Intergenerational approach continues to deliver results for iwi
A long-term approach to investment continues to pay off for Te Rūnanga o Ngāi Tahu posting a year-end net profit of $109.36m (post distribution activities) for the 2015 financial year.
“Strong financial results provide the platform we need to create and deliver life enhancing initiatives that will enable our people to reach their full potential not only as individuals but also as whānau and communities,” says Tā Mark Solomon, Te Rūnanga Kaiwhakahaere.
“Our approach is a long-term one – both in terms of our investments and in how and what we deliver to our iwi. We are focused on achieving positive outcomes in some key areas we believe will make the difference, namely: education, health and wellbeing, employment, Papatipu Rūnanga development and Ngāi Tahutanga.”
Te Rūnanga received a distribution of $36.6m from Ngāi Tahu Holdings.
In total, $355m has been invested in tribal development since settlement.
Among the highlights for 2015: a new education strategy with a greater focus on providing education resource in the community and further development of programmes that grow iwi capability e.g: Manawa Hou and our internship programmes for rangatahi; the He Toki ki te Rika suite of programmes, delivered with our partners to provide leadership in the construction industry; Whenua Kura, providing career paths in land-based industry, delivered also with partners; and Manawa Nui, the associate director programme that provides training and support for potential governors. In total $2.8m was spent on education.
Also this year Te Rūnanga spent $8.8m on Oranga (wellbeing) including Whai Rawa and the housing pilot projects; $4.2m on programmes that support Ngāi Tahu culture and identity and $4.6m on environmental initiatives.
“Once again I must acknowledge and congratulate the commercial entities on the delivery of another successful result on our behalf. We are fortunate to have such a depth of experience and expertise within our Holdings Group,” says Tā Mark Solomon.
Ngāi Tahu Holdings Chair, Trevor Burt says, “the ongoing demand for residential sections in Christchurch and an improved global market were major factors in this year’s positive result.
“Globally, the China market continues to gather momentum and has fast become the largest market for both our seafood and tourism businesses. Ongoing high demand for our premium quality kōura and outstanding numbers visiting our tourist attractions has contributed to great 2015 results for both companies.”
Mr Burt says 26% of Ngāī Tahu Tourism’s revenue comes from its Chinese visitors.
Key financial results for Ngāi Tahu Holdings were:
- Net Operating Surplus: $75.70m
- Total Net Profit: $115.77m
“The strength and diversity of the commercial portfolio allows us to make the most of these buoyant times, enabling us to adjust our portfolio and reinvest to ensure stability off the back of these highs when the markets normalise,” says Mr Burt.
“The past three years have produced exceptionally strong results and a strong balance sheet. As we head into the new financial year however, we are conscious that market conditions are projected to flatten out as post-earthquake business returns to normal levels. Therefore we are focusing our attention on reshaping our portfolio while maximising its value. We aim to broaden and diversify our investments and that includes looking for opportunities outside of Te Waipounamu.
Tā Mark says, “While we continue to enjoy our successes, we are still a young and growing organisation. It is imperative that we remain focused on the future in managing our charitable programmes in order to reverse the ongoing challenges faced by our people. These challenges are not a short-term fix.”
Ngāi Tahu Holdings Highlights
- Net Operating Surplus: $75.70m (2014: $82.98m)
- Total Net Profit: $115.77m (2014: $160.58m)
- Shareholder Equity $1.06b (2014: $987.79m)
- 6th consecutive record result for Ngāi Tahu Seafood – Net Operating Surplus: $19.72m
- Ngāi Tahu Tourism achieved a record result – Net Operating Surplus: $7.81m
- Another strong result for Ngāi Tahu Property – Net Operating Surplus: $42.39m
For further information please contact:
Leanne Scott on 021 272 1170, leann[email protected]