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2006 Annual Report

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2006 Annual Report port of tauranga annual report Leading through Innovation & Commitment 06 OUR VISION To be New Zealand’s preferred cargo gateway. OUR MISSION STATEMENT Leading through innovation and commitment. OUR VALUES Integrity, Innovation, Communication, Teamwork. FOR US SOCIAL RESPONSIBILITY IS Ensuring our strategic and operational decisions take into account our environmental responsibilities and the aspirations of all stakeholders, including the shareholders, the community and our staff. CONTENTS 2 HIGHLIGHTS 3 RESULTS IN BRIEF & CORPORATE STRUCTURE 4 CHAIRMAN’S REVIEW 6 DIRECTORS 8 CHIEF EXECUTIVE’S REVIEW 12 CO-operating with Ballance – for nearly 50 years 14 Lodestar logistics – the Port provides choice 16 From Genesis to capacity – via flexibility 18 Fitting in to The ZESPRI System™ - an integrated partnership 20 SUSTAINABILTy 24 CORPORATE GOVERNANCE STATEMENT 26 REPORT OF THE DIRECTORS TO THE SHAREHOLDERS 28 AUDIT REPORT 29 FINANCIAL STATEMENTS 53 STATUTORY INFORMATION 55 FINANCIAL AND OPERATIONAL FIVE YEAR SUMMARy 56 DIRECTORy ANNUAL REPORT 2 0 0 6 “Productivity & efficiency are the hallmarks of the successful partnerships the Port of Tauranga maintains with many of New Zealand’s leading businesses. In this year’s report, we focus on our bulk customers and get their views on how working with the Port of Tauranga adds value to their businesses.” ANNUAL REPORT 2 0 0 6 HIGHLIGHTS The first New Zealand call in the newly-formed Maersk Line’s 4100 TEU “Pendulum” service commenced in February. This service provides New Zealand’s exporters with a weekly direct service to North America and Europe, which includes trans-Tasman imports via Tauranga. The additional fortnightly call of Maersk’s NZ A-string. This Maersk Asian service contributes to the signs of reinvigoration in coastal shipping, involving also the transhipment of export cargo from Nelson and New Plymouth, destined for Europe and North America. In March, the new NZX shipping service made its first call in Tauranga. NZX combines several lines [Nippon Yusen Kaisha (NYK), Mitsui Osk Line (MOL), Pacific International Line (PIL), Malaysia International Shipping Corporation (MISC) and Orient Overseas Container Line (OOCL)] to provide an express service calling at Singapore, Tauranga and Lyttelton to provide exporters with a fast connection into Asian markets. Tauranga was confirmed as the North Island port of call for Hamburg Sud’s new fortnightly Trident service commencing in March. The service takes exports to the East Coast of North America and Europe. Significant increase (100%) in cruise vessel calls with 28 liners visiting in the 2005/2006 season and further increases already confirmed for the 2007/2008 season. Significant increase in transhipments as cargo transferred from other ports for relay over Tauranga on to different services. A new train schedule commenced operating longer 97 TEU trains between MetroPort Auckland and Tauranga. US Lines choosing Tauranga as the only New Zealand port of call for its new fortnightly service which began in August. Imports from United States and Australia, exports to Australia, Hong Kong and south China and Los Angeles, giving both importers and exporters greater choice. The new Goodman Fielder grain store was completed and the first delivery received into the store in February. The 4,000 square metre store, built on Port land, has a 20,000 tonne capacity. Signing heads of agreement for Specialised Container Services (SCS), New Zealand’s leading container management organisation, to manage MetroBox. ANNUAL REPORT 2 0 0 6 RESULTS IN BRIEF Year Year 2006 2005 $000 $000 Revenue 122,423 145,601 Surplus after taxation 31,032 33,654 Total assets 647,896 650,346 Total equity 431,434 427,187 Shareholders’ equity (%) 66.5 65.7 Dividends paid 26,794 26,794 Net asset backing per share ($) 3.22 3.19 Return on equity (%) 7.2 8.0 Cargo throughput (000 tonnes) 12,278 12,622 Containers (TEUs) 423,138 438,214 The Board approved a final dividend of 13.0 cents per share ($17.4 million) after year end payable on 6 October 2006. corporate structure 10350'5"63"/("-*.*5&% "$5*7*5*&4 1SPWJTJPOPGXIBSGGBDJMJUJFT -FBTJOHPGMBOEBOECVJMEJOHT -BOEGPSTUPSBHFBOEUSBOTJUPGDBSHPFT $POUBJOFSUFSNJOBMPXOFSTIJQ #FSUIBHF DSBOFT UVHBOEQJMPUBHFTFSWJDFT 3BJMMJOLUP"VDLMBOE .FUSP1PSU .&530#09"6$,-"/% /035)10354&37*$&4 -*.*5&% -*.*5&% /035)1035-*.*5&% 50--08&/4-*.*5&% /035)56(;-*.