Category Archives: DVML

DCC: DCHL/DVL/DVML limited half year result | Term borrowings $586.5M

Dunedin City Council – Media Release
Dunedin City Holdings Limited Half Year Result to 31 December 2014

This item was published on 27 Feb 2015

The Dunedin City Holdings group is reporting an improved profit after tax and higher operating cashflows in its half year result, compared to the same period last year.
For the six months to 31 December 2014, total revenue increased by 9%, to $128.3 million. This was due to strong income growth from across the group.
The profit after tax has increased 17% to $10.1 million from $8.7 million for the same period last year.
Cashflows generated by the operations of the group were $96.4 million which was $4.4 million higher than for the six-month period last year. Capital expenditure for the group was $4.1 million higher than at the same time last year.

Term borrowings (including the term debt due to mature within the next year) have decreased by $25.8 million to $586.5 million. These borrowings include debt held with the Dunedin City Holdings (DCHL) group, DCC operations and the Forsyth Barr Stadium companies as they all flow through Dunedin City Treasury Limited, a DCHL group company.

Graham Crombie DCHL 2DCHL Chairman Graham Crombie says, “The first six month of this financial year have produced a pleasing result for the group. Cashflow within the group is strong, the profit is higher and debt has reduced. This is a good outcome for shareholders, the ratepayers of Dunedin.”

Aurora Energy Ltd has had a good start to the financial year, being ahead in revenue and with a higher profit than last year. This is helped by higher demand at present in Central Otago due to additional irrigation activity.
Delta Utility Services Ltd profit is slightly down on last year, but revenue has continued to grow. Last year’s results were influenced by the discontinuation of some activities within the group.
Dunedin International Airport Ltd profit was up compared to last year. Changes in capacity at the Airport continue to be a challenge for the company.
Taieri Gorge Railway Ltd is performing better than at the same time last year. The tourism market has picked up. Some of this has been due to the timing of the cruise ship session being earlier this year than last.
City Forests Ltd profit for the first six month period has reduced. Log prices have fallen from the highs last year. The drop in the New Zealand dollar has assisted the company recently.

Dunedin Venues Ltd and Dunedin Venues Management Ltd do not form part of the DCHL reporting group. Their results, however, have also been released for the six month period.

Dunedin Venues Ltd trading was very close to its result for the same period last year. For Dunedin Venues Management Ltd, revenue was on budget for the first six months ($3.9 million) which was slightly down on same time last year ($4.1 million). The loss for the first six months was $1 million. The company expects to makes its budget for the full year.

█ The half year reports can be found at http://www.dunedin.govt.nz/dchl

Contact Chairman, Dunedin City Holdings Limited on 03 477 4000.
DCC Link

Posted by Elizabeth Kerr

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Blonde ‘lawyer’ takes over DVML —expect no change

Where do they get them.
Dumb enough to accept the blurb given.

DVML and DCC needed an expert psychologist. Not a token.
But if it makes the Smiths happy.

### ODT Online Sat, 28 Feb 2015
Auckland lawyer takes chair at DVML
By Chris Morris
Dunedin Venues Management Ltd’s new chairwoman says she is up for the challenge of Forsyth Barr Stadium. Ashburton-born lawyer Raewyn Lovett (54), now living in Auckland, yesterday took over from outgoing chairman Sir John Hansen, who was farewelled last night after five years in the role. Ms Lovett told the Otago Daily Times she was taking over an organisation that appeared to be turning a corner, helped by the recent stadium review and the company’s “very energetic” chief executive, Terry Davies.
Read more

Raewyn Lovett 1Raewyn Lovett. In addition to my legal career I enjoy spending time in governance roles. I was Chair of Netball New Zealand for seven years and on the board of TTNL Limited (responsible for the establishment of the ANZ Championship). I am a chartered member of the Institute of Directors. Full profile here.

Posted by Elizabeth Kerr

*Image: Raewyn Lovett with fringe! (tweaked by whatifdunedin)

█ For more, enter the terms *dvml*, *directors*, *davies*, *stadium*, *stadium review*, *misses*, *cull*, *orfu*, *highlanders*, *rugby*, *suite 29*, *tvs* or *hansen* in the search box at right.

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Audit NZ making up for previous huge inadequacies over DCC books ?

LONG PROVEN:
Audit NZ as CAVALIER, INCOMPETENT and CORRUPT as DCC with regards to stewardship and protection of Ratepayer Funds —in particular, Harland era to the present

### ODT Online Fri, 20 Feb 2015
DCC censured by Audit NZ
By Chris Morris
The Dunedin City Council been criticised by Audit New Zealand after “significantly” underperforming in the delivery of last year’s annual report. The rebuke came in Audit NZ’s annual audit report, which said the council had missed deadlines to deliver last year’s annual report to Audit NZ by “a significant margin”. The quality of the council’s annual report was also “clearly below an appropriate standard”, and internal quality review processes appeared to be lacking, Audit NZ said.
Read more

Posted by Elizabeth Kerr

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Dunedin Venues Community Events Fund 2015

