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

More documents

Recommendations

Info

Summary Financial TablesFinancial Year to 30 June 2011Financial Year to 30 June 201030 June2011Board Estof CommValueNet CashFlowsfromOperatingActivitiesROEDividendYield*TSR*NetGearing30 June2010Board Estof CommValueNet CashFlowsfromOperatingActivitiesROEDividendYield*TSR*NetGearingAir NZ** 904.3 344.8 5.2% 5.8% 10.6% 14.3% 864.0 250.5 5.1% 6.2% 26.9% 0.3%Airways 117.6 24.9 10.5% 5.1% 5.3% 29.8% 117.4 17.9 (1.9%) 4.5% 14.5% 37.5%Animal Control Products 6.2 1.9 28.8% 16.6% 11.5% 0.0% 6.5 1.3 13.1% 14.9% 7.4% 0.0%AsureQuality 94.8 12.1 22.5% 5.7% 17.0% 13.5% 85.4 8.2 16.3% 5.3% 5.3% 20.6%Crown Fibre Holdings 0.0 (16.3) (111.2%) N/A N/A 0.0% 0.0 (3.2) (43.2%) N/A N/A 0.0%Genesis 2,120.0 194.2 (1.1%) 0.0% 30.5% 40.8% 1,624.0 190.0 4.9% 2.6% 15.6% 26.4%KiwiRail (484.0) 47.6 0.3% 0.0% N/A 3.5% 12,419.0 134.1 1.6% 0.0% N/A 3.5%Kordia 112.0 39.7 (16.6%) 0.0% (43.7%) 45.9% 199.0 39.8 (1.0%) 0.0% 19.2% 47.1%Landcorp 1,400.0 51.8 8.9% 1.3% 10.3% 10.4% 1,270.0 18.1 (0.4%) 0.7% (12.4%) 11.4%Learning Media 16.5 (2.4) 9.7% 0.7% 58.1% 0.0% 10.5 1.5 32.4% 0.0% 90.9% 0.0%Meridian 6,500.0 368.7 6.1% 10.4% 7.2% 19.0% 6,700.0 451.8 3.9% 5.8% 28.2% 23.3%MetService 49.3 4.7 23.1% 3.2% 15.7% 48.1% 43.9 5.1 20.3% 2.8% 28.6% 40.9%Mighty River Power 3,719.0 294.4 4.5% 2.7% 11.4% 24.6% 3,425.0 199.5 3.2% 8.3% 7.5% 26.5%NZ Post 1,024.0 (607.5) (4.4%) 0.2% (12.8%) 89.4% 1,177.0 34.8 0.2% 0.5% 2.5% 90.1%Public Trust 36.0 (0.8) 2.8% 0.0% 4.3% N/A 34.5 (3.3) 311.2% 0.0% N/A N/AQuotable Value 33.0 0.0 (9.9%) 0.0% (3.9%) 0.0% 34.4 2.4 2.7% 4.0% 19.6% 0.0%Solid Energy 2,773.0 128.9 18.1% 0.7% (14.7%) 29.6% 3,275.6 86.1 15.5% 1.9% 37.3% 34.4%Transpower 1,600.0 285.4 5.3% 0.0% 0.0% 54.1% 1,600.0 312.8 4.6% 0.0% 28.0% 52.7%TVNZ 306.3 44.7 1.3% 1.6% 7.0% 3.4% 290.9 34.8 (15.2%) 0.6% 59.8% 18.4%All Commercial Priority 20,328.0 1,216.8 2.7% 4.3% 4.5% 37.8% 33,177.1 1,782.2 2.6% 4.2% 19.3% 38.7%Crown ResearchInstitutionsAgResearch 195.1 16.9 3.3% 0.0% 0.1% 0.0% 194.9 20.0 (4.5%) 0.0% (0.1%) 1.7%ESR 35.5 7.3 9.5% 0.0% 9.9% 0.0% 32.3 8.2 (1.6%) 0.3% (0.9%) 0.0%GNS 23.4 9.3 8.1% 0.4% 7.3% 2.7% 21.9 7.9 5.0% 1.1% 8.7% 16.3%Industrial Research 39.2 5.6 6.1% 0.0% 2.4% 0.0% 38.3 10.1 0.5% 0.0% 14.4% 0.0%Landcare Research 27.0 6.2 8.6% 2.6% (3.3%) 0.0% 28.6 4.8 (7.6%) 1.7% 6.1% 0.0%NIWA 89.0 12.1 1.4% 0.0% 4.7% 12.7% 85.0 23.9 5.2% 0.0% 1.2% 3.7%Plant and Food Research 68.2 