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NGĀTI WHĀTUA ŌRĀKEI TRUSTAnnual General Meeting 2018

1. Karakia / Mihi

2. Apologies

3. Previous Minutes

4. Chair’s Report

5. CEO Presentation

6. Consolidated Financial Statements for 2017/18 financial year

7. Resolutions1. Previous Minutes

2. Acceptance of Consolidated Financial Statements for the 2017/18 financial year

3. Auditor for 2018/19 financial year

4. Approval of Elected Representatives’ remuneration

9. Kai

AGENDA

Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018

GLOBAL MAP


CHAIR REPORT


• Toi Ora/Toi Tupu

• Grants and Programmes

• Financial Position

• Challenges

• Acknowledgements

• Toi Ora – Health Insurance

• 2,622 enrolled

• Toi Tupu – Savings

• 2,213 registered

GRANTS & PROGRAMMES

$1.94MGrants and Programmes Spend


45%Increase since last financial year

BlessingsPepi packs

Te Puna ReoTamariki Ora

Swimming SubsidiesNCEA Rewards

Summer InternshipsHealth Insurance

Toi Tupu / SavingsHoliday Programme

Tutoring SupportSports Grants

Te ReoEducation Grants

RegistrationsTu Pakihi – SME support

Orakei HealthAged Care

Kaumatua GrantsWhanau Ora

EventsHousing

Whanau Wananga Support

Group Services & Programmes

HIGHLIGHTS

1,033Education Grants

195 - Early Childhood Education453 - Primary220 - Secondary165 - Tertiary


$13kSports Grants

Waka AmaTagLeague

DanceSoftballWaterpolo

$146kKaumatua Support

Kaumatua GrantsKapa HakaTransport

FINANCIALS

$1.19BTotal assets


9%Increase since last financial year

TREATY PROTECTION


• Supreme Court win

• Next Steps

CEO REPORT


• Priorities & Plan

• Financial Statements for the year ended 30 June 2018

• Resolutions

PRIORITIES 2018/19


• Strategy

• Trust Office

• Housing – Papakainga Plan

• Whenua Plan

• Commercial Developments

• Governance

• Communication

• Trust Visibility

TRUST OFFICE

CONSOLIDATED FINANCIAL STATEMENTS

• Balance Sheet

• Revenue

• Expenses

• Profit before tax

• Cash flow


Ngāti Whātua Ōrākei AssetsAs at 30/06/2018 2018($M) 2017($M) 2016($M)

Investment Property 1,067.38 969.05 890.50

Property – NWO Trust 23.29 23.29 23.29

Cash 4.58 3.23 2.98

Other Assets 21.07 21.90 14.14

Inventories 72.47 68.27 7.94

Total Assets 1,188.79 1,085.74 938.85


FINANCIAL STATEMENTSBALANCE SHEET

Total Assets:

$1,189M


0

200

400

600

800

1000

1200

1400

2013 2014 2015 2016 2017 2018

Total Assets

Equity

External Debt

$ M

illion

sFINANCIAL STATEMENTSBALANCE SHEET


FINANCIAL STATEMENTSBALANCE SHEET – DEBT RATIOS30 June 2018

DEBT / ASSETS EBIT COVERJune 2018

EBIT from income generating land(3)

$16.9M

External borrowing costs

$6.7M

40%(3) Includes activity undertaken by Whai Rawa

June 2018

June 2017

June 2016

Interest Bearing Debt(1) $199.8m $171.5m $161.1m

Investment Property(2) $1,063.1m $965.2m $888.6m

Loan to value ratio 19% 18% 18%

(1) All interest bearing loans and advances as per Group financial statements(2) Only investment property per Whai Rawa Excludes land held by the Trust and classified as ‘Hapu Land’ and ‘Inalienable Land’

FINANCIAL STATEMENTSREVENUE

Ngāti Whātua Ōrākei Revenue FY17/18 2018($M) 2017($M) 2016($M)

Interest and Dividend 0.55 0.53 0.14

Property Rental 27.43 25.49 25.91

Retirement Village 4.99 5.28 5.02

Sales 0.43 12.95 18.28

Consulting 1.61 1.49 2.14

Government 3.14 3.99 4.42

Events 0.21 0.18 0.15

Other 0.77 0.97 0.58

Total Revenue 39.13 50.88 56.65


Total Revenue:

$39.13M

Ngāti Whātua Ōrākei Expenses FY17/18 2018(M) 2017($M) 2016($M)

Employee Benefits 11.00 11.97 11.69

Governance 1.09 0.89 1.04

Finance Costs 6.69 6.09 6.83

Grants and Programmes 1.94 1.33 0.66

Retirement Village Service 2.05 2.02 2.21

Professional Fees 3.72 2.38 2.96

Rental Property 4.97 4.33 3.99

Other 3.99 5.49 3.07

Depreciation and Amortisation 0.53 0.56 0.52

Cost of Sales 0.39 12.53 12.52

Events 0.20 0.16 0.22

Impairment Inventories 0.10 0.13 0.24

Total Expenses 36.67 47.88 45.97


FINANCIAL STATEMENTSEXPENSES

Total Expenses:

$36.67M

Ngāti Whātua Ōrākei Profit Before Tax FY17/18 2018(M) 2017($M) 2016($M)

Total Revenue 39.13 50.88 56.65

Total Expenses 36.67 47.88 45.97

Plus gain on investment property revaluation 79.63 141.02 157.42

Unrealised net loss on financial instruments (0.60) (0.69) -

Profit before tax 81.49 143.33 168.10


FINANCIAL STATEMENTSPROFIT BEFORE TAX

Profit Before Tax:

$81.49M

Ngāti Whātua Ōrākei Cash Flow FY17/18 2018(M) 2017($M) 2016($M)

Cash at start of year 3.23 2.98 4.86

Plus Net cash flows from operating activity (5.18) (5.43) (3.50)

Plus Net cash flows from investing activity (20.93) (4.71) (7.19)

Less Distributions 0.89 0.21 0.08

Increase in debt 28.35 10.60 8.89

Increase/(decrease) in cash held 1.35 0.25 (1.88)

Cash at end of year 4.58 3.23 2.98


FINANCIAL STATEMENTSCASH FLOW

Total Cash:

$4.58M

RESOLUTIONS


1. Previous Minutes

2. Receive the Financial Statements for the year

3. Approval of Auditors

4. Elected Representatives’ Remuneration

That the minutes of the Annual General Meeting held 5

December 2017 be accepted as a true record of the meeting,

and any amendments duly recorded.

RESOLUTION 1:PREVIOUS MINUTES


That the duly audited Consolidated Financial Statements of

the Trust and Controlled Entities for the year ended 30 June

2018 be received.

RESOLUTION 2:ACCEPTANCE OF FINANCIAL STATEMENTS – 2017/18


RESOLUTION 3:AUDITORS

That the Elected Representatives are authorised to confirm EY as

auditor and are authorised to confirm the audit fee for the current

year.


That the AGM confirm an increase in remuneration of Elected Representatives as

outlined in the following table:

RESOLUTION 4:ELECTED REPRESENTATIVES’ REMUNERATION


Director Remuneration Additional Remuneration for Chair and Deputy Chair

Total

Chair $45,000 $45,000 $90,000Deputy Chair $45,000 $20,000 $65,000Director $45,000 - $45,000

Note: – current remuneration is $35,000 for Directors, an additional $35,000 for Chair and $15,000 additional for Deputy Chair.

E TŪ NGĀ URI O TŪPERIRI, TĀMAKI MAKAURAU E NGUNGURU NEI!

The descendants of Tūperiri stand strong, Tāmaki Makaurau roars

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