apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

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Composition of the Crown’sCommercial and Financial PortfolioThe Crown’s commercial and financial portfolio includes a diverserange of businesses with predominantly commercial objectives.They are expected to achieve levels of commercial performancecomparable to private sector businesses.The portfolio comprises the entities that fall under the monitoring jurisdiction of COMU,and consists of:• CFIs: These five funds are managed on behalf of the Crown – AccidentCompensation Corporation’s (ACC) Investment Fund, the Earthquake Commission(EQC), the Government Superannuation Fund (GSF), NZSF and the NationalProvident Fund (NPF).• Commercial Priority Companies: Nineteen companies operate, for the main part, ascommercial enterprises in competitive environments. They include all operationalSOEs, Crown Fibre Holdings, Television New Zealand (TVNZ), Public Trust andAir New Zealand (Air NZ). Note that NZ Post and KiwiRail were categorised asmultiple objective companies in 2010.• Multiple Objective Companies and Entities: These 17 entities have multipleobjectives and/or do not fit easily in other categories. This category includes theCRIs, New Zealand Lotteries Commission and the Crown’s ownership interest inairports.The Crown’s portfolio represents a combination of:• entities retained in Crown ownership either intentionally or residually subsequent tothe Crown asset sale programmes of the 1980s and 1990s (most SOEs and the CRIs)• new entities established with a commercial mandate, where the Crown hassome facilitatory role (eg, NZVIF, Research and Education Advanced NetworkNew Zealand [REANNZ], NZSF), and• entities that have been repurchased when their private owners have been unable tomaintain commercial viability (eg, Air NZ, KiwiRail).The resultant portfolio has significant exposures in financial, transportation andenergy sectors.Figure 1 – Portfolio sector profile – Asset values as at 30 June 2011Source: COMUpage | 8
page | 9
Page 1 and 2: 2011AnnualPortfolioReport
Page 3 and 4: 2011AnnualPortfolioReport
Page 5 and 6: 51 Crown Financial Institutions52 A
Page 7 and 8: topic on CFI risk tolerance (page 4
Page 9: Commercial Priority Portfolio Perfo
Page 13 and 14: Crown Financial InstitutionPerforma
Page 15 and 16: EQC has been excluded from the anal
Page 17 and 18: Longer-term performance has been be
Page 19 and 20: Figure 6 - Annualised return and ri
Page 21 and 22: page | 19
Page 23 and 24: Company financial performanceRevenu
Page 25 and 26: Figure 9 - Dividends for the last f
Page 27 and 28: Figure 12 - TSR - return compositio
Page 29 and 30: Book value and commercial valueOne
Page 31 and 32: There have been offsetting movement
Page 33 and 34: Special Topic: Commercial PriorityP
Page 35 and 36: F igure 14 - Net operating profit d
Page 37 and 38: jurisdictions is fraught. There are
Page 39 and 40: Key assumptions and features of the
Page 41 and 42: ROIC 2002 2003 2004 2005 2006 2007
Page 43 and 44: By 2011 the landscape for SOE discl
Page 45 and 46: There have been considerable improv
Page 47 and 48: ...and invest in different levels o
Page 49 and 50: It is not clear whether the level o
Page 51: Board demographicsThe breakdown of
Page 54 and 55: Accident Compensation CorporationCH
Page 56 and 57: Earthquake CommissionCHAIR » Micha
Page 58 and 59: Government Superannuation FundCHAIR
Page 60 and 61:
National Provident FundCHAIR » Cat
Page 62 and 63:
New Zealand Superannuation FundCHAI
Page 65 and 66:
CommercialPriority Companies
Page 67 and 68:
Major investmentsThe total investme
Page 70 and 71:
Animal Control Products LimitedCHAI
Page 72 and 73:
AsureQuality LimitedCHAIR » Janine
Page 74 and 75:
Crown Fibre Holdings LimitedCHAIR
Page 76 and 77:
Genesis Power LimitedCHAIR » Rt Ho
Page 78 and 79:
Kordia Group LimitedCHAIR » David
Page 80 and 81:
Landcorp Farming LimitedCHAIR » Ho
Page 82 and 83:
Learning Media LimitedCHAIR » Sand
Page 84 and 85:
Meridian Energy LimitedCHAIR » Chr
Page 86 and 87:
Meteorological Service of New Zeala
Page 88 and 89:
Mighty River Power LimitedCHAIR »
Page 90 and 91:
New Zealand Post LimitedCHAIR » Ho
Page 92 and 93:
New Zealand Railways Corporation (t
Page 94 and 95:
Public TrustCHAIR » Trevor JanesBO
Page 96 and 97:
Quotable Value LimitedCHAIR » Phil
Page 98 and 99:
Solid Energy New Zealand LimitedCHA
Page 100 and 101:
Television New Zealand LimitedCHAIR
Page 102 and 103:
Transpower New Zealand LimitedCHAIR
Page 105 and 106:
Multiple ObjectiveCompanies
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Crown Research Institute TaskforceD
Page 109 and 110:
OperationsNZVIF has been operating
Page 111 and 112:
Entity AbbreviationsACC - Accident
Page 113 and 114:
Measure Description CalculationShar
Page 115 and 116:
Financial Position Financial Perfor
Page 117 and 118:
The financial data in the 2011 APR
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