IA’s NET WORTH AT YEAR END $819 MILLION

Statement made by John Robertson, Chairman, Infrastructure Auckland

After making grants of $127 million, funding agency Infrastructure Auckland reported an audited net surplus before taxation of $6.1 million for the financial year ending 30 June, 2002.

This surplus is consistent with the forecast built into IA’s 2002 annual plan and long term funding plan as a funding source for grants.

At year end our public equity and net worth was $819.4 million, up $105.2 million on the position 12 months’ previously.

A key factor contributing to the better than planned performance was income, at $137.2 million. The major portion of this came from Ports of Auckland making a capital return to shareholders, with our share of this being $66.4 million.

Through active management by our investment team and by working closely with Ports of Auckland, our investment returns including dividends was $70.4 million.

A strong management focus on total operating expenses saw these held to $4.3 million, 2% below last year’s expenditure.

Infrastructure Auckland entered the 2003 financial year in a strong financial position and with the resources to make a significant, but only partial, contribution to funding the region’s future passenger transport and stormwater infrastructure needs.

While through prudent management and timing our funds are greater than anticipated at this stage, within the context of the region’s need for funds our resources are limited.

IA looks forward to continuing to prudently manage and distribute its limited funds in a transparent, collaborative and enterprising manner.

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