ODT 31.1.15 (page 4)
ODT 31.1.15 Advert Dunedin Venues p4

### dunedintv.co.nz February 2, 2015 – 5:57pm
Community groups and organisations invited to use Forsyth Barr Stadium
Dunedin community groups and organisations are invited to apply for funding to use Forsyth Barr Stadium. Each year the company that runs the stadium has to allocate $750,000 in funding for community use. That’s part of its agreement with the Dunedin City Council. The money covers the cost of using the stadium for non-profit groups and charities. It’s for events which encourage community use of the facility, resources and equipment. Funding is now available for events in the second half of this year. A second funding round, for next year’s events, will open in September.
Ch39 Link [No video available]

Posted by Elizabeth Kerr

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Operation Chestnut: DIA, SFO fluffing round the edges #TTCF #ORFU

“Operation Chestnut has been a significant investigation in the Class 4 sector and we’ve welcomed the opportunity to work in partnership with the SFO and OFCANZ.” –Maarten Quivooy, DIA

### NZ Herald Online 12:00 PM Monday Feb 2, 2015
Four in court charged with $30m pokie fraud
By Hamish Fletcher – Business reporter
A former chairman of Harness Racing New Zealand and three other people have been charged over an alleged $30 million pokie fraud. It is the biggest criminal case ever of its kind involving pokies outside of a casino. Four defendants have appeared in the Wellington District Court today over the alleged manipulation of grants which come from pokie machines, a Department of Internal Affairs spokeswoman said this morning. The defendants, charged by the Serious Fraud Office with obtaining by deception, are former HRNZ chairman Patrick O’Brien, his son Michael O’Brien, Paul Anthony Max and another person with interim name suppression. The alleged offending was uncovered during an investigation called Operation Chestnut which involved the DIA, SFO and the Organised and Financial Crime Agency of New Zealand.
Read more

*The name of the fourth defendant is known to What if? -Eds.

Related Posts and Comments:
22.1.15 ORFU chairman quits —no thanks to DCC for all its help *sniff
31.12.13 Martin Legge: Operation Chestnut [DIA’s PR exercise]

█ For more, enter the terms *operation chestnut*, *pokies*, *legge*, *whistleblower*, *rorts*, *dia*, *sfo*, *ttcf*, *gambling*, *orfu*, *rugby*, *jokers* and *racing* in the search box at right.

Posted by Elizabeth Kerr

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ORFU chairman quits —no thanks to DCC for all its help *sniff

Of course —with Professional Rugby the sense of entitlement goes a terrible long way. The Dunedin City Council, cracked and broken, has been unfairly or dishonestly “short-changed” by Otago Rugby and big brother NZRU. So too is the community of South Auckland (history: Jokers Bars, Gambling money spent out of area on Otago Rugby and Racing). What a delightful experiential and lucrative background exists to the Otago Union.

Straight up and rational, in the course of a chairman’s work, it’s simply the case that there’s been no mandate to name the rugby sponges who misused millions of dollars of public funds; although Jeremy Curragh, former ORFU change manager, suffered a moment when he was forced to blurt that a lesser amount of charitable funds had been misused by the union in yet another of its darkest hours. [enter *curragh* in the search box at right]

Nor has prosecution of ‘the deserving’ been progressed (fact), but then NZRU and DIA are fully committed to ‘looking forward’ rather than back at their contentious and damning files that might be, suddenly(!), lost or misplaced, or smoothly sealed and suppressed. That’s the political climate, nefariously yet continuously supported by a line-up of senior government ministers along with NZ Police, IPCA, SFO, the Auditor-general, and yes, the Ombudsmen.

Harvie 1

Doug Harvie will be glad he is now (personally) out of the spotlight.
Like it never happened. Not on his watch. Like it would not in future.
A clipped accounting English.

### ODT Online Wed, 21 Jan 2015
Rugby: Harvie stepping down after getting tough job done
By Steve Hepburn
Doug Harvie will step down from the Otago Rugby Football Union’s board with the sport in a much better position than when he arrived. Harvie, a Dunedin chartered accountant, became chairman of the newly structured board in May, 2012. He was shoulder-tapped to stand and felt he could not say no.
Harvie (57), a former loose forward for the University and Dunedin clubs, said the new board did not want to look back on why it found itself in such a tough position. It was focused on getting the business of rugby back into a good shape in Otago.
Read more

Posted by Elizabeth Kerr

*Image tweaked by whatifdunedin

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DCC Draft Long Term Plan: more inanity from Cull’s crew pending

DANGER | WARNING SIGNS | DESPAIR
CORRUPTION PET PROJECTS MORE DEBT HIGHER RATES SAME AGAIN

yay

### dunedintv.co.nz January 14, 2015 – 5:41pm
DCC prepares to launch into draft long term plan
The Dunedin City Council is preparing to launch into its draft 2015/2016 long term plan. Councillors will begin formal discussion of the document next week.

The long term plan outlines the council’s financial strategy for the next ten years. It takes into consideration major changes and development, in respect of infrastructure, assets, services and economic development.

The plan also highlights how the council intends to fund work, with information about budgets, financial sources and changes to rates. A final version will be prepared after public consultation, which will begin in mid-March.
Ch39 Link [no video available]

f***

Posted by Elizabeth Kerr

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