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CCHL Interim Report 2018

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CCHL Interim Report 2018 July 2017—December 2017 A WHOLLY OWNED SUBSIDIARY of CHRISTCHURCH CITY COUNCIL Interim Report 2018 Christchurch City Holdings Limited Contents Group Structure 03 Chair/Chief Executive review 04 Condensed statement of financial position 08 Condensed statement of comprehensive income 09 Condensed statement of changes in equity 10 Condensed statement of cashflows 11 Notes to the Condensed interim financial statements 12 Directory 31 Interim Report 2018 2 Christchurch City Holdings Limited Group Structure 89.3% 100% 100% Orion New Zealand Ltd Enable Lyttelton Port Services Ltd Company Ltd 100% 75% Christchurch City Holdings Limited is the commercial and investment arm of Christchurch Red Bus Ltd International Airport Ltd 100% 100% 100% Development EcoCentral Ltd Christchurch Ltd City Care Ltd Christchurch City Holdings Ltd (CCHL) is the commercial and investment arm of Christchurch City Council (the Council). The company is responsible for managing the Council’s investment in eight fully or partly-owned trading companies – Orion New Zealand Ltd, Christchurch International Airport Ltd, Lyttelton Port Company Ltd, Enable Services Ltd, City Care Ltd, Red Bus Ltd, EcoCentral Ltd and Development Christchurch Ltd. Interim Report 2018 3 Christchurch City Holdings Limited Chair/Chief Executive’s Review Attached are the unaudited interim financial statements of the CCHL group for the six months ended 31 December 2017. Group at A+ with a stable outlook. In their Orion has substantively completed The group recorded a profit for the report, S&P noted “the outlook its earthquake recovery programme six months ended 31 December remains stable, reflecting that of the more than a year ahead of its original 2017 of $50.7 million, compared ratings on Christchurch City Council target. Other successful projects with $48.7 million in the equivalent (CCC), as well as our expectation completed during this year were the period last year. that CCHL’s role will remain critical increasing of the security of supply Further information on the and its link integral to the Council to its high voltage feed to Lyttelton, individual company results is during the next two years.” and the moving of Orion’s subsidiary provided below. Sarah Smith retired from the Connetics, into its purpose built new board in November 2017, after depot at Waterloo Business Park, Parent Company serving 10 years. Sarah brought all which add to the reliability and As part of its commitment to strong commercial and governance resilience of the Orion network. release capital to its shareholder, experience to the board as well as October 2017 saw Orion reach the CCHL completed a very successful being the Chair of the Audit and milestone of 200,000 customers, inaugural bond offer within the Risk Committee. At the AGM we which when compared to pre New Zealand debt capital markets. welcomed the appointment of earthquake numbers of 194,000 These bonds have been listed Greg Campbell to the board, highlights the strong growth that on the NZX debt market (NZDX). Greg brings strong executive and Orion has achieved. Raising $150m will enable CCHL governance experience within Orion paid dividends of $25.9m to meet its 2018 financial year and external to the group. to CCHL during the period. capital release commitments, and it has provided a platform for Electricity Network continued diversification of its debt Orion New Zealand Ltd (Orion) programme, which was a key driver recorded a half-year after tax profit in entering the debt market. of $30.7m compared to $26.9m Listing the offer on the NZX Debt for the equivalent period last year. market has provided liquidity for the This is ahead of year to date (YTD) bondholders, and it supports CCHL’s budget and this favourable variance ongoing bond programme. is forecast to remain through to In December Standard & Poors year end. (S&P) reaffirmed CCHL’s credit rating Interim Report 2018 4 Christchurch City Holdings Limited Airport The opening of Waterfront House, year. This result is in line with budget Christchurch International Airport a purpose built facility brings the expectations and a reflection of Ltd (CIAL) recorded a half-year after administration, management and finishing post earthquake derived tax profit of $19.3m compared with operations teams back together at work and the very competitive $18.3m in the equivalent period the Port for the first time since the tender market. last year. This reflects growth in 2011 earthquakes. The roll out of the new brand and aeronautical revenue off the back The Port continues to implement re-structuring of its business into of strong growth in passenger the Lyttleton Port Recovery Plan three key sectors, namely Water, numbers, and additional aircraft approved in November 2015. The Property and Civil, is now complete, capacity. This profit growth has been opening of the first pier of Te Ana with customer feedback very achieved despite allowable revenues Marina is a strong reflection of the positive. from regulated aeronautical activities commitment of LPC to working with The successful