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

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Financial DefinitionsTermCapital employedCapital expenditureCommercial valueDepreciation expenseDividend growthDividends paidEBITEBITDAEBITDAFEquityFair value adjustmentsInterest paidNet cash flow fromoperating activitiesNet debtNPATRetained earningsRevaluation reserveRevenueDefinitionInterest-bearing debt plus share capital plus retained earnings. Equityshould be adjusted for IFRS fair-value movements but not adjusted forrevaluations.Payments for the purchase of property, plant and equipment items takenfrom the cash flow statement.This is the Board’s estimate of the current commercial value of the <strong>Crown</strong>’sinvestment in the Group as per the company’s Statement of CorporateIntent.Depreciation expense per the profit and loss account.Change in dividends between FY2007 and FY2011. Negative if2011 amount less than 2007 amount. Calculated as (2011dividend /2007dividend)^(1/4)-1.Dividends paid to the shareholder during the financial year per the cashflow statement.Earnings before interest and taxation.Earnings before interest and taxation, depreciation and amortisation.Earnings before interest and taxation, depreciation, amortisation and fairvalueadjustments.Total shareholders’ equity taken from the balance sheet, adjusted for IFRSfair-value movements but not adjusted for revaluations.Includes unrealised fair-value gains/losses on derivatives or all fair-valuegains/losses on derivatives where the entity does not separately identifyunrealised items. Also includes changes in the fair value of biologicalassets and investment properties.Interest paid for the financial year on interest-bearing debt per thecompany’s cash flow statement. Interest paid is net of interest received butnot net of capitalised interest.Taken directly from the cash flow statement – this is cash flows fromoperating activities less cash flows to operating activities. Ensure thatinterest paid is included in operating activities.Interest-bearing debt such as loans, bonds and commercial paper plusinterest-bearing finance leases less cash.Net profit after tax.Profits retained in the business (ie, after dividends to the shareholder).When an asset is revalued to fair market value for accounting purposes theincrease in the value of the asset is reflected in a revaluation reserve withinequity.Revenue from the operations of the business. Interest revenue should beexcluded. For the electricity generators, this should be net revenue.Revenue growth Change in revenue between FY2007 and FY2011. Negative if 2011amount less than 2007 amount. Calculated as (2011revenue /2007revenue)^(1/4)-1.Share capitalTax on fair-valueadjustmentsThe amount of capital originally invested by the shareholder and anysubsequent equity injections.This is the tax effect relating to the changes in the fair values of financialinstruments.page | 110
Measure Description CalculationShareholder returnsDividend payoutDividend yieldReturn on equityReturn on equity adjustedfor IFRS fair-valuemovements and assetrevaluationsTotal shareholder return(TSR)Profitability/EfficiencyGenerator efficiency 16Operating marginReturn on capital employedLeverage/SolvencyGearing ratio (net)Interest coverSolvencyProportion of an SOE’s netoperating cash flows paid outas a dividend to the shareholderafter allowance is made for capitalmaintenance.The cash returned to theshareholder as a proportion of thevalue of the company.How much profit a companygenerates with the funds theshareholder has invested in thecompany.Return on equity after removingthe impact of IFRS fairvaluemovements and assetrevaluations.Performance from an investorperspective – TSR measures thecombined return from dividendsand growth in the value of thecompany.The efficiency and profitability of thecompany’s electricity generation.The profitability of the companyper dollar of revenue.The efficiency and profitability of acompany’s capital from both debtand equity sources.Measure of financial leverage. Theratio of debt (liabilities on whicha company is required to payinterest) less cash, to debt plusequity.The number of times that earningscan cover interest.Ability of the company to pay itsdebts as they fall due.Dividends paid/Net cash flowfrom operating activities lessdepreciation expense.Dividends paid/Averagecommercial value. Calculatedon dividends from cash flowstatement (ie, dividends paidduring the year, not dividendsdeclared for the year).Net profit after tax/Average equity.Net profit after tax adjusted forIFRS fair-value movements (net oftax)/Average of share capital plusretained earnings.(Commercial value endlessCommercial value begplusdividends paid less equityinjected)/Commercial value beg.EBITDAF/MWh.EBITDAF/Revenue.EBIT adjusted for IFRS fair-valuemovements/Average capitalemployed.Net debt/Debt plus equity.EBITDAF/Interest paid.Current assets/Current liabilities.16 This measure is only applicable for Genesis, Meridian and Mighty River Power.page | 111
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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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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
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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 and 110: OperationsNZVIF has been operating
Page 111: Entity AbbreviationsACC - Accident
Page 115 and 116: Financial Position Financial Perfor
Page 117 and 118: The financial data in the 2011 APR
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apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

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