DCHL financial result

NO-ONE BELIEVES TERRY DAVIES ON DVML RESULT AND FORECAST (when DVL debt is deliberately not mentioned)

Terry Davies (1) 194022

Dunedin City Council – Media Release
DCHL Annual Result for the year ended 30 June 2014

This item was published on 30 Sep 2014

The Board of Dunedin City Holdings Limited (DCHL) is pleased to report the financial result for the DCHL group for the year ending 30 June 2014.

Highlights
● Profit after tax for the group was $12.5m.
● We have distributed to the Dunedin City Council (DCC) and its subsidiaries outside the DCHL group a total of $15.7m. This has fully met budget expectations and been achieved within the policy of not borrowing to pay dividends.
● Cash from operations remains strong at $30.1m. This was after paying the budgeted subvention payments of $7.9m to Dunedin Venues Limited.
● Total borrowings across the group have reduced by $4.7m to $621m.
● The financial result for the year reflects the hard work and focus of the staff and directors of the DCHL group of companies, which is much appreciated.

Profit after tax for the group was $12.5m for the year compared to $20.5m last year. This is a solid return for the year. The main difference between the 2014 and 2013 profit resulted from the 2013 year including a write up of approximately $7m in the value of the City Forests investment.

Aurora Energy Limited had a solid year, but profit was $1m less than last year due to the mild winter in 2013. Operating cashflow remained strong and was $4.1m higher than last year. 2014 also saw the company starting to increase investment in its asset base.

Delta’s profit was at a similar level to last year ($4.4m this year vs $4.6m last year). It has completed exiting its water and civil construction operations.

City Forests has had a strong year. Profit has reduced from $14.6m to $8.3m. This reduction in profit has been due to a lower write-up in value of the City Forests investment in the current year. The company paid a record dividend to Dunedin City Holdings Limited of $5.1m.

Taieri Gorge Railway experienced a small loss for the financial year of $51,000 compared to a surplus of $39,000 achieved last year. Operating cashflow remained strong at $433,000 and was also higher than last year.

Cash from operations has remained strong at $30.1m. Cashflow is the most critical measure as it is the basis for dividends and capital investment. The solid cash generation performance has also enabled the DCHL group to lower its net debt by $4.7m over the year.

Progress has continued to be made in restructuring the governance of the group. A number of directors resigned during the year and we need to thank them for their services. We need to specifically record the service of two directors who resigned this year after serving as members of the group’s board of directors for a significant number of years. Both Ray Polson and Ross Liddell resigned as directors during the year and contributed in a significant way to the development of the DCHL group in a wide range of roles. It is with sadness that I must note the passing of Ross in July of this year.

Given the normal operational challenges facing the members of the group the board of DCHL remain positive on the outlook for the group of companies.

Contact Graham Crombie, DCHL Chair on 0274 363 882.

DCC Link

### ODT Online Tue, 30 Sep 2014
‘Solid’ results from DCC companies
By Chris Morris
The Dunedin City Holdings Ltd group of companies have delivered “solid” results, despite an $8 million drop in profits and another loss for the entity running Forsyth Barr Stadium, chairman Graham Crombie says.
Read more

Posted by Elizabeth Kerr

*Image: Ch39 30.9.14 [screenshot tweaked by whatifdunedin] – Terry Davies

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ODT on ERA hearing of claim and counter-claim | Lund South release

The long-running employment dispute between the owner of Dunedin construction company Lund South and its former Dunedin manager David Low returns to court in February 2015.

Last week the local newspaper offered stray comment which attracted a strong press response from Lund South. There is further news coverage today.

The full press release features below.

How it began:

### ODT Online Wed, 24 Sep 2014
Former Lund manager wins in court
By Simon Hartley
The former Dunedin manager of construction company Lund South has won the latest in a string of long-running court battles over non-payment of bonuses; covering two years of his almost nine-year employment with the company. [...] At stake was understood to be around $500,000 in bonuses and legal costs of at least tens of thousands of dollars.
Read more

The news item is notable for a lack of balance.

