Tag Archives: Dividends

Why would DCC shaft its own company instead of investing in its change and development ?!

ODT 20.4.17 (page 28)

At Facebook:

Related Post and Comments:
11.3.17 How Safe Are We/Our Businesses with the Corporate Disaster that’s Aurora, owned by DCC ? #reliability

█ For more, enter the terms *delta*, *grady*, *aurora*, *poles*, *asset management plan*, *dchl*, *auditor-general*, *epicpolefail* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

Waste Management NZ Ltd is Chinese owned

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Filed under Business, DCC, DCHL, Delta, Dunedin, Economics, Finance, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, Site, Stadiums, What stadium

A successful Lines company….

marlborough-lines-logo-1

Link received from Gurglars
Sun, 1 Jan 2017 at 8:13 a.m.

“Yealands is, depending how you measure it, either the fifth or sixth biggest wine company in New Zealand and everybody in Marlborough benefits from it.” –David Dew, Marlborough Lines

### Stuff.co.nz Last updated 11:36, December 30 2016
Wine and power lines a good match as Yealands deal starts to pay off for Marlborough Lines
By Jennifer Eder – The Marlborough Express
Power users in Marlborough can expect a payout three times that of last year as an investment deal with Yealands starts to pay off, and there could be more investments on the horizon. Marlborough Lines chairman David Dew said power customers would get $150 paid into their power bill accounts in February or March as a dividend from the company’s investments. The increase from last year’s $50 was down to profits from the Yealands Wine Group, Dew said. Marlborough Lines, owned on behalf of Marlborough’s power customers by the Marlborough Power Electric Trust, bought 80 per cent of Yealands Wine Group last year for $89 million.

█ [2016 Annual Report not yet available online.]

The Marlborough Lines annual report, released this month, showed the company already owned 50 per cent of Nelson Electricity, which it bought in 1996. Its board of directors was planning to make another investment with $31m left in the bank, it said. The 154-page report, entitled Lines to Vines and Wines with a wine glass on the cover, assessed the performance of the Yealands Wine Group. Yealands recorded a profit of about $10m for the year to June 30 and Marlborough Lines owned 80 per cent of that. Dividends of $4.4m were withdrawn and would be paid to the trust, which would distribute dividends to customers.
Read more

marlborough-lines-stuff-co-nz-1[Stuff.co.nz]

Marlborough Lines Ltd
http://www.companies.govt.nz/co/614888
Website: http://www.marlboroughlines.co.nz/

Yealands Wine Group Ltd
http://www.companies.govt.nz/co/5737427
Website: http://www.yealandsestate.co.nz/

Stuff Articles:
2.7.15 Marlborough Lines buys 80pc stake in Yealands Wine Group
3.7.15 Mixed reaction from Yealands sale
25.9.16 Delay in payout from Marlborough Electric Power Trust
8.11.16 Marlborough power trust urges customers to oppose possible tax on rebates

marlborough-lines-operating-region-mapThe company maintains 3383km of lines and cables across the operating region. Marlborough Lines takes its supply from the Transpower grid via three circuits to a single point of supply in the Blenheim suburb of Springlands. Supply to Marlborough then radiates out to a number of very isolated rural areas including the Marlborough Sounds, Molesworth Station (New Zealand’s largest farm at the top of the Awatere Valley) and the Southern Marlborough coast; an area bordered by the Pacific Ocean on one side and the seaward and inland Kaikoura mountains on the other.

marlborough-lines-investment-mapAs well as owning and operating the network that delivers electricity to more than 24,500 customers in the Marlborough region of New Zealand, Marlborough Lines also has substantial investments in other network companies supplying the Nelson and Bay of Plenty regions of New Zealand.

Posted by Elizabeth Kerr

This post is offered in the public interest.

