Annual Report 2010 - Christchurch City Council

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Civic Building Ltd Group structure Annual Report Christchurch Otautahi 2010 p269. Individual organisation descriptions Civic Building Ltd This company is a Council-controlled trading organisation, 100 per cent owned by Christchurch City Council. The company was incorporated on 12 October 2007, and, manages the Council’s 50 per cent interest in the joint venture with Ngai Tahu Property Ltd, (NTPL). The joint ventures’ refurbishment of the old NZ Post building in Hereford Street, that is the site of the new civic offices, was completed in August 2010. Nature and scope of activities CBL owns the Council’s 50 per cent interest in the joint venture agreement. The project was completed in time for the Council to occupy the premises in August 2010. Policies and objectives relating to ownership and control Through a Statement of Intent, the Council established broad parameters around the design and refurbishment milestones, and management of the financial targets. Key performance targets 2010 2010 Actual Target Meet key milestones in the timetable to design and build the new Civic Building Achieved Construction proceeds according to the agreed timetable Financial summary Statement of financial performance for the year ended 30 June 2010 2010 2009 Actual Actual $000s $000s Operating revenue 3,884 660 Operating and other expenses 5,508 2,861 Operating profit (loss) before tax (1,624) (2,201) Tax expense (benefit) 6,426 (585) Net profit (loss) for the year (8,050) (1,616)
p270. Annual Report Christchurch Otautahi 2010 Group structure CCC Two Ltd Individual organisation descriptions CCC Two Ltd CCC Two Limited is a Council Controlled Trading Organisation (CCTO) for the purposes of the Local Government Act 2002 and the Companies Act 1993. It is 100 per cent owned by Christchurch City Council. Until August 2009 CCC Two was a shelf company owned by Christchurch City Council. In August 2009 Council activated the company for the acquisition of the operations of Meta Holdings Limited. CCC Two Limited now owns and operates • The Materials Recovery Facility (MRF) at Parkhouse Road, which processes paper, glass, plastics and metals and sells the output product commercially to external parties from recyclable materials collected from the wider Canterbury region. Ownership of the facility passes back to Council in 2024. CCC Two Limited operates on behalf of Council: • The Parkhouse, Metro & Styx EcoDepots (solid waste transfer stations). The operation uses appropriate mobile plant to enable efficient achievement of its operation. • The SuperShed operation – This provides a reuse warehouse which runs in conjunction with the EcoDepots. All types of second-hand goods are collected from various sources, carefully sorted, priced and then sold to the Christchurch public at their location on Shuttle Drive, Bromley. Policies and objectives relating to ownership and control The Council is the sole shareholder of this company. The company has an important role in the city as a quality handler and processor of recycled material. Through the negotiation of an annual Statement of Intent, the Council establishes broad parameters for this company without inhibiting proper commercial management. Key performance targets 2010 2010 Actual Target Residual waste from the material recovery facility 2.89% 20% Financial summary Statement of financial performance for the year ended 30 June 2010 2010 Actual $000s Operating revenue 24,166 Operating and other expenses 24,040 Operating profit (deficit) 126 Tax expense (benefit) 917 Net profit (deficit) for the year (791)
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Annual Report 2010 - Christchurch City Council

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