5
Forecast Financial Statements
These forecasts have been prepared in accordance with the Public Finance Act 1989.
They are based on the accounting policies and assumptions that follow. As with all such
assumptions, there is a degree of uncertainty surrounding them. This uncertainty
increases as the forecast horizon extends. The Risks and Scenarios and Specific Fiscal
Risks chapters discuss the risks to the fiscal forecast in more detail.
The forecasts have been prepared in accordance with the Statement of Responsibility
and reflect the judgements and information known at the time they were prepared. They
reflect all government decisions and circumstances communicated to 1 May 2015.
The finalisation dates and key assumptions that underpin the preparation of the Forecast
Financial Statements are outlined in the Fiscal Outlook chapter (pages 49 to 51).
B.3
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91
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Statement of Accounting Policies
Significant Accounting Policies
The Forecast Financial Statements have been prepared in accordance with the
accounting policies that are expected to be used in the comparable audited actual
Financial Statements of the Government. They comply with generally accepted
accounting practice (GAAP) as required by the Public Finance Act 1989 and have been
prepared in accordance with Public Benefit Entity Financial Reporting Standard 42:
Prospective Financial Statements.
All forecasts use the accrual basis of accounting. Forecasts have been prepared for the
consolidated Financial Statements of the Government reporting entity, which includes all
entities controlled by the Government (as defined by applicable financial reporting
standards).
The specific accounting policies are included within the 2015 Budget Economic and Fiscal
Update Additional Information document which can be found on the Treasury’s website at
www.treasury.govt.nz/budget/forecasts/befu2015
Changes in Accounting Policies
All policies have been applied on a consistent basis during the forecast period. There
have been no changes in accounting policies during the period.
The “Actual” Financial Statements for the year ended 30 June 2014 shown in these forecasts
apply accounting policies established in accordance with New Zealand equivalents to
International Financial Reporting Standards as appropriate for public benefit entities (NZ IFRS
(PBE)).
As a consequence of the change in GAAP resulting from the External Reporting Board’s
Approved Accounting Standards Framework, the Forecast Financial Statements for the
years ended 30 June 2015 to 30 June 2019 apply accounting policies established in
accordance with Public Sector PBE Accounting Standards (PBE Standards) – Tier 1. These
standards are based on International Public Sector Accounting Standards (IPSAS). The
impact of changing from NZ IFRS (PBE) to PBE Standards is not significant. This is
owing to a strong degree of convergence between the two suites of standards.
Forecast Policies
The Forecast Financial Statements have been prepared on the basis of the Treasury’s
best professional judgement. Actual financial results for the periods covered are likely to
vary from the information presented in these forecasts. Factors that may lead to a
material difference between information in these Forecast Financial Statements and the
actual reported results in future years are set out in the Specific Fiscal Risks chapter on
pages 67 to 90.
Key forecast assumptions are set out on pages 49 to 51.
92
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B.3
 FORECAST FINANCIAL STATEMENTS 
Reporting and Forecast Period
The reporting periods for these Forecast Financial Statements are the years ended
30 June 2015 to 30 June 2019. The “2014 Actual” figures reported in the statements are
the audited results reported in the Financial Statements of the Government for the year
ended 30 June 2014. The “2015 Previous Budget” figures are the original forecasts to
30 June 2015 as presented in the 2014 Budget.
B.3
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2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Government Reporting Entity as at 1 May 2015
These Forecast Financial Statements are for the government reporting entity as specified in Part 3
of the Public Finance Act 1989. This comprises Ministers of the Crown and the following entities
(classified in the three institutional components used for segmental reporting):
Core Crown
Departments
Crown Law Office
Department of Conservation
Department of Corrections
Department of Internal Affairs
Department of the Prime Minister and Cabinet
(includes Canterbury Earthquake Recovery Authority
as a departmental agency)
Education Review Office
Government Communications Security Bureau
Inland Revenue Department
Land Information New Zealand
Ministry for Culture and Heritage
Ministry for Primary Industries
Ministry for the Environment
Ministry of Business, Innovation and Employment
Ministry of Defence
Ministry of Education
Ministry of Foreign Affairs and Trade
Ministry of Health
Ministry of Justice
Ministry of Māori Development
Ministry of Pacific Island Affairs
Ministry of Social Development
Ministry of Transport
Ministry of Women’s Affairs
New Zealand Customs Service
New Zealand Defence Force
New Zealand Police
New Zealand Security Intelligence Service
Office of the Clerk of the House of Representatives
Parliamentary Counsel Office
Parliamentary Service
Serious Fraud Office
State Services Commission
Statistics New Zealand
The Treasury
Offices of Parliament
Others
Controller and Auditor-General
The Ombudsmen
Parliamentary Commissioner for the Environment
New Zealand Superannuation Fund
Reserve Bank of New Zealand
State-owned Enterprises segment
Airways Corporation of New Zealand Limited
Animal Control Products Limited
AsureQuality Limited
Electricity Corporation of New Zealand Limited
KiwiRail Holdings Limited
Kordia Group Limited
Landcorp Farming Limited
Learning Media Limited (in liquidation)
Meteorological Service of New Zealand Limited
New Zealand Post Limited
New Zealand Railways Corporation
Quotable Value Limited
Solid Energy New Zealand Limited
Transpower New Zealand Limited
Mixed ownership model companies
(Public Finance Act schedule 5 companies)
Others
Genesis Energy Limited
Meridian Energy Limited
Mighty River Power Limited
94
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B.3
Air New Zealand Limited
 FORECAST FINANCIAL STATEMENTS 
Crown entities segment
Accident Compensation Corporation
Arts Council of New Zealand Toi Aotearoa
Broadcasting Commission
Broadcasting Standards Authority
Callaghan Innovation
Careers New Zealand
Children’s Commissioner
Civil Aviation Authority of New Zealand
Commerce Commission
Crown Irrigation Investments Limited
Crown Research Institutes (7)
District Health Boards (20)
Drug Free Sport New Zealand
Earthquake Commission
Education New Zealand
Electoral Commission
Electricity Authority
Energy Efficiency and Conservation Authority
Environmental Protection Authority
External Reporting Board
Families Commission
Financial Markets Authority
Government Superannuation Fund Authority
Guardians of New Zealand Superannuation
Health and Disability Commissioner
Health Promotion Agency
Health Quality and Safety Commission
Health Research Council of New Zealand
Heritage New Zealand Pouhere Taonga
Housing New Zealand Corporation
Human Rights Commission
Independent Police Conduct Authority
Law Commission
Maritime New Zealand
Museum of New Zealand Te Papa Tongarewa Board
New Zealand Antarctic Institute
New Zealand Artificial Limb Service
New Zealand Blood Service
New Zealand Film Commission
New Zealand Fire Service Commission
New Zealand Lotteries Commission
New Zealand Productivity Commission
New Zealand Qualifications Authority
New Zealand Symphony Orchestra
New Zealand Teachers Council
New Zealand Tourism Board
New Zealand Trade and Enterprise
New Zealand Transport Agency
New Zealand Venture Investment Fund Limited
New Zealand Walking Access Commission
Office of Film and Literature Classification
Pharmaceutical Management Agency
Privacy Commissioner
Public Trust
Radio New Zealand Limited
Real Estate Agents Authority
Retirement Commissioner
School Boards of Trustees (2,417)
Social Workers Registration Board
Sport and Recreation New Zealand
Standards Council
Takeovers Panel
Te Reo Whakapuaki Irirangi (Māori Broadcasting
Funding Agency)
Te Taura Whiri i te Reo Māori (Māori Language
Commission)
Television New Zealand Limited
Tertiary Education Commission
Tertiary education institutions (29)
Testing Laboratory Registration Council
Transport Accident Investigation Commission
WorkSafe New Zealand
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95
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Crown entities segment continued
Organisations listed in schedule 4 of the Public
Finance Act 1989
Non-listed companies in which the Crown is
majority or sole shareholder (Public Finance Act
schedule 4A companies)
Agricultural and Marketing Research and
Development Trust
Asia New Zealand Foundation
Fish and Game Councils (12)
Game Animal Council
Leadership Development Centre Trust
Māori Trustee
National Pacific Radio Trust
New Zealand Fish and Game Council
New Zealand Game Bird Habitat Trust Board
New Zealand Government Property Corporation
New Zealand Lottery Grants Board
Ngāi Tahu Ancillary Claims Trust
Pacific Co-operation Foundation
Pacific Island Business Development Trust
Reserves Boards (21)
Sentencing Council
Te Ariki Trust
Crown Asset Management Limited
Crown Fibre Holdings Limited
Education Payroll Limited
Fairway Resolution Limited
Health Benefits Limited
Research and Education Advanced Network
New Zealand Limited
Southern Response Earthquake Services Limited
Tāmaki Redevelopment Company Limited
The Network for Learning Limited
Legal entities created by Treaty of Waitangi
settlements Acts (Public Finance Act schedule 6)
Te Urewera
Subsidiaries of SOEs, Crown entities and other government entities are consolidated by their
parents and not listed separately in this table.
96
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B.3
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Financial Performance
for the years ending 30 June
2014
Note
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Revenue
Taxation revenue
1
60,879
65,824
65,462
68,098
71,718
75,995
79,633
Other sovereign revenue
1
5,450
5,138
5,191
5,038
4,621
4,444
4,284
Total Revenue Levied through the Crown's
Sovereign Power
66,329
70,962
70,653
73,136
76,339
80,439
83,917
Sales of goods and services
16,472
17,091
16,625
17,253
17,756
18,325
18,682
3,175
3,672
3,565
4,036
4,692
5,140
5,480
3,692
3,809
3,879
Interest revenue and dividends
2
Other revenue
3,420
3,842
3,594
3,580
Total revenue earned through the Crown's
operations
23,067
24,605
23,784
24,869
26,140
27,274
28,041
Total revenue (excluding gains)
89,396
95,567
94,437
98,005
102,479
107,713
111,958
Expenses
Transfer payments and subsidies
3
23,360
23,876
23,846
24,482
25,353
26,228
27,232
Personnel expenses
4
20,484
20,881
21,182
21,594
21,699
21,868
22,025
Depreciation and amortisation
5
4,872
4,882
4,855
4,904
5,034
5,196
5,250
Other operating expenses
6
35,553
37,520
36,757
38,093
37,499
37,664
37,669
Finance costs
7
4,400
4,763
4,689
4,687
5,271
5,503
5,536
Insurance expenses
8
3,501
3,517
4,023
4,348
4,764
5,217
4,991
Forecast new operating spending
9
-
291
7
305
1,403
3,965
5,526
Top-down expense adjustment
9
Total expenses (excluding losses)
92,170
Minority interest share of operating balance
before gains/(losses)
(159)
Operating balance before gains/(losses)
(excluding minority interests)
(2,933)
(875)
94,855
(555)
94,804
(1,025)
97,388
(520)
100,503
(500)
(445)
105,196
(430)
107,799
(340)
(317)
(441)
(522)
(535)
372
(684)
176
1,476
1,995
3,624
2,560
2,518
2,602
2,689
Net gains/(losses) on financial
instruments
10
4,820
Net gains/(losses) on non-financial
instruments
11
540
(82)
(6,551)
(45)
(47)
(48)
(49)
21
(25)
(66)
(32)
(13)
(11)
(1)
Less minority interest share of net gains/losses
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
Operating balance (excluding minority
interests)
12
2,583
5,381
2,476
360
254
2,808
3,102
6,021
(596)
646
(634)
2,483
2,458
2,543
2,639
331
333
333
334
2,990
4,267
4,871
6,597
The accompanying notes and accounting policies are an integral part of these Statements.