█ Lawyers advise this is the extent of comments that can be made:

Lund South logoLund South - Press release 25.9.14

[ends]

What appears today:

ODT Online Mon, 29 Sep 2014
Bonus dispute set to continue
By Simon Hartley
[...] In response to an ODT article last week about an Employment Court finding this month, [Russell] Lund said in a statement that despite earlier court findings the “substantive issues” of the case were yet to be heard in court. A substantive hearing would be held in February, when the Employment Relations Authority would consider Mr Low’s claim and Lund South’s “substantial counterclaim” against him, he said.
Read more

It is extraordinary, in the context, Mr Low concedes at hearing that ‘during the disputed period he was not functioning at his full potential’ and confirms he has been ‘a disloyal employee to Lund South and commented negatively about the business to others inside and outside the business’.

Also at hearing, Mr Low says Mr Lund is ‘entitled to draw unfavourable comparisons’ between his performance and that of Lund South’s then Queenstown manager.

Other employees at Lund South may care to comment.

We can only wonder…..
It’s interesting that the judge has sealed evidence from the hearing. Assume from this the likelihood of forthright revelations and exposure of Mr Low’s situation in court next year. To that encounter ODT may deign to send an experienced court reporter able to grasp finer points.

David Low’s own advisers have commented that the majority of Mr Low’s claim is destined to fail and have urged mediation and compromise.

Posted by Elizabeth Kerr

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“DCC entitlement” about to ramrod change at CBD #manipulation

For the groupies…..

DCC Webmap - Dunedin (DCC pet projects)

Dunedin City council – Media Release
Help Shape the Future of Dunedin’s CBD

This item was published on 26 Sep 2014

Do you have a vision for the future of Dunedin’s central business district?

Whether you’re a retailer, resident or property owner, you are welcome to attend a free public workshop next week focusing on the future look and feel of the CBD. This discussion will build on feedback from earlier workshops on the Central City Plan (2011), the Warehouse Precinct Revitalisation Plan (2012) and Princes Street (2014).

The goal of the workshops is to hear people’s ideas and aspirations for the rest of the CBD, from the Octagon to the tertiary precinct, including George Street, lower Stuart Street and the surrounding streets.

These workshops and other comments received will feed into [WTH] transportation and amenity improvement projects in this area over the next decade.

[Oh no, not Mr Mentz AGAIN] Next week’s interactive workshop, which will be led by Kobus Mentz of Urbanism +, will be held on Thursday 2 October, 6pm to 8pm, at the Dunedin Public Art Gallery.

The DCC will also be working with the Otago Regional Council to look at the future location of a central city public transport hub. Feedback from the workshop will also link in with consultation on the central city cycle network.

[Love the extent of warning, all about bulldozing pre-envisioned DCC plans through via "Insider-Stakeholders"] Stakeholders in the area have been invited to a workshop on 1 October.

█ People [for rubber stamp duty] wishing to attend the public workshop on 2 October need to RSVP to centralcityplan @ dcc.govt.nz by Tuesday.

█ If you cannot attend the workshop, you can email your ideas and priorities for the future of the CBD to centralcityplan @ dcc.govt.nz [because DCC's good at stealing your complementary ideas to push staff advancement and salaries, not to mention extending Mayor Daaave's political agenda]

Contact DCC on 477 4000

DCC Link

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23.6.14 DCC Annual Plan 2014/15 + Rugby and Rates
● 22.6.14 Vogel Street Heritage Precinct (TH13)
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17.11.13 Dunedin cycleways: Calvin Oaten’s alternative route
11.11.13 DCC: Councillors delegated street furniture decisions to staff
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5.11.13 DCC, NZTA: Cycle lanes controversy
24.9.13 Mediocrity and lack of critical awareness at DCC
4.9.13 Draft Dunedin City Transport Strategy
8.3.13 Stupid bid for two-way highway ditched for now #DCC
31.10.12 Cull’s council takes business away from retailers

Posted by Elizabeth Kerr

*Image: DCC Webmap – Inner city Dunedin

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NZ Loan and Mercantile Building —what ESCO said!

NZ Loan and Mercantile Agency building, Dunedin [wikimedia.org] 1 detailLand Use Consent: LUC-2014-259
31-33 Thomas Burns Street, Dunedin
NZ Loan and Mercantile Agency Co Ltd Building

Application LUC-2014-259 (PDF, 4.0 MB)

[see related posts below] The consent hearing reconvened on Monday 22 September at 9:30 AM to hear closings of the city planners and right of reply for applicant Russell Lund. The hearing is now closed; commissioners Andrew Noone (chair), David Benson-Pope and Lee Vandervis are considering their decision.

