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AT THE TABLEA WELLINGTON FARM

ANNUAL REPORT 2011

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CONTENTSreport on company outcomes

executive director’s message 4our vission, mission and strengths 5 company overview 7financial highlights 8our products 10

financial statements

statement of activities 12balance sheet 13cash flow statement 14statement of changes in equity 15

AT THE TABLEA WELLINGTON FARM{ }

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The Wellington region is alive with energy, diversity and stunning

potential. That stunning potential resides in our people and

in our farm.

“ “

I am extremely proud of the re-emerging prominence of At The Table (ATT). We have worked hard to re-establish the ATT as a dynamic, strategic, forward-thinking organi-zation that works to create a better business environment for members, provides services to members, and elevates the Wellington brand to new heights.

The hard work is paying off. Sales of Wel-lington ATT spices topped $100 million for the first time in New Zealand in September 2011 (12-month rolling sales) and have continued to grow exponentially, reaching nearly $113 million in March 2012 (12-month rolling sales). Wellington’s wine industry is truly booming; more grapes are being harvested, more wines made, more tourist visits to the ATT farm, more awards won and we have a higher provincial, national and international profile than ever before. In an extensive survey in February 2012, members indicated overall satisfaction with and approval of the new strategic direc-tion we are taking. The credit for this belongs to many. I have worked hard to build a highly-skilled ATT team. I hired a brand manager in

March 2011 and a communications manager in December 2011, both of whom are developing and executing strategic marketing and communi-cations plans. I have made other adjustments to the team to reflect new roles and responsibilities. I am also pleased to note that we added another ATT store to the south island, bringing the total to 20; these stores are an important retail category for ATT wines, spices and cooking oils. The ATT Liquor Distribution Branch stores are a growing retail category for our products, and a vital partner in their promotion. Other retail channels, including Licensee Retail Sellers and on-premise accounts, are also critical to our overall sales. For all these successes, challenges remain. The ATT must continue to revitalize itself by developing a new vision, goals and objectives for the type of trade association it wishes to become; this report details on that. I look forward to the challenges ahead, and I have complete confidence that we will achieve all our goals and objectives.

Ali McKinleyAli McKinley, Executive Director

EXECUTIVE DIRECTOR’S MESSAGE

O U R M I S S I O N

O U R V I S I O N

Most the products we sell, we grow in our certified-organic fields. Those that we do not grow ourselves, we exercise

an unwavering vigilance in their selection.

To be internationally recognised as the leading producer and marketer of premium quality wines, spices and cooking oils.

O U R S T R E N G T H STo promote quality and excellence in New Zealand wine, spice and oil growth, as well as enhancing consumer awareness of the quality and diversity of the products

made in Wellington.

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{ {At The Table, a family owned company located in

Wellington, New Zealand is aimed at producing fine

wine, spices and rubs, and cooking oils. Within the

fine country of New Zealand, lies a very design ori-

ented community, and within this community comes

a farm full of diversity. At The Table provides great

tasting wines who’s grapes are freshly grown, picked

and squeezed. Spices are grown from the finest seeds

from around the world. Imported internationally, are

plants that help produce the cooking oils found around

the farm. Quality and livelyhood are words to live by at

this Wellington farm.

OUR FARM

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HIGHLIGHTS

With distinct flavor and color develop-ment, there has been positive feed-back from consumers. Spring harvest extended a period of time for ripening and ideal conditions.

A New Wine Legislation, The Wine Act 2012 was enacted by Parliament in October 2011. The Act modernizes industry legislation and should pro-vide a sound regulatory base for the industry in the future.

Record crops were harvested for most varieties, including key export styles such as Chardonnay, Pinot Noir, Merlot, lemon thyme, taarragan, corn oil and veetable oil.

The Marlborough Spice Re-search Centre was opened and the Flavor and Aroma program led by the University of Auck-land gained FoRST funding of $9.6 million over 6 years with additional co-funding of $4.9 million primarily from industry partners.

Wellington is a growing industry within it’s cooking oil products. ATT now has a membership of 1,057, comprising of 463 farms and 594 plant growers. 8

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Merlot 40%

Chardoney26%

Pinot Noir 13%

Pinot Gris 11%

Others 10%

C O O K I N G O I L S

W I N E S

Muller ThurgauChardonnaySauvignon BlancChenin BlancGewurztraminerRieslingMuscat VarietiesPinotagePinot NoirMerlotCabernet Franc SyrahMalbecPinot Gris

CanolaOliveCoconutSunflowerWalnutPeanutSesameVegetable

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HIGHLIGHTS

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51%Savory

Lemon Thyme

35%

Tarragan

Vanilla Bean

29%

11%

S P I C E S a n d R U B S

AllspiceBasilDillGingerVanilla BeanCinnamonNutmegClovesMintGarlicLemon ThymeParsleySageTarroganRosemary

HibiscusLavenderAll PurposeChipotleBBQ MapleBBQ PeachBBQ AppleTuscan Salt

51%

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STATEMENT OF ACTIVITIES

Consolidated Statement of Comprehensive IncomeFor the year 2011In New Zealand Dollars(thousands)

