Media release – 27 August 2013 (embargoed till 7pm)

“Solid” year for DWC results in net asset growth

Development West Coast’s annual report for the year ended 31 March 2013 shows the Trust has had a positive financial year with total assets of $122m, up from $118m the year before.

DWC Chairman John Sturgeon and CEO John Chang released the annual report at a public meeting in Hokitika this evening. DWC posted a total income of $11m (including unrealised gains) and taking into account expenses and community distributions made a net profit for the year of $5.4m.

Mr Sturgeon says it has been a year marked with steady progress but DWC’s measure of success should not be limited to its positive balance sheet.

“I believe DWC has done well to consolidate its financial position but DWC’s staff have also been working quietly behind the scenes with a number of West Coast businesses that have been struggling in this difficult economic climate, and Trustees are pleased that many core business services have successfully been managed by the staff over the past year,” he says.

In recognition of its contribution to assisting businesses on the West Coast, DWC was the proud winner of the 2012 AUT Excellence in Business Support Awards (Not for Profit), a nationwide business awards event hosted by the Auckland University of Technology, Business Faculty.

“It’s great for the staff that their hard work has being recognised in such a prestigious way,” says Mr Sturgeon.

DWC CEO John Chang says it is pleasing to see DWC’s assets continue to grow. Since 2001 the Trust has generated $108m in income and committed $50m cash into our local communities.

“Through prudent financial management and with the assistance of our investment advisors, DWC’s current balance sheet is strong and well placed to further assist our businesses in the 2014 financial year. Preserving existing jobs was our priority during the year. DWC has the ability to strategically apply the Investment Fund to further explore new and exciting technologies and processes that could offer critical commercial advantages to the West Coast businesses,” says Dr Chang.

Priorities for the 2014 financial year include working closely with West Coast businesses, local and central government agencies, expanding the “DWC Business Toolbox” and investigating opportunities to attract external investment and new businesses to the Coast with the ultimate outcome being the promotion of new jobs.

ENDS

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