12.3 1.3% 0.0% 1.2% 0.0% 67.5 6.9 (8.2%) 0.0% (7.9%) 0.0%Scion 25.9 3.2 7.3% 0.0% (3.3%) 0.0% 26.8 3.4 (3.9%) 4.2% 6.6% 0.0%CRIs subtotal 503.4 72.8 4.0% 0.2% 1.8% 0.0% 495.3 85.3 (2.5%) 0.4% 0.9% 0.0%Health Benefits 0.0 2.1 150.5% N/A N/A 0.0% 0.0 0.0 N/A N/A N/A N/ANZ Lotteries Commission 0.0 203.6 515.8% N/A N/A 0.0% 0.0 165.4 406.0% N/A N/A 0.0%NZVIF 0.0 (1.2) 0.1% N/A N/A 0.0% 0.0 (1.4) (6.3%) N/A N/A 0.0%REANNZ 0.0 (9.3) (15.2%) N/A N/A 0.0% 0.0 (3.9) (38.0%) N/A N/A 0.0%Radio NZ 0.0 3.5 (0.5%) N/A N/A 0.0% 0.0 3.3 (1.0%) N/A N/A 0.0%Christchurch Airport** 174.0 9.4 3.7% 1.2% (1.9%) 28.9% 179.5 8.8 (0.0%) 1.4% (1.5%) 22.0%Dunedin Airport** 13.9 1.3 2.6% 1.0% 2.6% 1.0% 13.6 1.2 (0.2%) 0.0% N/A 42.0%Hawke’s Bay Airport** 7.5 0.5 7.1% 0.0% 7.3% 0.0% 7.0 0.4 1.9% 0.0% N/A 0.0%Invercargill Airport** 3.1 0.1 6.7% 0.0% 7.0% 50.7% 2.9 0.4 (10.2%) 0.0% (9.7%) 51.6%Other subtotal 198.5 210.1 53.5% N/A N/A 0.0% 203.0 174.2 N/A N/A N/A 0.0%All Companies (exclCFIs)***21,029.8 1,499.7 3.3% 5.0% 5.2% 36.9% 33,875.4 2,041.7 3.0% 5.0% 19.6% 37.8%* Excludes KiwiRail** Numbers are expressed in proporon to the Crown’s ownership interest in the company*** Incomplete informaon for some metricspage | 112
Financial Position Financial Performance Cash FlowsTotalAssetsTotalLiabilitiesInterestBearingObligationsTotalEquityTotalRevenue EBITDAF NPATNet CashFlows fromOperatingActivitiesPurchaseof FixedAssetsDividendsPaidNetIncrease/Decreasein CashAir NZ** 3,628.2 2,515.7 928.3 1,112.5 3,212.0 400.3 59.5 344.8 589.8 51.1 (153.6)Airways 137.4 93.0 30.0 44.4 152.5 23.1 4.7 24.9 13.4 6.0 2.4Animal Control Products 7.6 1.9 0.2 5.7 7.1 2.4 1.6 1.9 0.1 1.1 0.6AsureQuality 67.8 32.6 6.3 35.2 116.9 14.5 7.6 12.1 3.0 5.1 0.6Crown Fibre Holdings 15.9 3.5 0.0 12.4 0.7 (18.4) (18.5) (16.3) 0.2 0.0 (6.6)Genesis 3,676.8 1,964.8 1,217.7 1,712.0 1,834.5 292.7 (16.6) 194.2 864.8 0.0 (4.4)KiwiRail 13,570.2 931.9 536.9 12,638.3 1,012.0 445.0 34.1 47.6 653.2 0.0 49.1Kordia 238.6 157.0 79.4 81.6 294.5 52.0 (14.7) 39.7 15.1 0.0 1.6Landcorp 1,663.0 311.3 157.2 1,351.6 229.7 76.4 114.6 51.8 57.8 18.0 (0.3)Learning Media 15.1 9.1 0.0 6.0 23.5 1.2 0.6 (2.4) 0.2 0.1 (2.5)Meridian 8,460.0 3,528.7 1,609.1 4,931.3 2,053.0 659.9 303.1 368.7 248.1 683.6 313.8MetService 37.3 22.9 15.0 14.3 39.2 9.9 3.1 4.7 7.7 1.5 1.1Mighty River Power 5,376.6 2,470.0 985.5 2,906.5 1,163.9 443.1 127.1 294.4 174.1 95.0 20.8NZ Post 14,682.0 13,887.6 11,177.3 794.4 1,295.9 38.1 (35.6) (607.5) 