B.3
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97
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Analysis of Expenses by Functional Classification
for the years ending 30 June
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
30,457
334
15,041
13,990
4,155
3,850
2,064
9,684
7,984
2,328
1,787
1,517
563
595
5,271
1,403
(520)
31,585
322
14,983
14,031
4,231
3,853
2,051
10,017
8,256
2,350
1,792
1,545
562
595
5,503
3,965
(445)
32,245
311
14,937
14,033
4,261
3,863
2,051
10,211
8,328
2,376
1,827
1,567
566
591
5,536
5,526
(430)
Total Crown expenses
By functional classification
Social security and welfare
GSF pension expenses
Health
Education
Core government services
Law and order
Defence
Transport and communications
Economic and industrial services
Heritage, culture and recreation
Primary services
Housing and community development
Environmental protection
Other
Finance costs
Forecast new operating spending
Top-down expense adjustment
27,266
295
14,344
13,064
4,104
3,730
1,776
9,137
7,767
2,372
1,703
1,095
538
579
4,400
-
28,125
409
14,741
13,571
4,462
3,750
1,936
9,427
7,924
2,348
1,788
1,141
511
543
4,763
291
(875)
28,224
375
14,748
13,772
3,940
3,863
1,878
9,583
8,169
2,174
1,848
1,211
593
285
4,689
7
(555)
29,595
371
15,103
13,894
4,385
3,881
2,036
9,437
7,866
2,304
1,896
1,547
569
537
4,687
305
(1,025)
Total Crown expenses excluding losses
92,170
94,855
94,804
97,388
100,503
105,196
107,799
Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by
Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and SOEs.
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Core Crown expenses
By functional classification1
Social security and welfare
GSF pension expenses
Health
Education
Core government services
Law and order
Defence
Transport and communications
Economic and industrial services
Heritage, culture and recreation
Primary services
Housing and community development
Environmental protection
Other
Finance costs
Forecast new operating spending
Top-down expense adjustment
23,281
282
14,898
12,300
4,502
3,501
1,811
2,237
2,058
842
676
347
533
579
3,620
-
23,954
395
15,065
12,827
4,816
3,486
1,984
2,217
2,215
770
700
326
510
543
3,883
291
(875)
23,842
359
15,075
13,021
4,401
3,606
1,927
2,328
2,268
779
735
357
678
285
3,977
7
(555)
24,639
355
15,581
13,134
4,811
3,622
2,087
2,214
2,262
808
742
582
605
537
3,676
305
(1,025)
25,161
318
15,621
13,211
4,598
3,576
2,118
2,259
2,178
784
660
497
571
595
4,080
1,403
(520)
25,928
305
15,673
13,255
4,630
3,572
2,108
2,320
2,242
769
647
477
573
595
4,217
3,965
(445)
26,855
294
15,743
13,249
4,660
3,572
2,108
2,361
2,188
754
670
472
577
591
4,254
5,526
(430)
Total core Crown expenses excluding losses
71,467
73,107
73,090
74,935
77,110
80,831
83,444
1. The classifications of the functions of the Government reflect current approved baselines. Forecast new operating spending is shown as a separate
line item in the above analysis and will be allocated to functions of the Government once decisions are made in future Budgets.
The accompanying notes and accounting policies are an integral part of these Statements.
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B.3
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Comprehensive Income
for the years ending 30 June
2014
2015
Previous
Actual
Budget
$m
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Operating Balance (including minority interest)
2,946
3,467
(251)
3,463
4,780
5,404
7,133
Other comprehensive income
Revaluation of physical assets
5,395
-
(51)
-
-
-
-
(142)
10
-
2
(3)
7
-
-
-
-
Net change in hedging instruments entered into for
cash flow hedges
(34)
(3)
Foreign currency translation differences for foreign
operations
(51)
4
Valuation gains/(losses) on investments available for
sale taken to reserves
(36)
10
24
10
11
11
12
1
(30)
(46)
6
11
17
20
Total other comprehensive income
5,275
(19)
(208)
26
22
30
29
Total comprehensive income
8,221
3,448
(459)
3,489
4,802
5,434
7,162
Attributable to:
- minority interest
- the Crown
147
8,074
365
3,083
306
(765)
480
3,009
514
4,288
534
4,900
534
6,628
Total comprehensive income
8,221
3,448
(459)
3,489
4,802
5,434
7,162
Other movements
Forecast Statement of Changes in Net Worth
for the years ending 30 June
2014
Actual
$m
Opening net worth
Operating balance (including minority interest)
Net revaluations
Transfers to/(from) reserves
(Gains)/losses transferred to the
Statement of Financial Performance
Other movements
Comprehensive income
Gain/(loss) on Government share offers
Increase in minority interest from Government
share offers1
Transactions with minority interest
Closing net worth
70,011
2,946
5,395
(2)
(43)
(75)
8,221
(577)
3,308
(184)
80,779
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
75,467
80,779
79,984
83,035
87,360
92,329
3,463
30
4,780
20
5,404
25
7,133
24
3,467
10
3
(32)
3,448
(282)
78,633
(251)
(51)
(113)
7
(51)
(459)
23
(359)
79,984
6
(10)
3,489
(438)
83,035
8
(6)
4,802
(477)
87,360
13
(8)
5,434
(465)
92,329
13
(8)
7,162
(489)
99,002
1. 2015 movement relates to the vesting of the loyalty bonus schemes on Government share offers.
The accompanying notes and accounting policies are an integral part of these Statements.
B.3
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99
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Statement of Cash Flows
for the years ending 30 June
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Cash Flows from Operations
Cash was provided from
Taxation receipts
Other sovereign receipts
Sales of goods and services
Interest and dividend receipts
Other operating receipts
59,853
4,974
16,608
2,945
5,737
64,913
4,645
17,113
3,310
4,972
64,650
4,642
17,135
3,465
4,319
67,001
4,357
17,352
3,608
4,621
70,605
4,140
17,807
4,185
3,667
74,865
4,117
18,358
4,567
3,771
78,456
4,233
18,656
4,945
3,718
Total cash provided from operations
90,117
94,953
94,211
96,939
100,404
105,678
110,008
Transfer payments and subsidies
Personnel and operating payments
Interest payments
Forecast new operating spending
Top-down expense adjustment
23,447
59,891
4,312
-
24,020
63,953
4,728
291
(875)
23,944
62,090
4,784
7
(555)
24,498
63,069
4,704
305
(1,025)
25,333
60,884
5,173
1,403
(520)
26,194
61,782
5,327
3,965
(445)
27,188
61,251
5,351
5,526
(430)
Total cash disbursed to operations
87,650
92,117
90,270
91,551
92,273
96,823
98,886
2,467
2,836
3,941
5,388
8,131
8,855
11,122
(5,503)
(5,725)
(658)
(1,529)
73
-
(7,832)
4,339
(576)
(1,971)
(46)
(326)
370
(7,022)
952
(601)
(1,786)
134
375
(8,128)
(788)
(744)
(1,645)
(75)
(316)
280
(7,115)
(5,692)
(655)
(1,698)
31
(412)
75
(6,264)
4,095
(436)
(1,679)
29
(677)
100
(5,872)
2,391
(426)
(1,743)
42
(880)
100
Net cash flows from investing activities
(13,342)
(6,042)
(7,948)
(11,416)
(15,466)
(4,832)
(6,388)
Net cash flows from operating and
investing activities
(10,875)
(3,206)
(4,007)
(6,028)
(7,335)
4,023
4,734
274
2,186
5,520
152
598
(759)
511
595
(482)
164
6,685
169
6,909
174
(4,809)
180
(5,081)
1,442
(838)
(2,101)
(1,494)
(464)
(1,073)
3,808
(365)
6,688
(471)
965
(464)
1,819
(514)
3,003
(524)
1,507
(547)
8,424
2,596
4,740
5,856
7,919
(3,229)
(3,920)
Net movement in cash
Opening cash balance
Foreign-exchange gains/(losses) on opening cash
(2,451)
14,924
(585)
(610)
11,108
-
733
11,888
588
(172)
13,209
-
584
13,037
-
794
13,621
-
814
14,415
-
Closing cash balance
11,888
10,498
13,209
13,037
13,621
14,415
15,229
Cash was disbursed to
Net cash flows from operations
Cash Flows from Investing Activities
Cash was provided from/(disbursed to)
Net (purchase)/sale of physical assets
Net (purchase)/sale of shares and other securities
Net (purchase)/sale of intangible assets
Net (issue)/repayment of advances
Net acquisition of investments in associates
Forecast new capital spending
Top-down capital adjustment
Cash Flows from Financing Activities
Cash was provided from/(disbursed to)
Issues of circulating currency
Government share offer programme1
Net issue/(repayment) of government bonds 2
Net issue/(repayment) of foreign-currency
borrowings
Net issue/(repayment) of other New Zealand dollar
borrowings
Dividends paid to minority interests
Net cash flows from financing activities
(832)
(166)
1. Excludes purchases by ACC and NZS Fund.
2. Further information on the proceeds and repayments of government bonds is available in note 23.
The accompanying notes and accounting policies are an integral part of these Statements.
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B.3
21
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Cash Flows (continued)
for the years ending 30 June
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Reconciliation Between the Net Cash
Flows from Operations and the Operating
Balance
Net Cash Flows from Operations
2,467
2,836
3,941
5,388
8,131
8,855
11,122
4,820
2,583
6,021
2,560
2,518
2,602
2,689
540
21
5,381
(82)
(25)
2,476
(6,551)
(66)
(596)
(45)
(32)
2,483
(47)
(13)
2,458
(48)
(11)
2,543
(49)
(1)
2,639
(4,872)
(4,882)
(4,855)
(4,904)
(5,034)
(5,196)
(5,250)
(789)
(838)
(738)
(773)
(777)
(790)
(805)
(47)
(128)
(290)
(125)
(126)
(129)
(129)
442
1,409
202
(3,655)
353
3,629
(86)
(1,952)
374
1,538
330
(3,641)
370
705
(109)
(4,836)
418
(1,089)
(167)
(6,775)
440
(1,478)
(189)
(7,342)
460
(1,713)
(203)
(7,640)
(1,553)
143
(41)
39
(248)
275
(1,385)
(803)
326
(4)
(27)
(20)
270
(258)
390
194
(33)
(61)
(40)
(788)
(338)
(278)
445
22
(10)
(9)
(215)
(45)
501
409
(14)
1
(10)
(434)
453
323
397
(62)
(1)
(28)
186
815
577
350
(48)
1
(10)
(394)
476
Items included in the operating balance
but not in net cash flows from operations
Gains/(losses)
Net gains/(losses) on financial instruments
Net gains/(losses) on non-financial
instruments
Minority interest share of net gains/(losses)
Total gains/(losses)
Other Non-cash Items in Operating
Balance
Depreciation and amortisation
Write-down on initial recognition of financial
assets
Impairment on financial assets (excluding
receivables)
Decrease/(increase) in defined benefit
retirement plan liabilities
Decrease/(increase) in insurance liabilities
Other
Total other non-cash Items
Movements in Working Capital
Increase/(decrease) in receivables
Increase/(decrease) in accrued interest
Increase/(decrease) in inventories
Increase/(decrease) in prepayments
Decrease/(increase) in deferred revenue
Decrease/(increase) in payables/provisions
Total movements in working capital
Operating balance (excluding minority
interests)
2,808
3,102
(634)
2,990
4,267
4,871
6,597
The accompanying notes and accounting policies are an integral part of these Statements.