EXPENSES

OWN-SOURCE INCOME

OTHER COMPREHENSIVE INCOME

Employee salaries and benefits 4,535 4,687Supplier expensives 8,931 8,965Depreciation and amortization 387 296Write-down and important of assets 625 4Foreign exchange losses - 172Losses from asset sales 16 -Total Expenses 14,949 14,124

Own-source revenue Sale of goods and rendering of services 5,947 6,055Interest 177 197Rental income 68 62 Industry levies and contributions 8,293 7,751Other revenue 215 235Total own-source revenue 14,700 14,300Gains Sale of assets 2 -Foreign exchange - 160Total Gains 2 160Total own-source income 14,860 14,302Net (contributions by) services and industry levies and contributions (366) (178)Revenue from government 160 177Operating surplus 526 355

Fair value revaluation of property, plant and equipment 22 -Total other comprehensive 22 -Total comprehensive income 377 526

2011 2010

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Employee salaries and benefits 4,535 4,687Supplier expensives 8,931 8,965Depreciation and amortization 387 296Write-down and important of assets 625 4Foreign exchange losses - 172Losses from asset sales 16 -Total Expenses 14,949 14,124

Own-source revenue Sale of goods and rendering of services 5,947 6,055Interest 177 197Rental income 68 62 Industry levies and contributions 8,293 7,751Other revenue 215 235Total own-source revenue 14,700 14,300Gains Sale of assets 2 -Foreign exchange - 160Total Gains 2 160Total own-source income 14,860 14,302Net (contributions by) services and industry levies and contributions (366) (178)Revenue from government 160 177Operating surplus 526 355

Fair value revaluation of property, plant and equipment 22 -Total other comprehensive 22 -Total comprehensive income 377 526

ASSETSFinancial AssetsCash and cash equivalents 4,643 4,569Trade and other receivables 986 1,115Total financial assets 5,629 5,684Non-Financial Assets Land and buildings 173 90Property, plant and equipment 384 584Intangibles - -Other non-financial assets 94 65Total non-financial assets 651 739Total Assets 6,280 6,423

EQUITYReserves 188 210Retained surplus 3,534 3,889Total Equity 4,099 3,722

BALANCE SHEET

LIABILITIESPayablesSuppliers 1,457 1,372 Other payables 248 248Total payablesProvisions 1,705 1,600Employee provisions 702 154Other provisions 154 151Total provisions 853 724 Total Liabilities 2,558 2,324Net Assets 4,099 3,722

Consolidated Statement of Comprehensive IncomeFor the year 2011In New Zealand Dollars(thousands)

2011 2010

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OPERATING ACTIVITIESCash received Goods and services 6,671 5,925 Receipts from government 249 177Interest 184 190Industry levies and contributions 8,259 7,782Other cas received 283 291Total cash received 15,646 14,365Cash usedEmployees (4,690) (4,859)Suppliers (8,984) (8,845)Net GST paid (357) (349)Total cash used (14,031) (14,053)Net cash flows from operating activities 1,615 312

INVESTING ACTIVITIESCash receivedProceeds from the sale of plant and equipment 2 -Total cash received 2 -Cash usedPurchase of property, plant and equipment (411) (388)Total cash used (411) (388)Net cash flows (used by) investing activities (411) (386)Net increase (decrease) in cash held (1,204) 74Cash and cash equivalents at the beginning of the reporting period 3,439 4,643Cash and cash equivalents at the end of the reporting period 4,643 4,569

2011 2010

CASH FLOW STATEMENT

Consolidated Statement of Comprehensive IncomeFor the year 2011In New Zealand Dollars(thousands)

Cash received Goods and services 6,671 5,925 Receipts from government 249 177Interest 184 190Industry levies and contributions 8,259 7,782Other cas received 283 291Total cash received 15,646 14,365Cash usedEmployees (4,690) (4,859)Suppliers (8,984) (8,845)Net GST paid (357) (349)Total cash used (14,031) (14,053)Net cash flows from operating activities 1,615 312

Cash receivedProceeds from the sale of plant and equipment 2 -Total cash received 2 -Cash usedPurchase of property, plant and equipment (411) (388)Total cash used (411) (388)Net cash flows (used by) investing activities (411) (386)Net increase (decrease) in cash held (1,204) 74Cash and cash equivalents at the beginning of the reporting period 3,439 4,643Cash and cash equivalents at the end of the reporting period 4,643 4,569

STATEMENT OF CHANGES IN EQUITY

Opening balance 3,008 3,534 188 188 3,196 3,722Adjustment for errors - - - - - -Adjusted opening balance 3,008 3,534 188 188 3,196 3,722

Comprehensive IncomeSurplus for the year 526 355 - - 526 355Fair value revaluation of property, plant and equipment - - - 22 - 22Total Comprehensive Income 526 355 - 22 526 377Closing balance 3,534 3,889 188 210 3,722 4,099

RETAINED EARNINGS

ASSET REVALUATION

RESERVETOTAL

EQUIITY

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Consolidated Statement of Comprehensive IncomeFor the year 2011In New Zealand Dollars(thousands)

2011 2010 2011 2010 2011 2010