Port Nelson Annual Report 2007 (pdf)

S T A T U T O R Y I N F O R M A T I O N
T o s h a r e h o l d e r s , o n t h e a f f a i r s o f P o r t N e l s o n L i m i t e d
f o r t h e Y e a r E n d e d 3 0 J u n e 2 0 0 7
P R I N C I P A L A C T I V I T I E S
Port Nelson Limited (“the Company” or “Port Nelson”) is primarily engaged in the commercial operation of the Port of Nelson. There has been
no significant change in the nature of the Company’s business during the year.
R E V I E W O F A C T I V I T I E S
A review of the year’s operations is contained in the Chairman’s Report and the Chief Executive Officer’s Review.
R E V I E W O F O P E R A T I O N S
The surplus for the Company for the year was $6.725 million. (2006 $7.587 million)
D I V I D E N D S
Dividends of $6,600,000 were paid or provided for during the year. ($2,700,000 final dividend for 2006 financial year, $1,000,000 interim dividend
for 2007 financial year, and a provision for $2,900,000 final for 2007 financial year)
D I R E C T O R S
In accordance with the Company’s constitution Messrs P K Matheson and T B King will retire by rotation.
R E M U N E R A T I O N O F D I R E C T O R S
Fees paid to Directors during the year were as follows:
A O Patterson $43,045
R G Dickinson $11,423
T B King $11,500
P V Lough $23,395
P K Matheson $21,925
B A Monopoli $17,880
M G Sturgeon $5,725
P M Schuyt $23,868
TOTAL $158,761
M G Sturgeon resigned in September 2006.
B A Monopoli was appointed in September 2006.
R G Dickinson resigned in December 2006.
T B King was appointed in December 2006.
D I R E C T O R S ’ I N S U R A N C E
The Company 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.
D I R E C T O R S ’ I N T E R E S T
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.
• Mr T B King is Deputy Mayor of Tasman District Council, which is a shareholder of the Company.
• Mr P K Matheson is Mayor of Nelson City, which is a shareholder of the Company.
• Ms B A Monopoli is a Director of the Cawthron Institute that sell services to the Company.
• Mr A O Patterson is a Director of Cold Storage Nelson Ltd that leases land and purchases services from the Company.
• Mr P M Schuyt is a Director of ECN Ltd and Express Couriers Ltd that sell services to the Company.
D I R E C T O R S ’ L O A N S
There were no loans by the Company to Directors.
The Statement of Accounting Policies and Notes to the Accounts on pages 26 to 42 form part of these Financial Statements.
1 9