Annual Report 2010 - Christchurch City Council

Group results Financial statements Annual Report
Christchurch Otautahi
2010
p127.
Financial statements
Group results
The Group includes the Council and its trading operations.
The financial results, after all inter-company transactions have
been eliminated, reflect the financial strength and size of the
organisation as a whole.
2010 2009
$000s $000s
Revenue from operations 977,853 949,486
Operating surplus (before tax) 95,423 120,556
Total assets 8,276,527 7,598,568
Total liabilities 1,367,374 1,067,685
Total equity 6,909,153 6,530,883
This result continues a positive trend in results for the Group, and
the increasing value of the assets held by the city.
In December 2009 Standard and Poor’s affirmed the Council’s and
Christchurch City Holdings Limited long-term rating of AA+ and
short-term rating of A-1+.
On 7th September 2010, following the earthquake, Standard and
Poor’s placed the Council on negative watch until such time as
it could be determined what additional borrowings, if any, the
Council will incur.