Hoea ra - NgÄti Kahungunu Iwi Incorporated
Hoea ra - NgÄti Kahungunu Iwi Incorporated Hoea ra - NgÄti Kahungunu Iwi Incorporated
Kahungunu Asset Holding Company LtdChairman’s ReportFor the year 2009 - 2010Tïhei MaurioraHe honore he kororia ki te atuaHe maungarongo ki te whenuaHe whakaaro pai ki ngä tängata katoaKa mihi rä ki ö tätau mate e hinga mai rä, e hinga atu räHaere koutou ngä mate, haere atu räMoe mai koutou i te ArikiKa äpiti hono, tätai honoRätau te hunga mate ki a rätauKa äpiti hono, tätai honoTätau te hunga ora ki a tätauTënä tätau katoaIt is my pleasure to present to you the annual report of Kahungunu AssetHolding Company Limited (KAHC) for the year ended 30 of June 2010.Kahungunu Asset Holding Company Limited (KAHC) was established in2005 by Ngäti Kahungunu iwi Incorporated (NKII) to receive and managethe Treaty of Waitangi Fisheries settlement on behalf of Ngäti Kahungunu.The initial (population based) settlement was received in 2006. Since thenthe company’s role has been expanded to manage other assets of NgätiKahungunu Iwi Incorporated. In July 2009 KAHC received the coastlinebased settlement quota and quota shortfall cash as a result of a settlementagreement with neighbouring iwi.The key assets owned by KAHC include fishing quota, income shares inAotearoa Fisheries Limited (who in turn own 50% of Sealord and a rangeof other seafood companies), shares in Napier Mussels Limited, shares inFiorldland Lobster Company Limited, some non-settlement quota sharesin CRA4 and cash.The company has the following objectives:• To build intergenerational wealth for Ngäti Kahungunu• To maximise the financial return on the assets• To build a sustainable capital base for the future.The Company’s strategy includes diversification of the asset portfolio. In2009/2010, the company has actively searched for a suitable commercialproperty investment. It has also developed a concept and framework for itsnon-fisheries investments called Aunty’s Garden.A full feasibility study is underway to test the Aunty’s Garden conceptbefore any investment decisions are made.The operating profit for the 2009-2010 year was $2,733,835 compared to$2,028,815 the previous year.I am also pleased to report an increased equity position of $52,222,904 forthe year ended 30 June 2010 compared to $34,370,866 for the 2009 year.This increase in equity is posted after payment of the $1,400,000 dividendto the shareholder, Ngäti Kahungunu Iwi Incorporated.I take this opportunity to thank the Directors for their co-operation and thewisdom that has been evident in the deliberations of the Board to date.Paora Ammunsen, resigned his position as director during the year andthe Board extends its appreciation to Paora for his contribution to thecompany during his tenure. The shareholder is working on a process forthe appointment of a replacement director.Kati mö tënei ripoataTënei te mihi ki a koutou e pae neiTënä koutou katoaHarry Haerengarangi MikaereChairmanPage 16
Statement of Financial PerformanceFOR THE YEAR ENDED 30 JUNE 2010Consolidated*Parent*2010 2009 2010 2009$ $ $ $INCOMEAdministration 827,361 425,751 214,548 247,687Hi Ika 2,996,702 2,607,609 88,900 53,216Mätauranga 313,873 341,854 313,873 341,854Hauora 114,500 197,202 114,500 197,202Mauri Ora 62,617 401,752 62,617 401,752Taiao 61,914 33,886 61,914 33,886Merchandising 9,294 7,166 9,294 7,166Governance 3,478 931,635 1,403,478 2,240,204Total Operating Income 2 4,389,739 4,946,855 2,269,124 3,522,967LESS EXPENDITUREAdministration 1,012,998 984,272 870,912 