Ngai Tahu profit surges well ahead
"Ngai Tahu since settlement has been a model of good governance, business success and whanau development. We should be very proud as a nation."Featured comment
Ngai Tahu has posted a net operating surplus of $55.1 million and a bottom-line profit of $95.7 million after one-off items.
The annual result for the year ending June 2012 compares to last year’s $4.7 million, which included losses related to the earthquakes.
The operating surplus was well ahead of last year’s $37 million.
It was boosted by the sale of $27 million worth of Ryman Corporation shares, insurance proceeds from last year’s earthquake damage, and forestry sales at Ashley, Hanmer, Mt Thomas and Omihi to Swiss-based Corisol for $22 million, plus an increase in property values.
The total asset base of $809 million (equity of $658 million) is comprised of development property (10%), investment property (36%), rural property (17%), seafood operations (1%), seafood quota and marine farm licensing (8%), tourism (11%) and Ngai Tahu Capital (17%).
Highlights included investing more than $100 million throughout the year into dairy developments at Hanmer, North Canterbury, bringing forward existing residential property development to assist the Christchurch recovery and $22 million into Ngai Tahu Tourism’s Agrodome acquisition and the Rainbow Springs redevelopment, including the Big Splash ride.
Annual grants to runanga increased by 24% to $240,000 for each 18 runanga.
Te Runanga o Ngai Tahu Kaiwhakahaere, Mark Solomon, says new initiatives for the financial year included the distribution of $200,000 in environmental grants to runanga entities and the establishment of the Marae Development Fund, which distributed grants totaling $951,881 to eight different marae.
These grants were used for maintenance, renovation and rebuild projects.
“We saw continued whanau support of the tribal savings scheme Whai Rawa. The year yielded a return on member savings of 5.1% before PIE tax.
"We are seeing increasing numbers of Whai Rawa members using their funds to help them through university or polytech, buy their first home or access funds to help them in later life.
“Our earthquake recovery efforts also continued throughout the year. In total, $953,000 was distributed over the 12-month period to whanau and organisations to support earthquake response and recovery efforts.
"The Earthquake Recovery Working Group, Te Awheawhe Ru Whenua, was able to distribute this money as a result of considerable funding received from Te Runanga o Ngai Tahu and koha donated by other iwi and individuals.”