Report On Associate Companies & Other Investments


Fijian Holdings Shareholding: 10%

Fijian Holdings Limited is a shareholder in Goodman Fielder (Fiji) Limited, which is the holding company of Goodman Fielder International (Fiji) Limited (Goodman Fielder).

Goodman Fielder is one of Fiji’s leading food manufacturers with a portfolio of iconic and trusted brands, specialising in quality poultry, ice-cream , snack foods, stock feed and consumer food products. The Company is proud to have been producing “Fijian Made and Grown” products for over four decades. Goodman Fielder’s key brands are household names including Crest, Tuckers, Twisties, Meadow Lea, Meadow Fresh and Praise.

Poultry remains the biggest revenue driver for the business followed by ice cream and snacks. The Company continues to enjoy the number one brand position with excellent growth in these key categories over the last 12 months.

Goodman Fielder is Fiji’s employer of choice with the implementation of our “GF Way” standards whilst also having a key focus on Food Safety, Quality, OH & S and Environmental standards. The Company has for many years been proud of its commitment to quality and food safety, underpinning this with the long time held ISO: 9001: 2008 and HACCP accreditation.

Keeping abreast with consumer demands and improving production efficiencies, Goodman Fielder, has strongly invested and continues to invest in the poultry industry with state-of-the-art farms and manufacturing systems.
The Company also invests heavily in Sales and Marketing activities, which have been the driving force behind the overall growth of our key categories. These activities involve a loyalty programme “Crest Cool Stuff for Schools”, whereby schools are reward for redemption of Crest Tokens. This programme incorporated a Students Cultural Exchange experience to Australia in 2014 and in 2015 to New Zealand.

Goodman Fielder sponsorship is key to the Company’s Corporate Social Responsibility Programme and to the development of Sports, Art, Fashion and many others for the betterment of our society and the future leaders of this nation.
For generations, thousands of Fijian’s have turned to Goodman Fielder’s well known Fijian Made and Fijian Grown products to deliver essential food items to them every day.


Fijian Holdings Shareholding: 25.00%

Marsh Limited is the largest and leading risk consulting and insurance broking firm in Fiji and is part of the global Marsh & McLennan Companies (MMC) which is incorporated in the USA and listed on the New York Stock Exchange. It comprises of over 52,000 colleagues globally with presence in over 100 countries.

Marsh creates tailored risk and insurance solutions for its clients and goes beyond the traditional insurance programme design and placement and use the most effective blend of risk mitigation, risk transfer and advanced risk financing that can help to increase our clients revenue growth, enhance net income and strengthen their balance sheet. We provide risk management advice, risk consulting, and insurance program management services to a wide range of businesses, government entities and professional service organisations around the country. With specialist Practices established in various fields Marsh is able to readily draw on to vast resources and expertise from its sister companies across the globe.

Despite a very competitive environment Marsh continued with its strong financial performance in 2014 and recorded growth for the fourth consecutive year. Behind this success and our enviable client base is our investment in our highly- talented and experienced Fiji staff.

With record levels of surplus capital in the global market fueling increased competition, we have entered very much into the soft market cycle in 2015 resulting in premium reductions across a whole range of policies. Armed with our global resources and local expertise, Marsh will continue to help our clients thrive and reap the benefits of the current environment as well as protect the interests of our shareholders.


Fijian Holdings Shareholdings: 8.13%

Fijian Holdings Unit Trust is an income and growth fund, managed by FHL Fund Management Limited, a wholly owned subsidiary of FHL.

During the year, FHUT portfolio grew by 16% from $66.55 million to $77.08 million and total number of unit holders grew by 44% correspondingly. This is the first year since inception that the Fund has surpassed the $20m mark in terms of sales, which is a direct reflection of the growing confidence in the product, the high liquidity in the market and also attributed to the robust sales and marketing activities’ adopted by the team. Concurrently, FHUT paid out a record dividend of $4.12m for FY2015 in comparison to $3.17million in FY2014 which is an increase of 30%.
The outlook for the new financial year for the Fund remains challenging as we anticipate competition to intensify with new entrants and new products from other financial institutions. However, the Fund Manager is remains enthusiastic about exploring sustainable opportunities to maximize competitive returns to our unit holders.


Fijian Holdings Shareholding: 15.4%

The financial year ended 2014 was lively and challenging for the country in general and for the company specifically. The competitiveness and other challenges of retail industry are ever increasing in Fiji and the company is making all out efforts to outperform them which are reflected in the results achieved by the Company. The Company posted an increase in sales of 6.91% and a post tax net profit of $3.05m. The management is confident of posting a better performance in terms of sales and profits in FY15 by putting right strategies in practice.

IGA Branded Store at Damodar City Centre has successfully completed its maiden year of operations and the performance of the store so far has been quite impressive. Taking into account the splendid performance of Damodar City Centre Store and Newworld IGA at Votualevu, a new look was given to our Lautoka Store by refurbishing it & branding it as a Newworld IGA Store. It was re-opened on 1st August 2014. Lautoka has since been recording very good sales. The Nakasi Store which was completely destroyed by fire has been refurbished and opened as an IGA store on 6th September 2014. The management is confident of replicating its success story here also.

