Financial Statements (continued)

Statement of Segments

Statement of Financial Performance (institutional form) for the year ended 30 June 2006 (actual to forecast)
	Current Year Actual vs Forecast
	Core Crown		Crown entities
	Actual 2006 $m	Estimated Actual $m	Actual 2006 $m	Estimated Actual $m
Revenue
Taxation revenue	52,444	50,102	-	-
Other sovereign-levied income	663	661	2,811	2,602
Sales of goods and services	884	846	1,865	1,700
Investment income	4,496	4,282	1,962	2,074
Other revenues	683	761	18,677	18,896
Total Revenue	59,170	56,652	25,315	25,272
Expenses by Input Type
Subsidies and transfer payments	15,243	15,348	1,708	1,699
Personnel expenses	5,656	5,536	7,591	7,483
Operating expenses	26,661	27,046	12,967	13,135
Finance costs	2,356	2,156	302	298
FX losses/(gains)	(295)	(50)	(113)	(99)
GSF and ACC liability revaluation movements	279	409	1,321	1,187
Total Expenses	49,900	50,445	23,776	23,703
Expenses by Functional Classification
Social security and welfare	15,598	15,702	3,740	3,623
Health	9,547	9,563	8,227	8,124
Education	9,914	10,039	6,539	6,654
Other functional classifications	12,780	13,028	5,081	5,103
Forecast for future new spending	-	7	-	-
Finance costs and FX losses/(gains)	2,061	2,106	189	199
Total expenses	49,900	50,445	23,776	23,703
Net surplus of TEIs	-	-	54	133
Minority interest	-	-	-	-
Operating balance	9,270	6,207	1,593	1,702

Statement of Financial Position (institutional form) as at 30 June 2006 (actual to forecast)
	Core Crown		Crown entities
	Actual 2006 $m	Estimated Actual $m	Actual 2006 $m	Estimated Actual $m
Assets
Financial assets	40,599	39,556	17,554	16,990
Physical assets	25,223	22,876	37,987	33,265
Investment in SOEs & Crown entities (including TEIs)	24,169	24,311	5,475	5,150
Other assets	12,293	8,444	2,433	2,177
Total Assets	102,284	95,187	63,449	57,582
Liabilities
Borrowings	34,477	34,576	4,124	4,067
Other liabilities	27,730	26,084	17,503	16,693
Total Liabilities	62,207	60,660	21,627	20,760
Net Worth	40,077	34,527	41,822	36,822
Taxpayer funds	28,929	25,714	21,086	21,286
Revaluation reserves	11,148	8,813	20,736	15,536
Minority interest	-	-	-	-
Net Worth	40,077	34,527	41,822	36,822
Analysis of Financial Assets and Borrowings
Advances and cash	8,797	8,233	2,308	2,129
MSDs and equity investments	31,802	31,323	15,246	14,861
Total Financial Assets	40,599	39,556	17,554	16,990
Borrowings - sovereign guaranteed	34,477	34,576	-	-
Borrowings - non-sovereign guaranteed	-	-	4,124	4,067
Total Borrowings	34,477	34,576	4,124	4,067
Borrowings less Financial Assets	(6,122)	(4,980)	(13,430)	(12,923)
Net core Crown Debt	7,745	9,016	Net core Crown debt and gross sovereign-issued debt differ from the analysis above due to elimination of cross-holdings of Govt stock and adding back the NZS Fund and GSF assets.
Gross Sovereign-Issued Debt	35,461	35,952

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