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Year end financial statements

Summary Financial Statements of the Government of New Zealand for the Year Ended 30 June 2009

Fiscal Summary

for the year ended 30 June 2009

Fiscal Summary
Fiscal Summary.

Summary Statement of Financial Performance

for the year ended 30 June 2009

Summary Statement of Financial Performance for the year ended 30 June 2009
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June 2009
$billion
30 June 2008
$billion
   

Revenue

   
55.9 53.5 Taxation revenue 54.1 56.4
4.0 4.1 Other sovereign revenue 4.1 3.9
59.9 57.6 Total revenue levied through the Crown's sovereign power 58.2 60.3
14.2 15.2 Sales of goods and services 15.4 15.4
3.4 3.0 Interest revenue and dividends 3.4 3.2
2.6 3.1 Other revenue 2.9 2.6
20.2 21.3 Total revenue earned through operations 21.7 21.2
80.1 79.0 Total revenue (excluding gains) 79.9 81.5
   

Expenses

   
22.8 23.4 Social security and welfare 23.3 21.5
12.0 11.9 Health 12.0 10.8
11.0 11.8 Education 12.5 10.4
8.0 9.3 Transport and communications 9.0 7.4
22.7 22.6 Other functional expenses 23.5 22.6
2.5 3.4 Finance costs 3.5 3.1
(0.2) (0.5) Forecasting adjustments
78.8 81.9 Total expenses (excluding losses) 83.8 75.8
1.3 (2.9) Operating balance before gains and losses (OBEGAL) (3.9) 5.6
1.4 (3.3) Net gains/(losses) on financial instruments (2.6) (0.6)
0.2 (3.5) Net gains/(losses) on non-financial instruments (4.2) (2.9)
1.6 (6.7) Total gains/(losses) (6.8) (3.5)
0.2 0.3 Net surplus/(deficit) from associates and joint ventures 0.2 0.3
3.1 (9.3) Operating balance from continuing activities (10.5) 2.4
Gain/(loss) from discontinued operations
3.1 (9.3) Operating balance (including minority interest) (10.5) 2.5
Operating balance attributable to minority interest in Air NZ (0.1)
3.1 (9.3) Operating Balance (10.5) 2.4
0.1 (0.5) Total income/(expense) recognised directly in Net Worth 4.5 6.3
3.2 (9.8) Total recognised income and expense (6.0) 8.7

Summary Statement of Cash Flows

for the year ended 30 June 2009

 
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June 2009
$billion
30 June 2008
$billion
   

Cash Flows From Operations

   
   

Cash was provided from

   
54.7 52.3 Taxation receipts 51.1 55.2
23.6 25.6 Other operating receipts 25.3 23.4
   

Cash was disbursed to

   
(19.1) (19.9) Social assistance and official development assistance (19.7) (18.0)
(49.9) (51.9) Personnel and operating payments (50.3) (46.0)
(2.3) (2.9) Interest payments (2.9) (2.8)
7.0 3.2 Net cash flows from operations 3.5 11.8
   

Cash Flows From Investing Activities

   
   

Cash was provided from

   
27.5 29.1 Sale of shares and other securities 38.6 26.2
3.1 3.1 Other capital receipts 4.5 1.7
   

Cash was disbursed to

   
(7.1) (6.6) Purchase of physical assets (6.2) (5.3)
(28.1) (36.1) Purchase of shares and other securities (40.3) (32.3)
(3.2) (3.5) Issue of advances (4.8) (3.8)
(0.5) (1.5) Purchase of other assets (1.5) (0.8)
0.1 0.3 Forecast adjustments
(8.2) (15.2) Net cash flows from investing activities (9.7) (14.3)
(1.2) (12.0) Net cash flows from operating and investing activities (6.3) (2.6)
   

Cash Flows From Financing Activities

   
   

Cash was provided from

   
0.2 0.5 Issues of circulating currency 0.5 0.1
4.3 6.0 Issue of  Government stock and treasury bills 6.1 2.8
1.3 17.9 Issue other borrowing 13.2 3.4
   

Cash was disbursed to

   
(3.1) (3.5) Repayment of Government stock and treasury bills (3.8) (1.1)
(0.4) (7.5) Repayment of other borrowing (7.3) (3.0)
2.4 13.4 Net cash flows from financing activities 8.7 2.2
1.2 1.4 Net movement in cash 2.5 (0.4)
5.2 3.8 Opening Cash Balance 3.8 4.2
6.4 5.4 Closing Cash Balance 6.3 3.8

Summary Statement of Financial Position

as at 30 June 2009

Summary Statement of Financial Position as at 30 June 2009
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June 2009
$billion
30 June 2008
$billion
   

Assets

   
6.4 5.4 Cash and cash equivalents 6.3 3.8
12.7 13.8 Receivables 14.6 14.2
35.3 54.7 Marketable securities, deposits and derivatives in gain 45.7 41.2
13.4 10.3 Share investments 11.2 13.0
16.7 15.0 Advances 15.6 12.9
101.3 106.5 Property, plant & equipment 110.1 103.3
13.3 13.7 Other assets 13.7 12.4
0.6 (0.3) Forecast adjustments
199.7 219.1 Total assets 217.2 200.8
   

Liabilities

   
3.9 4.0 Issued currency 4.0 3.5
8.5 9.9 Payables 9.1 10.9
1.1 1.2 Deferred revenue 1.4 1.3
48.7 69.2 Borrowings 62.0 46.1
22.1 24.1 Insurance liabilities 26.6 20.5
8.2 10.6 Retirement plan liabilities 9.0 8.3
4.7 4.4 Provisions 5.6 4.8
97.1 123.4 Total liabilities 117.6 95.3
102.6 95.7 Total assets less total liabilities 99.5 105.5
   

Net Worth

   
99.4 105.5 Net worth at start of year 105.5 96.8
3.1 (9.3) Operating balance excluding minority interest (10.5) 2.4
0.1 (0.5) Net revaluations and other movements 4.5 6.3
102.6 95.7 Total net worth 99.5 105.5

These summary financial statements comply with generally accepted accounting practice as it relates to summary financial statements.

The information in these summary statements is drawn from and is consistent with information presented in the full financial statements of the Government for the year ended 30 June 2009. These were authorised for issue on 30 September 2009.

The Government is a public benefit entity and the full financial statements of the Government have been prepared in accordance with generally accepted accounting practice as it applies to such entities. The recognition and measurement disclosure changes resulting from the change to NZ IFRS were not significant in the context of this summary information. The full financial statements received an unqualified audit opinion.

These summary financial statements cannot be expected to provide as complete an understanding as provided by the full financial statements.