Annual Report 2010 - Christchurch City Council

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Summary financial table Group structure Annual Report Christchurch Otautahi 2010 p259. Summary financial table Income Net result (after tax and minority interest) 2010 2010 2009 $000s $000s $000s Christchurch City Holdings Ltd (parent) 56,803 41,017 46,723 Christchurch City Networks Ltd 2,945 448 1,365 Christchurch International Airport Ltd 96,140 (260) 14,686 City Care Ltd 145,694 4,046 3,659 Lyttelton Port Company Ltd 87,701 9,008 10,056 Orion New Zealand Ltd 222,894 46,795 49,860 Red Bus Ltd 33,386 1,119 4,073 Vbase Ltd 34,726 (30,159) (3,353) Tuam Ltd 1,273 (1,401) (5,367) Civic Building Ltd 3,884 (8,050) (1,616) CCC Two Ltd* 24,166 (791) - Transwaste Canterbury Ltd 24,809 3,818 4,310 Selwyn Plantation Board Ltd 20,473 (2,593) 5,789 Riccarton Bush Trust 542 131 150 Central Plains Water Trust 47 - - Canterbury Development Corporation 5,271 231 82 Canterbury Economic Development Company Ltd 97 - - * 2010 is the first year of trading For more detail please refer to the individual company reports.
p260. Annual Report Christchurch Otautahi 2010 Group structure Christchurch City Holdings Ltd Individual organisation descriptions Christchurch City Holdings Ltd Christchurch City Holdings Limited (CCHL) is the wholly owned investment arm of Council, holding shares in various trading companies and monitoring other trading companies and their subsidiaries on Council’s behalf. In addition, CCHL monitors Council-owned company Vbase Ltd (which owns and manages AMI Stadium, the Christchurch Convention centre, the Christchurch Town Hall for the Performing Arts and the CBS Canterbury Arena), as well as Jet Engine Facility Ltd and Civic Building Ltd. Subsidiary companies • Christchurch City Networks Limited • Christchurch International Airport Ltd • City Care Ltd • Lyttelton Port Company Ltd • Orion New Zealand Ltd • Red Bus Ltd Associate Company • Selwyn Plantation Board Ltd Nature and scope of activities CCHL’s key purpose is to assist the Council in achieving its vision for Christchurch as a world class boutique city through investing in existing and new infrastructural assets such as the electricity distribution network, the airport, port transport and high speed broadband. Our strategic approach is to identify infrastructural needs that cannot be filled by the private sector or existing Council operations, then take a role in helping to meet those needs through joint ventures, public-private partnerships, establishing new entities or simply acting as a catalyst for others. CCHL also encourages and, if necessary will facilitate, appropriate investment by its trading companies when significant upgrades are required to existing infrastructural assets – a recent example is the construction of the new airport terminal. Policies and objectives relating to ownership and control This company was established to group the Council’s interest in its trading activities under one umbrella, and to provide an interface between the Council and the commercial activities of its councilcontrolled trading organisations. Key performance targets 2010 2010 CCHL financial and distribution performance meets the shareholder’s expectations CCHL’s treasury management policies and practices are consistent with best practice Actual Achieved –ordinary dividend of $35.6 million ($38.0 million after adding back subvention payment adjustments); special dividend of $78.2 million Updated, reviewed and approved by the Audit and Risk Management Committee, and the board Target CCHL pays a dividend for the 2010 financial year that meets or exceeds budget Review and update treasury management policy in the 2009 calendar year Financial summary - Parent Statement of financial performance for the year ended 30 June 2010 2010 2009 Actual Actual $000s $000s Operating revenue 56,803 64,176 Operating and other expenses 15,786 17,406 Operating profit (loss) before tax 41,017 46,770 Tax expense (benefit) - 47 Net profit (loss) for the year 41,017 46,723
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Annual Report 2010 - Christchurch City Council

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