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New Zealand Economic and Financial Overview 2016

Performance of Government Enterprises

The following tables show the Government's financial interest in SOEs and Crown entities.

In 2013 and 2014 the Crown undertook initial public offerings of the shares in some SOEs (Mighty River Power Limited, Meridian Energy Limited and Genesis Energy Limited) and reduced its shareholding in these companies to around 51%. These companies are now dual listed on the New Zealand and Australian stock exchanges. The Crown also reduced its shareholding in Air New Zealand Limited to around 51% through an off-market sell-down.

In addition to the core Crown's direct investment in the mixed ownership companies, two Crown entities, the Accident Compensation Corporation (ACC) and the New Zealand Superannuation Fund (NZSF), have invested in the companies as part of their normal investment activities. These investments have the effect of increasing the majority interest of the Crown.

Table 24 - Mixed Ownership Companies
Company % Interest of Core Crown Investment % Interest of Crown Investment Including ACC and NZSF
Air New Zealand 51.95 54.07
Genesis Energy 51.23 53.86
Meridian Energy 52.72 56.83
Mighty River Power 52.01 55.06

Balance Dates

Except for those entities listed below, all SOEs and significant Crown entities have a balance date of 30 June, and the information reported in these tables is for the period ended 30 June 2015.

Table 25 - Performance of Government Enterprises
  Balance Date Information Reported to

State-Owned Enterprises

   
AsureQuality Limited 30 June 30 June 2015

Crown Entities

   
New Zealand Symphony Orchestra 31 December 30 June 2015
School boards of trustees 31 December 31 December 2015
Tertiary education institutions 31 December 30 June 2015
Table 26 - Performance of Government Enterprises
  30 June 2015 30 June 2014
(dollar amounts in millions) Revenue
(excl gains)
Expenses
(excl losses)
Operating
Balance
Distributions
to Crown
Revenue
(excl gains)
Expenses
(excl losses)
Operating
Balance
Distributions
to Crown

State-Owned Enterprises

               
Airways Corporation of New Zealand Limited 186 172 15 4 181 169 12 3
AsureQuality Limited 189 179 11 10 173 162 13 10
Landcorp Farming Limited 224 219 (20) 7 246 232 55 5
New Zealand Post Group 2,241 2,149 144 5 2,176 2,073 107 14
KiwiRail Holdings Limited 769 871 (96) - 836 1,005 (174) -
Transpower New Zealand Limited 1,046 785 115 166 1,004 799 216 197
Kordia Group Limited 249 239 9 - 303 312 (9) 4
New Zealand Railways Corporation - 1 3 - - 1 (1) -
Other State-owned enterprises 507 678 (171) 3 561 741 (176) 11

Total State-owned enterprises

5,411 5,293 10 195 5,480 5,494 43 244
Air New Zealand Limited 4,981 4,608 834 246 4,695 4,444 152 105
Genesis Energy Limited 2,067 1,982 142 146 1,961 1,948 50 121
Meridian Energy Limited 2,912 2,614 247 385 2,517 2,311 230 261
Mighty River Power Limited 1,240 1,202 49 260 1,258 1,085 213 173
Less minority interests - - (384) (476) - - (194) (166)

Total mixed ownership companies

11,200 10,406 888 561 10,431 9,788 451 494
Intra-segmental eliminations (436) (490) (209) - (423) (374) (66) -

Total SOE segment

16,175 15,209 689 756 15,488 14,908 428 738

Crown Entities

               
Accident Compensation Corporation 5,444 5,364 1,611 - 5,679 4,649 2,145
Crown Asset Management 7 2 11 34 9 4 21 67
Crown Fibre Holdings Limited 29 132 (103) 16 171 (154)
Crown Research Institutes 660 638 19 4 647 633 22 2
Callaghan Innovation 232 230 2 179 176 1
District Health Boards 13,065 13,097 (32) 12,793 12,796 (4)
Earthquake Commission 349 (308) 658 222 (67) 289
Housing New Zealand Corporation 1,209 995 108 108 1,146 1,000 182 90
Museum of New Zealand Te Papa 59 65 (5) 53 61 (8)
New Zealand Fire Service Commission 366 374 (3) 361 349 5
New Zealand Lotteries Commission 848 650 199 943 715 226
New Zealand Transport Agency 2,289 2,265 (43) 2,163 1,974 189
Public Trust 68 70 (2) 69 68 5
Schools 6,968 6,887 75 6,759 6,714 40
Southern Response Earthquake Services 52 360 (329) (3) 111 (116)
Tertiary Education Commission 2,851 2,831 20 16 2,819 2,816 2
TEIs 685 242
Television New Zealand 344 322 26 353 336 15
Other Crown entities 2,105 2,116 27 1 1,911 1,867 18 4