Background to this post:
Following the initial hearing held on Tuesday 19 August, it is What if?’s contention that Debbie Porteous, for the Otago Daily Times, provided news stories which failed to give appropriate weight and balance to submissions and evidence from supporting and opposing submitters, the applicant, and experts for the parties.

ODT stories:
█ 20.8.14 Demolition threatened; job loss possibility raised
Esco Dunedin site manager Dean Taig told the panel if the apartments were allowed next door he would have “grave concerns” for the future of the foundry which employed 39 people and had plans to employ 100 people.
[negative writerly tone]

█ 21.8.14 Businesses fear being driven out of area
It is a choice between buildings and jobs, a panel considering whether to allow apartments in a heritage building in Dunedin’s waterfront industrial area has been told. The district plan had already made the choice for them, lawyer Phil Page also said, because it said there could not be incompatible activities in the same area.
[negative writerly tone becomes shrill, no right of reply for applicant]

█ 29.8.14 DCC to foot apartments consent bill
The development is opposed by nearby industrial businesses, which are concerned about reverse sensitivity issues such as noise and smell and the effect of gentrification of the area on their future enterprises.
[stirring, ends with negative, no right of reply for applicant]

What on earth had ESCO put to hearing?
● Evidence of Counsel for ESCO Dunedin Pty Ltd – D R Clay (Minter Ellison Rudd Watts Lawyers – Auckland) (PDF, 704 KB)
● Evidence of Dean Taig, site manager of ESCO Dunedin Pty Ltd Dunedin foundry (PDF, 246 KB)
● Evidence of Michael Smith, independent traffic engineering expert (Traffic Design Group) (PDF, 531 KB)
● Evidence of Shane Roberts, independent planning expert (Opus International Consultants) (PDF, 1.82 MB)

█ These snivellings from Ms Porteous ran counter to a supportive comment by editor Murray Kirkness on Saturday 6 September:

“It is certainly encouraging that another local developer is prepared to foot the bill to preserve a distinctive piece of the city’s heritage. It is to be hoped his plans go more smoothly than those for Russell Lund’s restoration and apartment conversion of the Loan and Mercantile building. That proposal is complicated by the fact it is in the wharf area and has been opposed by neighbouring industrial businesses. The council hearing into Mr Lund’s consent application resumes this month.” (ODT)

█ On Tuesday 9 September, reporter Chris Morris also cleared the biased air of Ms Porteous, with last sentences:

“Last month, building owner Russell Lund criticised a council planner’s decision to recommend declining consent for his planned redevelopment of the New Zealand Loan and Mercantile Building. That proposal, which has attracted more support than opposition, is still being considered, with an adjourned hearing set to resume later this month.” (ODT)

Heritage advocates are awaiting something/anything in print from Ms Porteous about the applicant’s technically fulsome right of reply given on 22 September. Why the delay, we ask?

It’s pleasing to learn Murray Kirkness kindly phoned Russell Lund this evening to say a story appears in tomorrow’s newspaper.
THANK YOU MURRAY !!
We look forward to reading this, we hope….

Related Posts and Comments:
30.8.14 NZ Loan and Mercantile Building: Looking round at potential
18.8.14 NZ Loan and Mercantile Building #randomsmartphonepix (interiors)
17.8.14 Public Notices: NZ Loan and Mercantile Building… (site tour, hearing)
13.8.14 Chamber’s Own Goals —Heritage (letters)
11.8.14 NZ Loan and Mercantile Building (audio)
8.8.14 NZ Loan and Mercantile Agency Co Ltd Building…
18.3.14 Dunedin Harbourside: English Heritage on portside development
21.10.13 Harbourside: Access to a revamped Steamer Basin has public backing

Posted by Elizabeth Kerr

*Image: wikimedia.org – NZ Loan and Mercantile Building by Ben C Hill for Heritage New Zealand [NZHPT]

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DVML on Otago Rugby and Rod

Received from Anonymous

DVML Otago Rugby waste

Interesting, when DVML and ratepayers have propped up Otago Rugby for such a long time….

DVML Rod-dollars

Nick Smith is being called on to help fund concert bids….

Really quite a sad situation. “DVML staff still bullied.”
“Board members spent a fair time in Suite 29 too.”

Where this will all end we don’t know….

Stadium Review due for public release this month(?) is unlikely to fix it.

