Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Auckland ports and airport deliver value to ratepayers

Auckland ports and airport deliver value to ratepayers

Investment valuations increase by over $1 billion since November 2010.

21 May 2014, Auckland. Auckland Council Investments Ltd (ACIL), has published new figures today showing that the value of the Council’s key financial investments has grown by over $1 billion in the past four years. At inception of ACIL it was $1,509 million and its now $2,541 million, an increase of 69% over 3.5 years.

ACIL Chief Executive Gary Swift said the gains were mostly driven by the strong operating performance of the city’s ports and the airport.

“The strong operating performance of the city’s key trade and travel gateways has lifted the underlying value of the Council’s financial investments, by over $1 billion since November 2010,” Mr Swift said.

A new valuation of Ports of Auckland Ltd, conducted by PWC shows the valuation of the ports has increased from $623 million to $1.079 billion, a 73% increase on the last formal valuation as at June 2010.

“This increase in value reflects higher ongoing operating profits. A big contributor to this has been the success over the past three years in lifting the productivity and through-put of the port, combined with a strong focus on commercial governance to get the right result for Auckland,” he said.

The strong performance of the Council’s 22.4% shareholding in Auckland International Airport Ltd has also bolstered the City’s investment portfolio. The Council’s shareholding is valued at around $1.127 billion, an increase of $506 million or 81% over the November 2010 valuation.

Since its formation in 2010, ACIL has returned dividends of $88.3 million to Auckland Council. It is planning a further dividend payment of $156 million before 30 June this year including $101.5 million following the Auckland Airport capital return. As a result, the total distribution to Council in 2013/14 will be significantly above the $45 million ACIL had budgeted.

“A pleasing aspect is how all of the Council’s major financial assets have played their part in the recent value gains. This includes the $327 million Diversified Financial Asset portfolio which recorded gains of $67 million (26%) while also making distributions of $24 million in the period since November 2010.”

ACIL is a Council Controlled Organisation which owns and manages key financial investments on behalf of Auckland Council, and ultimately the people of Auckland. The key assets include the Ports of Auckland Ltd (100%), Auckland International Airport Ltd (22.5%), and 100% of Auckland Film Studios Limited (which has also grown in value). ACIL also manages the Council’s Diversified Financial Asset portfolio.

“The strong performance of all these investments ultimately means increased returns to Auckland Council where the proceeds are used to help make Auckland the world’s most liveable city,” Mr Swift said.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news