36.8 2.5 40.8Public Trust 907.7 886.0 863.9 21.7 61.5 (3.4) 0.6 (0.8) 3.5 0.0 (0.8)Quotable Value 28.1 8.0 0.5 20.1 46.0 0.7 (2.1) 0.0 0.2 0.0 (1.2)Solid Energy 1,131.5 612.1 231.8 519.4 831.3 199.7 87.2 128.9 115.4 20.0 39.2Transpower 4,170.6 2,637.1 1,810.0 1,533.5 731.4 452.2 78.5 285.4 663.7 0.0 (21.4)TVNZ 228.7 74.4 10.0 154.3 377.8 53.6 2.1 44.7 8.8 4.9 3.3All Commercial Priority 58,042.9 30,147.7 19,659.2 27,895.2 13,483.2 3,142.7 736.6 1,216.8 3,455.8 888.9 282.8Crown ResearchInstitutionsAgResearch 257.6 62.5 10.0 195.1 157.7 19.0 6.2 16.9 4.8 0.0 2.8ESR 53.5 18.0 0.1 35.5 51.5 8.2 3.2 7.3 3.5 0.0 0.6GNS 47.8 24.4 3.9 23.4 72.1 7.6 1.8 9.3 5.5 0.1 2.5Industrial Research 52.2 13.0 0.0 39.2 62.6 5.0 2.3 5.6 5.5 0.0 0.6Landcare Research 50.9 23.9 4.1 27.0 63.4 7.2 2.3 6.2 4.1 0.7 1.1NIWA 139.8 49.6 14.8 90.2 117.8 16.7 1.3 12.1 22.0 0.0 (0.9)Plant and Food Research 99.0 30.8 0.3 68.2 113.2 9.2 0.9 12.3 10.0 0.0 3.4Scion 37.7 11.8 0.0 25.9 43.1 5.1 1.8 3.2 2.7 0.0 0.2CRIs subtotal 738.5 234.0 33.2 504.6 681.3 78.0 19.8 72.8 58.2 0.8 10.2Health Benefits 2.6 1.4 0.0 1.2 5.7 0.9 0.9 2.1 0.0 0.0 0.0NZ Lotteries Commission 157.5 122.6 0.0 34.9 885.1 190.2 183.3 203.6 3.6 174.2 24.6NZVIF 79.3 0.4 0.0 78.9 2.3 (1.7) 0.0 (1.2) 0.0 0.0 1.6REANNZ 31.7 5.4 0.0 26.3 8.9 2.2 (3.0) (9.3) 2.6 0.0 (4.3)Radio NZ 59.5 10.3 0.0 49.2 38.2 3.2 (0.3) 3.5 1.4 0.0 0.1Christchurch Airport** 241.1 90.9 61.5 150.3 24.3 14.2 5.4 9.4 27.6 2.1 0.1Dunedin Airport** 28.2 14.4 0.2 13.9 4.3 2.1 0.4 1.3 0.4 0.1 (0.0)Hawke’s Bay Airport** 8.9 1.3 0.0 7.5 1.3 0.7 0.5 0.5 2.4 0.0 0.5Invercargill Airport** 6.8 3.8 3.2 3.1 1.3 0.3 0.2 0.1 0.2 0.0 (0.2)Other subtotal 615.6 250.4 64.9 365.3 971.4 211.9 187.5 210.1 38.2 176.5 22.3All Companies (exclCFIs)*59,397.1 30,632.1 19,757.2 28,765.0 15,135.9 3,432.6 943.9 1,499.7 3,552.2 1,066.2 315.3* Incomplete informaon for some metrics** Numbers are expressed in proporon to the Crown’s ownership interest in the companypage | 113
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 and 10:
Commercial Priority Portfolio Perfo
Page 11 and 12:
page | 9
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
Page 107 and 108: Crown Research Institute TaskforceD
Page 109 and 110: OperationsNZVIF has been operating
Page 111 and 112: Entity AbbreviationsACC - Accident
Page 113: Measure Description CalculationShar
Page 117 and 118: The financial data in the 2011 APR
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?