TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT
$2.5 million increase in tribal pūtea growth since 2018. $3.9 million profit after tax.
" This is a long-term plan; however I am pleased with our progress to-date, and confident we making the right steps towards our mission of enabling Ngāruahine to be a healthy, wealthy and culturally vibrant iwi."
I am proud to report on the second full year of operations of Te Kīwai Mauī o Ngāruahine Limited (Mauī). We are the commercial arm of Te Korowai o Ngāruahine Trust (Te Korowai), and our vision is to be an outstanding investment company enabling Ngāruahine to be a healthy, wealthy and culturally vibrant iwi.
OUR FOCUS EXCELLENCE Achieve leading sector risk-adjusted returns on investment. GROWTH Achieve continual longterm asset and distribution growth via investment returns. LEADERSHIP Lead and exert rangatiratanga through successful performance. INTEGRITY Enhance the reputation of Ngāruahine as a responsible member of te ao Māori and the community.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
OUR PŪTEA In total, Mauī now oversees $83.2 million in tribal pūtea (FY18: $80.2m), including the fisheries assets held by Ngāruahine Fisheries Ltd (NFL). Given our relatively recent settlement timing, our asset portfolio is currently predominantly made up of conservative managed fund portfolio investments, supplemented by cash term deposits until we execute our investment strategy of building a balanced resilient portfolio of direct investments. See Fig 1. 2019 PERFORMANCE The financial performance of the Mauī Commercial Group (including NFL) is set out below. Overall, the Mauī group delivered a total pre-tax FY19 return of 5.4% on opening assets (FY18: 4.7%). We are pleased with this return,