B.3
|
101
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Statement of Financial Position
as at 30 June
2014
Note
Assets
Cash and cash equivalents
Receivables
Marketable securities, deposits and
derivatives in gain
Share investments
Advances
Inventory
Other assets
Property, plant and equipment
Equity accounted investments1
Intangible assets and goodwill
Forecast for new capital spending
Top-down capital adjustment
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
13
13
11,888
17,480
10,498
16,610
13,209
17,471
13,037
17,468
13,621
18,009
14,415
18,377
15,229
19,003
13
13
13
48,457
20,596
24,756
1,099
2,510
116,306
10,071
2,920
-
42,731
21,234
26,626
1,155
2,144
115,873
10,326
2,934
339
(765)
46,469
24,526
26,973
1,067
2,153
119,432
10,742
2,999
(375)
46,799
25,921
28,669
1,089
2,165
123,577
11,126
3,264
316
(655)
52,760
27,353
30,482
1,075
2,194
126,675
11,430
3,433
729
(730)
49,167
28,880
32,135
1,014
2,189
128,793
11,741
3,373
1,406
(830)
47,226
30,508
33,939
965
2,266
130,414
12,054
3,323
2,286
(930)
256,083
249,705
264,666
272,776
287,031
290,660
296,283
4,964
11,294
1,962
103,419
35,825
10,885
6,955
5,224
11,874
1,821
104,390
31,272
10,380
6,111
5,476
11,500
2,002
107,898
38,519
12,560
6,727
5,640
12,232
2,012
113,377
37,814
12,190
6,476
5,809
13,114
2,022
121,663
38,903
11,772
6,388
5,984
13,333
2,050
118,961
40,381
11,332
6,290
6,163
14,260
2,060
115,620
42,094
10,872
6,212
175,304
171,072
184,682
189,741
199,671
198,331
197,281
80,779
78,633
79,984
83,035
87,360
92,329
99,002
13,300
16,601
12,720
15,978
20,439
25,508
32,312
62,225
43
56,509
5
62,142
(59)
61,873
(39)
61,689
(28)
61,507
(15)
61,322
(6)
75,568
5,211
73,115
5,518
74,803
5,181
77,812
5,223
82,100
5,260
87,000
5,329
93,628
5,374
80,779
78,633
79,984
83,035
87,360
92,329
99,002
15
16
9
9
Total assets
Liabilities
Issued currency
Payables
Deferred revenue
Borrowings
Insurance liabilities
Retirement plan liabilities
Provisions
18
19
20
21
Total liabilities
Total assets less total liabilities
Net Worth
Taxpayers' funds
Property, plant and equipment revaluation
reserve
Other reserves
Total net worth attributable to the
Crown
Net worth attributable to minority interest
Total net worth
22
1. Tertiary education institutions constitute most equity accounted investments.
The accompanying notes and accounting policies are an integral part of these Statements.
102
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Borrowings
as at 30 June
2014
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
60,337
3,147
183
7,758
2,245
1,501
28,248
58,855
3,688
190
6,849
1,890
1,994
30,924
58,381
5,917
179
7,311
2,582
2,088
31,440
64,149
3,939
179
7,311
2,281
2,706
32,812
70,456
3,937
179
7,311
1,969
2,669
35,142
65,364
3,928
179
7,311
1,849
3,103
37,227
60,024
3,921
179
7,311
1,729
3,142
39,314
103,419
104,390
107,898
113,377
121,663
118,961
115,620
77,461
25,958
75,602
28,788
79,702
28,196
82,878
30,499
88,811
32,852
83,562
35,399
78,037
37,583
103,419
104,390
107,898
113,377
121,663
118,961
115,620
89,090
86,246
91,162
94,467
100,896
96,081
90,992
Actual
$m
Borrowings
Government bonds
Treasury bills
Government retail stock
Settlement deposits with Reserve Bank
Derivatives in loss
Finance lease liabilities
Other borrowings
Total borrowings
Sovereign-guaranteed debt
Non sovereign-guaranteed debt
Total borrowings
Net Debt:
Core Crown borrowings1
Add back NZS Fund holdings of sovereign-issued
debt and NZS Fund borrowings
(1,168)
(1,280)
(1,305)
(1,307)
(1,306)
Gross sovereign-issued debt2
88,468
85,479
89,994
93,187
99,591
94,774
89,686
Less core Crown financial assets 3
68,047
63,248
71,777
73,929
81,207
78,514
77,572
Net core Crown debt
20,421
22,231
18,217
19,258
18,384
16,260
12,114
Add back core Crown advances
13,753
15,056
14,352
15,425
15,758
15,823
15,881
Net core Crown debt (incl. NZS Fund)4
34,174
37,287
32,569
34,683
34,142
32,083
27,995
25,757
26,280
29,104
30,914
32,962
35,136
37,472
59,931
63,567
61,673
65,597
67,104
67,219
65,467
88,468
85,479
89,994
93,187
99,591
94,774
89,686
(8,112)
(7,245)
(7,684)
(7,625)
(7,550)
(7,550)
(7,550)
1,600
1,600
1,600
1,600
1,600
1,600
1,600
81,956
79,834
83,910
87,162
93,641
88,824
83,736
Add back NZS Fund holdings of core Crown financial
assets and NZS Fund financial assets 5
Net core Crown debt (excl. NZS Fund and
advances)6
Gross Debt:
Gross sovereign-issued debt2
Less Reserve Bank settlement cash and
Reserve Bank bills
Add back changes to DMO borrowing owing to
settlement cash7
Gross sovereign-issued debt excluding Reserve
Bank settlement cash and Reserve Bank bills 4
(622)
(767)
Notes on borrowings
Total borrowings can be split into sovereign-guaranteed and non-sovereign-guaranteed debt. This split reflects the fact that borrowings by
SOEs and Crown entities are not explicitly guaranteed by the Crown. No debt of SOEs and Crown entities is currently guaranteed by
the Crown.
1. Core Crown borrowings in this instance include unsettled purchases of securities (classified as accounts payable in the Statement of
Financial Position).
2. Gross sovereign-issued debt (GSID) represents debt issued by the sovereign (the core Crown) and includes any government stock held
by the other Crown reporting entities.
3. Core Crown financial assets exclude receivables.
4. Net core Crown debt represents GSID less financial assets. This can provide information about the sustainability of the Government's
accounts, and is used by some international agencies when determining the creditworthiness of a country.
5. Adding back the NZS Fund assets provides the financial liabilities less financial assets of the core Crown, excluding those assets set
aside to meet part of the future cost of New Zealand Superannuation.
6. Net core Crown debt (excluding NZS Fund and advances) excludes financial assets which are held for public policy rather than treasury
management purposes.
7. The Reserve Bank has used $1.6 billion of settlement cash to purchase reserves that were to have been funded by the NZDMO
borrowing. Therefore, the impact of settlement cash on GSID is adjusted by this amount.
The accompanying notes and accounting policies are an integral part of these Statements.
B.3
|
103
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Statement of Actual Commitments
as at 31 March 2015
As at
31 Mar
2015
$m
As at
30 June
2014
$m
Capital Commitments
Specialist military equipment
Land and buildings
Other property, plant and equipment
Other capital commitments
Tertiary education institutions
479
1,182
5,513
842
201
732
878
5,307
919
201
Total capital commitments
8,217
8,037
Operating Commitments
Non-cancellable accommodation leases
Other non-cancellable leases
Tertiary education institutions
2,838
2,388
494
3,059
2,340
494
Total operating commitments
5,720
5,893
13,937
13,930
Total commitments
Total Commitments by Segment
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
4,366
5,368
5,025
(822)
4,916
5,465
4,847
(1,298)
13,937
13,930
As at
31 Mar
2015
$m
As at
30 June
2014
$m
Quantifiable Contingent Liabilities
Guarantees and indemnities
Uncalled capital
Legal proceedings and disputes
Other contingent liabilities
223
6,089
459
376
222
5,662
604
357
Total quantifiable contingent liabilities
7,147
6,845
Total Quantifiable Contingent Liabilities by Segment
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
6,881
47
219
-
6,568
44
233
-
Total quantifiable contingent liabilities
7,147
6,845
Quantifiable Contingent Assets by Segment
Core Crown
Crown entities
State-owned Enterprises
141
3
12
129
4
-
Total quantifiable contingent assets
156
133
Total commitments
Statement of Actual Contingent Liabilities and Assets
as at 31 March 2015
More information on contingent liabilities (quantified and unquantified) is outlined in the Specific Fiscal Risks chapter.
The accompanying notes and accounting policies are an integral part of these Statements.
