There are a lot of numbers being bandied about regarding the Ports of Auckland¬†and the Ports of Tauranga, so I took the liberty of collating the¬†pertinent¬†numbers for readers. What you are about to find out will shock you.
It is abundantly clear from the numbers below why the Ports of Auckland must increase the flexibility of its workforce. They, quite simply are no longer competitive and that is mainly because of the actions of the Maritime Union and their left wing buddies in various councils.
Here are the numbers.
Cost of 20% of Ports of Auckland when ARC bought the 20% that was owned by other shareholders on the sharemarket: $170 million (1)
Total value of the Ports of Auckland in 2005 using price ARC paid for the 20% : $850 million(1)
Value of the Ports of Auckland in the Auckland Council transition documents in 2010 : $394 million (2)
Current value of Port of Tauranga: $1.3 billion (3)
Theoretical drop in Ports of Auckland value since Mike Lee had his brainfart: $456 million
Profit of Ports of Tauranga in 2008: $41 million (1)
Profit of Ports of Auckland in year ending June 2004: $57.5 million (1)
Profit of Ports of Auckland in year ending June 2008: $21.1 million (1)
Dividend paid by Ports of Auckland to all shareholders in 2004: $28.8 million
Dividend paid by POAL to it’s ARC masters in 2008: ¬†$22.7 million, or $1.6 million more than it earned in profit!
Growth of Auckland’s container business between 2004 and 2008: 27% (1)
Growth of Tauranga’s container business between 2004 and 2008: 47.6% (1)
Debt of Ports of Auckland in 2004: $146.4 million (1) – this was when they still had all the land assets
Debt of Ports of Auckland in 2008: $355 million (1) – this is¬†after¬†they had $284m of Western Reclamation land handed over to ARC – so poorer and more in debt!<
Debt to equity ratio of Port of Tauranga in 2008: 29% (1)
Debt to equity ratio of Ports of Auckland in 2008: 52% (1)
Cost of labour in 2008 for Ports of Tauranga: $16 million (1)
Cost of labour in 2008 for Ports of Auckland: $54 million (1)
Quote from Mike Lee at the time of the buyback in 2005:¬†”The Ports of Auckland will be a prized legacy for future generations and the wealth generated will be vital for funding Auckland’s infrastructure for years to come.” (1)
(1)http://www.infratil.com/content/view/2472/67/¬†¬† (repost of Independent Business Weekly 9 October 2008)