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

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AnnexesAbbreviationsAPR – Annual Portfolio ReportCFIs – Crown financial institutionsCOMU – Crown Ownership Monitoring UnitCRIs – Crown research institutesCSR – Corporate social responsibilityDBP – Defined Benefit PlanDCF – Discounted Cash FlowDSO – Digital switchoverEBIT – Earnings before interest and taxation (see Financial Definitions)EBITDA – Earnings before interest and taxation, depreciation and amortisation (see FinancialDefinitions)EBITDAF – Earnings before interest, tax, depreciation, amortisation and fair-valueadjustments (see Financial Definitions)EP – Economic profitEY – Ernst & YoungFUM – Funds under managementGDP – Gross domestic productGFC – Global financial crisisGWh – Gigawatt hourMRP – Minimum Risk PortfolioMWh – Megawatt hourNOPAT – Net Operating Profit After TaxNPAT – Net Profit After Tax (see Financial Definitions)NZX – NZX LimitedOCL – Outstanding claims liabilityOECD – Organisation for Economic Co-operation and DevelopmentRMA – Resource Management ActROCE – Return on capital employed (see Financial Definitions)ROE – Return on equity (see Financial Definitions)ROIC – Return on invested capitalSCI – Statement of Corporate IntentSOE – State-owned enterpriseTSR – Total shareholder return (see Financial Definitions)UFB – Ultra-Fast BroadbandWACC – Weighted Average Cost of Capitalpage | 108
Entity AbbreviationsACC – Accident Compensation CorporationACP – Animal Control Products LimitedAir NZ – Air New Zealand LimitedCFH – Crown Fibre Holdings LimitedDTZ – DTZ New Zealand LimitedEQC – Earthquake CommissionESR – Institute of Environmental Science and Research LimitedFRST – Foundation for Research, Science and TechnologyGSF – Government Superannuation FundHTS – Hybrid Television Services (ANZ) Pty LimitedIRL – Industrial Research LimitedKRG – New Zealand Railways Corporation (trading as KiwiRail Group)MAF – Ministry of Agriculture and ForestryMSI – Ministry of Science and InnovationNDF – Natural Disaster FundNPF – National Provident FundNZ Post – New Zealand Post LimitedNZSF – New Zealand Superannuation FundNZTA – New Zealand Transport AgencyNZVIF – New Zealand Venture Investment Fund LimitedQV – Quotable Value LimitedREANNZ – Research and Education Advanced Network New Zealand LimitedSCIF – Seed Co-investment FundTVNZ – Television New Zealand Limitedpage | 109
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2011AnnualPortfolioReport
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2011AnnualPortfolioReport
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51 Crown Financial Institutions52 A
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topic on CFI risk tolerance (page 4
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Commercial Priority Portfolio Perfo
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page | 9
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Crown Financial InstitutionPerforma
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EQC has been excluded from the anal
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Longer-term performance has been be
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Figure 6 - Annualised return and ri
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page | 19
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Company financial performanceRevenu
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Figure 9 - Dividends for the last f
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Figure 12 - TSR - return compositio
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Book value and commercial valueOne
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There have been offsetting movement
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Special Topic: Commercial PriorityP
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F igure 14 - Net operating profit d
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jurisdictions is fraught. There are
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Key assumptions and features of the
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ROIC 2002 2003 2004 2005 2006 2007
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By 2011 the landscape for SOE discl
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There have been considerable improv
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...and invest in different levels o
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It is not clear whether the level o
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Board demographicsThe breakdown of
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Accident Compensation CorporationCH
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Earthquake CommissionCHAIR » Micha
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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
Page 107 and 108: Crown Research Institute TaskforceD
Page 109: OperationsNZVIF has been operating
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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