Queenstown’s Shotover Jet and Dart River Jet Safaris have a thumping $13.3 million worth of non-physical assets.
The “indefinite-life intangible assets” pop up in newly-released annual accounts of the Ngai Tahu Charitable Group obtained by Mountain Scene.
The Maori tribe says Shotover Jet is a “significant brand” and values the name and corporate livery at $4.226m.
Shotover’s exclusive concession with Queenstown Lakes District Council to run the rugged gorges down-river from Arthur’s Point is separately valued at $7.708m.
While the brand of little brother Dart River doesn’t warrant a valuation, its river rights do – they’re in the books at $1.347m.
A note to the accounts says: “Although the river rights…are subject to renewal, based on the premise of past history, verbal assurances from concessionaries, Ngai Tahu’s relationship with the Crown and Department of Conservation, and Ngai Tahu’s long-term strategy and vision, these intangibles have been assumed as having an indefinite life.”
Thanks in part to its substantial Wakatipu assets, the Maori tribe had a sparkling year to June 30.
On a stand-alone basis, trading operations returned profits of $38.8m, compared with $24m previously – up 62 per cent.
Because its trading entities operate under a charitable trust, Ngai Tahu pays no tax.
The tribe has total assets worth $655m, spread over 40 companies in tourism, fisheries and property.
In the Wakatipu, as well as Shotover Jet and Dart River Jet Safaris, Ngai Tahu also owns the new Post Office Precinct, the adjoining police station and courthouse, two high-country stations – and Wasp Marine & Performance in Frankton’s Industrial Estate.