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Overview
TGH made good progress in 2012.
General economic conditions remained subdued
during the year, and the European debt crisis created
great uncertainty in late 2011 and early 2012.
However, the company remained very much focused
during the frst six months on completing the
hotel and
, the specialty
retail mall at
From the
Chairman
It’s my pleasure to introduce
the 2012 Annual Report of
Tainui Group Holdings Ltd
(TGH) andWaikato-Tainui
Fisheries Ltd (WTF).
2012 Financial Results
We are pleased with the 2012 results, despite the fat
to negative market conditions experienced through
the year, especially in the retail sector.
The combined net operating proft for TGH andWTF
was $20.7 million, up $6 million (40%) from 2011.
The increase is largely due to revenues from
and the
otel. Stage 3 of
pened in April with the remaining planned
stage in August, and the
hotel opened in late May.
For the frst time, income from the hotel and retail
tenancies comprised the majority of the company’s
revenue, though we continue to derive great stability
from long-term commercial and Crown leases.
Residential property earnings were lower than 2011,
recognising that we are coming to the end of the
Callum Brae Tainui development at Huntington. 29
sections were sold during the year.
The cash fows they will generate over time are critical
to maintain a steady dividend to our Shareholder and
also to help fnance development of the freight hub
and inland port at Ruakura.
has been TGH’s primary focus for almost
a decade. While there are still several stages to
go before the whole complex is complete, for the
frst time we have suffcient certainty there to be
able to concentrate our attention on another major
development. Ruakura is that new project, and this was
very much the focus during the second six months.
All the necessary structures, policies,
processes and standards that are critical
for commercial success for TGH have been
entrenched.
Kua oti te puumau o ngaa puunaha,
ngaa tukanga, ngaa tikanga me ngaa paerewa
mahi e ora ai te mahi pakihi a TGH.
John Spencer,
Chairman
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