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: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza?

As usual, Prime Minister John Key has busily tried to distance himself from the political fallout, even though he happens to be the main beneficiary of the Remuneration Authority’s generosity. Finance Minister Bill English says with a straight face that it would actually be very hard to give the money back...

Even if it were true, it would actually be very easy for English and any other guilty colleagues, to give the extra money away. There are any number of food banks or homeless shelters who would be able to put the money to good use. More>>

 

PARLIAMENT TODAY:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

143 Troops, Possible SAS Deployment, Legalities Unsorted: PM’s Statement On ISIL

Mr Speaker, today I am announcing to the House the Government’s decisions about our contribution to the fight against the Islamic State of Iraq and the Levant, or ISIL... More>>

ALSO:

Liu Saga: PM's Dinner With Controversial Donor

John Key must front up to New Zealand and say what he discussed with Donghua Liu when the disgraced businessman paid $25,000 for the Prime Minister to come to dinner at his Remuera home, the Green Party said today. More>>

ALSO:

Roads: National MP 'Concerned' At Overseas Driver Crashes

Waitaki MP and Parliamentary Private Secretary for Tourism Jacqui Dean said she was concerned at the number of fatal crashes involving overseas licence holders and she really felt that the time had come for more to be done. More>>

ALSO:

Parliament Today: Parole Bill Passes

A bill reducing parole hearings deemed to be unnecessary has passed. The third reading of the Parole Amendment Bill was completed by 104 to 16 with the Greens and Maori Party opposed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news