CCO Annual Reports

28 Nov

I finally got around to following up on the CCO Annual Reports because they never make it easy, do they?  I have found the Airport one on their website but ICC did send it through.  An obscure filename at the bottom of a page.

EIL’s is on their (well, Powernet’s) website.  A few months ago an EIL staff member told me that their financial year ended 30 June but it is not (see below) and it looks like they have been late on many occasions with their reporting.

duh

Forestry’s 2016 report is here, with their $20.5M borrowing(? Am I reading that right?)

Property is happy with the fact that they sold one property for $42,000 (up from last year, which was $35K).  We mustn’t forget that the director’s fees are more than that, though.

And finally, Holdco, that consolidates it all and sucks some more dividend into its coffers.

 

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3 Responses to “CCO Annual Reports”

  1. RodT November 28, 2016 at 3:50 pm #

    The opening remarks in the ICFL report are an enjoyable read, IFS have been providing consulting advice to our company for 20years, IFS was incorporated in 2012 and was not simply a rename of a company so that statement is somewhat questionable, given the latter comment of: IFS are a great young company whom we believe will play a large part in the future of the New Zealand forestry industry.

    And yes you are reading the borrowings right 20.5M in borrowing (unsecured) of which 5.2M appears to have been on-loaned to FGH (unsecured)

  2. RodT November 28, 2016 at 10:03 pm #

    No word of the loan from ICC to ICHL in the ICHL report, simply a statement about its $90M loan facility, and borrowings of over $110M showing in the liabilities, you’d at least think the AR would make mention of the shareholder loan in the borrowing notes.

  3. Phil T November 29, 2016 at 11:26 pm #

    Lots of failings in the reports as far as clear concise information goes. Property is a fiasco and in reality a company owned by the public but run for the directors. Both this year and last year is the same.
    Forestry is another investment that would never stand up to any professional scrutiny. They seem to operate on the constant promise that one day there will be some returns but seems to be little apart from more and more debt.
    SouthPort is a good example of how a COC should operate without council interference. Well run company showing excellent and measurable returns

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