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DCC Rates: LOCAL CONTEXT not Stats —Delta and Hippopotamuses

Election Year : The following opinion is offered in the public interest. -Eds

Monopoly [rdc.govt.nz]

“On almost every measure we provide a more extensive range of services for less money.” –Sue Bidrose

### ODT Online Sat, 30 Jan 2016
Dunedin rates value defended
By Vaughan Elder
Dunedin ratepayers are getting some of the best value for money in New Zealand, Dunedin City Council chief executive Sue Bidrose says. In response to questions from Cr Mike Lord during this week’s draft annual plan deliberations, chief executive Dr Bidrose said its residential rates – which in the 2015-16 year averaged $1996 per household – were in the lowest quarter in New Zealand and “certainly” the lowest among large cities.
Read more

ODT: Mayor defends rates increase

WRONG

█ At Tuesday’s pre-Draft Annual Plan meeting Cr Hilary Calvert put a direct question – on the public’s behalf – to the group manager water and waste services about the mudtanks at South Dunedin, referring to these as “the hippopotamus in the room” (or some other water-based mammal)…. The question was circumnavigated and passed to the new group manager transport who similarly went sailing. Link

█ Delta in 2015 paid DCC a dividend of $2.5M. Without this in future years there will be significant rate rises each year. –Christchurch Driver Link

One for SB, Dave, Councillors and Staff…
shimmers, lightness, fairy-like proportion, ratings, foils to decorum, tens, the completely ethereal

EllieGouldingVEVO Published on Dec 9, 2015
Ellie Goulding – Army (Live from the Victoria’s Secret 2015 Fashion Show)
From the new album DELIRIUM [latest release]
When I’m with you, I’m standing with an army….

[We’re required to be wowed.]

Related Posts and Comments:
29.1.16 Delta #EpicFail —Yaldhurst Subdivision ● Some forensics
28.1.16 New Zealand local government T-shirt #haze #corruption
25.1.16 DCC: South Dunedin Integrated Catchment Management Plan (ICMP)
21.1.16 Delta #EpicFail —Yaldhurst Subdivision
● 21.1.16 DCC LTAP 2016/17 budget discussion #ultrahelpfulhints
19.1.16 Listener 23.1.16 (letter): South Dunedin #Jun2015flood
16.1.16 NZ Listener 16.1.16 (letter): South Dunedin #Jun2015flood
12.1.16 Stone the freaking crows #SurfsUp #SeawallNightmares #Dunedin
11.1.16 Un hôtel. Dunedin.
10.1.16 Infrastructure ‘open to facile misinterpretation’…. or local ignore
8.1.16 Jafas, come hither…. it’s alright here if warped
5.1.16 Hammered from all sides #fixit [dunedinflood Jun2015]
15.12.15 Noble property subdivision aka Yaldhurst Village | Mortgagee Tender
21.9.15 DCC: Not shite (?) hitting the fan but DVL
20.7.15 Noble property subdivision —DELTA #LGOIMA
1.4.15 Christchurch subdivisions: Heat gone?
24.3.15 Noble property subdivision —DELTA
23.3.15 Noble property subdivision: “Denials suggest that we have not learned.”
17.3.15 DCC —Delta, Jacks Point Luggate II…. Noble property subdivision

Posted by Elizabeth Kerr

hoopla words….

TheWeekndVEVO Published on Dec 9, 2015
The Weeknd – Can’t Feel My Face (Live From The Victoria’s Secret 2015 Fashion Show)

TheWeekndVEVO Published on Dec 9, 2015
The Weeknd – In The Night (Live From The Victoria’s Secret 2015 Fashion Show)

last word (valediction)

EllieGouldingVEVO Published on Dec 9, 2015
Love Me Like You Do – From “Fifty Shades Of Grey” (Live From The Victoria’s Secret 2015 Fashion Show)
From the new album DELIRIUM
Yeah, I’ll let you set the pace ’cause I’m not thinking straight

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Filed under Business, DCC, Delta, Democracy, Dunedin, Economics, Infrastructure, Media, Name, New Zealand, People, Pet projects, Politics, Project management, Property, South Dunedin, Travesty

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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Busted hacks! Media rates Cull and shiny-arsed suit brigade

Comment received.

ODT Watch
Submitted on 2013/08/06 at 2:01 pm

I see Robin Charteris, former ODT editor, has written a letter to today’s ODT concerning the proposal for a regional political party of some description. What a woeful, intellectually light letter it is too. Unbelievable for a man who once was an editor of a city daily.
He would like Ian Taylor to head it and to include Stuart McLauchlan, Dave Cull, Peter McIntyre and Richard Thomson. Talk about a less than subtle plug for the election coming up. Sorry, Robin, you have overplayed this one.

