ian McKellen hasofficially given his seal of approval tostamps and coins being produced byNew Zealand Post to celebrate theeagerly anticipated movie The Hobbit: AnUnexpected Journey, a production of NewLine Cinema and Metro-GoldwynMayer Pictures (MGM).New Zealand Post is collaboratingwith Warner Bros. Consumer Products,Warner Bros. Pictures, and the filmmakers to produce official stamps and legaltender commemorative coins for allthree films.New Zealand Post has today unveiledits designs for the world’s only legal tender coins linked to the first movie in SirPeter Jackson’s trilogy of films based onThe Hobbit, and for a set of stampsbased on the movie.Ian McKellen — who reprises his roleas Gandalf in the new film after havingembodied the character in Jackson’sOscar-winning The Lord of the RingsTrilogy — says the coins and stampscapture the essence of his iconic character.“To put Gandalf on these splendiferous coins is a wizard idea,” Ian saidfrom London, England this week.Ian McKellen is also impressed by thespecially designed stamps, noting: “Thepointy hat, the beard and the illuminated staff — the 1.90 NZ stamp is pureGandalf.”Exclusive arrangement“We’re the only country in the worldwith the rights to produce these highlycollectable coins, featuring iconic characters from what is sure to become a classic series of films,” New Zealand Post’sspokesman for stamps and coins SimonAllison said today.The coins — which are legal tender —will go on sale from 1 November 2012,alongside a set of six stamps celebratingthe film.“The items announced today areappropriate mementoes of the film, andfit in with the mythology of Middleearth — New Zealand.“We’re committed to honouring thelegacy of Sir Peter’s films, by creatingstamps and coins of the highest quality,”Simon Allison says.For more information about theseexciting collectables visit:www.nzpost.co.nz/thehobbitthe movieA production of New Line Cinema and Metro-Goldwyn-Mayer Pictures (MGM), “The Hobbit: An Unexpected Journey” is thefirst of three films from filmmaker Peter Jackson, the Academy Award-winning director of “The Lord of the Rings” Trilogy,who shot the films concurrently on locations across New Zealand. The screenplay for “The Hobbit: An UnexpectedJourney” is by Fran Walsh & Philippa Boyens & Peter Jackson & Guillermo del Toro. Jackson is also producing the film,together with Carolynne Cunningham, Zane Weiner and Fran Walsh. The executive producers are Alan Horn, TobyEmmerich, Ken Kamins and Carolyn Blackwood, with Boyens and Eileen Moran serving as co-producers.“The Hobbit: An Unexpected Journey” and the second and third films of the trilogy are productions of New Line Cinemaand Metro-Goldwyn-Mayer Pictures, with New Line managing production. Warner Bros. Pictures is handling worldwide theatrical distribution, with select international territories as well as all international television distribution being handled byMGM.“The Hobbit: An Unexpected Journey” will be released on 14 December 2012, with the second film, “The Hobbit: TheDesolation of Smaug,” releasing 13 December 2013, and the third film, “The Hobbit: There and Back Again” slated for 18July 2014. www.thehobbit.co.nzIn the future, cash will be king.Effective cash management is about creating a strategy to handle your dailytreasury needs, while focusing on your long-term goals.On the ground in more than 70 countries worldwide, HSBC’s Global Payment andCash Management teams have the knowledge to help you navigate local markets,the technology to give you visibility and control, and the connectivity to helpstreamline your global cash management.Working together, we can help you plan your next move.Discover more insight into global cash managementat corporatebanking@hsbc.co.nz or visit hsbc.co.nz/corporatebankingIssued by The Hongkong and Shanghai Banking Corporat

Annabel Langbein who was launching her German lan-guage cookbook at the show. The pavilion opening also featured Pacific Island and Maori performances which delighted the international crowd. Deputy Prime Minister Bill English compared New Zealand’s role as Guest of Honour at the Frankfurt Book

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