760,699Communication 48,028 59,914 48,028 59,914Hi Ika 668,559 496,101 79,354 107,598Mätauranga 295,752 390,022 295,752 390,022Hauora 52,180 170,432 52,180 170,432Mauri Ora 260,788 852,000 260,788 852,000Taiao 22,324 59,356 22,324 59,356Merchandising 5,441 4,324 5,441 4,324Governance 481,820 674,764 369,764 493,327Total Expenses 3 2,847,889 3,691,185 2,004,542 2,897,672Net Surplus/(Deficit) for year 1,541,850 1,255,670 264,582 625,295* Consolidated means group (refer to note 1 on page 19). Parent means NgätiKahungunu Iwi Incorporated.Statement of Movements In EquityFOR THE YEAR ENDED 30 JUNE 2010Opening Equity as at 1 July 37,169,136 35,913,466 3,998,272 3,372,977Net Surplus/Deficit for the year 1,541,850 1,255,670 264,582 625,295Total recognised revenues& expenses 1,541,850 1,255,670 264,582 625,295Contributions from/Distributions to ownersFishing Asset Settlement 4 15,518,204 - - -Less: Taiwhenua/Taurahere distribution 5 - - - -15,518,204 - - -Closing Equity as at 30 June 6 54,229,190 37,169,136 4,262,854 3,998,272These financial statements must be read in conjunction with the accompanying notesPage 17
- Page 4 and 5: Chief Executive’s StatementTënä
- Page 8 and 9: Tino RangatiratangaAccountable and
- Page 10 and 11: KahungunutangaCulturally StrongRete
- Page 12 and 13: WhanaungatangaStrong Vibrant Health
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- Page 20 and 21: Statement of Financial PositionAS A
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- Page 30 and 31: Annual PlanANNUAL PLAN OBJECTIVESDe
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Statement of Financial PerformanceFOR THE YEAR ENDED 30 JUNE 2010Consolidated*Parent*2010 2009 2010 2009$ $ $ $INCOMEAdminist<strong>ra</strong>tion 827,361 425,751 214,548 247,687Hi Ika 2,996,702 2,607,609 88,900 53,216Mätau<strong>ra</strong>nga 313,873 341,854 313,873 341,854Hauo<strong>ra</strong> 114,500 197,202 114,500 197,202Mauri O<strong>ra</strong> 62,617 401,752 62,617 401,752Taiao 61,914 33,886 61,914 33,886Merchandising 9,294 7,166 9,294 7,166Governance 3,478 931,635 1,403,478 2,240,204Total Ope<strong>ra</strong>ting Income 2 4,389,739 4,946,855 2,269,124 3,522,967LESS EXPENDITUREAdminist<strong>ra</strong>tion 1,012,998 984,272 870,912 760,699Communication 48,028 59,914 48,028 59,914Hi Ika 668,559 496,101 79,354 107,598Mätau<strong>ra</strong>nga 295,752 390,022 295,752 390,022Hauo<strong>ra</strong> 52,180 170,432 52,180 170,432Mauri O<strong>ra</strong> 260,788 852,000 260,788 852,000Taiao 22,324 59,356 22,324 59,356Merchandising 5,441 4,324 5,441 4,324Governance 481,820 674,764 369,764 493,327Total Expenses 3 2,847,889 3,691,185 2,004,542 2,897,672Net Surplus/(Deficit) for year 1,541,850 1,255,670 264,582 625,295* Consolidated means group (refer to note 1 on page 19). Parent means Ngäti<strong>Kahungunu</strong> <strong>Iwi</strong> Incorpo<strong>ra</strong>ted.Statement of Movements In EquityFOR THE YEAR ENDED 30 JUNE 2010Opening Equity as at 1 July 37,169,136 35,913,466 3,998,272 3,372,977Net Surplus/Deficit for the year 1,541,850 1,255,670 264,582 625,295Total recognised revenues& expenses 1,541,850 1,255,670 264,582 625,295Contributions from/Distributions to ownersFishing Asset Settlement 4 15,518,204 - - -Less: Taiwhenua/Tau<strong>ra</strong>here distribution 5 - - - -15,518,204 - - -Closing Equity as at 30 June 6 54,229,190 37,169,136 4,262,854 3,998,272These financial statements must be read in conjunction with the accompanying notesPage 17
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