104
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
Actual
$m
2015
Previous
Budget
$m
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Source deductions
Other persons
Refunds
Fringe benefit tax
23,738
5,216
(1,573)
489
25,224
5,428
(1,395)
512
25,114
5,661
(1,517)
519
26,364
5,584
(1,696)
540
27,710
6,018
(1,680)
561
29,173
6,399
(1,710)
585
30,766
6,578
(1,783)
609
Total individuals
27,870
29,769
29,777
30,792
32,609
34,447
36,170
10,369
(152)
527
2
10,988
(160)
567
2
11,423
(167)
605
2
Forecast Forecast
$m
$m
NOTE 1: Sovereign Revenue (Accrual)
Taxation Revenue (accrual)
Individuals
Corporate Tax
Gross companies tax
Refunds
Non-resident withholding tax
Foreign-source dividend w/holding payments
9,020
(192)
428
8
9,555
(207)
481
2
Total corporate tax
9,264
9,831
10,170
10,145
10,746
11,397
11,863
1,644
446
2,007
495
1,777
523
2,094
537
2,243
566
2,567
594
3,045
615
9,838
(152)
486
(2)
9,785
(148)
506
2
Other Direct Income Tax
Resident w/holding tax on interest income
Resident w/holding tax on dividend income
Total other direct income tax
2,090
2,502
2,300
2,631
2,809
3,161
3,660
39,224
42,102
42,247
43,568
46,164
49,005
51,693
Gross goods and services tax
Refunds
27,208
(11,191)
29,392
(11,630)
28,519
(11,312)
30,242
(11,949)
31,754
(12,609)
33,384
(12,957)
34,663
(13,429)
Total goods and services tax
16,017
17,762
17,207
18,293
19,145
20,427
21,234
Road user charges
Petroleum fuels excise – domestic production
Alcohol excise – domestic production
Tobacco excise – domestic production
Petroleum fuels excise – imports1
Alcohol excise – imports1
Tobacco excise – imports1
Other customs duty
Gaming duties
Motor vehicle fees
Approved issuer levy and cheque duty
Energy resources levies
1,205
865
650
273
747
242
999
172
211
187
52
35
1,268
936
681
286
766
255
1,108
155
209
195
65
36
1,265
972
665
307
716
259
1,154
169
217
199
48
37
1,339
1,074
689
309
717
255
1,197
160
213
200
47
37
1,396
1,191
713
310
642
264
1,241
152
215
203
47
35
1,475
1,219
742
309
657
275
1,236
144
218
205
47
36
1,543
1,243
772
309
670
286
1,237
136
220
208
47
35
Total other indirect taxation
5,638
5,960
6,008
6,237
6,409
6,563
6,706
Total indirect taxation
21,655
23,722
23,215
24,530
25,554
26,990
27,940
Total taxation revenue
60,879
65,824
65,462
68,098
71,718
75,995
79,633
ACC levies
Fire Service levies
EQC levies
Child support
Court fines
Other miscellaneous items
3,600
339
274
545
179
513
3,172
348
282
665
173
498
3,303
355
280
501
179
573
2,941
357
281
642
178
639
2,671
360
283
484
179
644
2,514
365
286
449
180
650
2,387
370
289
398
181
659
Total other sovereign revenue
5,450
5,138
5,191
5,038
4,621
4,444
4,284
66,329
70,962
70,653
73,136
76,339
80,439
83,917
Total direct income tax
Goods and Services Tax
Other Indirect Taxation
Other Sovereign Revenue (accrual)
Total sovereign revenue
1. Customs excise-equivalent duty.
B.3
|
105
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
Actual
$m
2015
Previous
Budget
$m
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Source deductions
Other persons
Refunds
Fringe benefit tax
23,621
5,466
(2,276)
482
25,074
5,964
(2,211)
510
24,982
5,949
(2,111)
517
26,229
5,823
(2,273)
538
27,569
6,198
(2,252)
559
29,027
6,707
(2,362)
583
30,612
6,915
(2,474)
607
Total individuals
27,293
29,337
29,337
30,317
32,074
33,955
35,660
Forecast Forecast
$m
$m
NOTE 1 (continued): Sovereign Receipts (Cash)
Taxation Receipts (cash)
Individuals
Corporate Tax
Gross companies tax
Refunds
Non-resident withholding tax
Foreign-source dividend w/holding payments
9,374
(563)
405
-
9,963
(703)
480
2
10,050
(544)
517
(4)
9,956
(561)
505
2
10,599
(579)
526
2
11,202
(609)
566
2
11,628
(637)
604
2
Total corporate tax
9,216
9,742
10,019
9,902
10,548
11,161
11,597
1,629
449
2,005
495
1,776
523
2,093
537
2,242
566
2,566
594
3,043
615
Other Direct Income Tax
Resident w/holding tax on interest income
Resident w/holding tax on dividend income
Total other direct income tax
2,078
2,500
2,299
2,630
2,808
3,160
3,658
38,587
41,579
41,655
42,849
45,430
48,276
50,915
Gross goods and services tax
Refunds
26,596
(10,948)
28,504
(11,130)
27,799
(10,812)
29,364
(11,449)
30,875
(12,109)
32,483
(12,457)
33,764
(12,929)
Total goods and services tax
15,648
17,374
16,987
17,915
18,766
20,026
20,835
Road user charges
Petroleum fuels excise – domestic production
Alcohol excise – domestic production
Tobacco excise – domestic production
Customs duty
Gaming duties
Motor vehicle fees
Approved issuer levy and cheque duty
Energy resources levies
1,187
861
651
268
2,179
208
178
51
35
1,268
936
681
286
2,284
209
195
65
36
1,265
972
665
307
2,298
217
199
48
37
1,339
1,074
689
309
2,329
213
200
47
37
1,396
1,191
713
310
2,299
215
203
47
35
1,475
1,219
742
309
2,312
218
205
47
36
1,543
1,243
772
309
2,329
220
208
47
35
Total other indirect taxation
5,618
5,960
6,008
6,237
6,409
6,563
6,706
Total indirect taxation
21,266
23,334
22,995
24,152
25,175
26,589
27,541
Total taxation receipts
59,853
64,913
64,650
67,001
70,605
74,865
78,456
3,579
340
273
219
149
414
3,174
348
282
252
137
452
3,154
355
287
207
152
487
2,858
357
280
216
153
493
2,631
360
283
219
153
494
2,595
365
286
223
153
495
2,693
370
289
229
154
498
Total direct income tax
Goods and Services Tax
Other Indirect Taxation
Other Sovereign Receipts (cash)
ACC levies
Fire Service levies
EQC levies
Child support
Court fines
Other miscellaneous items
Total other sovereign receipts
Total sovereign receipts
106
|
B.3
4,974
4,645
4,642
4,357
4,140
4,117
4,233
64,827
69,558
69,292
71,358
74,745
78,982
82,689
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
Forecast
$m
Forecast
$m
Forecast
$m
2018
2019
Forecast Forecast
$m
$m
NOTE 2: Interest Revenue and Dividends
By type
Interest revenue
Dividends
2,516
659
3,101
571
2,913
652
3,356
680
3,971
721
4,376
764
4,670
810
Total interest revenue and dividends
3,175
3,672
3,565
4,036
4,692
5,140
5,480
2,295
1,249
879
(1,248)
2,492
1,277
1,006
(1,103)
2,419
1,459
1,070
(1,383)
2,561
1,481
1,300
(1,306)
3,031
1,522
1,523
(1,384)
3,333
1,569
1,652
(1,414)
3,551
1,624
1,746
(1,441)
3,175
3,672
3,565
4,036
4,692
5,140
5,480
New Zealand superannuation
Jobseeker support and emergency benefit
Supported living payment
Sole parent support
Family tax credit
Other working for families tax credits
Accommodation assistance
Income related rents
Disability assistance
Student allowances
Other social assistance benefits
10,913
1,691
1,422
1,222
1,965
567
1,146
660
379
539
1,519
11,590
1,648
1,518
1,243
1,934
527
1,141
718
373
531
1,293
11,589
1,686
1,512
1,186
1,857
550
1,128
718
377
520
1,310
12,256
1,616
1,519
1,187
1,837
577
1,137
774
379
529
1,409
12,861
1,574
1,530
1,242
1,835
655
1,151
818
378
548
1,423
13,571
1,531
1,536
1,218
1,916
648
1,169
872
379
560
1,436
14,383
1,519
1,564
1,224
1,983
639
1,174
927
380
558
1,450
Total social assistance grants
22,023
22,516
22,433
23,220
24,015
24,836
25,801
804
827
882
720
765
806
845
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
Total interest revenue and dividends
NOTE 3: Transfer Payments and Subsidies
Subsidies
KiwiSaver
Other transfer payments
Official development assistance
533
533
531
542
573
586
586
23,360
23,876
23,846
24,482
25,353
26,228
27,232
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
6,232
11,315
2,956
(19)
6,361
11,607
2,923
(10)
6,540
11,749
2,909
(16)
6,739
11,964
2,908
(17)
6,628
12,108
2,980
(17)
6,642
12,201
3,042
(17)
6,612
12,328
3,103
(18)
Total personnel expenses
20,484
20,881
21,182
21,594
21,699
21,868
22,025
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
1,476
1,661
1,735
-
1,533
1,710
1,639
-
1,457
1,687
1,711
-
1,536
1,743
1,625
-
1,574
1,797
1,663
-
1,588
1,858
1,750
-
1,606
1,885
1,759
-
Total depreciation and amortisation
4,872
4,882
4,855
4,904
5,034
5,196
5,250
36,779
17,297
9,042
(27,565)
38,038
17,759
9,556
(27,833)
37,816
17,947
9,270
(28,276)
39,219
18,471
9,396
(28,993)
38,592
18,400
9,682
(29,175)
38,635
18,300
10,082
(29,353)
38,644
18,205
10,328
(29,508)
35,553
37,520
36,757
38,093
37,499
37,664
37,669
Total transfer payments and subsidies
NOTE 4: Personnel Expenses
NOTE 5: Depreciation and Amortisation
NOTE 6: Other Operating Expenses
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
Total other operating expenses
B.3
|
107
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
Forecast
$m
Forecast
$m
Forecast
$m
2018
2019
Forecast Forecast
$m
$m
NOTE 7: Finance Costs
By type
Interest on financial liabilities
Interest unwind on provisions
4,360
40
4,721
42
4,633
56
4,630
57
5,216
55
5,449
54
5,480
56
Total finance costs
4,400
4,763
4,689
4,687
5,271
5,503
5,536
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
3,620
219
1,161
(600)
3,883
237
1,295
(652)
3,977
221
1,333
(842)
3,676
216
1,520
(725)
4,080
230
1,700
(739)
4,217
243
1,805
(762)
4,254
251
1,818
(787)
Total finance costs
4,400
4,763
4,689
4,687
5,271
5,503
5,536
By entity
ACC
EQC
Southern Response
Other (incl. inter-segment eliminations)
3,484
(111)
87
41
3,561
34
(89)
11
3,783
(59)
286
13
4,329
57
(49)
11
4,641
153
(42)
12
5,001
224
(21)
13
4,756
225
(3)
13
Total insurance expenses
3,501
3,517
4,023
4,348
4,764
5,217
4,991
NOTE 8: Insurance Expenses
NOTE 9: Forecast New Spending and Top-down Expense Adjustment
2015
2016
2017
Forecast
$m
Forecast
$m
Forecast
$m
2018
2019
Forecast Forecast
$m
$m
Forecast New Operating Spending
Unallocated contingencies
Forecast new spending for Budget 2016
Forecast new spending for Budget 2017
Forecast new spending for Budget 2018
7
-
305
-
403
1,000
-
465
1,000
2,500
-
526
1,000
2,500
1,500
Total forecast new operating spending
7
305
1,403
3,965
5,526
Operating top-down adjustment
(555)
(1,025)
(520)
(445)
(430)
Unallocated contingencies represent expenses included in Budget 2015 and previous Budgets that have yet to be allocated. Forecast
new spending indicates the expected spending increases from future Budgets.
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019 Post-2019
Total
Forecast Forecast Forecast
$m
$m
$m
Forecast New Capital Spending (annual)
Unallocated contingencies
Forecast new spending for Budget 2016
Forecast new spending for Budget 2017
Forecast new spending for Budget 2018
Forecast new spending for Budget 2019
-
241
75
-
254
59
100
-
77
200
300
100
-
30
200
250
300
100
250
518
836
602
534
900
918
936
Total forecast new capital spending
-
316
413
677
880
1,604
3,890
Forecast new capital spending (cumulative)
-
316
729
1,406
2,286
(655)
(730)
Capital top-down adjustment (cumulative)
(375)
(830)
(930)
Unallocated contingencies represent capital spending from Budget 2015 and previous Budgets that has yet to be allocated. Forecast
new spending indicates the expected capital spending increases from future Budgets.