ODT 6.8.13 Opinion page (detail) re-imaged

SMELL THAT SWEET SUCCESS
The stadium, ORFU, Delta, Hillside, lack of core infrastructure investment, St Clair seawall, +$650M council consolidated debt, storm damage, multimillion-dollar cycleways, ratepayer subsidy to DVML/attraction fund, NZ Post, SH88 realignment, Invermay, centralisation of health board jobs, on it goes . . . Cull drops out of the race to take up L(l)ama farming. [Thanks, Critic]

Ineffectuals like Cull lap up the current job-loss situation, grandstanding in the pre-election period wearing nothing but dull leaden boots. Where are Eion Edgar’s ‘men’? —are they really Sir J’s scrubby old team? The club armchairs have lost their stuffing.

### ODT Online Tue, 6 Aug 2013
Call to action goes out
By Rebecca Fox
A “call to action” has been issued to southern business, local government, agricultural and tertiary education leaders from Dunedin Mayor Dave Cull as part of the fight against job losses at AgResearch’s Invermay campus. Mr Cull has organised a “summit” meeting on August 14 to discuss the announcement proposing that 85 jobs are to go from Invermay by 2016. Mr Joyce confirmed in Saturday’s Otago Daily Times he was happy to arrange for the board and executives of AgResearch to meet local representatives and said he was prepared to meet a delegation of civic and business leaders to talk about regional development.
Read more

Other ODT ‘bait’:
5.8.13 Call for South to form own party
3.8.13 Editorial: Time for South to fight

Related Posts and Comments:
2.8.13 DCC, Stadium —sorry picture
8.6.13 DCC electoral candidates 2013
22.5.13 Dunedin mayoralty and the Q-town heavies

Posted by Elizabeth Kerr

*Images: odt.co.nz – Opinion 6.8.13, critic.co.nz – Critic culls Cull 5.5.13

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DCC, Stadium —sorry picture

Dollar

Mr Orders’ report also noted core council debt – excluding that of its companies and the stadium – stood at $227 million, and was now expected to peak at $272 million before beginning to decline from 2015-16.

### ODT Online Fri, 2 Aug 2013
More cuts needed, council warned
By Chris Morris
The Dunedin City Council is cutting its reliance on dividends from Dunedin City Holdings Ltd, but still fears being left exposed by another sudden drop in cash from its companies, chief executive Paul Orders says. The warning came as Mr Orders released his pre-election report, which also warned belt-tightening would continue as the council searched for extra savings by early next year. The council needed to cut at least another $3 million from annual expenditure to limit any rates increase to no more than 3% in 2014-15, Mr Orders said.

From the Office of the Chief Executive
Pre-election Report 2 August 2013 (PDF, 238KB)

However, the organisation also needed to brace for a dramatic hike in spending on water infrastructure renewals, which would have to rise from $8 million a year to $22 million a year by 2021-22, Mr Orders said. That was expected to come from cash, rather than borrowing, as was 90% of all council capital expenditure – helped by New Zealand Transport Agency subsidies – over the next decade, he said. That would help ease the financial pressure on the council as it worked towards reducing its debt to $200 million by 2021-22, he said. Despite that, the council could not expect to have “modest headroom” for new spending in its budget until then, meaning nearly another decade of frugality, he said.
Read more

****

Dollar

PwC had given the council “supplementary information” relating to $3.7 million of unauthorised spending on the stadium’s catering fit-out. However, the council’s legal advisers had concluded “that there was no individual culpability”.

### ODT Online Fri, 2 Aug 2013
Stadium cost may blow out to $260m
By Chris Morris
Heads will not roll over the Forsyth Barr Stadium budget blowout, but the total bill could rise again to more than $260 million, it has been revealed. Dunedin City Council staff have begun collating a “comprehensive” list of stadium-related costs, spanning almost the last decade, to be published later this year. The initiative was confirmed by council chief executive Paul Orders in his pre-election report, released to media yesterday.