Total Crown entities

36,945 36,090 2,924 163 36,119 34,373 3,120 163
Intra-segmental eliminations (651) (459) (138) (714) (452) (204)
Total Crown entities segment 36,294 35,631 2,786 163 35,405 33,921 2,916 163

Source: The Treasury

Table 27 - Performance of Government Enterprises
  30 June 2015 30 June 2014
(dollar amounts in millions) Purchase
of PPE
Total PPE Total Assets Borrowings Total Liabilities Equity Equity

State-Owned Enterprises

             
Airways Corporation of New Zealand Limited 21 125 174 38 87 87 77
AsureQuality Limited 4 28 84 15 43 41 40
Landcorp Farming Limited 62 1,351 1,775 330 363 1,412 1,428
New Zealand Post Group 34 150 19,170 17,683 18,003 1,167 1,045
KiwiRail Holdings Limited 276 1,449 1,729 235 435 1,294 1,182
Transpower New Zealand Limited 329 4,454 5,454 3,826 4,351 1,103 1,456
Kordia Group Limited 11 73 165 14 74 91 80
New Zealand Railways Corporation 3,363 3,381 3,381 3,272
Other State-owned enterprises 13 136 626 354 680 (54) 51
Total State-owned enterprises 750 11,129 32,558 22,495 24,036 8,522 8,631
Air New Zealand Limited 1,063 4,303 7,280 2,363 4,805 2,475 1,853
Genesis Energy Limited 40 2,940 3,477 1,010 1,686 1,791 1,880
Meridian Energy Limited 130 6,928 7,456 1,263 2,876 4,580 4,634
Mighty River Power Limited 103 5,419 6,060 1,433 2,720 3,340 3,219
Total mixed ownership companies 1,336 19,590 24,273 6,069 12,087 12,186 11,586
Intra-segmental eliminations (1) 133 (422) (127) (114) (308) (1,165)
Total SOE segment 2,085 30,852 56,409 28,437 36,009 20,400 19,052

Crown Entities

             
Accident Compensation Corporation 10 31 35,854 264 34,351 1,503 (109)
Crown Asset Management 23 23 44
Crown Fibre Holdings Limited 98 384 572 32 82 490 324
Crown Research Institutes 47 452 729 1 175 554 528
Callaghan Innovation 8 32 140 86 54 44
District Health Boards 361 5,691 7,155 2,399 4,547 2,608 2,507
Earthquake Commission 3 17 2,537 2,961 (424) (1,081)
Housing New Zealand Corporation 331 20,918 21,773 1,983 4,153 17,620 15,562
Museum of New Zealand Te Papa 17 1,261 1,293 11 1,282 1,244
New Zealand Fire Service Commission 58 647 784 4 97 687 674
New Zealand Lotteries Commission 10 20 91 2 68 23 22
New Zealand Transport Agency 1,650 30,358 31,050 264 716 30,334 28,678
Public Trust 1 4 576 522 536 40 43
Schools 210 1,469 3,045 122 940 2,105 1,928
Southern Response Earthquake Services 1 1,107 1,214 (107) (111)
Tertiary Education Commission 1 2 69 26 41 28 24
TEIs 9,657 9,657 8,508
Television New Zealand 41 110 288 2 64 224 198
Other Crown entities 37 219 1,842 525 938 904 843
Total Crown entities 2,883 61,616 118,585 6,146 50,980 67,605 59,870
Intra-segmental eliminations (1) (200) (841) (506) (574) (267) (323)
Total Crown entities segment 2,882 61,416 117,744 5,640 50,406 67,338 59,547

Source: The Treasury

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