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Statement of Cash Flows

for the year ended 30 June 2008

Statement of Cash Flows for the year ended 30 June 2008
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		Note 30 June 2008
$m 		30 June 2007
$m
Cash Flows From Operations  
Cash was provided from  
54,266 55,662 Taxation receipts 2 55,168 52,157
3,472 3,496 Other sovereign receipts 2 3,460 3,224
13,394 14,001 Sales of goods and services 14,635 12,996
2,760 2,718 Interest and dividend receipts 3,111 2,491
2,302 2,532 Other operating receipts 2,211 2,222
76,194 78,409 Total cash provided from operations 78,585 73,090
Cash was disbursed to  
19,529 18,242 Transfer payments and subsidies 18,026 16,344
44,025 46,643 Personnel and operating payments 45,972 41,845
2,530 2,705 Interest payments 2,820 2,441
314 -  Forecast new operating spending -  - 
-  (240) Top-down expense adjustment -  - 
66,398 67,350 Total cash disbursed to operations 66,818 60,630
9,796 11,059 Net cash flows from operations 11,767 12,460
Cash Flows From Investing Activities  
Cash was provided from  
226 384 Sale of physical assets 401 432
9,237 23,050 Sale of shares and other securities 26,208 20,017
-  13 Sale of intangible assets 26 - 
1,091 2,144 Repayment of advances 1,173 2,156
-  2 Sale of investments in associates 109 28
10,554 25,593 Total cash provided from investing activities 27,917 22,633
Cash was disbursed to  
6,887 6,210 Purchase of physical assets 5,323 5,646
13,728 28,013 Purchase of shares and other securities 32,288 28,558
144 312 Purchase of intangible assets 346 232
2,719 3,297 Issue of advances 3,819 2,900
95 996 Acquisition of investments in associates 472 323
184 690 Capital contingency provision -  - 
23,757 39,518 Total cash disbursed to investing activities 42,248 37,659
(13,203) (13,925) Net cash flows from investing activities (14,331) (15,026)
(3,407) (2,866) Net cash flows from operating and investing activities (2,564) (2,566)

The accompanying Notes and Accounting Policies are an integral part of these Statements.

Statement of Cash Flows for the year ended 30 June 2008 (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2008
$m 		30 June 2007
$m
(3,407) (2,866) Net cash flows from operating and investing activities (2,564) (2,566)
Cash Flows From Financing Activities  
Cash was provided from  
178 260 Issues of circulating currency 86 81
3,860 3,335 Issue of  Government stock and treasury bills1 2,769 2,883
3 922 Issue of foreign currency borrowing 1,278 2,493
2,225 1,735 Issue of other New Zealand dollar borrowing 2,147 5,999
6,266 6,252 Total cash provided from financing activities 6,280 11,456
Cash was disbursed to  
1,637 978 Repayment of Government stock and treasury bills1 1,095 6,640
1,133 1,341 Repayment of foreign currency borrowing 179 713
-  -  Repayment of other New Zealand dollar borrowing 2,819 971
-  -  Dividends paid to minority interests 25 37
2,770 2,319 Total cash disbursed to financing activities 4,118 8,361
3,496 3,933 Net cash flows from financing activities 2,162 3,095
89 1,067 Net movement in cash (402) 529
3,107 4,163 Opening cash balance 4,162 3,676
-  (13) Foreign-exchange gains/(losses) on opening cash 44 (43)
3,196 5,217 Closing cash balance 3,804 4,162

1 Net issues of Government stock and treasury bills is after elimination of holdings by entities such as NZS Fund, ACC and EQC. Further information on the proceeds and repayments of Government stock ("domestic bonds") is available on page 161.

Statement of Cash Flows for the year ended 30 June 2008 (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2008
$m 		30 June 2007
$m
Reconciliation Between the Net Cash Flows from Operations
and the Operating Balance 		 
9,796 11,059 Net Cash Flows from Operations
Items included in the operating balance
but not in net cash flows from operations
 11,767 12,460
Gains/(losses)  
1,377 (824) Gains/(losses) on other financial instruments (617) 1,565
-  (2,007) Gains/(losses) on other non-financial instruments (2,925) 486
1,377 (2,831) Total gains/(losses) (3,542) 2,051
Other Non-cash Items in Operating Balance  
(3,296) (3,618) Depreciation and amortisation (3,670) (3,397)
(518) (628) Write-down on initial recognition of financial assets (559) (629)
(38) 201 Impairment on financial assets (excl receivables) 213 37
(51) (78) Decrease/(increase) in defined benefit retirement plan liabilities 2 13
(1,013) (2,276) Decrease/(increase) in insurance liabilities (1,358) (1,098)
97 166 Other 334 191
(4,819) (6,233) Total other non-cash Items (5,038) (4,883)
Movements in Working Capital  
218 267 Increase/(decrease) in receivables 2,100 (1,591)
389 237 Increase/(decrease) in accrued interest (179) 61
41 107 Increase/(decrease) in inventories 138 83
(2) (49) Increase/(decrease) in prepayments 77 (89)
-  (80) Decrease/(increase) in deferred revenue (326) (73)
(569) 82 Decrease/(increase) in payables (2,613) 3
77 564 Total movements in working capital (803) (1,606)
6,431 2,559 Operating balance 2,384 8,022

The accompanying Notes and Accounting Policies are an integral part of these Statements.

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