initial delivery declining following Price Setting the community to regenerate part of the Auckland Council contract Event 3 (PSE3) regulatory pricing of the inner harbour as a vibrant continues, and Citycare has also reset which took effect in July 2017. community focused destination. acquired a long term contract with International and domestic Midland Port, in Rolleston Christchurch International Airport passenger numbers both improved continues to grow with a second during the period. over the previous period, and daily train service starting during the Citycare paid dividends of $.4m the future outlook continues to period, taking 120 truck movements to CCHL during the period. be positive. The 6.8% increase in off the road between the Port and Moving People international passenger numbers Rolleston for six days a week. Red Bus Ltd (Red Bus) recorded over last year was mainly due to the Lyttelton Port continues to devote a half-year profit after tax for the introduction of an additional direct significant focus to increasing period of $44k, compared with service to China (China Southern), Container Terminal productivity with $2k in the equivalent period last and strong growth in trans–Tasman the introduction of a fourth crane to year. Red Bus continues to show services. December saw the the port. improvement to its trading result, achievement of the busiest month LPC paid dividends of $6.3m to with strong growth shown in the ever at Christchurch Airport, with CCHL during the period. Charter business this year. The 638,043 passengers through the Fibre Network company has a strong balance terminal. Enable Services Ltd (ESL) recorded sheet, with cash reserves and only a Development of the company’s a half-year after tax loss of $(3.6)m, modest level of debt. property portfolio continues, with compared with $(4.7)m in the Urban transport continues to be the construction of the Novotel equivalent period last year. This is in a challenging industry, however Christchurch Airport Hotel expected line with expectations of operating urban patronage has grown 3.8% to be complete later this year. losses being incurred during the this period compared to the previous Following the release of its first network construction period. three years of declining passenger Sustainability report in September, The Network Delivery Alliance numbers. CIAL won the Efficiency Champion is still operating ahead of plan in Red Travel continues to provide category of the Sustainability deploying the new network. As at 31 growth opportunities for the Business Network Awards, a very December 2017, the network build company with the introduction of the worthwhile recognition of the work is 95 percent complete and total new Kaikoura Express service which CIAL are undertaking in this area. customer connections have reached not only gives our tourists access to CIAL paid dividends of $16.4m to 62,704. other parts of the South Island it is CCHL during the period. Customer service continues to be a welcome support to the Kaikoura Port a significant focus, with online tools community following the November Lyttelton Port Company Ltd (LPC) that make it easier for customers to 2016 earthquake. recorded a half-year after tax profit make the move to fibre broadband. of $8.7m compared with $8.9m Contracting in the equivalent period last year. City Care Ltd (Citycare) recorded Record high container volumes of a half-year profit after tax for the 224,000 TEU’s were achieved during period of $.7m, compared with the period. $2.7m in the equivalent period last Interim Report 2018 5 Christchurch City Holdings Limited Recycling The successful opening of the EcoCentral Ltd (EcoCentral) beachside playground in December recorded a half-year profit after tax was welcomed by the New Brighton for the period of $.88m, compared community. This was Phase 1 with $.87m in the equivalent period of the New Brighton foreshore last year. This impressive start to the development. DCL will continue year is reflective of stronger fibre to lead this development with the commodity prices for recycled commencement of design work on paper and cardboard. the hot salt water pools. The EcoDrop volumes are down The Christchurch Adventure Park due to increased competition. reopened in December after the EcoSort delivered a solid result for devastating fires last year. Whilst the year and the EcoShop has also there are limited trails, these are had a very positive start to the year. being added to over the summer. Health and Safety continues to DCL continues to work closely be a focus for the company, with with other key Christchurch rebuild a significant reduction in their lost partners namely, Otakaro and time injury rate. Regenerate Christchurch. EcoCentral paid dividends of Acknowledgments $.25m to CCHL during the period. We would like to acknowledge Urban Development the strong performance of the Development Christchurch Ltd CCHL group companies over the (DCL) recorded a half-year profit period and we thank the respective after tax for the period of $2.1m, subsidiary boards and management compared with $1.8m in the teams for their continued focus on equivalent period last year.
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