108
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
NOTE 10: Net Gains and Losses on Financial Instruments
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
4,045
702
161
(88)
2,378
373
52
(220)
4,415
2,765
59
(1,218)
2,344
316
123
(223)
2,370
318
59
(229)
2,466
331
42
(237)
2,604
335
(2)
(248)
Net gains/(losses) on financial instruments
4,820
2,583
6,021
2,560
2,518
2,602
2,689
NOTE 11: Net Gains and Losses on Non-Financial Instruments
By type
Actuarial gains/(losses) on GSF liability
Actuarial gains/(losses) on ACC outstanding claims
Other
577
479
(516)
(82)
(2,049)
(4,232)
(270)
(45)
(47)
(48)
(49)
Net gains/(losses) on non-financial instruments
540
(82)
(6,551)
(45)
(47)
(48)
(49)
220
477
(156)
(1)
(13)
(69)
(20)
20
(2,360)
(4,243)
53
(1)
(1)
(45)
1
-
(1)
(47)
1
-
(1)
(48)
1
-
(1)
(49)
1
-
540
(82)
(6,551)
(45)
(47)
(48)
(49)
916
(392)
490
(1,648)
2,406
585
800
(801)
4,279
48
830
(890)
5,223
(289)
809
(872)
6,596
52
845
(896)
2,990
4,267
4,871
6,597
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
Net gains/(losses) on non-financial instruments
NOTE 12: Operating Balance (excluding Minority Interests)
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
203
2,874
428
(697)
1,871
1,357
593
(719)
Total operating balance
2,808
3,102
(634)
NOTE 13: Financial Assets and Sovereign Receivables
Cash and cash equivalents
Tax receivables
Trade and other receivables
Student loans (refer note 14)
Kiwibank mortgages
Long-term deposits
IMF financial assets
Other advances
Share investments
Derivatives in gain
Other marketable securities
Total financial assets and sovereign receivables
11,888
8,112
9,368
8,716
14,630
3,844
2,142
1,410
20,596
4,164
38,307
10,498
8,664
7,946
9,024
16,361
1,986
2,557
1,241
21,234
2,797
35,391
13,209
8,884
8,587
8,878
16,037
3,046
2,504
2,058
24,526
3,303
37,616
13,037
9,290
8,178
9,171
17,446
2,848
2,525
2,052
25,921
2,950
38,476
13,621
9,818
8,191
9,415
19,026
2,869
2,545
2,041
27,353
3,039
44,307
14,415
10,504
7,873
9,615
20,528
3,072
2,565
1,992
28,880
3,155
40,375
15,229
11,113
7,890
9,750
22,176
3,347
2,585
2,013
30,508
3,358
37,936
123,177
117,699
128,648
131,894
142,225
142,974
145,905
Financial Assets by Entity
NZDMO
Reserve Bank of New Zealand
NZS Fund
Other core Crown
Intra-segment eliminations
18,359
18,849
26,990
24,358
(8,473)
13,555
18,657
27,419
21,202
(6,318)
17,552
20,521
30,062
22,988
(7,585)
17,907
20,683
32,038
22,909
(7,648)
23,558
21,055
34,100
23,172
(8,173)
18,371
20,682
36,316
23,826
(7,515)
14,803
20,837
38,702
24,290
(7,309)
Total core Crown segment
80,083
74,515
83,538
85,889
93,712
91,680
91,323
ACC portfolio
EQC portfolio
Other Crown entities
Intra-segment eliminations
30,897
3,605
9,806
(2,464)
32,539
102
7,852
(1,777)
34,787
1,557
8,984
(2,765)
36,131
71
7,923
(2,222)
37,289
121
7,802
(2,177)
38,183
118
8,005
(2,136)
39,416
119
8,253
(2,066)
Total Crown entities segment
41,844
38,716
42,563
41,903
43,035
44,170
45,722
Total state-owned enterprises segment
21,151
23,459
23,156
25,140
26,931
28,915
31,005
Inter-segment eliminations
(19,901)
(18,991)
(20,609)
(21,038)
(21,453)
(21,791)
(22,145)
Total financial assets and sovereign receivables
123,177
117,699
128,648
131,894
142,225
142,974
145,905
B.3
|
109
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
NOTE 14: Student Loans
Nominal value (including accrued interest)
14,235
14,790
14,802
15,375
15,875
16,341
16,768
Opening book value
Amount borrowed in current year
Less initial write-down to fair value
Repayments made during the year
Interest unwind
Impairment
Other movements
8,288
1,512
(630)
(1,032)
579
(12)
11
8,752
1,586
(668)
(1,158)
601
(100)
11
8,716
1,529
(606)
(1,114)
596
(253)
10
8,878
1,583
(646)
(1,161)
605
(100)
12
9,171
1,615
(652)
(1,251)
622
(100)
10
9,415
1,655
(668)
(1,334)
636
(100)
11
9,615
1,702
(687)
(1,436)
646
(100)
10
8,716
9,024
8,878
9,171
9,415
9,615
9,750
Net Carrying Value1
By class of asset
Land
Buildings
State highways
Electricity generation assets
Electricity distribution network (cost)
Specialist military equipment
Specified cultural and heritage assets
Aircraft (excluding military)
Rail network
Other plant and equipment (cost)
37,138
27,396
19,709
13,941
3,992
2,891
2,975
2,287
936
5,041
35,030
27,365
19,797
13,529
4,261
3,080
2,679
3,269
1,372
5,491
37,312
28,498
20,828
13,643
4,124
3,091
2,993
2,891
1,040
5,012
37,240
30,198
22,419
13,413
4,242
3,109
3,018
3,593
1,367
4,978
37,111
31,147
23,908
13,192
4,440
3,173
3,045
4,072
1,699
4,888
37,140
31,313
25,434
12,933
4,528
3,090
3,072
4,670
1,782
4,831
37,159
31,768
26,910
12,703
4,621
3,126
3,098
4,883
1,856
4,290
Total property, plant and equipment
116,306
115,873
119,432
123,577
126,675
128,793
130,414
30,963
56,802
28,541
-
31,334
54,618
29,921
-
31,956
58,773
28,703
-
33,292
60,902
29,383
-
34,210
62,548
29,917
-
34,397
64,202
30,194
-
34,561
65,787
30,066
-
116,306
115,873
119,432
123,577
126,675
128,793
130,414
Land breakdown by usage
Housing
State highway corridor land
Conservation land
Rail network
Schools
Commercial (SOEs) excluding Rail
Other
11,361
8,853
5,432
3,256
3,167
1,312
3,757
9,410
8,303
5,385
3,234
2,875
1,489
4,334
11,371
8,853
5,357
3,231
3,186
1,327
3,987
11,089
8,881
5,368
3,214
3,228
1,364
4,096
10,882
8,923
5,378
3,194
3,223
1,378
4,133
10,670
9,073
5,389
3,183
3,218
1,420
4,187
10,451
9,223
5,399
3,163
3,218
1,462
4,243
Total land
37,138
35,030
37,312
37,240
37,111
37,140
37,159
Closing book value
NOTE 15: Property, Plant and Equipment
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
Total property, plant and equipment
1. Using a revaluation methodology unless otherwise stated.
110
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
2018
2019
Actual
$m
2015
Previous
Budget
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Schedule of Movements
Cost or Valuation
Opening balance
Additions (refer below)
Disposals
Net revaluations
Other1
122,796
6,672
(1,432)
3,038
(732)
129,107
8,678
(865)
(37)
130,342
8,039
(731)
(3)
(54)
137,593
9,247
(912)
2
145,930
8,180
(780)
(4)
153,326
7,301
(763)
23
159,887
6,910
(789)
1
6
Total cost or valuation
130,342
136,883
137,593
145,930
153,326
159,887
166,015
NOTE 15: Property, Plant and Equipment (continued)
Accumulated Depreciation and Impairment
Opening balance
Eliminated on disposal
Eliminated on revaluation
Impairment losses charged to operating balance
Depreciation expense
Other1
12,963
(813)
(2,133)
346
3,805
(132)
16,843
(52)
4,224
(5)
14,036
(92)
(19)
4,199
37
18,161
(55)
4,253
(6)
22,353
(60)
4,364
(6)
26,651
(60)
4,501
2
31,094
(60)
4,563
4
Total accumulated depreciation and impairment
14,036
21,010
18,161
22,353
26,651
31,094
35,601
116,306
115,873
119,432
123,577
126,675
128,793
130,414
Additions – by functional classification
Transport and communications
Economic and industrial services
Education
Health
Defence
Other
2,363
1,108
529
443
386
1,843
3,235
717
895
803
619
2,409
3,081
593
899
772
334
2,360
3,834
610
1,162
701
441
2,499
3,355
710
1,024
722
511
1,858
3,347
626
853
417
362
1,696
2,917
650
814
410
486
1,633
Total additions to property, plant and equipment2
6,672
8,678
8,039
9,247
8,180
7,301
6,910
Total property, plant and equipment
1. Other mainly includes transfers to/from other asset categories.
2. These additions do not include any purchases which may result from the allocation of the forecast for new capital spending
(separately disclosed in the Statement of Financial Position).
NOTE 16: Intangible Assets and Goodwill
By type
Goodwill
Other intangible assets
628
2,292
650
2,284
589
2,410
589
2,675
589
2,844
589
2,784
589
2,734
Total intangible assets and goodwill
2,920
2,934
2,999
3,264
3,433
3,373
3,323
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
1,184
542
1,194
-
1,182
587
1,165
-
1,247
573
1,179
-
1,436
657
1,171
-
1,566
696
1,171
-
1,569
640
1,164
-
1,571
577
1,175
-
Total intangible assets and goodwill
2,920
2,934
2,999
3,264
3,433
3,373
3,323
B.3
|
111
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
NOTE 17: NZ Superannuation Fund
Revenue
Less current tax expense
Less other expenses
Add gains/(losses)
767
1,074
164
3,735
685
585
157
1,914
678
508
138
3,328
714
616
168
2,025
782
660
195
2,161
854
708
220
2,306
930
760
242
2,460
Operating balance
3,264
1,857
3,360
1,955
2,088
2,232
2,388
Opening net worth
Operating balance
Other movements in reserves
22,549
3,264
(4)
25,157
1,857
19
25,809
3,360
21
29,190
1,955
20
31,165
2,088
26
33,279
2,232
34
35,545
2,388
42
Closing net worth
25,809
27,033
29,190
31,165
33,279
35,545
37,975
Comprising:
Financial assets
Financial liabilities
Net other assets
26,990
(2,323)
1,142
27,419
(1,557)
1,171
30,062
(2,005)
1,133
32,038
(2,095)
1,222
34,100
(2,147)
1,326
36,316
(2,204)
1,433
38,702
(2,265)
1,538
Closing net worth
25,809
27,033
29,190
31,165
33,279
35,545
37,975
7,626
3,668
7,439
4,435
7,081
4,419
7,445
4,787
7,759
5,355
7,234
6,099
7,486
6,774
Total payables
11,294
11,874
11,500
12,232
13,114
13,333
14,260
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
7,800
5,382
4,832
(6,720)
7,856
5,270
5,146
(6,398)
7,869
5,027
5,040
(6,436)
8,621
4,865
5,057
(6,311)
9,493
4,810
5,099
(6,288)
9,750
4,672
5,166
(6,255)
10,750
4,524
5,228
(6,242)
Total payables
11,294
11,874
11,500
12,232
13,114
13,333
14,260
NOTE 18: Payables
By type
Accounts payable
Taxes repayable
112
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
By entity
ACC
EQC
Southern Response
Other (incl. inter-segment eliminations)
29,948
4,747
1,434
(304)
30,383
364
466
59
35,307
2,288
1,193
(269)
36,842
262
645
65
38,458
170
208
67
40,126
163
23
69
41,863
158
73
Total insurance liabilities
35,825
31,272
38,519
37,814
38,903
40,381
42,094
NOTE 19: Insurance Liabilities
ACC liability
Calculation information
PwC NZ has prepared an independent actuarial estimate of the ACC outstanding claims liability as at 31 December 2014. This estimate
includes the expected future payments relating to accidents that occurred prior to balance date (whether or not the associated claims
have been reported to, or accepted by, ACC) and also the expected future administrative expenses of managing these claims.
