2012 wintec annual report

In 2012 we drove further innovation, customer focus
and performance.
We improved our academic performance for students, undertook
more value-led initiatives for our students and employers,
and expanded our internationalisation focus to include offshore
delivery. We modernised our campus facilities, we were
recognised with a business excellence award, and for the fifth
consecutive year we posted a positive financial result.
Our reputation for providing quality vocational and professional
education, both in New Zealand and around the world,
was enhanced through many initiatives, with continuous
improvement at the forefront.
We are proud of the successes and highlights of this year.
We know they will enable us to perform well for our students
and employers, now and into the future.
Sound Financial Performance
We posted a group surplus of $3.6m (4.1%), before adjustments
associated with asset impairment.
The operating surplus (before subsidiary companies, surplus
on asset sales and asset impairment) was $3.9m or 4.5%, over
the 3% threshold set by our monitoring agency, the Tertiary
Education Commission (TEC). The increase in the number of our TEC
Equivalent Fulltime Students (EFTS) was offset by lower funding
in real terms from the TEC through its policy of not increasing
funding by the Consumer Price Index (CPI). In 2012 we continued
to find efficiencies and increased our revenue from international
students. All in all it is a good financial result.
We continued to receive a low risk assessment from TEC. This rating
confirms that we have the capability to govern and manage well
during a period of intensive capital development. This is pleasing
as we embark on further change and modernisation.
Our students
In 2012 there were approximately 6700 EFTS. Despite a marked
decline in Industry Training Organisation (ITO) EFTS over recent
years, largely due to the recession, we have experienced growth
in our core and international EFTS, and maintained levels in
other areas.
Over the past five years we have moved more provision to higher
levels of study (level 4 and above), and this year we’ve seen 83%
of our TEC-funded students engage in higher levels of study, an
increase of 2% from last year. Nearly 75% of our Māori students
study at level 4 and above, among the highest in the sector.
Greater numbers of people studying for higher qualification
levels benefits the region both economically and socially, and
ultimately results in a more skilled workforce. We offer 10 degree
programmes, seven degree-level programmes (graduate diplomas
and certificates) and 11 post-graduate qualifications.