Port Nelson Annual Report 2012 (pdf)

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audit report Independent Auditor’s Report To the readers of Port Nelson Limited’s financial statements for the year ended 30 June 2012 The Auditor-General is the auditor of Port Nelson Limited (Port Nelson). The Auditor-General has appointed me, Julian Tan, using the staff and resources of Audit New Zealand, to carry out the audit of the financial statements of Port Nelson on her behalf. We have audited the financial statements of Port Nelson on pages 20 to 39, that comprise the balance sheet as at 30 June 2012, the statement of comprehensive income, statement of changes in equity, statement of cash flows and the summary of significant accounting policies for the year ended on that date and the notes to the financial statements that include other explanatory information. Opinion Financial statements • In our opinion the financial statements of Port Nelson on pages 20 to 39: • comply with generally accepted accounting practice in New Zealand; • give a true and fair view of Port Nelson’s: • financial position as at 30 June 2012; and • financial performance and cash flows for the year ended on that date. Other legal requirements In accordance with the Financial Reporting Act 1993 we report that, in our opinion, proper accounting records have been kept by Port Nelson as far as appears from an examination of those records. Our audit was completed on 28 September 2012. This is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Directors and our responsibilities, and explain our independence. Basis of opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and carry out our audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of the financial statements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion. An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including our assessment of risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation of Port Nelson’s financial statements that give a true and fair view of the matters to which they relate. We consider internal control in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of Port Nelson’s internal control. An audit also involves evaluating: • the appropriateness of accounting policies used and whether they have been consistently applied; • the reasonableness of the significant accounting estimates and judgements made by the Board of Directors; • the adequacy of all disclosures in the financial statements; and • the overall presentation of the financial statements. We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements. In accordance with the Financial Reporting Act 1993, we report that we have obtained all the information and explanations we have required. We believe we have obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion. Responsibilities of the Board of Directors The Board of Directors is responsible for preparing financial statements that: • comply with generally accepted accounting practice in New Zealand; • give a true and fair view of Port Nelson’s financial position, financial performance and cash flows. The Board of Directors is also responsible for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors’ responsibilities arise from the Financial Reporting Act 1993 and the Port Companies Act 1988. Responsibilities of the Auditor We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you based on our audit. Our responsibility arises from section 15 of the Public Audit Act 2001and section 19 of the Port Companies Act 1988. Independence When carrying out the audit, we followed the independence requirements of the AuditorGeneral, which incorporate the independence requirements of the New Zealand Institute of Chartered Accountants. Other than the audit, we have no relationship with or interests in Port Nelson. Julian Tan Audit New Zealand On behalf of the AuditorGeneral Christchurch, New Zealand 16
statutory information to the shareholders, on the affairs of port nelson limited for the year ended 30 june 2012 principal activities Port Nelson is primarily engaged in the commercial operation of the port of Nelson. There has been no significant change in the nature of Port Nelson’s business during the year. review of activities A review of the year’s operations is contained in the Chairman’s Report and the Chief Executive Officer’s Review. review of operations The net surplus for Port Nelson for the year was $10.367 million (2011 $6.584 million). dividends Dividends of $12,200,000 were recognised in the 2012 financial year ($1,000,000 interim dividend, $8,000,000 special dividend and a provision for $3,200,000 final dividend for the 2012 financial year). Dividends of $12,200,000 were paid during the 2012 financial year ($3,200,000 final dividend for the 2011 financial year, $1,000,000 interim dividend and $8,000,000 special dividend for the 2012 financial year). directors In accordance with Port Nelson’s constitution Messrs P M Schuyt and B A Monopoli will retire by rotation at the AGM in September 2012. remuneration of directors Fees paid to Directors during the year were as follows: A O Patterson $60,800 P D Le Gros* $38,800 T B King $32,200 P V Lough $31,300 B A Monopoli $32,200 P M Schuyt $32,200 Total $227,500 statutory information P D Le Gros was paid an additional $7,500 in director’s fees as recognition for services rendered on behalf of the board dealing with an ad-hoc commercial matter that required board input. Without the additional fee, the amount paid to P D Le Gros fees would be $31,300 and total director fees $220,000. directors’ insurance Port Nelson has arranged policies of Directors’ Liability Insurance to ensure that as far as possible Directors will not personally incur any monetary loss as a result of actions undertaken by them as Directors. Certain actions are specifically excluded, for example the incurring of penalties and fines that may be imposed in respect of breaches of the law. directors’ interest The following notices have been received from Directors disclosing their interests in other companies with whom the group may have transactions. All transactions with these companies are conducted on normal commercial terms. •  Ms B A Monopoli has the following entries in the Register of Directors’ Interests: Director of the Animal Health Board Inc. Trusteeships; Chairman of Nelson Millennium Centre Trust, Trustee of Wearable Arts Development Charitable Trust, Trustee of New Zealand International Arts Festival Trust, Trustee of the Wellington Jazz Festival Trust. Other; Principal of Bronwyn Monopoli Chartered Accountant. •  Mr A O Patterson has the following entries in the Register of Directors’ Interests: Directorships; Director of Cold Storage Nelson Ltd, Director of Freshco Nelson Ltd, Chairman of Wai-West Horticulture Ltd, Director of Wai-West Farms Ltd, Director of Nayland Road Cool Storage Ltd, Chairman of Saxton Fruit Limited, Chairman of Tasman Rugby Union. Trusteeships; Nil. Other; Nil. •  Mr P M Schuyt has the following entries in the Register of Directors’ Interests: Directorships; Director of Dairy Investment Fund Ltd, Director of Golden Bay Fruit 2008 Ltd, Director of Landcare Research Ltd, Director of Tatua Co-operative Dairy Company Ltd, Chairman of carbonZero Ltd. Trusteeships; Trustee of World Wildlife Fund, Trustee of Wellington College. Other; Councillor of Waikato University. •  Mr P V Lough has the following entries in the Register of Directors’ Interests: Directorships; Director of LIC Ltd, Director od Fisher and Paykel Appliances Ltd, Chairman of Methven Limited, Chairman of Quotable Value Limited. Trusteeships; Nil. Other; Nil. •  Mr P D Le Gros has the following entries in the Register of Directors’ Interests: Directorships; Director of Unimar Limited, Director of Fico Finance Limited, Director of Duncan Cotterill Nelson Trustees (2008) Limited, Director of Nelson Electricity Limited, Director of Building Connexion Limited. Trusteeships; Trustee of Nelson YMCA. Other; Nil. •  Mr T B King has the following entries in the Register of Directors’ Interests: Directorships; Waimea Rural Fire Authority. Trusteeships; Trustee of Kaiteriteri Recreation Reserve Board. Other; Deputy Mayor of Tasman District Council, which is a shareholder of Port Nelson, member of the Waimea Water Augmentation Committee and National Rural Fire Authority. 17
Page 1 and 2: annual report 2012
Page 3 and 4: content Directors’ Report........
Page 5 and 6: directors’ report As Chairman of
Page 7 and 8: financial results A sustainable bus
Page 9 and 10: community governance highlights Som
Page 11 and 12: Photo: Nelson Mail environment A le
Page 13 and 14: our vision port people Percentage o
Page 15: 2012 financial report customers An
Page 19 and 20: statement of corporate intent missi
Page 21 and 22: alance sheet as at 30 june 2012 Not
Page 23 and 24: statement of cash flows for the yea
Page 25 and 26: summary of significant accounting p
Page 27 and 28: summary of significant accounting p
Page 29 and 30: notes to the accounts note 4: defer
Page 31 and 32: notes to the accounts note 9: equit
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Page 35 and 36: notes to the accounts note 16: fina
Page 37 and 38: notes to the accounts note 16: fina
Page 39 and 40: notes to the accounts note 23: rela

Port Nelson Annual Report 2012 (pdf)

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