The assumptions underpinning this valuation form the basis of the five-year forecast of the outstanding claims liability.
The key economic variables that impact on changes to the valuation are the long-term Labour Cost Index (LCI), average weekly earnings
and the discount rate. Discount rates were derived from the yield curve for New Zealand Government bonds. For these forecast
statements, the claims liability has been updated for the latest discount rates as at 31 March 2015. The equivalent single effective
discount rate, taking into account ACC's projected future cash flow patterns, is 3.82% and allows for a long-term discount rate of 5.5%
from 2065.
Other key variables in each valuation are the forecast increases in claim costs over and above the economic variables above, and the
assumed rate at which long-term claimants will leave the scheme over the period. This assessment is largely based on scheme history.
Presentation approach
ACC has available to it a portfolio of assets that offset the claims liability. The assets below (less cross-holdings of NZ Government stock)
are included as assets in the Statement of Financial Position.
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Gross ACC Liability
Opening gross liability
Net change
29,446
502
29,209
1,174
29,948
5,359
35,307
1,535
36,842
1,616
38,458
1,668
40,126
1,737
Closing gross liability
29,948
30,383
35,307
36,842
38,458
40,126
41,863
Less Net Assets Available to ACC
Opening net asset value
Net change
27,193
2,647
29,309
2,042
29,840
4,457
34,297
1,620
35,917
1,223
37,140
865
38,005
1,202
Closing net asset value
29,840
31,351
34,297
35,917
37,140
38,005
39,207
Net ACC Reserves (Net Liability)
Opening reserves position
Net change
(2,253)
2,145
100
868
(108)
(902)
(1,010)
85
(925)
(393)
(1,318)
(803)
(2,121)
(535)
(108)
968
(1,010)
(925)
(1,318)
(2,121)
(2,656)
Closing reserves position (net liability)/net asset
B.3
|
113
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
NOTE 19: Insurance Liabilities (continued)
EQC liability
Calculation information
Melville Jessup Weaver prepared an independent actuarial estimate of the EQC outstanding claims liability at 31 December 2014 by
estimating the projected ultimate claims costs then deducting the payments made in relation to those claims on or before that date. Each
component of the claims liability was split into separate groups depending upon the Canterbury earthquake event grouping or other
"business as usual" claims. These event groups were further split into sub-claim valuation groups being land claims, building claims or
contents claims. The assumptions underpinning the 31 December 2014 valuation form the basis of the five-year forecast of the outstanding
claims liability.
Critical assumptions used in projecting the ultimate costs include apportionment of costs across earthquake events, the profile of claims
settlement, claims inflation rate per annum, risk margins and claims handling costs.
There is a high level of uncertainty associated with the valuation of the outstanding claims liability, reinsurance recoveries and unexpired
risk liability. Some of the key uncertainties are: cost apportionment across events; the potential for construction cost to exceed expectations;
land damage estimates; reinsurance recoveries and profile of claims settlement.
The actual claims outcome may differ from the one currently forecast.
Presentation approach
EQC reinsurance recoveries are included in receivables in the Statement of Financial Position.
2014
2015
2016
2017
2018
2019
Actual
$m
2015
Previous
Budget
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
EQC Liability
Opening gross liability
Net change
6,869
(2,122)
4,308
(3,944)
4,747
(2,459)
2,288
(2,026)
262
(92)
170
(7)
163
(5)
Closing gross liability
4,747
163
158
Less Reinsurance Receivable
Opening reinsurance receivable
Net change
2,623
(1,398)
Closing reinsurance receivable
1,225
364
1,161
(1,111)
50
2,288
262
170
1,225
(561)
664
(647)
17
(12)
5
(3)
2
(2)
664
17
5
2
-
Net EQC Liability
Opening net position
Net change
(4,246)
724
(3,147)
2,833
(3,522)
1,898
(1,624)
1,379
(245)
80
(165)
4
(161)
3
Closing net position (net liability)
(3,522)
(314)
(1,624)
(245)
(165)
(161)
(158)
114
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
2018
2019
Actual
$m
2015
Previous
Budget
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Government Superannuation Fund
Other funds
10,886
(1)
10,385
(5)
12,562
(2)
12,192
(2)
11,774
(2)
11,334
(2)
10,874
(2)
Total retirement plan liabilities
10,885
10,380
12,560
12,190
11,772
11,332
10,872
NOTE 20: Retirement Plan Liabilities
The net liability of the Government Superannuation Fund (GSF) was calculated by GSF's actuary as at 31 January 2015. The liability
arises from closed schemes for past and present public sector employees as set out in the Government Superannuation Fund Act 1956.
A Projected Unit Credit method was used to calculate the liability as at 31 January 2015, based on membership data as at 30 June 2014
with adjustments for cash flows to 31 January 2015. The funding method requires the benefits payable from GSF in respect of past
service to be calculated and then discounted back to the valuation date.
For these Forecast Financial Statements, the net GSF liability was updated for the latest discount rates derived from the market yield curve
for New Zealand Government bonds as at 31 January 2015.
Other principal long-term financial assumptions were an inflation rate, as measured by the Consumers Price Index (CPI), of 1.3% for the
year to 30 June 2015, increasing to 1.9% for the 11 years to 30 June 2026, then increasing by 0.05% each year reaching to 2.5% in the year
ending 30 June 2039 and remaining at 2.5% pa for all years after that. In addition an annual salary growth rate, before any promotional
effects, of 3% (unchanged from 30 June 2014).
The 2014/15 projected increase in the net GSF liability is $1,676 million, reflecting an increase in the GSF liability of $1,981 million and an
increase in the GSF net assets of $305 million.
The increase in the GSF liability of $1,981 million includes an actuarial loss between 1 July 2014 and 31 January 2015, of $2,266 million,
owing to movements in the discount rates offset by the impact of movements in CPI rates. The remaining $285 million reduction is owing to
lower than expected benefits to members (reduces the liability), offset by current service cost and interest unwind (increases the liability).
The increase in the value of the net assets of GSF of $305 million includes a gain of $217 million reflecting the updated market value of
assets at 31 January 2015. The balance of $88 million is the total of the expected investment returns and contributions received, offset
by the benefits paid to members.
The changes in the projected net GSF liability from 2014/15 onwards reflect the net of the expected current service cost, interest cost,
investment returns and contributions.
2014
Actual
$m
2015
Previous
Budget
$m
GSF Liability
Opening GSF liability
Net projected change
15,290
(730)
14,360
(299)
14,560
1,981
16,541
(303)
16,238
(352)
15,886
(376)
15,510
(397)
Closing GSF liability
14,560
14,061
16,541
16,238
15,886
15,510
15,113
3,382
395
3,622
195
3,674
433
3,979
234
4,046
238
4,112
241
4,176
245
Less Net Assets Available to GSF
Opening net asset value
Investment valuation changes
Contribution and other income less pension
payments
Closing net asset value
(103)
(141)
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
(128)
(167)
(172)
(177)
(182)
3,674
3,676
3,979
4,046
4,112
4,176
4,239
Net GSF Liability
Opening unfunded liability
Net projected change
11,908
(1,022)
10,738
(353)
10,886
1,676
12,562
(370)
12,192
(418)
11,774
(440)
11,334
(460)
Closing unfunded liability
10,886
10,385
12,562
12,192
11,774
11,334
10,874
B.3
|
115
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
Actual
$m
2015
Previous
Budget
$m
2015
2016
2017
2018
2019
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
NOTE 21: Provisions
Provision for employee entitlements
Provision for ETS credits
Provision for National Provident Fund guarantee
Provision for infrastructure costs
Provision for weathertight services financial
assistance package
3,444
521
910
394
3,174
362
942
201
3,264
863
872
204
3,251
821
833
-
3,289
777
794
-
3,304
732
756
-
3,286
683
718
-
Other provisions
112
1,574
123
1,309
64
1,460
33
1,538
19
1,509
13
1,485
7
1,518
Total provisions
6,955
6,111
6,727
6,476
6,388
6,290
6,212
By source
Core Crown
Crown entities
State-owned Enterprises
Inter-segment eliminations
4,208
2,076
1,177
(506)
3,562
2,017
1,016
(484)
4,413
1,994
964
(644)
4,040
2,001
956
(521)
3,680
2,017
958
(267)
3,579
2,028
945
(262)
3,473
2,042
955
(258)
Total provisions
6,955
6,111
6,727
6,476
6,388
6,290
6,212
Provision for ETS credits
The Emissions Trading Scheme (ETS) was established to assist New Zealand in meeting its international climate change obligations and
to reduce New Zealand's net emissions of greenhouse gases to below business-as-usual levels. The ETS creates a limited number of
tradable New Zealand Units (NZUs) which the Government can allocate. Emitters can also surrender Kyoto compliant units to meet their
obligations.
The allocation of NZUs creates a provision if allocated for free; the provision is reduced, and revenue recognised, as NZUs and Kyoto
compliant units are surrendered to the Crown by emitters. The Kyoto compliant units collected through the ETS are recognised as revenue
and as part of the net Kyoto Protocol position.
The prices for NZUs and Kyoto compliant units used to calculate the ETS provision are assumed to remain constant over the forecast period
and are based on market prices during March 2015.
