Ranginui No 12 Trust 2015 Annual General Meeting 5 September 2015 Ngāti He Orchard.
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Transcript of Ranginui No 12 Trust 2015 Annual General Meeting 5 September 2015 Ngāti He Orchard.
Ranginui No 12 Ranginui No 12 TrustTrust
2015 Annual General Meeting
5 September 2015
Ngāti He Orchard
Agenda Apologies / Proxies
Introduction of Trustees and Advisors
Acceptance of 2014 AGM Minutes
Matters arising from the Minutes
Reports:
Chairperson | Paula Werohia
Orchard Manager | Ray Gordon
Financial Update | James Stewart
Share Portfolio | Hamish Coleman
Appointment of Auditor
Election of Trustees
Annual Distribution/Reimplementation of Grants
General Business
Papakāinga Development
Whakawhanaungatanga Day
Reports Chairperson | Paula Werohia
Orchard Manager | Ray Gordon
Financial Update | James Stewart
Share Portfolio | Hamish Coleman
Chairperson Report
Orchard productivity
The Kiwifruit Claim/KISP
Grants
Panui
Trustee Training
SIPO Development
Papakainga Opportunities
Whakawhanaungatanga Day
PAULA WEROHIA
Orchard Manager ReportRAY GORDON
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Ranginui 12 TrustInvestment PortfolioSeptember 2015
Advisor: Hamish Coleman
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• Markets remain fixated on interest rate movements• Economic data continues to point to a slowing domestic
economy• Company reporting season robust, outlook cautious• NZD weakness continues…
Market Overview
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• In the last 12 months the portfolio has returned 22.26%. • Portfolio valued at $2,126,647• Target asset split unchanged, 70% NZ equities, 20% Australian equities and
10% global equities. Holding higher cash weighting at present (under weight Australia)
• Largest contributors: Refining NZ, Auckland airport. Fisher and Paykel Healthcare, Scales and Comvita
• Offshore holdings benefiting from falling NZD
Portfolio update
Changes over the year
• Profit taking earlier in the year to reduce risk. Cash holdings increased
• Purchased a holding in NZ Refining off Chevron• Exited resource stocks in Australia• Largest holdings: Port of Tauranga (16%) and Auckland Airport
(8.5%) Comvita 4.6%, Fisher and Paykel Healthcare (4.55%)
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Ranginui No 12 Trust
Summary of Annual Results
For the Year Ended
31 March 2015
Canopy Hectares
20142014 20152015
Ngapeke Green KiwifruitNgapeke Green Kiwifruit 4.084.08 4.084.08
Ngati He Green KiwifruitNgati He Green Kiwifruit 11.5311.53 11.8211.82
Ngati He Gold KiwifruitNgati He Gold Kiwifruit 0.330.33 5.265.26
Export Trays
20142014 20152015
Ngapeke Green Ngapeke Green KiwifruitKiwifruit
31,04131,041 41,88941,889
Ngati He Green Ngati He Green KiwifruitKiwifruit
118,369118,369 157,889157,889
Ngati He Gold KiwifruitNgati He Gold Kiwifruit 4,7054,705 54,21754,217
Income
20142014
$$20152015
$$Gross Profit from Kiwifruit - Gross Profit from Kiwifruit - NgapekeNgapeke
78,83378,833 102,411102,411
Gross Profit from Kiwifruit - Ngati Gross Profit from Kiwifruit - Ngati He Green He Green
303,348303,348 613,034613,034
Gross Profit from Kiwifruit - Ngati Gross Profit from Kiwifruit - Ngati He GoldHe Gold
(21,760)(21,760) 58,06858,068
Gross Profit from Avocados Gross Profit from Avocados 38,60538,605 48,41348,413
Gross Profit from Rent – Ranginui Gross Profit from Rent – Ranginui RdRd
-- 6,3966,396
Income Continued
20142014
$$20152015
$$
Dividends ReceivedDividends Received 75,55575,555 118,643118,643
Interest ReceivedInterest Received 42,33742,337 53,95853,958
Overseas Investment IncomeOverseas Investment Income 15,35915,359 18,01818,018
Rents ReceivedRents Received 4,4204,420 6,2116,211
Other IncomeOther Income 13,43513,435 4,4064,406
TOTAL INCOMETOTAL INCOME 550,132550,132 1,029,551,029,5588
Expenditure
20142014
$$20152015
$$
Orchard Working ExpensesOrchard Working Expenses 175,295175,295 114,650114,650
Repairs & MaintenanceRepairs & Maintenance 51,77351,773 149,150149,150
Vehicle ExpensesVehicle Expenses 23,39923,399 15,49615,496
Administration ExpensesAdministration Expenses 172,758172,758 212,786212,786
Financial ExpensesFinancial Expenses 542542 243243
DepreciationDepreciation 79,29079,290 73,09673,096
TaxationTaxation 352352 32,63932,639
TOTAL EXPENSESTOTAL EXPENSES 503,409503,409 598,060598,060
Net Surplus
20142014
$$20152015
$$
NET OPERATING PROFITNET OPERATING PROFIT 46,72346,723 431,498431,498
Less Owner DividendsLess Owner Dividends 85,00085,000 75,00075,000
Less Education & Other GrantsLess Education & Other Grants -- - -
Realised Capital Losses (Gains)Realised Capital Losses (Gains) (103,089)(103,089) (27,157)(27,157)
NET SURPLUS (DEFICIT)NET SURPLUS (DEFICIT) 64,81264,812 383,655383,655
Financial Position
20142014
$$20152015
$$
Net Current AssetsNet Current Assets 782,045782,045 1,104,0951,104,095
InvestmentsInvestments 1,574,0971,574,097 1,700,6351,700,635
Plant & VehiclesPlant & Vehicles 86,14186,141 110,227110,227
Land & BuildingsLand & Buildings 9,130,3999,130,399 10,115,09910,115,099
Term LiabilitiesTerm Liabilities (31,680)(31,680) (23,760)(23,760)
NET ASSETSNET ASSETS 11,541,00211,541,002 13,006,2913,006,2966
Ranginui No 12 History
-200000
0
200000
400000
600000
800000
1000000
1200000
2010 2011 2012 2013 2014 2015
$
ProfitReinvested
OwnerDistributions
NPAT
Return on Assets
3.100
5.000
1.500
4.500
1.200
3.400
0.000
1.000
2.000
3.000
4.000
5.000
6.000
2010 2011 2012 2013 2014 2015
%
Forecast for the Year Ended 31 March 2016
Cash Position as at 1 April 2015Cash Position as at 1 April 2015 985,255985,255
Forecasted Cash Profit for the year Forecasted Cash Profit for the year ended 31 March 2016ended 31 March 2016
500,010500,010
TOTAL AVAILABLE FUNDSTOTAL AVAILABLE FUNDS 1,485,2651,485,265
To be spent as follows;To be spent as follows;
Owner DividendsOwner Dividends ??
Owners GrantsOwners Grants ??
Purchase of Fixed AssetsPurchase of Fixed Assets 81,00081,000
CASH POSITION AS AT 31 MARCH 2016CASH POSITION AS AT 31 MARCH 2016 1,404,2651,404,265
Appointment of Auditor
Election of Trustees
Neil Te Kani
Korau Te Kani
Peata Billing
Shareholders are able to vote for up to two of the following candidates to be elected as trustees. There are two positions available.
Annual DistributionReimplementation of Grants
General Business Papakainga Whakawhanaungatanga Weekend Te Awanui Huka Pak Update