*5&% "$5*7*5*&4 "$5*7*5*&4 "$5*7*5*&4 "$5*7*5*&4 "$5*7*5*&4 4UPSJOH DMFBOJOH 0QFSBUFPOXIBSG 0XOBOEPQFSBUF 0XOTUVHTBOE -PHTDBMJOH XBTIJOHBOE GPSFTUQSPEVDU EFFQXBUFS PQFSBUFTUPXBHF 4UFWFEPSJOH JOTQFDUJOHTIJQQJOH UFSNJOBMBU DPNNFSDJBMQPSUBU TFSWJDFXJUIJOUIF *OWFOUPSZNBOBHFNFOU DPOUBJOFSTBUUIF .BSTEFO1PJOU .BSTEFO1PJOU 8IBOHBSFJ)BSCPVS 3FDFJWBMBOEEFMJWFSZ 4PVUIEPXOSBJM 8BSFIPVTJOH UFSNJOBMBU"VDLMBOE 0OXIBSGNBSTIBMMJOH %FWBOOJOHBOE DPOTPMJEBUJOH DPOUBJOFSTCBTFT 3PBEUSBOTQPSU .BUFSJBMTIBOEMJOH 7FTTFMBHFODZ QPSUTJO/FX;FBMBOE BOEUISFFMPHZBSET J O h N P ar k er C h AIRMAN “A combination of improving efficiencies and a strong focus on costs plus a modest improvement in log volumes gives a positive outlook for 2006/2007.” ANNUAL REPORT 2 0 0 6 Chairman’s review FINANCIAL PERFORMANCE The Company faced higher interest costs, with the average base rate being 6.86% on $202 million of debt at year end. We have taken Net profit after tax at $31.032 million was $2.622 million less than out $35 million forward start swaps, for periods out to 2011, at rates last year, a reduction of 7.8%. Both years included some one-off less than the year end average. adjustments; this year $2.181 million from the sale of land, and 2005 entailing $4.000 million of Genesis non-assessable income The Company has a strong balance sheet with shareholders’ equity and $456,000 of land sales. Adjusted for one-offs, this year at being 66.5% and interest covered 4.1 times. Strong control was $28.851 million was marginally ($347,000) down on last year’s kept over operating costs that for the parent company were slightly less than last year. Staff numbers were reduced from 159 to 156. $29.198 million. DIVIDENDS Normalised EBITDa improved by $987,000, which is pleasing, given the difficult trading environment where cargo volumes, TEUs Directors have declared a final dividend of 13.0 cents per share, and ship departures were all down and fuel increased in cost by payable on 6 October 2006, bringing the total payment to $1.4 million over last year. shareholders for the year to 20.0 cents, which is the same as the 2005 financial year. The reduction in revenue was caused partially by reduced volumes, but more particularly by the accounting treatment of our associate ThE FUTURE company Toll Owens Limited. Toll Owens was formed by merging The 2007 financial year will provide some challenges with labour, our 100%-owned Owens Cargo Company with Toll Logistics and is fuel costs and interest rate pressures likely to impact on the now equity accounted rather than consolidated line by line into financial performance, coupled with a very competitive trading group accounts. environment. Directors are particularly conscious that a return on The performance of our associate companies has been mixed. equity of 7.2% is not a satisfactory return for shareholders. Our share of Toll Owens Limited, generated a tax paid profit of As indicated in our interim report, however, the outlook for the Port $1.618 million compared with last year’s $0.558 million, whereas continues to be positive, and the beginning of 2006/2007 has seen Northport Limited and Northport Services Limited were unchanged clear signs of an improved performance associated with the forestry at $970,000. sector. The weakening in the New Zealand currency, despite its effect on fuel imports, has benefit in the export sector and impacts directly Capital expenditure was $1.595 million less than depreciation. on forestry volumes. Additionally, the supply of softwood logs from Because of difficult trading conditions, this was confined to countries competing with New Zealand faces some constraint. $7.8 million with the bulk relating to capitalised dredging and the completion of deepening berths used by Genesis for the Increased log exports will affect the Port over the medium term importation of coal. but impact on Toll Owens immediately, where modest volume ANNUAL REPORT 2 0 0 6 improvements are expected to have a positive effect on consolidation of shipping companies and their negotiating profitability. Toll Owens is a marshalling and stevedoring power into fewer and fewer hands. company operating in 11 ports throughout New Zealand. At Northport, the costs of a new berth and uncertainties in regard Concurrently with the consolidation of shipping companies, to ownership of Northland forests and export intentions point to terminal operators have been treading the same path – for or indicate modest improvement at best. example, Dubai Ports’ takeover of terminal operator P&O Ports (29 container terminals in 19 countries). The activity is moving Last year’s Chairman’s review noted that the collective economic closer, with Hutchison Whampoa seeking to add Lyttelton to their wisdom was that we were at the start of a slow-down but that stable of terminals and Toll Holdings pursuing vertical integration a focus on productivity and service would dampen the effect. with their takeover of terminal operator Patrick Corporation. That has proved to be correct and while the slow-down is projected to continue, a combination of improving efficiencies Within New Zealand, there is increasing discussion around and a strong focus on costs plus a modest improvement in log rationalisation of ports. It is clear that the country is over- volumes gives a positive outlook for 2006/2007. supplied with facilities and services. Of the 13 commercial ports in New Zealand, 10 are competing in the international container INDUSTRY ISSUES arena. The result is significant over-capacity for the country’s There has been significant international activity relating to the needs, and a possibly counter-productive level of capitalisation port industry, with transactions including Maersk Sealand, that may not serve the national interest in the long term.
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