The ETS impact on the fiscal forecast is as follows:
2014
Revenue
Expenses
Kyoto compliant units surrender expense
Gains/(losses)
Operating balance
116
|
B.3
2015
2016
2017
2018
2019
Actual
$m
13
(46)
(24)
(285)
2015
Previous
Budget
$m
46
(51)
(6)
-
Forecast
$m
83
(114)
(311)
Forecast
$m
144
(102)
-
Forecast
$m
148
(104)
-
Forecast
$m
154
(109)
-
Forecast
$m
159
(110)
-
(342)
(11)
(342)
42
44
45
49
 FORECAST FINANCIAL STATEMENTS 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
2018
2019
Actual
$m
2015
Previous
Budget
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Property, plant and equipment revaluation reserve
Investment revaluation reserve
Cash flow hedge reserve
Foreign currency translation reserve
Share based payment reserve
Net worth attributable to minority interests
13,300
62,225
58
33
(92)
44
5,211
16,601
56,509
104
(47)
(52)
5,518
12,720
62,142
82
(56)
(85)
5,181
15,978
61,873
92
(46)
(85)
5,223
20,439
61,689
103
(46)
(85)
5,260
25,508
61,507
114
(44)
(85)
5,329
32,312
61,322
126
(47)
(85)
5,374
Total net worth
80,779
78,633
79,984
83,035
87,360
92,329
99,002
Transfers from/(to) other reserves
Other movements
10,862
2,808
(577)
229
(22)
13,344
3,102
155
-
13,300
(634)
65
(11)
12,720
2,990
279
(11)
15,978
4,267
201
(7)
20,439
4,871
205
(7)
25,508
6,597
215
(8)
Closing taxpayers' funds
13,300
16,601
12,720
15,978
20,439
25,508
32,312
57,068
5,386
(229)
56,648
(139)
62,225
(39)
(44)
62,142
(269)
61,873
(184)
61,689
(182)
61,507
(185)
62,225
56,509
62,142
61,873
61,689
61,507
61,322
NOTE 22: Changes in Net Worth
Taxpayers' funds
Taxpayers' funds
Opening taxpayers' funds
Operating balance excluding minority interest
Government share offers in SOEs
Property, Plant and Equipment Revaluation Reserve
Opening revaluation reserve
Net revaluations
Transfers from/(to) other reserves
Closing property, plant and equipment revaluation
reserve
B.3
|
117
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Notes to the Forecast Financial Statements
2014
2015
2016
2017
2018
2019
Actual
$m
2015
Previous
Budget
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
Forecast
$m
61,321
747
1,627
2,397
(23,447)
(41,989)
(3,642)
-
66,030
771
1,737
2,307
(24,021)
(42,419)
(3,884)
(291)
875
66,032
821
1,921
2,442
(23,944)
(42,757)
(4,043)
(7)
555
68,282
835
1,718
2,438
(24,498)
(43,745)
(3,691)
(305)
1,025
72,028
839
2,023
1,996
(25,333)
(42,974)
(3,980)
(1,403)
520
76,360
846
2,217
2,002
(26,194)
(43,749)
(4,048)
(3,965)
445
80,025
858
2,350
1,992
(27,188)
(43,045)
(4,091)
(5,526)
430
Net core Crown operating cash flows
(2,986)
1,105
1,020
2,059
3,716
3,914
5,805
Core Crown Capital Cash Flows
Net purchase of physical assets
Net increase in advances
Net purchase of investments
Government share offer programme
Forecast for future new capital spending
Top-down capital adjustment
(1,867)
(716)
(865)
2,325
-
(2,600)
(1,423)
(2,060)
628
(326)
370
(2,486)
(759)
(1,452)
628
375
(2,928)
(1,216)
(2,045)
(316)
280
(2,528)
(466)
(1,997)
(412)
75
(1,715)
(191)
(1,589)
(677)
100
(1,633)
(192)
(1,494)
(880)
100
Net core Crown capital cash flows
(1,123)
(5,411)
(3,694)
(6,225)
(5,328)
(4,072)
(4,099)
Residual cash (deficit)/surplus
(4,109)
(4,306)
(2,674)
(4,166)
(1,612)
(158)
8,201
(8,684)
3,380
8,462
(1,777)
(2,400)
6,909
-
6,503
(11,312)
-
6,374
(11,455)
-
2,897
4,285
6,909
(4,809)
(5,081)
NOTE 23: Core Crown Residual Cash
Core Crown Cash Flows from Operations
Tax receipts
Other sovereign receipts
Interest, profits and dividends
Sale of goods and services and other receipts
Transfer payments and subsidies
Personnel and operating costs
Interest payments
Forecast for future new operating spending
Top-down expense adjustment
1,706
The residual cash (deficit)/surplus is funded or invested as follows:
Debt Programme Cash Flows
Market:
Issue of government bonds
Repayment of government bonds
Net issue/(repayment) of short-term borrowing 1
Total market debt cash flows
Non-market:
Repayment of government bonds
Net issue/(repayment) of short-term borrowing
Total non-market debt cash flows
Total debt programme cash flows
Other Borrowing Cash Flows
Net (repayment)/issue of other New Zealand
dollar borrowing
Net (repayment)/issue of foreign currency
borrowing
Total other borrowing cash flows
Investing Cash Flows
Net sale/(purchase) of marketable
securities and deposits
Issues of circulating currency
Decrease/(increase) in cash
Total investing cash flows
Residual cash deficit/(surplus) funding/(investing)
7,716
(2,196)
(935)
8,046
(8,805)
720
4,585
(39)
-
(1,427)
(500)
(1,152)
(480)
-
(1,927)
(1,632)
4,585
(1,966)
1,265
3,882
1,136
1,682
509
(79)
1,160
(21)
(1,769)
(722)
(106)
(1,072)
22
(87)
(213)
(185)
5,830
152
(4)
2,120
511
(1,135)
337
164
(4)
(5,275)
169
(6)
4,711
174
(6)
3,199
180
(5)
5,978
1,496
497
(5,112)
4,879
3,374
4,306
2,674
4,166
(674)
1,083
409
(1,510)
274
351
(885)
4,109
(842)
294
1. Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper.
118
|
B.3
(303)
(100)
(403)
6,909
1,612
(4,809)
88
158
(5,081)
1
(1,706)
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Segments
Core Crown Crown entities
2014
Actual
$m
2014
Actual
$m
State-owned
Enterprises
2014
Actual
$m
Inter-segment
eliminations
2014
Actual
$m
Total Crown
2014
Actual
$m
Statement of Financial Performance
for the year ended 30 June 2014
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
61,474
1,201
1,488
2,295
839
5,409
24,782
1,868
1,249
2,090
187
13,650
879
772
(595)
(1,160)
(24,969)
(534)
(1,248)
(281)
60,879
5,450
16,472
3,175
3,420
Total revenue (excluding gains)
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
67,297
35,398
15,488
(28,787)
89,396
23,360
6,232
38,255
3,620
-
11,315
18,958
219
3,464
2,956
10,777
1,161
14
(19)
(27,565)
(600)
23
23,360
20,484
40,425
4,400
3,501
-
-
-
Total expenses (excluding losses)
71,467
33,956
14,908
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
Total Crown expenses (excluding losses)
-
18
(173)
-
-
(28,161)
92,170
(4)
(159)
(4,170)
1,460
407
(630)
(2,933)
4,265
1,179
5
(68)
5,381
108
235
16
203
2,874
428
(697)
1
2,808
360
23,281
14,898
12,300
2,237
15,131
3,620
4,526
12,640
9,622
2,289
4,660
219
4
6,909
6,834
1,161
(541)
(13,194)
(8,862)
(2,298)
(2,666)
(600)
27,266
14,344
13,064
9,137
23,959
4,400
-
-
-
71,467
33,956
14,908
(28,161)
-
92,170
-
8,227
11,819
60,037
30,963
32,543
1,184
1,633
2,780
6,379
32,685
56,802
8,627
542
607
1,574
1,762
17,815
28,541
192
1,194
1,404
(693)
(2,480)
(16,728)
(31,291)
(35)
11,888
17,480
93,809
116,306
10,071
2,920
3,609
Statement of Financial Position
as at 30 June 2014
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
-
-
-
146,406
108,422
52,482
(51,227)
256,083
Liabilities
Borrowings
Other liabilities
89,090
28,442
5,155
43,836
26,185
7,245
(17,011)
(7,638)
103,419
71,885
Total liabilities
117,532
48,991
33,430
(24,649)
175,304
Total assets less total liabilities
28,874
59,431
19,052
(26,578)
80,779
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
11,971
16,903
-
27,744
31,627
60
3,358
10,111
5,583
(29,773)
3,627
(432)
13,300
62,268
5,211
Total net worth
28,874
59,431
19,052
(26,578)
80,779
Total assets
-
-
B.3
|
119
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Statement of Segments (continued)
Core Crown Crown entities
State-owned
Enterprises
2015
Forecast
$m
Inter-segment
eliminations
2015
Forecast
$m
Total Crown
2015
Forecast
$m
2015
Forecast
$m
2015
Forecast
$m
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
66,077
1,236
1,429
2,419
723
5,071
25,378
1,787
1,459
2,413
142
13,928
1,070
894
(615)
(1,116)
(25,520)
(519)
(1,383)
(436)
65,462
5,191
16,625
3,565
3,594
Total revenue (excluding gains)
71,884
36,108
16,034
(29,589)
94,437
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
23,846
6,540
39,273
3,977
2
11,749
19,634
221
4,013
2,909
10,981
1,333
8
(16)
(28,276)
(842)
-
23,846
21,182
41,612
4,689
4,023
-
-
Total expenses (excluding losses)
73,090
35,617
15,231
-
19
Statement of Financial Performance
for the year ended 30 June 2015
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
(548)
(1,206)
2,055
510
(1,478)
67
576
916
(392)
(362)
441
46
3
(29,134)
26
(429)
(1,219)
-
1
7,150
6,747
1,333
(528)
(13,220)
(9,162)
(2,532)
(2,850)
(842)
(317)
(684)
(596)
646
23,842
15,075
13,021
2,328
15,395
3,977
-
-
Total Crown expenses (excluding losses)
73,090
35,617
15,231
(29,134)
94,804
9,462
12,161
61,915
31,956
34,085
1,247
1,454
2,684
5,617
34,262
58,773
9,331
573
577
1,663
1,984
19,509
28,703
164
1,179
1,215
(600)
(2,291)
(17,718)
(32,838)
(26)
13,209
17,471
97,968
119,432
10,742
2,999
3,220
(548)
(1,648)
94,804
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
4,910
12,893
9,912
2,637
5,044
221
490
(548)
-
(634)
28,224
14,748
13,772
9,583
24,336
4,689
(548)
Statement of Financial Position
as at 30 June 2015
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
-
-
151,905
111,817
54,417
(53,473)
264,666
Liabilities
Borrowings
Other liabilities
91,161
30,882
5,484
46,070
28,278
7,294
(17,025)
(7,462)
107,898
76,784
Total liabilities
Total assets
(375)
-
(375)
122,043
51,554
35,572
(24,487)
184,682
Total assets less total liabilities
29,862
60,263
18,845
(28,986)
79,984
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
12,931
16,931
-
28,585
31,569
109
3,401
10,012
5,432
(32,197)
3,571
(360)
12,720
62,083
5,181
Total net worth
29,862
60,263
18,845
(28,986)
79,984
120
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Segments (continued)
Core Crown Crown entities
State-owned
Enterprises
2016
Forecast
$m