The Savusavu Store was opened as an IGA Express Store in mid July 2015. These upgraded stores are expected to attract more customers by offering width and depth in product range besides unmatched customer services and also contribute in a major way to the Company’s top line. In addition to pursuing other investment and growth opportunities, the management continues to invest into systems and processes improvement measures together with skill up gradation of its human capital by continuing to hire experienced and professional expatriates, to optimise its operational efficiency so as to provide good returns to all stakeholders.

As a strategy, the Newworld Management has strategically retained and ploughed back, a portion of its profits, into the business by investing in new projects. These new projects are expected to turn up higher returns for the shareholders in the near future. The management is on continuous look out for new business opportunities.


Fijian Holdings Shareholding: 30.00%

Golden Manufacturing Limited continues to maintain its position as market leader in corrugated packaging solutions in Fiji and the South Pacific Region. The Company services a wide variety of multi-national and local businesses with state-of-the-art equipment. Manufacturing facilities have equipment for the manufacture of corrugated board and conversion into paperboard products.

Golden Manufacturing is in the process of strengthening its organisation structure, market share and revenue while ensuring that existing customer base is maintained. The Company has successfully achieved its budget in year 2014 and also on track to achieve their projected forecast for the current financial year ending, December 2015. The Company is continually working on innovative ways to the standard of service and improve their packaging to ensure the success of customers’ brands. In year 2014, company invested substantial amount in a state-of-the-art 8 color flexo printing web press to produce pre- printed paper which previously used to be imported from Australia and Europe.

As a result of this investment, our importation of preprint paper has now been significantly reduced.
The Company has further committed to diversify its manufacturing capabilities with the introduction of label manufacturing operations by end of the year. The proposed introduction of this label operation will allow The Company to offer a wider range of services to its current customer base as well as creating new export opportunities in the region including Australia and New Zealand.


Fijian Holdings shareholding: 21%

Pernix (Fiji) Limited is the new addition to the Fijian Holding family. In November 2014, FHL acquired 25% of the local Fijian subsidiary of Pernix Group, Inc. ( Pernix Group is a global integrated global construction and energy solutions provider including Power Generation “Engineer, Procure and Construct” (EPC) contractor and operation & maintenance service provider.

Pernix (Fiji) Limited [formerly known as Telesource (Fiji) Limited] has a 20-year contract with the Fiji Electricity Authority (FEA) to operate and maintain two separate diesel and heavy fuel oil fired power generation Stations and to sell electrical energy produced, on a wholesale level, at a contractually determined rate, without risk of fuel price fluctuation. The Kinoya Power Station, situated near Suva, the capital of Fiji, is part of the FEA grid and is the largest diesel/heavy fuel oil based power Station in Fiji. In 1999, FEA awarded Pernix the contract to expand the power Station to 12 MW. Due to high energy demand, low installed capacity and rolling power outages, FEA modified the contract to move the 12 MW machines to Vuda Power Station, which is the second largest diesel based power Station in Fiji, and to add 20 MW machines to the Kinoya Power Station.

As a testament to FEA’s high level of satisfaction, Pernix was awarded a 20-year Operation & Maintenance (O&M) contract for both the Kinoya and Vuda Power Stations in 2003. In late 2005, Pernix was awarded the O&M concession for another 30 MW extension to the Kinoya Station. In total Pernix Fiji has 72 MW of diesel power generation capacity under management in Fiji. In February 2014, Pernix Fiji, was awarded a turnkey contract by FEA to build a new 36 MW heavy fuel oil power Station adjacent to the Kinoya Power Station in Suva. The contract scope includes the design, construction, installation and commissioning of a power house consisting of four heavy fuel oil power generating sets with associated auxiliaries. The engines, manufactured by Wartsila, are type W20V32. In December 2014, Pernix Fiji was awarded another contract by the FEA to design, supply and build the Kinoya 11/33 kV Substation on turn-key basis.

Pernix is committed to delivering some of the most diverse projects in Fiji while finding optimal solutions to complex challenges that come with working in remote locations. Pernix presence in Fiji and the Pacific region has resulted in its continued investment in improving infrastructures and providing employment opportunities in which we work. Pernix success is based on established business relationships combined with extensive local knowledge and experienced staff dedicated to safety, reliability and customer satisfaction. One of Pernix key attributes is its understanding of the special demands of working under less than ideal circumstances. Pernix unique approach to construction and power management results in and allows us to attain excellence, while improving the livelihoods and infrastructures in the region we work.

As a solution provider, Pernix has proven its relationships through the excellent safety record, focus on customer service, and determination to deliver best in class projects. Pernix safety-first culture extends to each employee who makes up our team, our partners and communities in which we live and work. To the start of each day we bring an industry- leading safety culture and proven safety record founded on principle that safety leadership is every person’s responsibility. The health and well-being of our people, project partners and public are at the forefront of everything we do.

Our People – One Team offer proven, reliable and integrated multi- disciplinary expertise that optimizes long-term value while streamlining delivery and maintenance. Our skills and specialist knowledge are delivered locally but reflects the knowledge and professionalism that operates globally.

We strive to finish strong, we go above and beyond to pursue results that help transform infrastructures, enhance our communities and safeguard our people. It’s a perspective that sees opportunity as a privilege.
Pernix’s future outlook is to continue and develop our involvement in the construction, infrastructure and energy sectors including but not limited to developing solutions as an Independent Power Producer offering renewable and clean/green energy sources. Pernix objective to support the FEA and Nation’s objective of increasing the renewable and green energy footprint in Fiji.

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