Related Posts and Comments:
13.9.14 DVML and ORFU refuse to disclose 2012 Otago Rugby deal
10.9.14 Stadium: Behaviours at Suite 29 (intrepid tales)

For more, enter the terms *dvml*, *orfu*, *nzru* or *stadium* in the search box at right.

Posted by Elizabeth Kerr

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Dunedin old boys, councillors & staff collude on 5-star accommodation

WWRHD

The following report was tabled at a meeting of the Dunedin City Council on Monday 22 September 2014:

Report – Council – 22/09/2014 (PDF, 3.8 MB)
Tourism Dunedin Annual Report

Oh dear, oh dear. Ex Tourism Dunedin chief Hamish Saxton says…. “The Tourism Dunedin report showed Dunedin’s total visitor nights increased 7.4%, to 826,431, in the year to May 2014, with domestic visitors up 6.3% and international visitors up 9.2%.”

Add this next report to bolster confidence and supply for old boy in-groups and the ever pea-brain assortment of city councillors – and the megalomaniac council staff who NEVER waste an opportunity to empire build or focus pressure in pursuit of higher salaried positions (the likes of which preen at Enterprise Dunedin and City Development – out of khakis, Lean Business Suit 101):

Report – Council – 22/09/2014 (PDF, 271.8 KB)
Growth Assumptions in the Long Term Plan

The message is, since We know grand theft auto already…. “We want CAKE! Want it now!” so, “Let’s be having it, Ratepayers, empty your sorry pockets for Our Edification, Delight and Comfortable Pay Cheques, for We at DCC don’t stand a F***’s chance of ever knowing how to create real jobs in the productive export sector. Give us FIVE STAR, now!!”

Nor was it their business.

### ODT Online Wed, 24 Sep 2014
City needs to offer visitors five-star hotel – report
By Chris Morris
Tourism Dunedin has left a call for more money, a five-star hotel and closer links with Queenstown ringing in the Dunedin City Council’s ears. The comments came from former Tourism Dunedin trustee Rainsford Grubb as he presented the now-defunct entity’s final annual report to the council this week. The report came months after Tourism Dunedin was subsumed by Enterprise Dunedin, an in-house council entity responsible for a broader mix of tourism, events and other activities, on June 30.
Read more

****

Who is right?

Comment at ODT Online:

Targeted taxes
Submitted by Stevesone57 on Wed, 24/09/2014 – 11:25am.
….The fact is that motels and hotels in Dunedin have been hovering around 60% occupancy for three years now. Anyone in the industry will tell you this is nothing more than break even. It is clear that this announcement by Mr Grubb is the precursor for targeted [taxes] to promote Dunedin’s wonders. Targeted taxes on businesses already struggling to survive – these include hotels, motels, bars, cafes etc….
Read more

█ Recordings of council meetings are on the DCC YouTube channel.

Arrow Knee 1

Posted by Elizabeth Kerr

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John Oliver on Eminem vs National #LastWeekTonight

John Oliver on NZ Election 1b

█ Watch at YouTube https://www.youtube.com/watch?v=e25YmpQiEEY

Last Week Tonight at Facebook

****

### tvnz.co.nz Published: 7:34AM Tuesday September 23, 2014
US show mocks NZ over accent and National’s Eminem stoush
Source: ONE News
A British comedian has taken aim at an issue the National Party faced during its political campaign. In a clip posted on YouTube, John Oliver, who hosts the US show The Last Week Tonight, says New Zealand has re-elected Prime Minister John Key on Saturday, “despite a turbulent campaign with a major scandal that engulfed him earlier this week”. He then plays a ONE News clip, in which Wendy Petrie says: “Rap superstar Eminem’s become the latest to take pot shots at our Government.”
Read more

John Oliver on NZ Election 3John Oliver on NZ Election 2aJohn Oliver on NZ Election (ONEnews)John Oliver on NZ Election (ONEnews samples National ad with Eminem audio) 1John Oliver on NZ Election (ONEnews samples National ad with Eminem audio)John Oliver on NZ Election (Stuff - Steven Joyce, National Party campaign manager) 1John Oliver on NZ Election (Steven Joyce, National Party campaign manager)It's pretty legal --Steven Joyce 1

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19.9.14 Chief Ombudsman Beverley Wakem to launch post-election inquiry
17.9.14 John Key PM —real or fake? and one email.
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15.9.14 The Moment of Truth

Posted by Elizabeth Kerr

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