Development West Coast Releases 2020 Report
Development West Coast (DWC) has released a report on its operations with unaudited financial information for the year ended 31 March 2020. The report highlights a year of extremes - record engagement with local businesses and a financial year disrupted by the impact of COVID-19.
During 2019/2020, DWC approved $3.6m in commercial finance (a 61 percent increase from the previous year). A further $3.34m was invested in regional development and community projects while continuing to fund its bulk funding commitments, including Major District Initiative (MDI) projects of $1.2m per annum, and various Extraordinary Distribution Fund projects.
DWC ended the year with a net profit of $1.4m, ensuring its ability to continue investing in the region. Although financial markets were volatile due to COVID-19, DWC’s diversified portfolio of investments managed a return of 4.04 percent.
DWC’s direct investment into the West Coast economy has now reached $158.8m while still maintaining the fund at $127.7m. This has all been achieved from an initial fund of $92m.
The true value of DWC to the region goes far beyond direct investment into the economy. DWC staff are working with more local businesses than ever before to build capability, as well as helping them access other capital and business opportunities.
During the financial year, DWC actively worked with over 270 clients (a 93 percent increase), and around 1,200 people attended DWC business events and workshops.
DWC is continuing to leverage the Fund to attract investment into the region. Over the last four years DWC has contributed around $250k towards feasibility studies, business cases and funding applications which have helped secure over $50m in central government funding for projects that will create jobs and strengthen resilience on the West Coast.
COVID-19 has triggered a significant economic shock to the West Coast and DWC is focussed on helping local businesses manage the impacts, as well as looking ahead at the economic recovery.
The 2020 report will be available on DWC’s website. This report is unaudited due to delays in Audit New Zealand’s timeline as a result of COVID-19. To provide relevant information, this document has been updated to reflect data on some of our key activities up to 31 October 2020. The final audit report will be published and available when Audit New Zealand concludes their audit.
View the report online: www.dwc.org.nz