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Te Ohu Kai Moana Annual Report

TO ALL MEDIA

30 March 2001

TE OHU KAI MOANA ANNUAL REPORT

Te Ohu Kai Moana Chairman Shane Jones said today the Maori commercial fisheries assets were under excellent stewardship after the Treaty of Waitangi Fisheries Commission posted an operating surplus before tax of $18.9 million for the 1999-2000 financial year, up from $18.3 million on the previous financial year.

The Annual Report for the year ended 30 September 2000 was tabled in Parliament today by the Minister of Maori Affairs, Hon Parekura Horomia.

“The 1999-2000 financial year was one of challenge and change for Te Ohu Kai Moana and to achieve this result is a tribute to Commissioners, management and staff,” Mr Jones said.

“Not only were seven new Commissioners appointed to the board, Te Ohu Kai Moana successfully undertook the biggest business transaction since the 1992 Sealord Deal as BIL divested its share of Sealord Group Limited.”

Mr Jones said Te Ohu Kai Moana recorded an after-tax profit of $11.2 million, compared with $15.3 million posted the previous financial year. He said the reduced after-tax surplus was as a result of timing differences with deferred tax. “The deferred tax asset has now been realised and moved to a tax expense.”

“Over the year, Te Ohu Kai Moana and its subsidiaries have improved performance or remained stable despite the volatility of the New Zealand dollar and the drop in business confidence midway through the year.”

Mr Jones said that Te Ohu Kai Moana, excluding the subsidiaries, achieved an after-tax surplus of $7.9 million compared with $2.7 million the year before. “Investment returns from dividends received from subsidiaries provided a significant part of the increase in the surplus over the previous year.”

“In particular an additional dividend from Sealord Group Limited was received, and litigation costs and Government levies on quota were well under what Te Ohu Kai Moana budgeted for the year.”

Distributions to the Te Ohu Kai Moana Charitable Trust for scholarships and other forms of assistance totalled $1.1 million, bringing total distributions to the trust to more than $6.2 million since its inception in 1994.

Mr Jones said Te Ohu Kai Moana currently holds $2.6 million as a result of continuing disputes between Iwi relating to the lease round. “The funds are invested but still represent a significant resource that could be immediately available to the Iwi involved.” Only one dispute was resolved during the year under review.

Te Ohu Kai Moana also reported Commissioners’ fees for the year under review were $943,000 up from $647,000. “This was a busy year for both the previous Commissioners and the newly-appointed Commissioners and a rise in the fees was expected,” Mr Jones said.

“A large amount of time was spent developing the joint venture with Nissui to buy BIL’s half share in Sealord and significant work has been done bringing new Commissioners up to speed with the work of Te Ohu Kai Moana.”

Mr Jones said Commissioners act in both a governance and executive capacity and fees were comparable to market rates. “Any way you look at it, the Commissioners have worked extremely hard to achieve the result they have and the rise was both anticipated and reasonable.”

Te Ohu Kai Moana continues to improve its position, currently holding 33 percent of New Zealand’s aggregate Total Allowable Commercial Catch, making it a major player in New Zealand’s expanding seafood industry.

As a result, it continues to have input into many areas, including participating in Oceans Policy development, Aquaculture reforms and the review of recreational fishing and marine reserves.

ENDS

For more information, contact Glenn Hema Inwood, Te Ohu Kai Moana Communications, on 021 498 010

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