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CCHL Annual Report 2017

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July 2016—June 2017 A WHOLLY OWNED SUBSIDIARY of CHRISTCHURCH CITY COUNCIL Annual Report 2017 Christchurch City Holdings Limited Lyttleton Port Company Ltd Cover Photo Christchurch at Dawn by Richard Simmonds 2 Annual Report 17 Christchurch City Holdings Limited Contents Group Structure 06 About CCHL 07 Chair/CEO Report 10 Financial Overview 12 Corporate Governance Statement 16 CCHL Board Of Directors 18 Subsidiary And Associated Companies: Orion New Zealand Ltd 20 Christchurch International Airport Ltd 22 Lyttelton Port Company Ltd 24 Enable Services Ltd 26 City Care Ltd 28 Red Bus Ltd 30 Ecocentral Ltd 32 Development Christchurch Ltd 34 Directors' Responsibility Statement 36 Financial Statements 38 Statutory Information 83 Independent Auditor's Report 87 Ten Year Summary 90 Directory 91 Annual Report 17 3 Christchurch City Holdings Limited Control tower lit up orange for World Vision 4 Annual Report 17 Christchurch City Holdings Limited Annual Report 17 5 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. 6 Annual Report 17 Christchurch City Holdings Limited About CCHL CCHL’s key purpose is to invest in and promote the establishment of key infrastructure, for the City. Financial Contribution Over the same period, the asset Christchurch City Council’s value of CCHL through its trading decision in 1993 to retain its key companies has grown from some infrastructural assets through $400m to $3.6bn. Total group approach taken by the boards the establishment of CCHL has equity has risen from $261m in and management of the trading created a successful public 1995 to over $1.8bn today (of companies. ownership model. The model has which $1.6bn is attributable to CCHL places a great deal enabled CCHL to make over $1.37 Christchurch City Council as the of emphasis on ensuring the billion of capital and dividend 100% shareholder of CCHL). group has first class governance payments to the Council since CCHL is working closely with processes in place. Through a 1995, allowing major investments the Council to implement its structured, independent process, in community assets, while capital release programme as CCHL recommends director reducing the impact on rates from outlined in its Long Term Plan. appointments to subsidiary such investments. CCHL’s ordinary dividend to companies and monitors those the Council for the 2018 year is companies on behalf of the forecast at $55m, plus the return Council. Further detail regarding of any capital release funds, the company’s corporate potentially amounting to $140m governance polices is set out on pages 16 and 17. Independent Governance of Trading Companies One reason for such a strong growth and return rate is the independent and commercial Accountability to the Council CCHL is accountable to the Council through a number of mechanisms, including: Approval of CCHL’s annual Confirmation of new director Publication of six monthly and Statement of Intent; appointments to subsidiary annual reports. companies Council appointment of CCHL directors (four councillors and Quarterly reporting to the Council; four external); and Annual Report 17 7 Christchurch City Holdings Limited Chair/CEO Report Christchurch City The CCHL approach of working with In June 2016 the Council adopted the Council to identify infrastructure its amended Long Term Plan, which Holdings Ltd's (CCHL) needs of the region not being filled incorporated a proposed strategy mission is to support by the private sector or existing to release capital from CCHL to the the future growth of Council operations has led to the Council as part of its 'Capital Release establishment of entities like Enable Programme'. Christchurch by investing Services Ltd (ESL), and more recently To fund its capital release in key infrastructure Development Christchurch Ltd (DCL). commitments, CCHL has initiated a assets that are This approach has and will continue debt funding programme which will to result in CCHL’s 100% shareholder, result in additional debt being raised at commercially viable and Christchurch City Council (CCC), the CCHL Parent level. This will allow environmentally and being in the position of owning a $280m of capital to be released in the socially sustainable. valuable portfolio of trading assets. 2018 and 2019 financial years. This 2017 has seen the CCHL group commitment would not be possible continue to grow in value through without the ongoing support of our the success of its long held strategic subsidiaries, and their continued assets, and the growth of some of its commitment to enhance dividend newer additions. The commitment to returns to their parent. build a Cruise berth at Lyttelton Port and the successful opening of the Christchurch Adventure Park are two projects that benefited the city as a whole. 