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Fuji Xerox New Zealand Business Turnaround Update

Fuji Xerox New Zealand Business Turnaround Update – August 2018

AUCKLAND, New Zealand, 27th August 2018– Fuji Xerox New Zealand has today provided an update on the company’s ongoing turnaround, based on its financial results for the year ended 31 March 2018 (hereafter, FY 2017). In New Zealand, Fuji Xerox operates as two legal entities – Fuji Xerox New Zealand Limited and Fuji Xerox Finance Limited.
Combined company FY 2017 results:
• A loss before tax of $(12.4) million versus $(14.9) in FY 2016 – representing a 17% year-on-year improvement
• Positive operating cash flows
• Improving working capital position, driven by a reduction in inventory, receivables, and borrowings

“Fuji Xerox New Zealand is today a fundamentally different organization,” said Peter Thomas, managing director of Fuji Xerox New Zealand. “We have implemented a significant restructuring of our business, processes and culture. This has led us to re-focus on our core products and services for customers in New Zealand and is building the foundations for a long-term sustainable business. The FY2017 result captures only the early stages of this turnaround plan. I’m encouraged by the continued improvement in our financial performance in the first part of FY2018.”
The commitment from Fuji Xerox New Zealand’s parent company towards New Zealand is as resolute as ever in delivering world class document management solutions to customers in New Zealand.
Key operating highlights
In the last 18 months Fuji Xerox New Zealand has:
• Launched a new Software and Solutions division offering enterprise document solutions and business process outsourcing services, helping customers manage print environments, embrace digital transformation, optimise business processes and enabling them to work more effectively and sustainably.

• In May 2018, a feasibility study was announced with Downer and recycling partner Close the Loop to trial using photocopier waste toner in NZ roads as a substitute for bitumen in a product called TonerPave™. TonerPave has been used in roads in Australia and has achieved a carbon footprint reduction of up to 23 percent over its lifecycle.

• In the same month Fuji Xerox New Zealand launched its first ever product stewardship roadmap for New Zealand businesses, which provides a free guide for responsible management of the environmental footprint of its products throughout their lifecycle.

• Continued its commitment to support local communities by providing technology and related services to more than 100 charitable and education related organisations.

Later this year, Fuji Xerox New Zealand will launch its first Global Reporting Initiative that will provide an in-depth analysis of the work underway to return the company to a more sustainable footing in New Zealand.
“The past two years have been a challenging period for us here at Fuji Xerox New Zealand,” Thomas said. “Our staff have shown great resilience and our customers, suppliers and partners great loyalty. We ensure as a company we are doing all we can to establish and continually improve our business operations so that in the future, all stakeholders, be they staff, customers, suppliers, or the communities of New Zealand, can be proud of their association with us.”

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