Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Waikato-Tainui Annual Result Announced

Waikato-Tainui Annual Result Announced

Waikato-Tainui has reported a solid year of performance for FY14.

Rahui Papa, Chairman of Te Arataura o Waikato-Tainui, has described the year as characterised by progress, consultation and opportunity, and one in which the tribal authority had advanced its social, cultural and environment programmes and its commercial strategy.

Mr Papa said its efforts to implement an integrated strategy to grow the prosperity and success of its people were being rewarded. Tribal development projects had made gains, important new initiatives announced or advanced and commercial investments expanded.

The growth of the tribe’s asset value to $1.1 billion – crossing the $1 billion threshold for the first time – was a highlight of its 2014 financial year.

“Surpassing the $1 billion mark in total asset value is a milestone of which we can and should be proud,” said Mr Papa.

“It is particularly notable as we approach the 20th anniversary of the settlement of our Treaty claim in 1995. When you consider where we have come from as an iwi, the challenges we have faced, and the value we have created to grow that initial settlement of $170m – we have made significant strides in 19 years,” he said. Key development and commercial highlights for 2014 were:

- Education:

o Graduation of inaugural MBA and Masters in Maatauranga Maori cohorts at Waikato-Tainui College for Education and Research.

o Launched Poukai Peepi, a programme encouraging parents to provide quality early childhood education.

o $2.5m distributed in grants and scholarships.

- Environment:

o Launched the tribal environment strategy Tai Tumu, Tai Pari, Tai Ao.

o Waikato River Fisheries – new bylaws completed.

- Employment and Training:

o Initiated a range of apprenticeships and cadetships in partnership with external partners, eg Aurecon and Beca.

- Culture:

o Ngaa Pae o Maumahara commemorations to acknowledge Waikato Land Wars 150 years ago.

o Waikato-Tainui Games biennial event held.

o Waikato-Tainui Rangatahi Summit held.

o Paimaarire resource kit produced and waananga held to inform tribal members about the history and intricacies of Paimaarire.

o $1.2m distributed in marae and facilities grants.

- Commercial:

o Partnership with Ngai Tahu Capital and Pioneer Capital purchases 33 percent shareholding each in Waikato Milking Systems NZ Ltd.

o New residential subdivision development in Rotokauri, Hamilton, commenced.

- Governance

o Commencement of a review of the tribe’s governance and representation structure to ensure readiness for its next phase of development.

Tainui Group Holdings (TGH), the tribe’s commercial entity, delivered a strong performance for the year ended 31 March 2014 to contribute to the following consolidated results:

Consolidated revenue $74 million Up 18 percent

Consolidated net profit $71 million Up 27 percent*

Net operating profit $23 million Up 27 percent

Total asset value $1.1 billion Up from $925 million

Dividend $13.9 million

Distributions $6.1 million

*Excluding relativity settlements in 2013, the growth in net profit is up 27 percent.

Mr Papa said the ability of the tribe’s commercial entity to deliver sustained strong returns impacted directly on the level of tribal development it could undertake.

“It is vital, therefore, that we operate as a smart intergenerational investor with a strong commitment to the long-term. Our recently developed investment strategy is about diversifying our commercial interests to provide not only substantial and sustainable returns but also continuing returns.”

Since 2004 dividends from its commercial strategy had amounted to $104.5 million, with $55 million – or 53 percent – being returned to tribal members to support education, health, sports, marae, kaumaatua, poukai, cultural events and community programmes.

“It is pleasing to report the continued performance of our commercial strategy, the growth of our asset value to achieve a significant milestone, the advancement of social, economic and capacity building programmes that benefit tribal members, and the ongoing development of future-focused strategies aimed at driving ever stronger returns,” said Mr Papa.

Tainui Group Holdings

TGH, which includes Waikato Tainui Fisheries (WTF), has recorded a net profit of $44.3 million for the year to 31 March 2014. This is slightly down at two percent on 2013 and is due to unrealised gains in investment properties not being as high as last year.

However, net operating profit was $27 million, up from $20.8 million last year. TGH’s total assets are $841 million, up from $738 million, with overall debt levels of 27 percent.

The combined dividend of $13.9 million paid by TGH and WTF is a 21 percent increase on 2013.

TGH Chairman, Sir Henry van der Heyden, said the two companies made good financial progress in 2014. The increase in combined net operating profit reflected strong growth in income, which increased 27 percent to $79.7 million.

“This growth is a result of good trading conditions at the Novotel Auckland Airport hotel and in recognising additional income from TGH’s investment in Hamilton Riverview Hotel,” said Sir Henry.

Looking to the future, Sir Henry said TGH’s diversified investment strategy, which it announced last year, would see TGH investing directly in medium to large private businesses that have strong growth potential and good management. The purchase of Waikato Milking Systems NZ Ltd was the first such investment and this was followed by the purchase recently of 5.4 million shares in Genesis Energy.

TGH’s new residential subdivision development at Rotokauri in Hamilton and the proposed Ruakura development were key long-term projects.

“Ruakura in particular is a big project which, in the longer term, could provide between 6,000 and 12,000 jobs. It will be an economic game-changer for Hamilton city and the Waikato region.

“Overall 2014 has been a good year. A key focus has been to better align the goals of TGH and Waikato-Tainui and significant progress has been made here. TGH is financially in good shape, we have set a strategic course for further growth, and we are on track to achieve our goals,” said Sir Henry.

About Waikato-Tainui:

The Waikato Raupatu Lands Trust was created by the Raupatu Claims Settlement Act to manage tribal affairs and distributions for the collective benefit of registered tribal members. Established for charitable purposes, the Lands Trust implements the tribe’s development strategy and makes distributions for education, health and wellbeing, marae, social and cultural development.

The Lands Trust is governed by Waikato-Tainui Te Kauhanganui Incorporated (WTTKI), which is the tribal authority of Waikato-Tainui. WTTKI is a 196-member governance entity which is comprised of three representatives from each Waikato-Tainui marae and one representative who is appointed by the head of the Kaahui Ariki, Kiingi Tuheitia.

Te Arataura o Waikato-Tainui is the executive committee of WTTKI. Ten members of WTTKI are elected onto Te Arataura, with a further trustee appointed by Kiingi Tuheitia. Te Arataura oversees Trust operations based at Hopuhopu, including the Waikato Raupatu River Trust and Tainui Group Holdings in Hamilton.

Waikato Raupatu River Trust was established to oversee and implement the river treaty settlement with the Crown and related statutory and regulatory reform. It also leads and monitors our outstanding treaty settlement claims.

Tainui Group Holdings (TGH) is the commercial entity of Waikato-Tainui. TGH operates a diversified investment portfolio including shareholdings in companies, fishing quota, hotels and a property portfolio comprising, retail, residential, commercial, industrial and rural properties. TGH also manages Waikato-Tainui Fisheries Ltd, which owns shares in Aotearoa Fisheries Ltd.

The Waikato-Tainui College for Research and Development has been established as a place for higher learning. It is an international centre of excellence that aims to provide quality postgraduate study and research to strengthen iwi development, produce future leaders and support indigenous development.


ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news