8 Annual Report 17 Christchurch City Holdings Limited Group Result Passenger numbers through the The reported consolidated profit terminal have reached 6.6m helped for the year was $116.4m. This is by international partners operating significantly higher than the $38.8m Electricity Network wide-bodied aircraft on a variety recorded in the 2016 financial year Orion New Zealand Ltd recorded of routes, including a daily A380 which was impacted by the booking another strong year in 2017, a by Emirates. of an impairment by Lyttelton Port consistent performer for the group, Property development continues Company (LPC). Orion has delivered $49m in to be a strong focus for the airport The 2016 underlying operating distributions to CCHL this year, which with new tenants in Dakota Park and profit, after removing the net impact included an additional $2.7m ahead of Mustang Park, the tourism transport of the impairment of $75.8m, was target. hub. The Christchurch Airport Novotel $115m which is consistent with the Orion's 66,000 volt "Northern construction continues to progress 2017 result. Loop" project was fully commissioned with completion expected during The 2017 group result is significantly in March 2016 and is a central part of 2018. up on the Statement of Intent forecast Orion's network resilience. The focus CCHL would like to note the of $64.9m. One of the reasons for on resilience was continued this year retirement of David Mackenzie after this is the inclusion of City Care Ltd with further investment in equipment 9 years as the CIAL Board Chair, (Citycare) results, where the forecast and technology at key substations. and thank him for his tremendous had anticipated a sale in 2016. In With the earthquake recovery contribution. addition other individual company programme substantially complete, results are all ahead of targets, but the next couple of years will see most significant is Christchurch the capital expenditure returning to International Airport Ltd’s (CIAL) after normal maintenance levels. Port tax profit up $25m on forecast. Customer connections hit 198,000 Lyttelton Port Company Ltd (LPC) has Further information regarding the customers this year, the largest annual had a very successful year achieving financial results and position of the growth in ten years and Orion have a record annual container volume of group and parent company is provided an expectation of reaching 200,000 401,711 TEU’s this year. In addition the in the “Financial overview” section on customers by the end of 2017. Port delivered $5.2m of distributions pages 12-15 and in the reviews of the Orion continues to encourage to CCHL. individual companies on pages 20-35. the uptake of Electric vehicles by LPC’s net profit after tax of $14.4m extending the public EV chargers CCHL Parent is on the back of strong operational around the region and running one The parent company’s net profit performance and some significant of New Zealand’s largest electric for the year of $71m is in line with milestones including: expected results. In comparison powered corporate vehicle fleets. Construction of rail connection to 2016, the net profit last year of between Rolleston and Lyttelton $82.3m, included a special dividend through establishment of from Orion New Zealand Ltd of $13m. Midland Port Parent company reserves increased Development of new Te Ana Marina by $149m, primarily as a result of Airport Announcement of the construction the revaluation of the company’s Christchurch International Airport of a Cruise berth investment in Orion from $673m Ltd (CIAL) has produced another Port reclamation in Te Awaparahi to $809.5m. All other investments strong result, including delivering Bay reaching 10 hectares remained unchanged, bringing the distributions of $24.7m to CCHL. Resource consent to deepen total investments in our subsidiaries CIAL’s Net Profit after tax of harbour’s shipping channel to $2.587b. $64.6 million is up 50% on last years The company paid dividends to result. This is due to strong growth in LPC is undergoing a rebuild and Christchurch City Council of $113.7m profitability as well as revaluation gains development phase, so although they which included a special dividend of $36 million (2016: $12.5m) reflecting continue to maintain significant cash of $70m towards the capital release the significant investment in property balances, most of this is allocated for programme. development over the last few years. future capital projects. Annual Report 17 9 Christchurch City Holdings Limited of $6.1m to CCHL, and won a substantial Auckland City Council Facilities Contract.
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