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Kahungunu Asset Holding Company Report |
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Chairmans Report for the year 2007-2008 Tihei Mauriora
He honore he kororia maungarongo ki runga i te whenua He whakaaro pai ki nga tangata katoa. Ka mihi ra ki o tatou mate e hinga mai ra, e hinga atu ra. Haere koutou nga mate haere, haere Moe mai koutou i roto i te Ariki Ka piti hono tatai hono Ratou te hunga mate kia ratou Ka piti hono tatai hono tatou te hunga ora kia tatou Tena tatou katoa
It is my pleasure to present to you the annual report of Kahungunu Asset Holding Company Limited (KAHC) for the year ended 30 of June 2008.
KAHC was established in 2005 and received the population based fisheries settlement assets in August 2006. Ownership of the inshore fisheries assets remains with Te Ohu Kaimoana (TOKM) until coastline agreements are put in place with other iwi. Inshore Annual Catch Entitlement (ACE) is transferred to the company from Te Ohu Kaimoana each fishing season. The company is experiencing a planned period of income growth based on its decisions to maintain a mix of current investments in medium term deposits, compounding interest, while seeking appropriate investments that we are able to leverage our fisheries assets. Until such investments are secured, KAHC continues to seek a market price for its ACE through a tender process.
The first investment KAHC made is a 5% shareholding of Fiordland Lobster Company Ltd. This investment ensures we are paid market price for rock lobster ACE, enjoy dividends from our shareholding and see the value of the shareholding improve as the company grows.
The KAHC’s strategy includes diversification of the asset portfolio however, the company’s cautious, strategically driven approach has served us well in the economic environment in the last year where many investment sectors have seen a sizable deterioration in capital value.
The operating profit for the year 2008 was $2,458,049 compared to $1,769,233 for the same period in 2007.
I am also pleased to report an increased equity position of $33,742,051 for the year ended 30 June 2008 year compared to $32,684,002 for the 2007 year. This increase in equity is posted after payment of the $1,400,000 dividend to the shareholder, Ngāti Kahungunu Iwi Incorporated.
I take this opportunity to thank the Directors for their co-operation and the wisdom that has been evident in the deliberations of the Board to date.
Kaati mo tenei ripoata Tenei te mihi kia koutou e pae nei Tena koutou katoa
Chairman
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