Inter-segment
eliminations
2016
Forecast
$m
Total Crown
2016
Forecast
$m
2016
Forecast
$m
2016
Forecast
$m
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
68,868
1,438
1,416
2,561
638
4,832
25,829
1,925
1,481
2,706
111
14,450
1,300
800
(770)
(1,232)
(25,940)
(538)
(1,306)
(564)
68,098
5,038
17,253
4,036
3,580
Total revenue (excluding gains)
74,921
36,773
16,661
(30,350)
98,005
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
24,482
6,739
40,755
3,676
3
11,964
20,214
216
4,340
2,908
11,021
1,520
8
(17)
(28,993)
(725)
(3)
24,482
21,594
42,997
4,687
4,348
Statement of Financial Performance
for the year ended 30 June 2016
Total expenses (excluding losses)
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
-
-
74,935
(720)
36,734
15,457
-
27
(504)
36
66
271
700
92
(576)
(223)
(14)
2,343
-
(720)
(29,738)
97,388
(441)
176
2,483
77
248
8
(2)
331
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
2,406
585
800
(801)
2,990
24,639
15,581
13,134
2,214
16,411
3,676
5,494
13,161
10,145
2,600
5,118
216
1
7,155
6,781
1,520
(538)
(13,639)
(9,386)
(2,532)
(2,918)
(725)
29,595
15,103
13,894
9,437
25,392
4,687
-
-
Total Crown expenses (excluding losses)
74,935
36,734
15,457
(29,738)
97,388
9,715
12,361
63,813
33,292
35,983
1,436
1,508
1,849
4,811
35,244
60,902
9,700
657
585
1,990
2,035
21,115
29,383
171
1,171
1,188
(517)
(1,739)
(18,783)
(34,728)
(27)
13,037
17,468
101,389
123,577
11,126
3,264
3,254
(720)
-
(720)
Statement of Financial Position
as at 30 June 2016
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
-
-
157,769
113,748
57,053
(55,794)
272,776
Liabilities
Borrowings
Other liabilities
94,467
31,017
6,447
44,885
30,490
7,348
(18,027)
(6,886)
113,377
76,364
Total liabilities
Total assets
(339)
-
(339)
125,484
51,332
37,838
(24,913)
189,741
Total assets less total liabilities
32,285
62,416
19,215
(30,881)
83,035
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
15,336
16,949
-
31,030
31,293
93
3,704
10,019
5,492
(34,092)
3,573
(362)
15,978
61,834
5,223
Total net worth
32,285
62,416
19,215
(30,881)
83,035
B.3
|
121
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Statement of Segments (continued)
Core Crown Crown entities
State-owned
Enterprises
2017
Forecast
$m
Inter-segment
eliminations
2017
Forecast
$m
Total Crown
2017
Forecast
$m
2017
Forecast
$m
2017
Forecast
$m
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
72,544
1,288
1,478
3,031
604
4,673
25,904
1,993
1,522
2,702
103
14,843
1,523
898
(826)
(1,340)
(26,007)
(558)
(1,384)
(512)
71,718
4,621
17,756
4,692
3,692
Total revenue (excluding gains)
78,945
36,794
17,367
(30,627)
102,479
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
25,353
6,628
40,166
4,080
-
12,108
20,197
230
4,755
2,980
11,345
1,700
8
(17)
(29,175)
(739)
1
25,353
21,699
42,533
5,271
4,764
Statement of Financial Performance
for the year ended 30 June 2017
Total expenses (excluding losses)
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
883
-
-
77,110
37,290
16,033
1,835
2,369
(29,930)
24
(561)
37
(472)
271
773
47
(660)
(229)
883
100,503
(500)
1,476
2,458
75
249
10
(1)
333
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
4,279
48
830
(890)
4,267
25,161
15,621
13,211
2,259
15,895
4,080
5,856
13,168
10,204
2,633
5,199
230
1
7,347
6,985
1,700
(560)
(13,748)
(9,426)
(2,555)
(2,902)
(739)
30,457
15,041
13,990
9,684
25,177
5,271
883
-
-
Total Crown expenses (excluding losses)
77,110
37,290
16,033
(29,930)
100,503
10,178
12,906
70,628
34,210
37,730
1,566
1,519
1,922
4,572
36,540
62,548
9,962
696
602
1,963
2,055
22,914
29,917
204
1,171
1,175
(442)
(1,524)
(19,487)
(36,466)
(27)
13,621
18,009
110,595
126,675
11,430
3,433
3,269
-
883
Statement of Financial Position
as at 30 June 2017
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
-
-
Total assets
168,736
(1)
116,842
59,399
(57,946)
-
287,031
(1)
Liabilities
Borrowings
Other liabilities
100,895
31,249
6,992
45,938
32,435
7,430
(18,659)
(6,609)
121,663
78,008
Total liabilities
132,144
52,930
39,865
(25,268)
199,671
Total assets less total liabilities
36,592
63,912
19,534
(32,678)
87,360
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
19,615
16,977
-
32,733
31,090
89
3,983
10,017
5,534
(35,892)
3,577
(363)
20,439
61,661
5,260
Total net worth
36,592
63,912
19,534
(32,678)
87,360
122
|
B.3
 FORECAST FINANCIAL STATEMENTS 
Forecast Statement of Segments (continued)
Core Crown Crown entities
State-owned
Enterprises
2018
Forecast
$m
Inter-segment
eliminations
2018
Forecast
$m
Total Crown
2018
Forecast
$m
2018
Forecast
$m
2018
Forecast
$m
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
76,811
1,263
1,527
3,333
583
4,622
25,970
2,070
1,569
2,749
103
15,307
1,652
960
(816)
(1,441)
(26,073)
(579)
(1,414)
(483)
75,995
4,444
18,325
5,140
3,809
Total revenue (excluding gains)
83,517
36,980
18,022
(30,806)
107,713
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
26,228
6,642
40,223
4,217
1
12,201
20,158
243
5,209
3,042
11,832
1,805
8
(17)
(29,353)
(762)
(1)
26,228
21,868
42,860
5,503
5,217
Statement of Financial Performance
for the year ended 30 June 2018
Total expenses (excluding losses)
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
3,520
-
-
80,831
37,811
16,687
2,686
2,465
72
5,223
-
3,520
(30,133)
10
(569)
37
(821)
283
766
32
(636)
(237)
105,196
(522)
1,995
2,543
249
11
(289)
809
(872)
1
4,871
333
(24)
1
7,704
7,201
1,805
(580)
(13,824)
(9,428)
(2,608)
(2,931)
(762)
31,585
14,983
14,031
10,017
25,557
5,503
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
25,928
15,673
13,255
2,320
15,918
4,217
3,520
-
-
Total Crown expenses (excluding losses)
80,831
37,811
16,687
(30,133)
105,196
10,672
13,570
67,439
34,397
39,326
1,569
1,494
1,898
4,239
38,034
64,202
10,219
640
617
2,288
2,090
24,537
30,194
249
1,164
1,118
(443)
(1,522)
(19,828)
(38,053)
(26)
14,415
18,377
110,182
128,793
11,741
3,373
3,203
6,261
13,134
10,203
2,601
5,369
243
-
3,520
Statement of Financial Position
as at 30 June 2018
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
576
-
-
169,043
119,849
61,640
(59,872)
290,660
Liabilities
Borrowings
Other liabilities
96,080
31,113
7,412
47,292
34,471
7,536
(19,002)
(6,571)
118,961
79,370
Total liabilities
Total assets
-
576
127,193
54,704
42,007
(25,573)
198,331
Total assets less total liabilities
41,850
65,145
19,633
(34,299)
92,329
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
24,838
17,012
-
34,142
30,887
116
4,037
10,018
5,578
(37,509)
3,575
(365)
25,508
61,492
5,329
Total net worth
41,850
65,145
19,633
(34,299)
92,329
B.3
|
123
2015  BUDGET ECONOMIC AND FISCAL UPDATE 
Forecast Statement of Segments (continued)
Core Crown Crown entities
State-owned
Enterprises
2019
Forecast
$m
Inter-segment
eliminations
2019
Forecast
$m
Total Crown
2019
Forecast
$m
2019
Forecast
$m
2019
Forecast
$m
Revenue
Taxation revenue
Other sovereign revenue
Revenue from core Crown funding
Sales of goods and services
Interest revenue and dividends
Other revenue
80,472
1,222
1,556
3,551
560
4,597
26,015
2,127
1,624
2,794
103
15,593
1,746
996
(839)
(1,535)
(26,118)
(594)
(1,441)
(471)
79,633
4,284
18,682
5,480
3,879
Total revenue (excluding gains)
87,361
37,157
18,438
(30,998)
111,958
Expenses
Social assistance and official
development assistance
Personnel expenses
Other operating expenses
Interest expenses
Insurance expenses
Forecast for future new spending and
top-down adjustment
27,232
6,612
40,250
4,254
-
12,328
20,090
251
4,982
3,103
12,087
1,818
8
(18)
(29,508)
(787)
1
27,232
22,025
42,919
5,536
4,991
Statement of Financial Performance
for the year ended 30 June 2019
Total expenses (excluding losses)
Minority interest share of operating
balance before gains/(losses)
Operating balance before gains/(losses)
Total gains/(losses)
Net surplus/(deficit) from associates and
joint ventures
5,096
-
-
83,444
37,651
17,016
3,917
2,603
(30,312)
12
(585)
38
(482)
286
837
(2)
(648)
(248)
-
5,096
107,799
(535)
3,624
2,639
76
248
10
Operating balance
Expenses by functional classification
Social security and welfare
Health
Education
Transport and communications
Other
Finance costs
Forecast for future new spending and
top-down adjustment
6,596
52
845
(896)
6,597
26,855
15,743
13,249
2,361
15,886
4,254
6,016
13,107
10,192
2,625
5,460
251
(25)
1
7,885
7,337
1,818
(601)
(13,913)
(9,409)
(2,660)
(2,942)
(787)
32,245
14,937
14,033
10,211
25,741
5,536
5,096
-
-
Total Crown expenses (excluding losses)
83,444
37,651
17,016
(30,312)
107,799
11,203
14,154
65,966
34,561
40,824
1,571
1,542
1,795
4,248
39,680
65,787
10,469
577
632
2,677
2,128
26,200
30,066
304
1,175
1,084
(446)
(1,527)
(20,173)
(39,543)
(27)
15,229
19,003
111,673
130,414
12,054
3,323
3,231
-
334
5,096
Statement of Financial Position
as at 30 June 2019
Assets
Cash and cash equivalents
Receivables
Other financial assets
Property, plant and equipment
Equity accounted investments
Intangible assets and goodwill
Inventory and other assets
Forecast for new capital spending and
top-down adjustment
1,356
-
-
171,177
123,188
63,634
(61,716)
296,283
Liabilities
Borrowings
Other liabilities
90,991
31,698
7,719
48,874
36,231
7,643
(19,321)
(6,554)
115,620
81,661
Total liabilities
Total assets
-
1,356
122,689
56,593
43,874
(25,875)
197,281
Total assets less total liabilities
48,488
66,595
19,760
(35,841)
99,002
Net worth
Taxpayers' funds
Reserves
Net worth attributable to minority interest
31,435
17,053
-
35,803
30,674
118
4,124
10,014
5,622
(39,050)
3,575
(366)
32,312
61,316
5,374
Total net worth
48,488
66,595
19,760
(35,841)
99,002
124
|
B.3