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Current holdings

At 30 June 2013, the carrying value of equity in the Crown's commercial portfolio, inclusive of minority interests but excluding inter-entity balances (eg, tax liabilities), was $19.4 billion. Excluding minority interests and including inter-entity balances, this net asset value reduces to $14.3 billion. These were held within 21 commercial priority entities, and major stakes in two listed companies (refer to Table 4.1).

Table 4.1 - The Crown's commercial portfolio
  State-owned Enterprises Crown Companies Crown Entities
NZX Listed Entities  

Air NZ (73%)*

MRP (52%)

Commercial Priority


Animal Control Products


Genesis Energy

KiwiRail Holdings



Learning Media

Meridian Energy*


NZ Post (incl.  Kiwibank)

Quotable Value

Solid Energy



FairWay Resolution

Christchurch Airport (25%)

Dunedin Airport (50%)

Hawke's Bay Airport (50%)

Invercargill Airport (2.8%)

Public Trust

* Note that these are the ownership percentages as at 30 June 2013. As at the HYEFU 2013, the Crown's shareholding in Air New Zealand had moved to 53% and Meridian to 51%.

Commercial priority portfolio

Of the commercial priority portfolio, 92% of the assets and liabilities were concentrated within the largest five entities (NZ Post including Kiwibank, Transpower, Genesis, Landcorp and KiwiRail).

Figure 4.86 - Commercial priority portfolio assets
Figure 4.86 - Commercial priority portfolio assets  .
Source:  The Treasury
Figure 4.87 - Commercial priority portfolio liabilities
Figure 4.87 - Commercial priority portfolio liabilities  .
Source:  The Treasury

Listed companies

As at 30 June 2013, the Crown held majority stakes in two listed companies. As the Crown owns more than 50% of the listed entities and therefore retains control, it continues to report 100% of the assets and liabilities of these companies on its balance sheet. To reflect the ownership of the minority interests, a separate line on the balance sheet deducts the net assets attributable to those shares owned outside the Crown.

Market capitalisation can be thought of as a proxy for a company's net worth (or commercial value). However it is important to note that the share prices from which market capitalisation is calculated reflect the market value of a minority stake in the companies. The value of the Crown's shareholding includes a control premium and to this extent, the market capitalisation understates the commercial value of the Crown's stake.

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