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2011 Valuation Reports

Page updated 13 Dec 2013 

The Treasury has released Independent Commercial Valuation Reports for all the State-Owned Enterprises.

Under the State-Owned Enterprises Act 1986 (Legislation website), one of the principal objectives of a state-owned enterprise (SOE) is to operate as a successful business. As part of the reporting of that success, the boards of SOEs are required to assess their estimate of the commercial value of the Crown's investment and disclose their estimates annually in their Statements of Corporate Intent (SCIs).

To increase transparency of the value of the Crown's investment, the Treasury has commissioned independent commercial valuation reports. Engaging equity analysts to conduct valuations, based on publicly-available information, and publishing those valuations is also intended to provide boards with greater incentive to conduct more robust commercial valuations themselves.

The reports follow a similar format to those produced by investment banks on the New Zealand Stock Exchange listed companies. These research reports are designed to identify and examine the main drivers of company performance and, ultimately, value.

Since 2007 Macquarie Research has prepared valuation reports forMighty River Power and Genesis. This year the process has been expanded to cover all SOEs. The valuation reports commissioned by COMU are in addition to the valuations approved by the board of each SOE and included in the SCI.

The following table provides the comparison of the independent valuation reports commissioned with the SOEs' own commercial valuations. A discussion on these differences has been included, as a special topic, in the 2011 COMU Annual Portfolio Report.


Release Date

2011 Value ($bn)


Airways Corporation of New Zealand Limited 22 December 2011
Woodward Partners 0.119 acnz-vr-w-11.pdf (225 KB)
SCI 0.118 acnz-sci-11.pdf (415 KB)
Animal Control Products Limited 22 December 2011
PricewaterhouseCoopers 0.008 acp-vr-p-11.pdf (626 KB)
SCI 0.006 acp-sc-12.pdf (937 KB)
AsureQuality Limited 22 December 2011
Ernst & Young 0.093 aq-vr-e-11.pdf (258 KB)
SCI 0.095 aq-sci-11.pdf (166 KB)
Genesis Power Limited 22 December 2011
Macquarie 1.763 gp-vr-m-11.pdf (303 KB)
SCI 2.120 gp-sc-12.pdf (347 KB)
KiwiRail Group 22 December 2011
Macquarie (0.343) nzrc-vr-m-11.pdf (544 KB)
SCI (0.484) nzrc-sci-11.pdf (1459 KB)
Kordia Group Limited 22 December 2011
First NZ 0.137 kg-vr-f-11.pdf (364 KB)
SCI 0.112 kg-sc-11.pdf (457 KB)
Landcorp Farming Limited 22 December 2011
PricewaterhouseCoopers 1.352 lf-vr-p-11.pdf (630 KB)
SCI 1.400 lf-sci-11.pdf (12959 KB)
Learning Media Limited 22 December 2011
PricewaterhouseCoopers 0.012 lm-vr-p-11.pdf (262 KB)
SCI 0.017 lm-sci-11.pdf (2043 KB)
Meridian Energy Limited 22 December 2011
Macquarie 6.531 me-vr-m-11.pdf (267 KB)
SCI 6.500 me-si-11.pdf (649 KB)
Meteorological Service of NZ Limited 22 December 2011
Woodward Partners 0.050 msnz-vr-w-11.pdf (226 KB)
SCI 0.049 msnz-sc-12.pdf (232 KB)
Mighty River Power Limited 22 December 2011
First NZ 3.631 mrp-vr-f-11.pdf (728 KB)
SCI 3.719 mrp-sc-11.pdf (744 KB)
New Zealand Post Limited 22 December 2011
Macquarie 0.907 nzp-vr-m-11.pdf (431 KB)
First NZ 1.062 nzp-vr-f-11.pdf (434 KB)
SCI 1.024 [*]
Quotable Value Limited 22 December 2011
Ernst & Young 0.027 qv-vr-e-11.pdf (357 KB)
SCI 0.031 [*]
Solid Energy New Zealand Limited 22 December 2011
Forsyth Barr 1.689 senz-vr-fb-11.pdf (215 KB)
SCI 2.773 [*]
Transpower New Zealand Limited 22 December 2011
First NZ 1.707 tnz-vr-f-11.pdf (298 KB)
Forsyth Barr 2.396 tnz-vr-fb-11.pdf (154 KB)
SCI 1.600 tnz-sci-11.pdf (717 KB)


  • [*] The SCIs will be tabled in Parliament when the House resumes in the New Year.

Note that there will always be variation between individual assessments of the Crown's interest as each valuation is independent of the other and utilises different information about the operations, investments and financing of each SOE. The valuations have been undertaken for the purposes of performance measurement and transparency, and they should not be used for any other purpose.

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