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Annual portfolio report

2011 Annual Portfolio Report

This report describes the financial performance of 41 government-owned enterprises that have full or partial commercial objectives. Collectively these enterprises employ approximately 35,000 people, and hold assets of almost $105 billion, of which over $59 billion is in commercially focused companies and over $45 billion in investment funds.

This 2011 Annual Portfolio Report was published at the same time as two information releases: SOE Economic Profit Analysis and 2011 Valuation Reports.


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The Crown's Commercial and Financial Portfolio: Highlights

Composition of the Crown's Commercial and Financial Portfolio

Crown Financial Institution Performance

Commercial Priority Portfolio Overview

Special Topic: Independent Commercial Valuation Reports

Special Topic: Commercial Priority Portfolio Economic Profit Analysis

Special Topic: Improving State-owned Enterprise Transparency

Special Topic: CFI Risk Tolerance

2010/11 Board Appointment Activity

Crown Financial Institutions

  • Accident Compensation Corporation
  • Earthquake Commission
  • Government Superannuation Fund
  • National Provident Fund
  • New Zealand Superannuation Fund

Commercial Priority Companies

  • Air New Zealand Limited
  • Airways Corporation of New Zealand Limited
  • Animal Control Products Limited
  • AsureQuality Limited
  • Crown Fibre Holdings Limited
  • Genesis Power Limited
  • Kordia Group Limited
  • Landcorp Farming Limited
  • Learning Media Limited
  • Meridian Energy Limited
  • Meteorological Service of New Zealand Limited
  • Mighty River Power Limited
  • New Zealand Post Limited
  • New Zealand Railways Corporation (trading as KiwiRail Group)
  • Public Trust
  • Quotable Value Limited
  • Solid Energy New Zealand Limited
  • Television New Zealand Limited
  • Transpower New Zealand Limited

Multiple Objective Companies

  • Crown Research Institutes
  • New Zealand Venture Investment Fund Limited


  • Abbreviations
  • Entity Abbreviations
  • Financial Definitions
  • Summary Financial Tables