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

Figure 9 – Dividends for the last five financial years$m■ Air NZ ■ Genesis ■ Meridian ■ Mighty River Power ■ OtherSource: COMUThis trend is influenced by some special or “one-off” dividends paid, including:• a $521 million special dividend from Meridian in 2010/11 owing to the sale of theTekapo A and B stations (the Tekapo transaction also meant Genesis paid nodividend for that year)• $300 million in special dividends in 2009/10, comprising Meridian ($150 million) andMighty River Power ($150 million), and• an $81 million special dividend in 2006/07 from Air NZ.The net impact being a growing commercial priority balance sheet...Figure 10 shows the growth in the balance sheet of the commercial priority portfolioover the past five years as measured by equity and liabilities.Figure 10 – Equity and liabilities for the commercial priority portfolio, 2006/07 to 2010/11$b■ Liabilities – Generator Retailer ■ Liabilities – Other ■ EquitySource: COMUThe aggregate balance sheet of the commercial priority portfolio has grown from$38.4 billion in 2006/07 to $58 billion in 2010/11. A significant component of thisincrease is the result of the substantial growth in NZ Post’s subsidiary KiwiBank.NZ Post’s liabilities have increased from $4.9 billion in 2006/07 to $13.9 billionin 2010/11.Other key factors include companies increasing debt to invest in new assets (refer tocapital expenditure section above for further discussion), and revaluations of assets toreflect fair market values.page | 23