Annual Reports

Financial Results

TGH has a balance date of 31 March.

The company reports its annual results in a slightly different way from most companies because its commercial activities are undertaken ultimately for charitable purposes. For the same reason it does not pay tax.

At the top level, both TGH and WTF report a combined overall surplus or deficit, rather than profit or loss. This figure is made up of income from rents, dividends and other activities, plus gains or losses on the revaluation of assets.

As TGH's assets are primarily in property, the downturn in property values in recent years means we may report a combined annual deficit rather than surplus. However, any surplus or deficit for TGH is in effect a 'paper' profit or loss, and will fluctuate from year to year. In contrast, the company's underlying cash earnings (for example income from rents, dividends and leasing fishing quota) remain positive and strong.

Underneath the surplus or deficit, we report net operating profit, which is the underlying result without gains or losses on the revaluation of assets.

Below that again, we report underlying cash earnings. This figure is purely the cash returns from operations and trading activities, and directly drives our capacity to return a dividend to our shareholder. Cash earnings are therefore the single most important area of focus when evaluating the company's results.

Property development by its very nature requires time, and substantial costs are incurred before income is generated. Additionally, rent reviews on some properties are sometimes up to five or more years apart, so cash returns lag behind property values (upon which rental income is based). For these reasons, TGH's performance is best evaluated by averaging results over three year cycles.

Further information can be found in our annual reports.

Reporting and Accountability

TGH reports regularly to its shareholder. At a strategic level this happens yearly with the review of the Statement of Corporate Intent and also at the time of our annual report. The Board also provides quarterly reports. TGH's results are consolidated in the tribe's annual report.

TGH's annual report is sent not only to the shareholder representative, but to all marae in Waikato-Tainui and a wide cross-section of the community. In addition, TGH holds an annual stakeholder function at which it presents its results for the year.

Copies of our annual reports can be found below: