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Statement of Cash Flows

for the year ended 30 June 2009

Statement of Cash Flows for the year ended 30 June 2009
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		Note 30 June 2009
$m 		30 June 2008
$m

Cash Flows From Operations

 

Cash was provided from

 
54,681 52,266 Taxation receipts 2 51,119 55,168
3,675 3,733 Other sovereign receipts 2 3,716 3,460
14,596 16,458 Sales of goods and services 16,592 14,635
2,807 2,731 Interest and dividend receipts 2,792 3,111
2,527 2,707 Other operating receipts 2,204 2,211
78,286 77,895 Total cash provided from operations 76,423 78,585

Cash was disbursed to

 
19,123 19,863 Transfer payments and subsidies 19,673 18,026
49,961 52,281 Personnel and operating payments 50,391 45,972
2,284 2,907 Interest payments 2,880 2,820
249 -  Forecast new operating spending -  - 
(355) (400) Top-down expense adjustment -  - 
71,262 74,651 Total cash disbursed to operations 72,944 66,818
7,024 3,244 Net cash flows from operations 3,479 11,767

Cash Flows From Investing Activities

 

Cash was provided from

 
509 521 Sale of physical assets 765 401
27,508 29,106 Sale of shares and other securities 38,602 26,208
8 18 Sale of intangible assets -  26
2,560 2,490 Repayment of advances 3,709 1,173
23 30 Sale of investments in associates 2 109
30,608 32,165 Total cash provided from investing activities 43,078 27,917

Cash was disbursed to

 
7,092 6,627 Purchase of physical assets 6,202 5,323
28,084 36,094 Purchase of shares and other securities 40,250 32,288
332 409 Purchase of intangible assets 433 346
3,150 3,503 Issue of advances 4,838 3,819
-  690 Acquisition of Toll (NZ) Limited 34 690 - 
253 343 Acquisition of investments in associates 401 472
261 -  Capital contingency provision -  - 
(350) (275) Top-down capital adjustment -  - 
38,822 47,391 Total cash disbursed to investing activities 52,814 42,248
(8,214) (15,226) Net cash flows from investing activities (9,736) (14,331)
(1,190) (11,982) Net cash flows from operating and investing activities (6,257) (2,564)

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

Statement of Cash Flows for the year ended 30 June 2009 (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2009
$m 		30 June 2008
$m
(1,190) (11,982) Net cash flows from operating and investing activities (6,257) (2,564)

Cash Flows From Financing Activities

 

Cash was provided from

 
181 509 Issues of circulating currency 475 86
4,318 5,951 Issue of Government stock and treasury bills1 6,109 2,769
242 857 Issue of foreign currency borrowings 2,448 1,278
1,081 17,131 Issue of other New Zealand dollar borrowings 10,772 2,147
5,822 24,448 Total cash provided from financing activities 19,804 6,280

Cash was disbursed to

 
3,083 3,500 Repayment of Government stock and treasury bills1 3,765 1,095
541 6,493 Repayment of foreign currency borrowings 4,284 179
(174) 1,055 Repayment of other New Zealand dollar borrowings 3,003 2,819
-  -  Dividends paid to minority interests 17 25
3,450 11,048 Total cash disbursed to financing activities 11,069 4,118
2,372 13,400 Net cash flows from financing activities 8,735 2,162
1,182 1,418 Net movement in cash 2,478 (402)
5,217 3,804 Opening cash balance 3,804 4,162
13 131 Foreign-exchange gains/(losses) on opening cash (14) 44
6,412 5,353 Closing cash balance 6,268 3,804

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 170.

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

Statement of Cash Flows for the year ended 30 June 2009 (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2009
$m 		30 June 2008
$m

Reconciliation Between the Net Cash Flows from
Operations and the Operating Balance

 
7,024 3,244 Net Cash Flows from Operations
Items included in the operating balance
but not in net cash flows from operations		 3,479 11,767

Gains/(losses)

 
1,424 (3,266) Net gains/(losses) on financial instruments (2,634) (617)
170 (3,450) Net gains/(losses) on non-financial instruments (4,167) (2,925)
1,594 (6,716) Total gains/(losses) (6,801) (3,542)

Other Non-cash Items in Operating Balance

 
(3,950) (4,283) Depreciation and amortisation (4,305) (3,670)
(667) (718) Write-down on initial recognition of financial assets (630) (559)
1 15 Impairment on financial assets (excl receivables) (851) 213
(75) (39) Decrease/(increase) in defined benefit retirement plan liabilities (41) 2
(1,313) (1,557) Decrease/(increase) in insurance liabilities (1,592) (1,358)
193 333 Other 212 334
(5,811) (6,249) Total other non-cash Items (7,207) (5,038)

Movements in Working Capital

 
422 (371) Increase/(decrease) in receivables 461 2,100
333 (182) Increase/(decrease) in accrued interest 16 (179)
63 134 Increase/(decrease) in inventories 118 138
13 (8) Increase/(decrease) in prepayments 31 77
(18) 74 Decrease/(increase) in deferred revenue (134) (326)
(515) 771 Decrease/(increase) in payables (468) (2,613)
298 418 Total movements in working capital 24 (803)
3,105 (9,303) Operating balance (10,505) 2,384

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

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