Port Nelson Annual Report 2012 (pdf)

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notes to the accounts notes note 21: noise mitigation provision 2012 2011 $000 $000 Opening Balance 608 700 Additional Provisions Made in the Period 85 - Decrease to Existing Provisions - (55) Provision Used (90) (37) Total NOISE MITIGATION PROVISION 603 608 Comprising: Current 54 97 Non-current 549 511 Total NOISE MITIGATION PROVISION 603 608 2012 Port Nelson reviews its Noise Liability provision each year as the mitigation work is undertaken. The year end provision balance of $603,000 is for Stages One, Two and now also includes Stage Three. Under the Noise Variation which is now operative, Port Nelson has an obligation to Stage Three property owners to provide technical advice, where requested, and to consider providing financial assistance for mitigation works (up to 50 percent of costs). The decision on whether to provide financial assistance will be based on a recommendation made to Port Nelson by the Port Noise Liaison Committee on a case by case basis. Port Nelson has now quantified the costs of this obligation as at 30 June 2012. The Noise Variation within the Nelson City Resource Management Plan was notified with effect on 14 July 2008 and was adopted by the Nelson City Council on the 23rd February 2012. Port Nelson has an obligation to assist with noise mitigation works for noise affected properties adjacent to the Port. These properties are separated into three stages based on the level of Port Noise received. In Stage One (these are houses that are exposed to night time Ldn from port generated noise of 65 dBa or more) Port Nelson is required to make offers to either fully fund noise mitigation work or to purchase the eleven Stage One properties and at 30 June 2012 nine of these eleven properties have had this obligation met. For the properties in the 55 to 59.9 dBa and 60 to 64.9 dBa areas (Stage Two), offers have been made by Port Nelson to owners in these areas to cover 50 percent of the noise mitigation cost. There is no offer for the purchase of these properties required. For properties in Stage Two Port Nelson is required to approach all owners with this offer. For properties in the 55 to 59.9 dBa area (Stage Three) the owners are required to approach Port Nelson and seek approval for this. Offers will include 50 percent of the costs of building work, any professional fees, building consents, preparation of drawings and project management. 2011 Port Nelson has made a Noise Liability provision of $608,000. The year end provision balance is for Stages One and Two. Stage Three has been recognised as a contingent liability (see note 22). Port Nelson has an obligation to Stage Three property owners to provide technical advice, where requested, and to consider providing financial assistance for mitigation works (50 percent of costs). The decision on whether to provide financial assistance will be based on a recommendation made to Port Nelson by the Port Noise Liaison Committee. Port Nelson cannot currently quantify the cost of this obligation at 30 June 2011. note 22: contingent assets and liabilities 2012 The Calwell Slipway basin contains contaminated seabed sediments. Port Nelson has title to this area of seabed. While the marine engineering and vessel coating industries in and around the slipway area are now controlled the historical contamination still persists in the sediments. The on-going sedimentation of the basin now requires dredging to allow for the on-going operation of the slipway. Port Nelson, together with the Nelson City Council, has obtained funding from the Ministry for the Environment (MFE) to undertake Remediation Planning (Phase Three) work to establish a preferred approach for remediation of the contaminated sediments. It is hoped that once Phase Three is successfully completed funding from MFE for Site Remediation (Phase Four) will also be obtained. Phase Three is scheduled to be completed in the 2013 financial year and at that stage Port Nelson hopes to able to quantify any liability associated with the eventual remediation works. 2011 Port Nelson continues to have an obligation to Stage 3 property owners to provide technical advice, where requested, and to consider providing financial assistance for mitigation works (50 percent of costs). The decision on whether to provide financial assistance will be based on a recommendation made to Port Nelson by the Port Noise Liaison Committee. Port Nelson cannot currently quantify the cost of this obligation at 30 June 2011. The Noise Variation within the Nelson City Resource Management Plan was notified with effect on 14 July 2008. Port Nelson is required to make offers to either fully fund noise mitigation work or to purchase 11 closest properties in the residential zone adjacent to the port. (These are houses that are exposed to night time Ldn from port generated noise of 65 dBa or more). For the properties in the 55 to 59.9 dBa and 60 to 64.9 dBa areas, offers have been made by Port Nelson to owners in these areas to cover 50 percent of the noise mitigation cost. There is no offer for the purchase of these properties required. For properties in the 60 to 64.9 dBa area Port Nelson is required to approach all owners with this offer. For properties in the 55 to 59.9 dBa area the owners are required to approach Port Nelson and seek approval for this. Offers will include 50 percent of the costs of building work, any professional fees, building consents, preparation of drawings and project management. The contingent asset associated with Unimar in 2010 and the vessel the Marsol Pride was not realised. 38
notes to the accounts note 23: related party disclosure 2012 2011 $000 $000 Nelson City Council Services Provided by Port Nelson 45 12 Services Provided to Port Nelson 398 433 Accounts Payable by Port Nelson 12 8 Accounts Receivable by Port Nelson 3 2 *Dividends Paid by Port Nelson 6,100 2,050 Tasman District Council Services Provided by Port Nelson 1 1 Accounts Receivable by Port Nelson 1 - *Dividends paid by Port Nelson 6,100 2,050 Nelmac Services Provided to Port Nelson 53 38 Accounts Payable by Port Nelson 3 2 Unimar Services Provided by Port Nelson 180 144 Accounts Receivable by Port Nelson 2 54 Nelmac - Nelmac is 100% owned by Nelson City Council and is therefore a related party. Unimar Group - The Unimar Group is 44% owned by Port Nelson. Unimar has the following 100% owned subsidiaries, Maritime Services Ltd, Calwell Slipway Nelson Ltd and Maritime and Industrial Ltd. Port Nelson invested in Unimar on the 23rd of December 2008. All Related Parties - There were no NIL or nominal value transactions between Port Nelson and related parties (2011 NIL). No inter-entity debt has been forgiven or written off (2011 NIL). Directors - Mr A O Patterson is a director of Cold Storage Nelson Ltd that leases land from Port Nelson. The amount received from Cold Storage Nelson Ltd was $448,033 for the year (2011 $438,557), and NIL was receivable at year end (2011 NIL). The amount paid to Cold Storage Nelson Ltd was $NIL (2011 $425) for the year, and $NIL was payable at year end (2011 $NIL). Key Management Personnel - Details of compensation paid to key management personnel and directors during the financial year: 2012 2011 $000 $000 Salaries and Other Short-Term Benefits 1,392 1,344 Total 1,392 1,344 notes note 24: financial reporting by segments Port Nelson operates in one industry and one geographical segment providing and managing port facilities, marine services, cargo handling operations, and investment properties at the port of Nelson. note 25: imputation credits 2012 2011 Imputation credits to shareholders $000 $000 CredITS AVAILABLE FOR FUTURE USE 14,449 16,335 note 26: events occurring after balance date 2012 Unimar declared a dividend for payment on 26 September 2012. Port Nelson will receive $487,172 fully imputed ($676,628 gross) in relation to its share of Unimar. Apart from this, there are no events after balance date that requires adjustment or disclosure in the financial statements. 2011 Unimar has entered into a contract to buy the vessel Marsol Pride (previously leased). On the same day (1 July 2011), Unimar entered into an agreement to sell the vessel. 39
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 and 16: 2012 financial report customers An
Page 17 and 18: statutory information to the shareh
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
Page 33 and 34: notes to the accounts note 14: prop
Page 35 and 36: notes to the accounts note 16: fina
Page 37: notes to the accounts note 16: fina

Port Nelson Annual Report 2012 (pdf)

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