2014 Annual Report

Letter from the Chairman

DEAR SHAREHOLDERS,

On behalf of the Board of Directors of HNZ Group, I am proud to report another year of safe and reliable performance by our pilots and crews as they executed operations in many parts of the world. For the third consecutive year, we did not incur a single accident across our global operations. We are commited to building and sustaining a culture of safe operations, and I wish to express my thanks, on behalf of the Board, to all of our employees for their participation in this achievement.

Chairman messageAdditionally, the professionalism displayed by our employees in delivering safe helicopter transportation services and related work in challenging environments, served to deepen global respect for the HNZ brand and to help our company win significant new contracts.

HNZ has embarked on an ambitious growth strategy, with emphasis on broadening our participation in supporting the offshore oil and gas sector. As part of executing our post-Afghanistan strategy, our Board appointed Mr. Larry Murphy as a Director effective
March 31, 2014.

Chairman messageHNZ’s Board is comprised of members who have a depth of institutional experience, and both knowledge of the aviation industry and relevant customer markets. We constantly evaluate the current skillset of the Board against the backdrop of what skills are required to effectively fulfill our mandate and guide the Corporation to achieving its strategic and financial goals.

Mr. Murphy’s background aligns ideally with HNZ’s current initiatives and future prospects. He brings four decades of experience in oil and gas and engineering sectors. His expertise spans operations and business development, and he has worked in areas of the world where we currently operate and target markets in which we see particular potential. His contribution to HNZ’s continuing growth promises to prove invaluable.

In the near term, we are committed to guiding the company through this period of resource and commodity price decline. The initial efforts on our longer term strategy of diversifying our business and customer base by pursuing offshore helicopter transportation work have been met with success. While it is early in the process, we believe that the new offshore contract for Shell in Nova Scotia will open up other opportunities to grow our market share in this important segment.

Building a sustainable business and ensuring the safety of our employees and customers remains the priority of HNZ Group. As the company emerges from the Afghanistan contract we have no debt, a committed undrawn line of credit, over 100 unencumbered aircraft and cash on the balance sheet. We not only have an exemplary safety record, but we are also well prepared with our highly skilled and dedicated Executive team to take the company to the next level of success.

On behalf of the Board, I wish to thank each of our employees for their contributions to another successful year.

Larry M. Pollock

Larry M. Pollock
Chairman