The arrangements had made it “impossible” to identify individuals responsible “for anything that went wrong”, Mayor Cull said. “I’m sorry we can’t get the last answers, but we can’t.”

Dunedin Mayor Dave Cull said the list would include the cost of purchasing Carisbrook, bailing out the Otago Rugby Football Union and realigning State Highway 88, among other non-construction costs. It would be up to the public to decide whether the additional bills should be considered part of the cost of the new stadium, which officially stood at $224.4 million, Mr Cull said. He did not know exactly what the extra costs would amount to, but the Otago Daily Times understands if included they would push the stadium bill beyond $260 million.
Read more

Posted by Elizabeth Kerr

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D Scene broke the news

Register to read D Scene online at
http://fairfaxmedia.newspaperdirect.com/

### D Scene 3-8-11
Lights, camera… (page 1)
The spotlight has been turned on the Forsyth Barr Stadium. The new venue is under scrutiny not just because it is being officially opened on Friday, but because a major row has erupted over servicing Dunedin City Council’s debts – including money intended to fund the stadium project.
See pages 3, 5 and 21. #bookmark

****

Grand stadium opens (page 3)
By Wilma McCorkindale
Dunedin is invited to the opening of Forsyth Barr Stadium on Friday. At an early morning ceremony, the facility will receive a formal Maori blessing and Prime Minister John Key will do the official opening honours. Media and dignitaries are expected to attend the hour-long 7am event, which will unveil the facility, the only multi-purpose arena in the world with a fixed roof and a natural grass turf.
{continues} #bookmark

What the stadium means to me now – Bev Butler (page 3)
For me, the physical reality of the stadium is a constant reminder of a divided community…It has never added up, financially, as a prudent project for the council to spend money on. The consultants’ reports told us so. Even David Davies, Dunedin Venues Management manager, has admitted that the stadium’s “bread and butter” will be “conferences and meetings”.
{continues} #bookmark

What the stadium means to me now – Malcolm Farry (page 3)
While controversy may continue to cause debate over the coming year or two, there is no doubt that history will show this achievement to be a milestone in the development of Dunedin and the region…The benefits in economic impact, quality and vibrancy of life will be seen to be a major step forward.
{continues} #bookmark

****

Solutions would be tabled along with the two reviews at the next full council meeting set for Wednesday, August 10.

Council living beyond means (page 5)
By Mike Houlahan ad Wilma McCorkindale
Dunedin City Council (DCC) is in damage control this week in the wake of revelations last Friday it was facing a financial crisis. In an early evening press release, mayor Dave Cull announced an $8 million funding annual revenue shortfall, revealed in two internal reviews tabled at the previous day’s Finance, Strategy and Development Committee meeting. The reviews, one by the council’s Council-owned Companies (CCO) liaison group, the other by consultant Warren Larsen, found Dunedin City Holdings Ltd (DHCL) would not be able to continue paying $5 million annual dividends anticipated by council.
{continues} #bookmark

****

Personality debate ignores real issues (page 20)
By Wilma McCorkindale
Dunedin Mayor Dave Cull is defending his 11th hour announcement last Friday night that the city is in financial trouble…Cull is adamant council has been trying to pin down Dunedin City Holdings Ltd (DCHL) on what dividends it could sustain, in the wake of concerns during the past year on its ability to pay out…Cull said he was among those who voiced concerns about hiking demands on council company dividends, as far back as 2008.
{continues} #bookmark

Sources close to council say the Larsen report is scathing of DCHL.

Cr refuting claims of board neglect (page 20)
Dunedin City Holdings Ltd (DCHL) Chairman, Cr Paul Hudson, is refutung claims his board neglected to clarify its ability to meet dividends expected by Dunedin City Council (DCC). Hudson said the facts had been misrepresented in a press release announcing a city financial crisis on Friday, after Thursday’s Finance, Strategy and Development Committee meeting tabled the findings of two reviews…Councillors voted it was not appropriate for him to remain in the meeting, given his DCHL role…Hudson said he spent the weekend digging out documents to back up the DCHL stance on the matter.
{continues} #bookmark

Posted by Elizabeth Kerr

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