Far North Holdings Ltd (FNHL) 

As the Far North District Council’s commercial vehicle, Far North Holdings Ltd (FNHL) will facilitate and develop commercial and infrastructural assets in the Far North District with the aim of maximising profits for its shareholders and creating shareholder value.

Key facts 

FNHL forms the focus of Council’s interface with its commercial investments and ensures uniformity in approach and reporting. FNHL activities include:

• The provision of maritime, airport, property and car parking facilities.
• The management of maritime and aviation assets under contract to Council.
• Investment in any commercial opportunity that arises including any proposed by its shareholder.
• Sale of any assets held by FNHL.

Structure

Chief Executive
Andrew Nock.

Board of Directors

Council appoints an independent professional Board of Directors. The Directors as at 30 June 2013:

• Ross Blackman (Chairperson);
• Bill Birnie;
• Councillor Ian Walker and;
• Mr Kevin Baxter.

Our major achievements in 2012/13 

• Increased profit over the previous year by 59%.
• Increased cash return to Council by increased dividend payment.
• Increased asset value to Council of $4.58 million.

Challenges we experienced 

• Continuing uncertainty in the business community

Plans for the next 12 months 

• Further progress the Opua Marina Stage 2 development.
• After tax profit prior to change in fair value of investment properties, $825,000 for year end June 2014.
• FNHL to pay a dividend of 50% of its after tax operating profit; should the shareholder require 
• Nil equity requirement from shareholder.
• Equity ratio to be greater than 50%.
• Interest cover ratio to be greater than 1.5 times earnings before tax and revaluations.
• Maintain Airport Authority status for the airports under its control.
• No abatement notices.
• No staff workplace accident investigations.
• Support appropriate community activities.
• Assist Council with economic and development initiatives.